Morgan Evans is a biomechanical engineer, serial medtech entrepreneur, and angel investor. She shares her journey from aspirations of becoming a doctor, to working in mergers and acquisitions at Medtronic, to co-founding/founding six companies, including Agitated Solutions and Avio Medtech Consulting. Morgan discusses the importance of supporting startups in accelerating market entry, the challenges and opportunities with innovative medtech development, and the value of servant leadership.

Guest links: www.aviomedtech.com

Charity supported: Polaris Project

Interested in being a guest on the show or have feedback to share? Email us at [email protected].

PRODUCTION CREDITS
Host & Editor: Lindsey Dinneen
Producer: Velentium

EPISODE TRANSCRIPT

Episode 063 - Morgan Evans

[00:00:00] Lindsey Dinneen: Hi, I'm Lindsey and I'm talking with MedTech industry leaders on how they change lives for a better world.

[00:00:09] Diane Bouis: The inventions and technologies are fascinating and so are the people who work with them.

[00:00:15] Frank Jaskulke: There was a period of time where I realized, fundamentally, my job was to go hang out with really smart people that are saving lives and then do work that would help them save more lives.

[00:00:28] Diane Bouis: I got into the business to save lives and it is incredibly motivating to work with people who are in that same business, saving or improving lives.

[00:00:38] Duane Mancini: What better industry than where I get to wake up every day and just save people's lives.

[00:00:42] Lindsey Dinneen: These are extraordinary people doing extraordinary work, and this is The Leading Difference.

Hello, and welcome back to another episode of The Leading Difference podcast. I'm your host, Lindsey, and today I'm excited to introduce you to my guest, Morgan Evans. Morgan is a serial medtech entrepreneur and investor, which means her passion is launching new businesses. She's a biomechanical engineer by training, went to business school and worked for Medtronic in corporate development before jumping fully into the world of startups. Over the past 10 years, she has founded or co-founded six companies: two medical device companies, two medtech accelerators, and two venture investing vehicles. She spends most of her time with Agitated Solutions, which is developing several innovations related to contrast and ultrasound, and Avio Medtech Consulting, which helps lower the barriers to entry for new ideas and new medtech companies.

All right. Well thank you so much for joining us today, Morgan. I'm so excited to speak with you.

[00:01:42] Morgan Evans: Thank you again for having me. Pleasure to be here.

[00:01:45] Lindsey Dinneen: Of course. Well, I'd love if you wouldn't mind starting off by sharing just a little bit about yourself, your background, and maybe what led you to medtech.

[00:01:53] Morgan Evans: Sure, of course. Originally from Houston, I went to school in the Bay Area and studied to be a biomechanical engineer. I originally thought that I was gonna be a doctor, and wanted to start in heart lung transplant of all things. Did an internship between my freshman and sophomore year and quickly learned two things. One is that I love people a bit too much to distance myself emotionally, so it would've really been a hard career for me, I think being on the front lines with that.

But the second important thing I learned as well was there was a lot of technologies that existed in the medtech side of the world, just trying to buy people time and give options. And so I fell in love with medtech as a career relatively early. Started working for my first startup in the neuromodulation space before I even graduated undergrad, and loved that. Wore a ton of hats ranging from engineering, clinical commercial. I did some vertical line integrations in there and I started before we were even at 10 employees, left at 55. Thought it was massive 'cause we had middle management.

Then toward the tail end of that, started studying to go to business school 'cause I realized I was getting further and further away from my engineering degree. And then I went to Kellogg at Northwestern and when I was there, co-founded my first startup with a clinician that had a great idea, didn't really know how to navigate the regulatory side of the world, and we co-founded that company together. And toward the tail end of that, was recruiting for formal kind of post-business school. Where am I gonna land? What am I gonna do?

And decided to go to Medtronic and do mergers and acquisitions within the corporate development team. Did that for about two years. Loved it, learned a lot. The team was great. But big company was a huge change, especially as I just mentioned, you know, I thought 55 was large with middle management. And then you go to 90,000 at the time and deal teams of that. And kind of felt like my calling was going back to startups, so left in 2016 and have been innovating and building companies ever since.

