LP Profile on Dr. George Picha: "Turning lemons into lemonade requires thinking outside the box
Here at Mutual Capital Partners (MCP), we know that we could not be successful investors and mentors to our portfolio companies if not for the incredibly talented and experienced limited partner investors (LPs) who support our fund. Our investment decisions are often shaped by the knowledge they bring to the table and the guidance they give to our portfolio companies. In this series of profiles on our various LPs we hope to highlight many of their unique experiences and insights and better share how MCP brings expertise along with capital.
George Picha, M.D. is the founder and CEO/President of Applied Medical Technology, Inc. (AMT) established in 1985. Applied Medical Technology, Inc. is a global leader and manufacturer of enteral feeding devices and surgical products located in Brecksville, OH. Dr. Picha received his Master of Science degree in Biomedical Engineering, and PhD in Biomedical Materials from Case Western University. He also received his M.D. as well as surgical training along with his Plastic Surgery fellowship at University Hospitals, Cleveland Ohio. Dr. Picha started his career as a biomedical engineering consultant for medical device companies. As a board certified Plastic Surgeon he also established Western Reserve Plastic Surgery practicing for over 30 years while also having a career as an entrepreneur. Dr. Picha is also an inventor with over 100 patents, and numerous peer reviewed publications. Dr. Picha is very committed to his community as well. He is the co-founder of the Loya Foundation along with Father Loya. For the past 18 years the Loya Foundation has been a non-profit charitable organization that provides food, clothing, and shelter to those in desperate need on a global basis. He’s a board member of Intellirod Spine, a consultant for Allergan Corporation, and dedicated Boy Scout Leader for over 50 years.
Q: Why did you become an entrepreneur?
I desired to direct my destiny and, in that process, impact the care of patients and caregivers to improve clinical outcomes. In this process a vision of a company was integral to the direction and outcome as the vehicle to the market.
Q: What has been your favorite job experience?
I have had several job experiences that I found enjoyable and deeply rewarding. I enjoy the entire process starting with an idea to final product with the purpose of helping patients overcome illnesses.
Another favorite experience has been the role of a surgeon for the past 30+ years. I greatly enjoyed the direct contact and management of patients utilizing my skills in support of those in need of medical care. One has a great sense of satisfaction at the end of the day knowing I improved and redirected the outcome for my patients.
By combining my expertise as a biomedical engineer and surgeon, I have learned to approach problems in a unique manner as an engineer with a clinical understanding and application.
Q: What are some tech trends you think will play the biggest role in the future?
Robotics are going to be extremely valuable especially in manufacturing. We’re constantly being challenged for quality as well as cost on a global basis. On our production floor, AMT currently has 5 custom robots built to assemble medical products in order to meet current demand faced with the limited labor supply.
Micro-robotics and nanotechnology will also have significant impact in many areas of healthcare as they continue to be developed.
I think there will be continued growth in software as it applies to managing large databases such as; quality tracking of patient and physician information.
Another area of great importance is device design combining virtual 3D design with 3D printing will expand creativity on behalf of the designers and have a major impact on clinical product design and outcome.
Q: What advice would you give to fellow entrepreneurs?
Being an entrepreneur takes passion and endurance. You need to create a vision for what mankind wants or needs and let that drive your passion to serve that need. You’ll face many challenges and be forced to adapt many times, and often simply endurance is the difference between success and failure.
I have always said that turning lemons into lemonade requires thinking outside the box. The more you can develop your problem-solving skills, the better off you and your vision will be.
No one can create a business alone; all entrepreneurs need to build a team. Those team members in the beginning should be reliable, dedicated and able to wear many hats and multitask. Understand, getting to the vision isn’t just about you, it’s about you and your team and how well you all work together and learn from each other. When you begin to experience success, take care of the team that has taken care of the business.