Medical Innovators Group Meeting Summary

Last night, we had the privilege of hosting Sandy Kenny, co-founder of Precision AI (PAI), who shared an inspiring journey of innovation and success in the field of orthopaedic software and medical devices. Founded in 2019 by Sandra, Ben, and two other co-founders, Precision AI has made significant strides in revolutionizing orthopaedic surgery.

Key Highlights:

• Precision AI's Story and Product: Sandy detailed the evolution of PAI, focusing on their flagship product, an Orthopaedic Planning Platform and PSI guides for shoulder replacements. Like many great innovations, the genesis of this idea came from a need identified by someone at the coal face who dared to ask if the process could be done better. This innovative product assists surgeons in executing surgeries precisely as planned, improving patient outcomes. Released in the Australian market in early 2021, this platform set the foundation for PAI's success.

• Innovation and Development: While refining their initial product, Precision AI continued to innovate, developing prototypes for several other cutting-edge products. One of the  key moments  to this success was finding a team with diverse strengths who could work seamlessly together. Early engagement with potential users proved invaluable, providing insights that greatly enhanced product development. This commitment to continuous improvement and exploration of new ideas positioned PAI as a leader in the field.

• Acquisition Success: In 2023, Precision AI's groundbreaking work and potential were recognized by a large multinational company, leading to their successful acquisition. This achievement underscores the value and impact of their innovative solutions. The acquisition was not only exciting but also emotional for everyone involved, from the owners to the staff members, marking a significant milestone in their journey.

Discussion Points:

• Innovation Business Structure and Challenges: Sandy shared insights into PAI's business structure, emphasizing the importance of flexibility and adaptability in fostering innovation. She discussed the significant hurdles they faced, including regulatory challenges, market entry barriers, and the need for strategic partnerships.

• Lessons Learned: Sandy highlighted the most crucial lessons from their journey, including the importance of perseverance, teamwork, and maintaining a clear vision. 

• Interactive Q&A: The session concluded with an engaging Q&A, where group members explored various aspects of innovation, product development, and strategies for overcoming common challenges in the medical device industry.

It was an amazing opportunity to hear about the highs and lows, the hard work, and the sliding doors moments that defined Precision AI's journey. Sandy's talk provided invaluable insights and inspiration for all aspiring innovators, offering a roadmap for turning innovative ideas into successful businesses.