[00:03:53] Lindsey Dinneen: Wow. Okay. Well, thank you for sharing a little bit about your background and everything that's led you to where you are today. I really appreciate it, and so I am so intrigued. Okay, so you were on track in, in theory, initially to be a doctor and to go that route and then decided, "Okay, well, maybe this isn't for me," which is so great that you learned earlier rather than later, of course. But so as you were processing through making this transition into medtech and going, "Oh my goodness, there's actually a whole lot here." Were there any particular things that really stood out as being the most intriguing? Were you just kind of interested in the industry as a whole, or were there specific things where you thought, "Oh gosh, I really wanna learn about X, Y, and Z."

[00:04:37] Morgan Evans: Yeah. Two things happened in relatively short order that I think landed me in my love, right? The first is, when I was doing this internship, they actually had some preclinical research going on in the basement of the hospital. And I, it's a long story, but I randomly ended up wandering into this place and figuring out it existed, and saw some of the early preclinical research happening live where they actually had a pig that they were trying to induce a heart attack in to then do a treatment for. And this pig actually coded in the middle of the procedure and they literally come out with paddles. And I'm just like, "This is the coolest thing in the world, this is actually how innovation is done and people learn." So that kind of, "Oh, cardiovascular sounds really interesting," was where I originally started.

And then, at the time when I was at Stanford, I was playing on the basketball team as well, and I went to a event with some supporters of the program. And the person at my table was Chairman of the Board of a neuromodulation startup, autonomic technologies. And the one thing I at least love that I'm not afraid to ask questions. And so I just was like peppering him with like, "What is this? How does that work?" And that actually led to my first job. And it's kind of fortuitous that you're in the right place at the right time, but then just get exposure, and that was in pain and pain's a hard space. The type of treatment we were doing was treating condition that was known as a suicide headache. And so I think that was helpful to see the impact of the work we can do so early on. And then I, like I said, I've been hooked ever since.

[00:06:05] Lindsey Dinneen: Yeah. Yeah, that's great. And those are great stories. I love the synchronicity and how those moments sometimes just play out perfectly and lead you to your next right step. So now you are in a position where you are advising startups, but you have lots of things going on. I feel like when I was looking at your LinkedIn, there were multiple different organizations you're a part of and participating in. So could you share just a little bit about all the wonderful things you're up to these days?

[00:06:31] Morgan Evans: Yeah, for sure. So my day job, as I call it, but where I spend by far majority of my time is I am co-founder and CEO of a company called Agitated Solutions. And we say that we're unlocking the potential of diagnostic ultrasound. So we have multiple products that include a contrast agent that's revolutionary and that it has a temporary micro bubble, looking for holes or flaps known as a patent foramen ovale in the heart that's highly associated with cryptogenic stroke. So we have contrast side, and then we also have some software as a way to have better prediction of what our high risk shunts and what could cause stroke. That had a company spin out of it called Moonshot Medical that is more of a traditional incubator where we put all of the IP and ideas that weren't quite ready to be full-blown companies, but we knew there were some things there that I also technically lead. So those are the two that I'm CEO of.

I founded a company called Avio, that I'm very passionate about, that is really focused on trying to help get these medical technologies to market faster. The work we do is on the backend of medtech, so quality systems, regulatory, R&D project management. But just in the theory that there's so much paperwork that is behind any innovation, like how do we get better at that paperwork so that we can keep innovators doing what they do best. And then we're just really that helping hand alongside.

I joke, all of the things I'm involved in, this was my happy accident. I felt like I was building what I needed for my own startups. Literally no intent of anyone else ever seeing this or offering that as a service. And I just remember distinctly, I woke up one day shortly before my son was born and I was like, "Oh, I think there's actually a business here. Maybe I should run it like one." So that's another one.

And then passionate about angel investing in early stage as well. When I fundraised for the first time, I was 29. I'm now 37. I get asked that a lot, although you're not supposed to ask a woman her age. When I fundraised for the first time, especially in these early stage rounds, no one looked like me, both in gender or age. And so I'm one of those believers, "Put your own money where your mouth is," even if they were baby checks to start, they were something. And that's been another area that I also spend some time.

