Roy Wallen, CEO Tendo Nova
Over 30 million people suffer from some tendon pain, and the affliction typically becomes a long-term chronic condition such as tennis elbow, plantar fasciitis, and others. Current options to reduce symptoms are less than optimal. Brought to life by a physical therapist who could see an unmet need in the treatment of tendinopathy, TendoNova’s Ocelot™ System is the first cost-effective device for ultrasound-guided orthopedic procedures performed in a physician’s office. With the help of veteran startup and medical device executive, Roy Wallen, TendoNova is poised to gain traction in 2019. Live Free and Start sat down with Roy to learn more about TendoNova.
Tell us more about the Ocelot System.
We are excited about our hand-held solution. It is minimally invasive and cost-effective. It enables patients to stay out of the hospital and receive treatment at the same physician’s office where their condition is diagnosed. It’s not only a medical device, but it also has built-in technology that provides crucial data to guide the physician during the procedure. Physicians can add the Ocelot System to the tools in their area of expertise and provide patients with a new, reimbursable treatment method. All are big pluses in today’s healthcare industry.
Why New Hampshire?
What is not to like about the New Hampshire business community? There is a lower tax burden and lower overall costs. It is less competitive than our Massachusetts neighbors, and I find the biomedical community here extremely collaborative and helpful. Though our product concept began in the Georgia Tech Biomedical Innovation Program, New Hampshire has been good to us. We recently took 1st place in the New Hampshire Tech Alliance TechOut 2018 competition, and we were thrilled to get accepted to participate in the New Hampshire Speed Venture Summit. We also received the opportunity to test the European market through the Young Enterprise Initiative – Start in France program. Most recently, we also took 1st place in the Flatley Challenge, further solidifying our presence in New Hampshire.
Words of Wisdom
I have been in the startup world for a big part of my career. Networking is the key to success. Other organizations in various startup phases are always willing to help and will readily share lessons learned or introduce you to resources. The Boston startup community is close at hand, and it’s essential to make acquaintances in your specific industry as well. The New Hampshire Tech Alliance is even more collaborative and closer to home. Most of all, I believe people who succeed have a fair amount of hustle and I encourage entrepreneurs to keep working at it.
Funding resources are our main priority in the first half of 2019. Once funding is in place, we will execute on our plan for commercialization. One of the key elements is to find the right solutions to fill critical roles. Whether we outsource manufacturing or finance or engineering or we develop those capabilities within the company, scalability will be vital to our success as we navigate the regulatory and other requirements to bring the Ocelot System to the commercial market. The recent awards contribute significantly to the needed momentum.