How to Forge Your Own Exit

A guide

Transitioning from clinical practice to the tech industry can be an exciting and rewarding journey. As a clinician, you have a unique perspective and skill set that can be invaluable in the healthcare technology space. However, making the leap can also be daunting, and it's essential to have a clear plan and strategy in place. In this section I’ll guide you through the three main paths you can take to forge your own exit from clinical practice and into the world of tech: doing it yourself, going through your institution, or going through a company. Note: there are many smaller divergent paths but these represent most of the major or more common avenues.

Doing it yourself

If you're the entrepreneurial type, starting your own company can be a challenging but rewarding path. This option allows you to pursue your passions, build something from the ground up, and potentially make a significant impact on the healthcare industry.

To start your own company, you'll need to identify a problem or opportunity in the healthcare space that you're uniquely positioned to solve. This could be anything from developing a new medical device to creating a telemedicine platform. It's essential to conduct thorough research and validate your idea to ensure that it's viable and addresses a genuine need in the market.

Once you've identified your problem or opportunity, you'll need to develop a business plan and secure funding. This can be a daunting task, but there are many resources available to help you, such as startup accelerators and incubators, angel investors, and venture capital firms. Networking and building relationships with potential investors and mentors can be crucial in this process.

It's also essential to assemble a strong team with complementary skills and expertise. As a clinician, you bring valuable domain knowledge to the table, but you'll likely need to collaborate with individuals who have experience in areas such as engineering, design, marketing, and business development.

But you aren’t alone in this respect. There are many potential founders who wish to create their own business and many courses, incubators and grants have sprung up in order to fuel the startup creation space. Many countries have their own national entrepreneur resources (courses, grants, etc) and this is often supplemented by eco-system players such as incubators who develop both programs and spaces to help startups get off the ground with everything from workspaces to fund raising. For example, one of the most well known is Antler who provide a cohort based program “dedicated to helping you find a co-founder and developing and testing a startup”.

Starting your own company can be a risky endeavor, and it's important to be prepared for the challenges and uncertainties that come with it. However, with the right idea, team, and resources, it can also be an incredibly rewarding and impactful experience.

Going through your institution

Another option for transitioning into the tech industry is to leverage the resources and networks of your institution. Many hospitals and academic medical centres have innovation centres or entrepreneurship programs that can help you develop your ideas and connect with potential partners and investors. Alternatively, some have translational programs specifically designed to spin off companies using technologies developed within the on-site research facilities.

One example of this is the Stanford Byers Centre for Biodesign, which offers a fellowship program for clinicians interested in healthcare innovation. The program provides training in needs assessment, prototyping, and business development, as well as access to mentors and industry partners.

Other institutions may offer similar programs or resources, such as innovation grants, pitch competitions, or access to co-working spaces and prototyping facilities. It's essential to research and explore the opportunities available at your institution and take advantage of any resources that align with your goals and interests.

Going through your institution can be an excellent option if you're looking for support and guidance as you navigate the transition from clinical practice to the tech industry. It can also provide valuable networking opportunities and access to potential partners and investors. Just a cautionary note though, be very mindful of the terms and conditions especially around intellectual property!

Going through a company

Finally, you may want to consider joining an existing company that aligns with your interests and values. Many healthcare companies are actively seeking clinicians to join their teams, as they recognize the value that clinical expertise can bring to product development, strategy, and operations.

To find the right company, you'll need to do your research and network extensively. Attend industry conferences, connect with alumni and colleagues, and reach out to companies directly to express your interest and learn more about their mission and culture.

When considering job offers, it's essential to evaluate the company's track record, leadership team, and potential for growth. You'll also want to consider the specific role and how it aligns with your skills and interests.

Joining an existing company can be an excellent option if you're looking for stability and structure as you transition into the tech industry. It can also provide valuable learning opportunities and exposure to different aspects of the healthcare technology space.

In conclusion, forging your own unique exit from clinical practice and into the world of tech can be a challenging but rewarding journey. Whether you choose to start your own company, go through your institution, or join an existing company, it's essential to have a clear plan and strategy in place. By leveraging your unique perspective and skill set as a clinician, you can make a significant impact on the healthcare industry and build a fulfilling and successful career in the tech space.

Stay tuned for the next chapter of Diary of a Physician Defector where I write more about the key consideration when planning your exit!