[00:08:48] Lindsey Dinneen: Yeah. Wow. Okay. So you've got a lot going on to, put it mildly, which is fantastic. You mentioned something that really stood out to me. You're trying to help these startups bring their medical technology to market faster. And I'm curious, are there maybe one or two things that you see a lot of startup companies perhaps either accidentally overlook, or delay too long, or something like that, where, at the beginning, if they had done X, Y, and Z, they could have gotten their technology to market faster.

[00:09:21] Morgan Evans: Yeah, a couple thoughts. One is I think people underestimate the amount of time that it takes to formally document all of the things that go into getting your device compliant and on the market. For example, I've had a client before that came to us that had a product that was working. He had tested it, he'd done all these things and it was a software, and ready to go, and submit to the FDA. And then you're like, "Well, we need user needs and product requirements, and your design schema," which, you know, there is a reason that these processes exist and I think they can make you have a better product at the end of it.

But I think, you know, people assume, "Let's build the right product first and then worry how to document it." And then you forget sometimes why certain decisions were made or you know, is this actual requirement or was that done because it was an off the shelf thing? And so there is a lot of learning that I think can be lost by waiting.

Now all that said, the other part of it would be that if people kind of shore up too fast, so you overbuild the team, you have a quality person, a regulatory person day one that feel like they need to be doing all of the things and justify their full-time job, then you end up documenting and revising. So there is some healthy balance and tension between the two. So it's not easy to get it perfect. But I would say those are the two areas that come to mind.

[00:10:37] Lindsey Dinneen: Yeah, that makes a lot of sense. And I can see where the polar opposites could be challenging. So staying happily in the middle, working with an expert such as yourself, is a really wonderful way to go about that. You mentioned angel investing and being passionate about helping. It sounded like based on your own experience, you're very passionate about helping the next generation of leaders and entrepreneurs in this space create the products and bring what they envision to market. As you've gone about this, and even as you learned for yourself how to fundraise, maybe feeling like, "Hey, nobody else looks like me, is my age," or whatever, what are some learning lessons that you've experienced that you would suggest for somebody who's maybe in a similar situation that you were in?

[00:11:28] Morgan Evans: Yeah. Some of it is just to be a little bit fearless, I would say. There's a lot of people that have told me over the years, "Pick one. I don't understand how you do all these things." My least favorite question I've ever gotten is, "Do you ever see your kids?" Yeah. But people ask you that, you know? And I think it's easy to let other people tell you what you should be or what your product should look like or your path should be. And I think I have been fortunate to find some wonderful mentors that empowered me to be my own version. I didn't have an example of someone that had built the things in the way that I had built them or that had a couple of them at one time.

But I also knew very confidently that I wasn't dropping a ball and I was doing the right thing by the companies I was building and supporting. And it was helpful to have the army behind me that just loved me for me and supported me in that, in developing it. And I think that next generation of entrepreneur, if you can find the same, that's willing to lean in just for you and there's no ulterior motive other than just to see you be successful, hold on with both hands and then pay it forward to the next one.

[00:12:38] Lindsey Dinneen: Yeah. Yes. That's great advice and insight. So when you're thinking about your own career and the companies you're leading, what are some things that you're looking forward to in the future as you yourself continue to evolve and develop your own skill sets and whatnot, and also for your companies that you're leading? What are you excited about?

[00:12:59] Morgan Evans: Yeah, I think for me, I'm excited about building that next generation of entrepreneur, which we've talked about a little bit. And how do I influence and build and develop those things without me being the one actively leading them? That's been a new learning that I'm continuing to kind of dabble in and grow personally, which is leading through the art of board work or questions or advising, which is different than leading a company by physically being the head of that company. And thinking about how to train and develop and give people enough of a leash to go and run and be them, but yet have that support system that you're still within their appropriate guardrails that-- I'm kind of mixing metaphors, but I think you get it. You know, it's an art, not a science, and one that I'm enjoying learning and growing and developing in this next phase too.

[00:13:53] Lindsey Dinneen: Yeah. Well, and speaking to that in general, so I'm sure you've had a mixture as most of us have had, of good experiences with leadership and poor experiences with leadership, and I'm curious how that has shaped your own leadership style now, especially as you're in this new phase of further developing your leadership skills to look a little different than perhaps they have in the past. But what do you draw from and what's your inspiration when you've developed your own leadership style?

