The ophthalmic-device company BVI addresses a market gap: listening to customers and focusing on the customer experience.When Beaver knives first launched into surgical applications in 1932, its patient-focused approach to innovation was already novel.
While Korangy might call it simple, BVI's ability to consistently develop new products across the category, as well as add innovative companies and technologies to its portfolio, is setting it up to take on some of the major players in the industry, all while remaining nimble enough to adapt to an ever-changing healthcare landscape.
"As a company that has grown so quickly — naturally we have growing pains," Korangy says."We can cope with that because we turn to our employees and say, 'OK, so tell us how you want to fix it.' For our teams, that's refreshing because they see a problem and are helping build the future state of our business. This surprises new hires sometimes because they expect me to have the answer. And my answer is, 'You are going to tell us the solution.
Having a comprehensive understanding of the segments the company wants to enter is also essential to its growth plan. The company talks about ensuring its future is de-risked. BVI seeks to do this when entering an adjacency by finding partners that have proven product development capabilities in the relevant categories or by working very closely with doctors or clinicians to develop products. By doing this, BVI can reduce its exposure to basic scientific-development roadblocks.