copyright 2012, Rudy A. Mazzocchi
As a serial entrepreneur who co-founded eleven med-tech
companies and managed five of them as CEO, I quickly came to realize that
launching a debut novel as a first time author requires a similar skill set to
overcome similar challenges.
Getting Started
In order to create a new medical technology company (or your
first novel), you need a solid concept, do your research, and make a decision
at some point to “become committed”. You also need to start by assessing a
defined process: (i) what’s the potential market (genre), (ii) who’s your
end-user (audience), (iii) can you build a world-class team (agent, publisher,
publicist), and (iv) do you have adequate resources (time, energy, money) to
achieve your goals?
Proper Backing
If you don’t secure adequate backing (or support of a
literary agent), you can still “go it alone” (self-publishing) by raising money
from family and friends to get your company (novel) off the ground. However,
the burning desire to go-big or go-home
urges you to chase down that big-name Venture Capital Fund (or NY Literary
Agency). This is where the persistence of the entrepreneur (writer) is
important. In funding my current company, I presented to 34 venture funds before
securing a commitment for funding. Similarly, I made over 25 submissions to
potential Literary Agents before camping out on the steps of the Trident Media
Group, the agency that I targeted as my number one, preferred agency. It took
eleven months to close the financing and approximately a year to secure
representation by Trident.
Striving for Perfection
All initial drafts require a great deal of revision and
fine-tuning, regardless of whether it’s a business plan or a manuscript. Most
lead investors (or Literary Agencies) will contribute to molding the final plan
before putting their name behind the project. My current company is in the
process of executing the ninth version of a business plan and my final
manuscript of EQUITY of EVIL has undergone multiple formal rounds of review and
revision by three professional editors… one which was specifically required by
my Agent before they would commit to
their representation.
Building Your Team
Once the business plan (manuscript) is well-defined, it now
becomes essential to build your infrastructure and a team that is capable of
“taking the product to market”. In the case of building a new company,
selection of the management team will make or break the success of the
business. Likewise, it is now critical to identify the best possible publisher
for your novel. Many of these selection factors and processes (for a company or a novel), ironically are again very
similar. You first need to identify who might be available and willing to take the risk with a new
venture (or new author). Timing and terms of their commitment are other
considerations. As we need to consider the requirements of planning clinical
studies to meet the demands of the FDA, the author needs to consider the steps
to achieve the best possible release of their book, to include reviews, book
tours (virtual or real), promotional efforts (websites, blogs, tweets,
interviews) and the building of brand recognition.
Building a Quality Product
Product design and development drives the “fit, form and
function” of all new medical technology. These features are also important to
consider when determining the name and cover concept of your book. We underwent
a significant name change after struggling with the initial title of my novel,
eventually agreeing on EQUITY of EVIL
in order to ensure it conveyed the right initial impression to potential
readers. Even more difficult was the selection of the cover concept. This
process took months before identifying a design that was agreeable to me as the
author, my Agent and my publisher; Twilight Times Books. It’s this “upfront
work” that defines how we will execute our business plan as well as how we turn
a manuscript into a published novel.
Launching the Product
Many people have pursued a new technology concept, somehow
got it funded, developed a finished product, got it approved for market
release, and launched it into the market… only to discover that it was just a
slightly “better mousetrap” that the market wasn’t too excited about. Unfortunately,
many novels end up on the shelf with a similar result. When this happens,
everyone involved with the project tends to lose their enthusiasm for pursuing
the next best idea that might come along. Success breeds success… and
confidence. It is therefore extremely important to understand the dynamics of
your audience, what it takes to reach them, and what appropriate marketing
campaign is required to ensure the successful launch of your product.
Market Penetration
In the natural evolution of any venture, success is then
determined by market penetration.
After the struggle to build a unique, high quality product, with the best team
possible, it eventually comes down to “numbers”. In the event we fall short, we
need to do that gut-check to determine whether it’s truly because we haven’t
done an adequate job in promoting, marketing and/or building brand recognition…
or if it’s simply because we didn’t meet the requirements to provide a quality
product to our audience. No one can afford to “throw good money after bad”, so
it’s important to maintain the discipline of knowing when to fold up camp and
either move on to the next project (a litter stronger and wiser) or find
another venue to pursue your creativity.
Summary
Whether starting a new company or sitting down to write that
novel, they both demand commitment, persistence and passion. Sure, there’s no
guarantee for success, but we do this because we’re compelled to do so… our
brains are “wired” to follow these pursuits, regardless of the pain and expense
we might incur along the way. It’s not for everyone, as this is the true
definition of entrepreneurism!
* * *
Author Website: www.rudymazzocchi.com
Book Trailer: http://www.youtube.com/watch?v=KAYkQEQBnLk
Rudy is best known as a medical device and
biotechnology entrepreneur, inventor, and angel investor, with a history of
starting new technology ventures throughout the U.S. and Europe. He’s been
privileged to have the opportunity to see the newest innovations in healthcare
and work with some of the most brilliant researchers, scientists and physicians
in the industry.
Authoring more than 50 patents, he has helped
pioneer new companies involved in cardiology, oncology, orthopedics,
neurosurgery and even embryonic stem-cell development. Through these efforts,
he has become the recipient of many technology and business awards, including
the Ernst & Young Entrepreneur of the Year in Healthcare and the
Businessman of the Year Award.
Combining these experiences and opportunities, with
thousands of hours of travel and long evenings in hotel rooms, he found the
initiative to start writing a collection of medical thrillers based on true events, the first of which
is entitled "EQUITY of EVIL".
1 comment:
Rudy, it's a pleasure to have you here today on MB4! Congrats on your novel, EQUITY OF EVIL. I've started reading it and it's most intriguing. ;o)
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