[00:14:23] Morgan Evans: Yeah. As I mentioned earlier, I've had a wonderful network of mentors that I think have really leaned in and and done it in the right way for the right reason. And I hope to emulate that myself, of being there to grow people and the technologies and the businesses that you're doing and giving them those chances to shine. As a leader, I believe very much in servant leadership. I never want someone to work a weekend that I'm not working as well. But then you kind of realize that isn't always feasible and can feel uncomfortable sometimes. And how I've evolved to give other people those opportunities, but recognize I'm not gonna be in the weeds enough to help them in the same way, it's a journey. I'd love to say I'm at the destination. I'm one of those, I love iterative improvement. I don't think I'm ever at a destination. But just really trying to lead through the art of question, for example, as opposed to coming with thoughts and opinions, has been a big one for me in the last couple months in particular.

[00:15:20] Lindsey Dinneen: Yeah. So approaching with curiosity, it sounds like in an effort to understand and or provoke even perhaps that person taking additional ownership or responsibility in their own creative solutions to perhaps what they're coming up with. Are there particular questions you've found that are really helpful as you're shaping these conversations, helping people understand their next right step?

[00:15:46] Morgan Evans: Yeah, I, it's funny because one of my mentors that's been coaching me on this is, she's kind of had that progression of learning to shift from, in the absence of leadership, lead, to leading someone else through that. I actually text her periodically and ask her for guidance of, "Hey, they came to me with... This is what I would normally say. How do I frame this in a question such that I'm giving them enough direction, but not leading the horse to water." So it the art of the question is in, in fact, itself an art. In general, I would think about asking something in the framework of, "Have you thought about the ramifications of?" or, " What is the key thing that we should focus on this week?" It's almost trying to pick out what I would focus as being the main thematic issue or next step, and giving them enough of a carrot that they can get there, but not quite telling them exactly how it should be done.

[00:16:44] Lindsey Dinneen: Okay. Yeah. So in general those sort of probing questions that might suggest, "Hey, have you thought about X, Y, and Z? Or, what are your thoughts about X, Y, and Z related to this?" And letting them continue to take ownership and responsibility for that. That's really great. One thing I noticed, and I don't know if this is something you currently still do or not, but I was noticing on your LinkedIn that at least at one point you had a Medtech Startup CEO Bootcamp, which just sounds awesome and I would love, if you don't mind, sharing a little bit more about that and what that looks like.

[00:17:17] Morgan Evans: Well, the good news is we are doing it, we're doing another one, I think in June. I'm happy to say I don't know the exact date 'cause that means I'm not in it enough to know exactly the dates. So in the spirit of me trying to take myself up a level -- success. But no, it's interesting because I had worked in medtech for five years before business school, went and got a traditional, you know, learning in all things business, right? Graduated, went to Medtronic, did M&A, and then came and did my first startup.

And I remember day one it was like, "Do I form an LLC or C corp?" No one had taught me that. And it's funny because, now you can understand the nuance of the question, but I can't imagine how much money I spent on the first attorney. And yes, there's pass through income, but you know, is that appropriate for investors for me to take a disproportionate loss or there's 1202 tax code and all these other nuance. So I started realizing that a lot of just taking the first step where things that you have to learn on your own or find a really awesome board member, advisor, et cetera, to lean in and help you too. Other examples would be, you know, "How much stock options do you normally give your board?" Or, " Should I do a convertible note or a safe? What is a quality system," right? I knew entrepreneurs that had no idea what those things were.

So the thought was, "How do I give enough detail to these other entrepreneurs, so where they at least feel that they can ask the right question?" Because to think that I can teach someone the nuance of verification, of validation strategy in an hour or four, versus someone that has done nothing but R&D for 15 years, right? That's not gonna happen. But if you could teach them enough to then say, "Hey, my CTO or contract design partner, should we dry run this test first? Or what test should we dry run?" Right? If we can give those people just enough there to phone a friend, that was the goal of the program. So just giving people that lay of the land and enough of a roadmap. And a lot of this too, like we literally have an acronym sheet because medtech is full of acronyms, and it's funny that like our acronyms can mean something completely different in other people's spaces. And so just even learning the lingo day one, like what's an SOP or CMO or CDO?

