by Andrew Batty - CEO - IM Medical
 To develop the business model and strategies of a listed Medical Technologies firm, a Board strategy retreat was a critical step in achieving alignment and focus of fast growth strategies.
However, with a group of highly entrepreneurial stakeholders and diverse views of the best ways forward, the Strategy development session required an adept and unique approach to maximise the outcomes from the time available.
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IM Medical, acquired the Intelliheart Cardiovascular Diagnostic System which assists medical practitioners to determine a person's risk of developing CVD many years before an event such as a heart attack or stroke occurs. The technology empowers patients at risk with detailed information to take preventative action including lifestyle changes and/ or medical intervention well before symptoms manifest themselves.
Having secured funding from private investors and the capital markets, IM Medical needed to gain support and agreement at a Board level of the proposed business plan and future strategies.
The Board members hailed from diverse backgrounds, each successful business people who had formed their own views about the best way to commercialise the Intelliheart product.
Following a referral from a Director, we contracted FAST Meetings Co. to help us design and facilitate our 1 day Strategy Meeting. The Meeting by Design phase included detailed interviews with attendees to collect the varying views and opinions of each person. It also shaped our agenda in order to balance open and creative enquiry with the need to reach decisions and conclusions. On the day, the process worked extremely well. We were able to quickly draw out the relevant background experiences of the group, explore many dimensions to the opportunities, assess market attractiveness and reach a series of focussed conclusions.
The 6 month plan that ensued has been implemented, and this has allowed us rapid growth whilst also supporting a sustainable business model.
FAST Meetings Co. enabled IM Medical to focus the business model and reach a consensus on the strategy that best leveraged the company’s core strengths. In addition, and perhaps most importantly the sessions allowed ownership of the strategies that were well understood and supported by Board members.
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