# #344: Becoming an Advisor to a Medical Device Company

- Show: [Global Medical Device Podcast](https://hardwarepodcasts.com/podcast/global-medical-device-podcast)
- Published: 2023-11-16
- Length: 1h 09m
- Episode: 344
- Page: https://hardwarepodcasts.com/podcast/global-medical-device-podcast/2023-11-16-344-becoming-an-advisor-to-a-medical-device-company
- Listen: https://podcast.greenlight.guru/episode/344-becoming-an-advisor-to-a-medical-device-company

## Summary

Devon Campbell, founder of Product, explains the nuances of advising early-stage medical device startups, distinguishing advisory roles from consulting and outlining strategies for compensation, equity vesting, and contract terms. He emphasizes the importance of due diligence, checking employment contracts for conflicts of interest, and building diverse advisory boards to provide multifaceted guidance. Campbell also discusses red flags for startups seeking advisors, such as ego-driven motivations or 'stacking the deck,' and advises on maintaining healthy, challenging relationships and handling clean breakups.

## Chapters

- [0:00](https://hardwarepodcasts.com/podcast/global-medical-device-podcast/2023-11-16-344-becoming-an-advisor-to-a-medical-device-company#t=0) Introduction and Devon Campbell's Background
- [13:23](https://hardwarepodcasts.com/podcast/global-medical-device-podcast/2023-11-16-344-becoming-an-advisor-to-a-medical-device-company#t=803) Defining Advisory vs. Consulting Roles
- [18:51](https://hardwarepodcasts.com/podcast/global-medical-device-podcast/2023-11-16-344-becoming-an-advisor-to-a-medical-device-company#t=1131) Due Diligence and Contractual Safeguards
- [27:24](https://hardwarepodcasts.com/podcast/global-medical-device-podcast/2023-11-16-344-becoming-an-advisor-to-a-medical-device-company#t=1644) Finding Advisors Through Accelerators
- [32:28](https://hardwarepodcasts.com/podcast/global-medical-device-podcast/2023-11-16-344-becoming-an-advisor-to-a-medical-device-company#t=1948) Equity Compensation and Vesting Schedules
- [45:20](https://hardwarepodcasts.com/podcast/global-medical-device-podcast/2023-11-16-344-becoming-an-advisor-to-a-medical-device-company#t=2720) Cash Compensation Models and Deferred Payments
- [42:45](https://hardwarepodcasts.com/podcast/global-medical-device-podcast/2023-11-16-344-becoming-an-advisor-to-a-medical-device-company#t=2565) Advisory Boards vs. Individual Advisors
- [55:34](https://hardwarepodcasts.com/podcast/global-medical-device-podcast/2023-11-16-344-becoming-an-advisor-to-a-medical-device-company#t=3334) Relationship Dynamics and Red Flags

## Topics

- [Validation & product-market fit](https://hardwarepodcasts.com/topic/validation-and-product-market-fit)
- [Pricing, margins & unit economics](https://hardwarepodcasts.com/topic/pricing-and-unit-economics)
- [Leadership, teams & culture](https://hardwarepodcasts.com/topic/leadership-and-culture)
- [Hiring & workforce](https://hardwarepodcasts.com/topic/hiring-and-workforce)
- [Intellectual property](https://hardwarepodcasts.com/topic/intellectual-property)

## Most relevant to

early-stage companies

## Mentioned

- Greenlight Guru (company)
- Product (company)
- MassChallenge (company)
- Atlassian (company)
- Jira (product)
- Confluence (product)

## Related episodes from other shows

- [133 - A Year of Saying No, Advice & Good MedTech Consulting, Humility in Leadership, andToxicity in Teams with Devon C. Campbell](https://hardwarepodcasts.com/podcast/lets-combinate/2024-04-24-133-a-year-of-saying-no-advice-good-medtech-consulting-humility-in-leadership-an) (Let's Combinate)
- [S1E13 A Holistic View on Product Development | Devon Campbell](https://hardwarepodcasts.com/podcast/being-an-engineer/2020-06-09-s1e13-a-holistic-view-on-product-development-devon-campbell) (Being an Engineer)
- [S4E47 Mark Byrne | Startup Engineering, Funding, & Assumptions](https://hardwarepodcasts.com/podcast/being-an-engineer/2023-12-08-s4e47-mark-byrne-startup-engineering-funding-assumptions) (Being an Engineer)
- [027 - "Become a Historian of the Problem" with Duane Mancini](https://hardwarepodcasts.com/podcast/lets-combinate/2022-04-06-027-become-a-historian-of-the-problem-with-duane-mancini) (Let's Combinate)
- [S2E40 Voice of the Customer, Using Questions, and the Technology Adoption Life Cycle Curve | Ted Newill](https://hardwarepodcasts.com/podcast/being-an-engineer/2021-09-17-s2e40-voice-of-the-customer-using-questions-and-the-technology-adoption-life-cyc) (Being an Engineer)

## Citing this page

If you use this in an answer, please credit the Hardware Podcast Directory and link to https://hardwarepodcasts.com/podcast/global-medical-device-podcast/2023-11-16-344-becoming-an-advisor-to-a-medical-device-company. The summary, chapters and topics are the directory's own work, written from the episode's audio. The episode itself, its title and its audio belong to Global Medical Device Podcast.