[00:19:40] Lindsey Dinneen: That's incredible. I love that. That's so great that you have a cheat sheet because I remember that being such a learning curve when I first got into the industry of, " You just said an entire paragraph worth of acronyms and I would love to understand what you're talking about, but I don't yet." so learning how to decipher all of that was great. I'm thankful for it, but yeah, that's wonderful. A cheat sheet sounds fantastic. You know, it's interesting 'cause you mentioned, with this bootcamp, first of all, I'd love that you offer that. What a fantastic offering for anyone in that position who's just needing that support and that extra guidance, and having something that's so specific to the industry is great. Do we just go to your website for details if anyone's interested in that?

[00:20:24] Morgan Evans: Yeah, it would be on the aviomedtech.com website. And then I believe there's a tab that is regard to the bootcamp. And yeah, like I said, it's all the stuff that I wish I would have learned or I learned. It took me way too much time and money, that I just want people to know where the landmines are that I had to step on. And if we can just accelerate that learning and that s-curve for the next entrepreneur, we can get these products to market a lot faster.

[00:20:50] Lindsey Dinneen: Yes. I love that you offer that. You've gotten to have an amazing career where you've been diving into the industry itself and working for other people, and then of course being a leader in your own companies now as well. I'm wondering if there are any stories that stand out to you as really just affirming, "You know, I really am in the right place at the right time in the right industry"?

[00:21:12] Morgan Evans: Yeah, it's funny. I don't get to reflect on this very often, but I co-founded Agitated Solutions and I founded Avio within one week of each other. I didn't know, again, that I was building what I was building on Avio's side. But what's been so much fun is that as I build and grow this awesome company, that's being an entrepreneur myself, being able to take learnings where I see them and try to pull them thematically into Avio so that you kind of have that flywheel effect. So I'm learning that I enjoy both operating within these technology companies, but also trying to figure out what of the system, or the process, doesn't make sense. Like I know other people might do it this way, but why? And, being able to innovate on the system and the output at the same time has been super fulfilling for me.

And like I said, it's kind of a little bit of coincidence that it was within one week of each other, but that's part of where I've learned for myself that I don't think I'm fulfilled by just being in one company or one thing fully, and in fact, me being in something else is part of what makes me better at the other thing. So I feel really fortunate to have found that and to know where my passion lies.

[00:22:41] Lindsey Dinneen: Yes. That's very cool. And definitely a gift. And you know how things sort of translate into each other-- I was thinking about this earlier because-- I noticed, and you also mentioned that basketball was, and is as my understanding, a core part of your life. And so you've been both a player, you've been a coach. How has basketball played a role in either life lessons, life skills that you've drawn from it, and or how does it just incorporate into your life?

[00:23:11] Morgan Evans: You know, it's actually a really fitting question. So first of all, as an athlete, it taught me I cannot stand to be the weakest link on a team. And when you think about that servant leadership, or that hustle or that grit, I was tall, but I was not the most naturally gifted athlete. And so a lot of where I excelled in basketball was on fundamentals, just solid, putting in the time and doing it. And then I got to the point in my career where I could not outwork other people. I could put all the time in the world in there and I was not going-- like I played behind All American Centers when I was at Stanford, and everybody was an All American coming in to play basketball. And it was a good evolution for me to learn a little bit of "How else can I then play a role if I'm not the most gifted athlete?" and to recognize that a team can function well with all those pieces regardless, right? So I don't need to be the leading score to still have an impact on the team was kind of a good mental awareness of how talent gets pulled together to make effective teams.

The other thing on the coaching side, so I actually had career ending surgeries between my junior and senior year. And basketball was, and still is, a big love of my life. And to then have my playing days over unexpectedly was a big transition, and I got to see basketball from the sidelines my senior year. And my job then was to make the other players more effective, to study scouting report, to teach, to try to do what I could to get the team ready, knowing I would never step foot on the court. And if you think about some of the parallels we've already just talked about, which is leading through the art of question or being able to lead and guide, but not being able to be out there, running around with everybody else in and of, in itself is a very similar transition to what I'm going through and continue to go through.

