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Building tech that truly earns the right to be called innovative hinges on more than just creating something new. Innovative tech solves pressing problems that are hindering or limiting progress—if not literally causing pain—among a specific audience.
As Faisal Khan learned when he embarked on his entrepreneurial journey, you can’t make assumptions about how new tech will be used: You have to do the research to truly understand your target’s biggest pain points and ensure your solution is deployed in an innovative, helpful way.
You also need to tap into the right community resources and leaders who can get you the relevant access and perspective you need for success.
This is the strategy that Faisal and his mighty team at FMRK Diagnostics took to deliver true innovation in the biotech space.
At FMRK, Faisal and his team are developing a Rapid Urinary Tract Infection Antibiotic Susceptibility Test for the elderly and people with spinal cord injuries. Their technology is rooted in decentralized diagnostic testing solutions, making medical diagnostics easy to use, quick, and reliable.
Their first-of-a-kind, near-patient Antibiotic Susceptibility Testing Device was designed exclusively for community healthcare settings—deriving results in 6 hours or less—making the entire process easy, simple and faster than the traditional methods.
Along with driving this incredible diagnostic innovation, Faisal is also a member of the GetFresh Ventures community and has been making his mark in the BC tech and startup ecosystem. In this episode, we pick his brain on what’s next for FMRK, hear about his path as an entrepreneur, and learn about what’s in store for the rest of 2024.
Conduct market research—and never assume
https://youtu.be/pmatQqI59Eg
If you don't know what value you're creating, no amount of of investment or funding is going to make you successful.
Faisal learned this from a mentor who early drilled down on the need to do market research and not make assumptions when your creating technology for a specific sector or audience.
While his diagnostic solution held a lot of promise, he had to pivot early on to ensure that he was actually targeting the market where his new tech would have the biggest impact.
SR&ED, IRAP and more to drive product development
https://youtu.be/jqyUg2PTI9k
SR&ED in Canada has been a huge benefit in helping Faisal and the team at FMRK Diagnostics. However, it wasn't just tax credits that helped get their solutions out to users.
Along with finding a wealth of accelerator and incubator programs across Canada, IRAP and other forms of government funding helped arm Faisal with the initial capital he needed to get started tackling key challenges in healthcare.
Stream the full interview with Faisal on Boast’s YouTube channel here.
To learn more about leveraging R&D tax credits to fuel your innovation, talk to one of our experts today.
