Craig T. Ingram, a commercialization strategist, ensures businesses not only survive but thrive in the competitive healthcare technology market.
Austin, Texas , June 26, 2024 – Recent statistics show the failure rate for businesses is alarmingly high: 50% fail by the end of their fifth year, and this number escalates to 70% by the end of their tenth year. These highlight the challenges faced by companies today. The reasons behind this phenomenon are multifaceted (e.g., poor management, inadequate market research, ineffective marketing and selling strategies). However, a critical factor often overlooked is the lack of strategic commercialization expertise early in the business cycle.
Craig T. Ingram, an industry veteran with over 25 years of experience, made it his mission to address this issue. He believes that the high failure rate of businesses can often be attributed to the fact that companies miss out on the critical insights needed to uncover, identify, diagnose, and eradicate commercialization strategy deficiencies. These gaps often go unnoticed until it’s too late. Entities can avoid such costly missteps by investing in expert guidance upfront.
These valuable insights stem from Mr. Ingram’s vast background. As an international top-tier commercialization consultant and advisor, he’s known for leveraging his extensive experience in helping companies navigate and succeed in the competitive MedTech and HealthTech landscapes. Craig T. holds multiple degrees, including an AS in Bioelectric Technology and Molecular Cell Physiology, a BA in Marketing, and an MBA in International/Global Management.
His healthcare career began early, starting a medical distribution company while still in college and selling various medical devices and diagnostic equipment. This early venture solidified the foundation he needed for his future endeavors. Ingram continued his journey at Ethicon, Inc., a subsidiary of Johnson & Johnson. After a decade of sharpening his skills in selling and managing sales for diagnostic and interventional technologies, he moved to the startup world, where he achieved greater heights.
Ingram played pivotal roles in multiple venture capital-backed startups, including SurgRx, Inc., which developed innovative laparoscopic technology and was eventually acquired by Johnson & Johnson. Needless to say, these experiences enriched his expertise and helped him gain a profound understanding of the critical components of successful venture capital commercialization strategies.
Through numerous surveys and conversations with business leaders, Craig T. found that many equated commercialization strategy merely with sales and marketing. However, he emphasizes that a true effective commercial strategy starts with thorough market research. He observes that too many companies perform inadequate or incomplete market research, leading to a lack of market fit or incorrect messaging. This disconnect between the product and the market is a major reason why businesses fail.
Ingram believes that even well-funded companies falter without proper commercialization strategies that are highly effective. Statistics support his observations. There are 33.4 million small businesses in the U.S., with the majority employing fewer than 500 people. Despite this, 40% of small businesses are profitable, while 30% break even, and the remaining 30% lose money. Still, it’s worth noting that 68% of companies miss their annual forecasts by more than 10%, indicating significant deficiencies in their commercialization processes. In addition, only 6.6% of companies hit the million-dollar revenue mark in a fiscal year.
The seasoned professional then founded Int’l Commercialization Growth Partners in 2020 to help businesses avoid the common pitfalls that lead to failure. The firm empowers C-suite executives and leadership personnel across various sectors of the healthcare technology industry. Its mission is to assist organizations in commercializing products and services by uncovering and addressing hidden deficiencies and gaps in their commercialization processes.
Craig T.’s impact on the industry is evident, as he was recognized as the Top MedTech and HealthTech Advisor of the Year for 2024 by the International Association of Top Professionals (IAOTP). This prestigious accolade illustrates his exceptional leadership, dedication, and commitment to advancing new technologies in the healthcare industry. His inclusion in IAOTP attests to his professional accomplishments, academic achievements, and contributions to the community. Most recently, the Marquis Who’s Who of America certified Craig T. to be a part of their publication board, in association with the likes of Warren Buffet and other prestigious business leaders in America.
Reflecting on his success, Ingram remarks, “I have a straightforward approach devoid of political games or flattery. I often tell clients about the risk of becoming part of the 70% club: companies that fail within a few years due to inadequate customer acquisition. My role is similar to a physician’s—uncovering hidden issues, identifying them, diagnosing accurately, and eradicating what I call ‘kryptonite’—the obstacles hindering their commercial strategy effectiveness.
Craig T. Ingram believes every company selling products or services must navigate ten critical components to address, uncover, diagnose, and eliminate issues specific to each area. These include market research, product development, regulatory production, marketing, sales strategy and implementation, financing and budgeting, partnerships and alliances, post-sale customer support and services, and post-market analysis. The expert delves more into this in his upcoming book, The Bridge Strategy Blueprint.
Craig T. Ingram remains dedicated to sharing strategic insights and employing innovative approaches to bridge the gap between innovation and market success. His extensive industry knowledge, accolades, and drive to empower businesses through Int’l Commercialization Growth Partners showcase his desire to transform the healthcare technology ecosystem.