I coach young women. I did except for this last year. It's been hard with two kiddos, in particular on my husband, especially, you know, we would do travel tournaments and things like that. But coaching young women too, and realizing it's the end result, but it's also wanting them to be good people and life lessons and skills through it. And how do you have them help respond in adversity? All of that, I think, makes me a better leader, and there's a lot of parallels to the working place, for sure.

[00:25:35] Lindsey Dinneen: Yeah. Yeah, that's wonderful. And having a gift like that, even when it looks different and morphs over time, I love that you've been able to draw from it such inspiration and application to other areas of life. I think that's really special. Such a cool aspect of being an athlete. So yeah, thank you for sharing about that.

[00:25:51] Morgan Evans: Of course.

[00:25:53] Lindsey Dinneen: So, pivoting the conversation a little bit just for fun. Imagine that you are to be offered a million dollars to teach a masterclass on anything you want-- could be within your industry, doesn't have to be-- what would you choose to teach?

[00:26:07] Morgan Evans: I would teach something on scrappiness. From my experience, I think there's a lot of people that would know the industry really well, but the how to get things done atypically for less money faster. And that's some of the thematic elements that I hope I'm-- not for a million dollars-- but, you know, starting to teach in our bootcamp. Some of the belief that I think sometimes you get these companies in medtech in particular that are kind of overbuilt, too much too soon. And now they have a really high burn rate and everybody has to leave, essentially a unicorn exit or bust. And how can you burn down and mitigate risk with little dollars and making sure you're spending your dollars in the right places early on? I continue to learn from others in that too, I should mention, but I think it's an area with a lot of impact.

[00:26:59] Lindsey Dinneen: Yeah, absolutely. And so relevant and helpful for startups that have no choice but to be scrappy and learn how to be creative on a dime. I think that's fantastic. Great. And then how do you wish to be remembered after you leave this world?

[00:27:16] Morgan Evans: Yeah. I hope it's something to do with innovating on technologies that improve and help patients, but also innovating with people and process, that hopefully on all of this, that we're leaving the world a little better than we found it.

[00:27:33] Lindsey Dinneen: Yeah. Yeah, absolutely. And then final question, what is one thing that makes you smile every time you see or think about it?

[00:27:42] Morgan Evans: Definitely my family. I have two kiddos, Marley and Mason. So my daughter's three months, my son is three. And then my husband Matt. It's hard to do all the things that I do without having an amazing support system. And, you know, you can have the hardest, most stressful day and you come home and my son's like, "Do you wanna play with me?" Or, "Let's play hide and seek" or something. And it's just funny how instantly all that stress kind of melts away. Very grateful for my family.

[00:28:10] Lindsey Dinneen: Yeah, family is such a gift. Wonderful. Well, this has been such a great conversation, Morgan. I really appreciate you spending some time with us today, and thank you for sharing about your life and your story and your advice. I am excited to see how you could just continue to grow and thrive. I love the fact that you are just a total boss with all the things that you're doing. So thank you for contributing your gifts to the world, and gosh, I just wish you the most continued success as you work to change lives for a better world.

[00:28:42] Morgan Evans: Thank you again for having me. I appreciate you.

[00:28:45] Lindsey Dinneen: Of course, and we are so honored to be making a donation on your behalf as a thank you for your time today to the Polaris Project, which is a non governmental organization that works to combat and prevent sex and labor trafficking in North America. So thank you for choosing that organization to support. Thank you also to our listeners for tuning in, and if you're feeling as inspired as I am right now, I'd love it if you'd share this with a colleague or two, and we'll catch you next time.

[00:29:16] Ben Trombold: The Leading Difference is brought to you by Velentium. Velentium is a full-service CDMO with 100% in-house capability to design, develop, and manufacture medical devices from class two wearables to class three active implantable medical devices. Velentium specializes in active implantables, leads, programmers, and accessories across a wide range of indications, such as neuromodulation, deep brain stimulation, cardiac management, and diabetes management. Velentium's core competencies include electrical, firmware, and mechanical design, mobile apps, embedded cybersecurity, human factors and usability, automated test systems, systems engineering, and contract manufacturing. Velentium works with clients worldwide, from startups seeking funding to established Fortune 100 companies. Visit velentium.com to explore your next step in medical device development.