Starting up an organization that will be successful is a process that needs vision, commitment, and planning. MAKO Medical’s CEO, Chad Price, has emerged as an inspiration to all entrepreneurs, by revealing how one can deal with the hurdles of establishing a company and making it a success.
From humble beginnings to a thriving enterprise, Price’s story is rich with insights and lessons for aspiring entrepreneurs. In this article, we delve into the secrets behind his success, shedding light on how North Carolina startup, MAKO Medical Laboratories became a prominent player in the healthcare industry.
Vision and Innovation
Chad Price’s journey began with a clear and compelling vision since despite having no formal training in healthcare or laboratory sciences, Price and his team identified a gap in the market and sought to fill it with innovative solutions.
“The interesting part is that we entered the space without healthcare experience. So we weren’t classically trained, didn’t go to medical school, or had no medical background. We didn’t go to college for this,” explains Chad Price, MAKO Medical Laboratories founder.
“God and Google. That’s how we did it. So we prayed and then we Googled, and then we prayed some more and we Googled.”
A clear and compelling vision provides direction and purpose, helps align efforts towards a common goal, and motivates everyone to persevere through challenges. He proves this point by stating, “So we truly entered into healthcare with no experience at all. And that’s a refreshing story for those frustrated right now in healthcare.”
On the other hand, embracing a culture of innovation encourages creative problem-solving and adaptability, enabling the startup to respond to market changes and seize new opportunities. Together, vision and innovation create a dynamic foundation for building a startup that not only stands out but also evolves and thrives in a competitive landscape.
Identify a Gap in the Market
MAKO Labs has established itself as a successful business in North Carolina by identifying and addressing gaps in the healthcare market, particularly in medical testing and customer service. Chad Price, MAKO Medical founder, explains, “Mako Medical Laboratories was created for two reasons: The first was to fill a current void in the healthcare space.”
He emphasizes, “We could be the third competitor that’s different, truly different, that the consumer and patients would want an option. And so we put all of our hope and prayers into the fact that we assumed Americans would want a third option that they have never really had before.”
Furthermore, Price highlights their approach towards supporting smaller practices, stating, “Well, I think when we looked at the business again, we realized there were two big giants. And then when we looked at healthcare, we realized there were a lot of massive hospital systems and they have their place and when we’ve all gone to a hospital for an emergency, we felt like we’re the David and Goliath, so we wanted to support the small independent practices.”
Build a Strong Team
Building a successful startup requires more than just a great idea; it necessitates a dedicated team and a positive work environment. Chad Price emphasizes the importance of assembling a group of individuals who share the company’s vision and are passionate about its mission.
“One of the most important pieces of advice I can provide to other entrepreneurs is to surround yourself with a passionate group of talented people who aren’t afraid to argue their opinions. By checking your ego at the front door and fostering that in your company culture, you will ultimately make better and more informed decisions.”
Creating a positive work environment is another secret to Price’s success. “We all worked around a conference room table and took turns doing building and roof repairs,” said Chad Price.
Adopt a Customer-Centric Approach
In the competitive startup world, maintaining a customer-centric approach is vital for long-term success. Chad Price believes that going above and beyond to meet customer expectations sets a company apart from its competitors.
“We used our personal cars to handle logistics, our personal phones to take calls, and personal computers to work on,” said Chad Price. Using personal resources, Chad Price and his team demonstrated a commitment to their customers that went above and beyond typical business practices.
This dedication not only meets but exceeds customer expectations, as it shows a deep, personal investment in providing excellent service and ensuring customer satisfaction. Such efforts are memorable and build a strong foundation for customer loyalty, as clients appreciate and remember the extra mile taken to serve them well.
Financial Management
Effective financial management is crucial for the sustainability of any startup, as it ensures that the company can grow, support its mission, and achieve long-term goals. Chad Price’s vision for MAKO Medical exemplifies this principle. “Looking ahead a few years, ideally MAKO has over 1000 employees, clears over a billion dollars in revenue, and is converting that revenue into over 2,500 different charities and new non-profit programs across the country,” said Chad Price.
This ambitious vision underscores the importance of sound financial practices in achieving sustainability and impact. Chad Price continues, “We would also like to support 500 missionaries around the world with 50 percent of our workforce being Military Veterans. It is a dream that inspires us to work a bit harder each and every day.”
By maintaining financial discipline, Chad Price ensures that MAKO Labs can not only grow and expand but also continue its significant contributions to social causes. Effective financial management allows the company to allocate resources wisely, support its philanthropic goals, and sustain its operations, ultimately contributing to its long-term success and stability.
“A group of us sold what we could, borrowed what we could, and put everything into the start of MAKO Medical,” he continues.
Chad Price’s actions highlight the importance of maintaining financial discipline, making careful decisions about resource allocation, and prioritizing investments that will drive the business forward. In the early stages, every dollar counts, and Price’s approach to securing and managing initial funds ensured that MAKO Medical could establish a solid foundation and thrive in a competitive industry.
Corporate Social Responsibility
Chad Price used Corporate Social Responsibility (CSR) as a key strategy in creating a successful startup by embedding it into the business’ core mission. “Mako Medical Laboratories was created for two reasons: The first was to fill a current void in the healthcare space,” Chad Price explained in a recent interview. “The lab industry is dominated by two giants and the market was hungry for a third option.”
Chad Price’s commitment to CSR is evident in the second reason he cites for founding the company: “The second reason was to make an impact in the local markets through social responsibility and outreach. Mako is privately held which allows the company to use a significant portion of its profits to support local charities, non-profits, military programs, and missionaries overseas. Today, we support more than 300 nonprofits and charities, we only hire Military Veterans for our logistics team, we’ve donated more than 26 million dollars to charitable organizations, and we support more than 70 missionaries around the world.”
CSR initiatives show that the company cares about more than just profits, which resonates with consumers and employees who value social and environmental impact. This approach not only enhances the brand’s image but also creates a loyal customer base and a motivated workforce, contributing to long-term success and sustainability.
Takeaway
Chad Price’s journey with MAKO Medical Laboratories offers invaluable lessons for aspiring entrepreneurs. From identifying market gaps and embracing innovation to building a strong team and prioritizing customer satisfaction, his strategies provide a roadmap for creating a successful startup. By focusing on financial discipline, strategic partnerships, adaptability, and a commitment to giving back, entrepreneurs can navigate the challenges of the startup world and build businesses that thrive.