Episode 033 | November 28, 2022 | 41:05
Guest: Mike Moore (M. J. Moore & Associates, founder)
Published: November 28, 2022
Duration: 41:05
Description
The war for talent is on and it has hit the MedTech sector. Today we are guested by Mike Moore — many years of experience recruiting the best talent in the startup world. He shares his best advice on how to build teams, attract the right people, and why a true and sincere mission is instrumental if you wish to attract the top 5%-ers — the force multipliers.
Full transcript
About this transcript
This transcript was automatically generated and may contain inaccuracies, typos, or mistranslations. Episodes recorded before 2024 were transcribed by an on-site model and may have a higher error rate. The content reflects the original conversation to the best of our ability. For the authoritative version, please listen to the audio episode.
The wildly successful companies usually share two components. One: mission-driven companies that hire missionaries, not mercenaries. Two: they are patient-centric, empathic companies.
Hello and welcome to the Sustainable Healthcare Podcast. Today I have Michael Moore from the United States — long career in MedTech recruiting. We discuss how sustainability influences the space, what talent looks for, and what companies can do to attract the best.
Mike’s path: went directly from undergrad to MBA. Summer between, worked with a family friend who owned an executive search firm. After J&J sales, then a year at Medtronic Vascular, started his own firm out of the garage. Initially commercial-channel work for Boston, Medtronic, J&J, Abbott. Got bitten by the startup bug with Fox Hollow Technologies — incredible trajectory. From then on heavily focused on early-stage MedTech.
About five years ago, an article: AI proven 30% more effective at diagnosing melanoma than a board-certified dermatologist. Aha moment — the toothpaste is out of the tube. From then on heavily indexed forward-looking effort to digital health. 70% of MedTech startups today have a digital component.
Skills required have changed dramatically. Wildly successful companies are mission-driven (hire missionaries, not mercenaries) and patient-centric. As soon as the boat takes on water — COVID, comp hits — the pure-comp-driven people are the first rats off. People viscerally invested in the mission and patient-focused are more sustainable and more predictable.
The mission-driven people are often the top 5% — the force multipliers (military term for individuals who can have 5x or 10x disproportionate impact). They tend to be well-compensated already, so beyond basic needs they want meaning.
How to attract them: you cannot just have a mission statement — you have to have a culture. Cannot fake it. Start-up founders should think about it when filing articles of incorporation. Explain the why and extrapolate what it means for the employee. A great intake question: why should a force multiplier be interested in coming to work here? If you cannot answer, you have work to do.
What candidates should ask: what are the top three problems you need me to solve? If a company says “ten problems,” nobody can focus on ten. Three tells you whether they understand their business, product-market fit, pain points, and whether they are pragmatic. Statistic: 75% of revenue heads at MedTech startups don’t last beyond 18 months. Not because candidates are unqualified — companies either didn’t do the work or had unrealistic expectations.
“What’s in it for me” today is not just compensation — it is mandate, responsibility and potential impact. Do I get the resources and backup to actually go out and do it?
For new sustainability teams growing from one FTE: this is exactly the digital-health story. Tech people understand tech, healthcare people understand delivery networks — but very few have both. Build leadership that understands what you don’t know and complements that with the right people. Profiles are much less traditional than five years ago. You need learners — or rather, curious people, problem solvers who embrace change. People who find a way to work even with others they don’t like because their curiosity around solving the problem is so strong.
Medical devices used to be standalone — make it, sell it. Today very few products are standalone — they require partnerships, sometimes with external software, sometimes hardware. A leader has to know what partnerships to build — sometimes more important than the core technology.
Three takeaways:
1. Best predictor of future behavior is past behavior. Identify people with a track record of being great in everything they have been involved in — Eagle Scout, collegiate athlete, military service.
2. Companies build a mission-driven, patient-centric corporate culture. When I share with a candidate that it is a mission-driven patient-centric culture, I can hear the candidate smiling on the other end of the phone.
3. A well-crafted, intentional interview process executed in less than 15 working days. Talent is not lasting on the market long. Be intentional about who interviews and what they are trying to accomplish. Prompt and thorough feedback. Treat candidates well — five of six won’t get the role but will share their experience.
Both candidate and company give you a window into who they are in the interview process. Candidates are never going to be better than they are in the interview. Red or yellow flags during interviewing are valuable information — do not turn a blind eye.
Thank you Michael. Thanks for listening — please share with a friend, colleague, or family member.