Bringing the blueprint to life
Structuring and shaping an organization can be a challenge for many start-ups, and Cortrium was no exception. It also faced a critical need to develop a product testing program. On both fronts, inQvation’s help proved vital. According to Karsten Madsen, “One of the most crucial contributions inQvation can make is to guide the development of a start-up from a handful of essential employees to a fully fleshed-out system. They’re good at getting things in order, devising clear strategies, and helping entrepreneurs communicate with investors in a common financial language. But the most valuable help inQvation can offer may be with sales—putting the framework in place for the transition from product developer to sales-driven business.”
In his time as Interim CEO, Karsten Madsen presided over a number of exciting developments. The team grew from three employees to 21, for starters. Cortrium’s reach currently extends to 15 countries, with plans to expand that number by four countries each quarter—a program already underway and already showing results. As of August, more than 25,000 patients had used Cortrium’s heart monitor, and the company now finds itself on the cusp of a new phase, having graduated from the proof-of-concept level to laying the foundation for an agile organizational structure, to operating as a truly scalable business.
A prime mover in that process will be Christian Tost, General Partner and Head of Development at inQvation. “Our mission is to help start-ups succeed,” he says. “We’re there—on the commercial side, but even more importantly on the product, organizational and operations side—from the point when they first start identifying challenges and problems to the point when they’ve established a solid basis for growth. Cortrium has come a long way since we invested. They’ve evolved from simply having a good product to being a great business, and the time when they’ll be ready for scaling is approaching fast: We intend to reach it in the next 12 to 18 months. We will continue to support the company in building an organizational team that is up to the challenge, and through our ongoing contributions to optimizing the sales cycle. Cortrium is a little gem,” Tost adds, “with significant potential that we are here to help capture.”
Our team of inQvators is always ready and eager to assist our portfolio companies with recruitment, mentoring, talent development and opening new markets.
The journey has only just begun.