The Power of Awards!
Who doesn’t love to win?
It’s such a good feeling that lifts you up and motivates you to do better. It shows the world you are made of the right stuff that others will want to emulate into the future.
But, as all-encompassing and great as all that is – there is something even more compelling about winning. It is something very primal. It is Survival of the Fittest.
If you are the best you survive while those around you perish. As harsh as this concept is, it has been tested and proven true throughout the ages and is the concept that our modern corporations are built upon. And in the MedTech field in particular, this competition to be the best, to survive, is fierce with as many 98% of startups in the digital health sector, failing.
The high failure rate is the direct and indirect result of various select reasons but can all be summarized in one sentence. They failed to let the world (public, VCs, stockholders, investors, clients, potential clients) know they have or can adapt to their environment by keeping up with technology and the needs of society.
This failure has not only kept them from being able to stay financially healthy and prosper but it has taken then out of consideration for various acquisitions and mergers which can benefit their financial bottom line and growth cycle. To that end, Deloitte has issued a report stating that MedTech companies consider M&A as “a strategic level to address industry changes and drive stronger financial performance with broader portfolio offers, enhanced therapeutic solutions, international expansion and increased scale and leverage” being the motivations behind M&A deals.
According to published reports, there was an average of 219 merger and acquisitions deals in the MedTech field worldwide from 2007 – 2018, with M&A deals in January of 2019 reaching $1.51 billion worldwide, with the United States owned companies being responsible for about $1.41 billion of that number. The top 5 deals accounted for 99.05% of the overall value during that time period.
So how does a company look outside the box to let the world know they are the fittest and worthy of going into the future as a leader, one who is noted for a possible M&A deal(s)? One way they do it is through the power of awards.
Awards have the capacity to influence the behavior of others or can have an impact on the course of events. In fact, a survey done by Boost and Shape-the-Future found that 76% of business decision-makers surveyed believe there is a definite link between award success and reputation with up to 90% believing that industry awards make a difference when buying products and services for their business.
Awards lend credibility and allow a corporation to promote their achievements to potential and current clients as well as to the general public and venture capitalists and other investors. Awards give current employees a sense of security as they know their company is showing signs of success and therefore there is an increased chance their positions will be retained into the future or that they will have room to grow within the company. And it gives a clear signal to potential employees that this is a corporation they will be proud to be associated with as it is being recognized as a leader in its field.
Perhaps it is the power of the awards that have made various reputable companies offer award recognition programs such as with the MedTech Visionaries Awards – The right award, judged by competent recognized leaders in the field of technology has such far-reaching benefits that spider through various networks to give immeasurable benefit.
And of course, there is that first thought that even if all the statistics by leading companies were flawed, there would still be the power of awards for winning is about the joy of the journey. The love for winning. For competing. It is born in us. It is why we attend sporting events or frequent casinos or enter into a competition for an award. Because we love to win.
So are you a winner?
Why not enter the MedTech Visionaries Awards and take pride in letting the world know your accomplishments. Click here to enter!