From doctor to PhD to entrepreneur. Mads Terndrup has always dreamt of using his knowledge of orthopedics to make the world a better place, now he is fighting to realize this dream as a doctor, PhD and entrepreneur with his innovative EXO 360 solution.
Since he won a Venture Cup Idea Competition in 2012 Mads Terndrup has felt the need for more innovation and entrepreneurship within his field of orthopedics. There is much more focus on getting physicians involved in innovation today, but this was not the case back in 2012 when Mads participated and won with his idea in the Venture Cup Idea Competition, which took place in Børsen, Copenhagen. Winning, what he describes as a small amount of money and a prize in the MedTech category, planted a seed that would grow to become a truly entrepreneurial mindset.
“That seed planted during the competition, it has lingered in the back of my mind in a way. It made me always consider if there was a better way of doing things. I think that is why I chose orthopedics, it is very hands-on,” Mads explains.
During his PhD Mads worked at a trauma center in South Africa and here he saw a very clear need for better non-operational treatment. He decided to make it his mission to make a better solution than the casts we know today. So, after finishing his PhD in January 2021 he quit his job to start from scratch with an idea once more.
“I felt that there hasn’t been much focus on health innovation, not that I know of at least. So I decided to lift it on my own; Borrowed money from my parents, applied for a patent and started the company myself.”
Even though the idea Mads participated with in the 2012 competition was eventually shelved, he is confident that participating gave him faith in himself and his presentation skills, despite the fact that entrepreneurship is rather untraditional for doctors, who are normally eager to work after having spent years and years with their studies. “The fact that I won back then just gave me a push to believe in myself, even if it is a bit untraditional within my field to become an entrepreneur”.
Now the company has grown to five people in total. “We decided to join other competitions again, and we have participated in Danish Tech Challenge and Innofounder Graduate, and now we are working with prototypes and applying for a new patent. We’re expanding and working to get more investors on board now, so we’re slowly getting somewhere”.
Mads Terndrup trusts that his EXO 360 solution will replace the traditional cast and better conditions for patients by providing more non-operational treatments. He explains that the company has now started building solutions to test on patients in the end of 2022 and beginning of 2023 to start the clinical trials.
Are you curious about Venture Cup’s competitions? National Startup Competition is open for applications!
