What’s the worst thing you could say to SI-BONE, Inc. CEO, Jeffrey Dunn?
“This is how it’s done.”
That’s because Dunn, a serial and notably successful CEO, revels in productive novelty.
Dunn, who once held two CEO positions at the same time, had nothing left to prove when he received a fateful call which would result in a redefinition of spinal fusion and creation of one of the most valuable emerging growth companies in medicine.
“After building and selling several companies, including one in internet analytics and another in internet testing, I decided to take two months off to ponder my next move. It was then that I received a call from a former colleague. She had invested in Mark Reiley’s ankle company in Colorado, but things were off track. When she asked me to meet with Dr. Reiley and help out, I refused, saying ‘No, I’m taking two months off.’ Her response? ‘So how does tomorrow look?’”
Jeff Dunn met with Mark Reiley the next day and within one week he was CEO of two of Dr. Reiley’s companies.
Shuttling between Reiley Orthopaedics in Berkeley and Topaz Orthopaedics in Boulder, Dunn eventually merged the two companies to form INBONE Technologies and sold the new entity to Wright Medical Group, Inc.
It all started, as many things do, with the internet.
Before ortho, Dunn was best known for his internet, 3D graphics and software companies. “The first company that I took public was one where we invented a 3D graphics automated design system to create automobiles, medical instruments and movies,” says Dunn, who has held CEO positions 7 times over 25 years. Dunn has also led a software company, an internet performance testing software company, and an internet enablement software enterprise.
Along the way, Dunn’s business instincts were enhanced by some of those who surrounded him. “Mark Reiley taught me so much about the orthopedic world. His motto was, ‘Be brave, do the right thing, and make sure that the product works! If you have to ship something late then so be it…because it has to be perfect for the patients.’”
“John Freund, M.D., a Harvard MBA and the first professional investor in SI-BONE shared much of his wisdom, saying, ‘Don’t ever have loose ends.’”
“That was especially good advice for orthopedics because you have regulatory issues, reimbursement issues, clinical evidence, distribution channels, pricing strategy, etc. The medical device arena is vastly different because there are so many customers—patients, the FDA, CMS [Center for Medicare and Medicaid Services], hospitals, commercial payors, doctors, physician assistants, medical societies, etc.”
“In many industries you only have to worry about one customer, but in medical devices the complexity is extraordinary. So, it was very useful to have John’s advice, namely, ‘Make sure you cover every base imaginable, and try to figure out how to be important and satisfy every customer.’”
