Past Winner Stories
Sterilization Cassette Systems
"There are 20 families depending on me. No matter what the obstacles, I just come to work the next day."
Stephen Spencer thought he could build a better mousetrap when he launched Sterilization Cassette Systems, designers and manufacturers of surgical instruments and medical devices, based in Indianapolis. He'd been in the business since 1973, and years of experience had shown that there were problems with instrument-cassette designs. He'd heard complaints from hospitals that the cassettes were too heavy, that the instruments were difficult to sterilize, and that instruments were organized poorly for procedures. He knew that many suppliers didn't meet FDA requirements and that each year, 2 million patients acquired infections while in the hospital, with 90,000 dying from complications.
So he emptied his savings account and decided to develop a superior product. Spencer worked with an 850-bed hospital to understand how to overcome design problems. He met FDA requirements. He shared his expertise with the media, contributed to a book and wrote several articles. In an industry where most suppliers have their own manufacturing facilities, he outsourced manufacturing and cut delivery times by 50 percent. Outsourcing reduced his overhead by 90 percent and allowed him to offer competitive pricing.
Considering that Spencer paid himself just $15,000 in the first two years of operation, how did he keep moving forward? "No one has the power to 'do in' your business. Regardless of the problems you face, there is always a way to persevere."
Stephen Spencer thought he could build a better mousetrap when he launched Sterilization Cassette Systems, designers and manufacturers of surgical instruments and medical devices, based in Indianapolis. He'd been in the business since 1973, and years of experience had shown that there were problems with instrument-cassette designs. He'd heard complaints from hospitals that the cassettes were too heavy, that the instruments were difficult to sterilize, and that instruments were organized poorly for procedures. He knew that many suppliers didn't meet FDA requirements and that each year, 2 million patients acquired infections while in the hospital, with 90,000 dying from complications.
So he emptied his savings account and decided to develop a superior product. Spencer worked with an 850-bed hospital to understand how to overcome design problems. He met FDA requirements. He shared his expertise with the media, contributed to a book and wrote several articles. In an industry where most suppliers have their own manufacturing facilities, he outsourced manufacturing and cut delivery times by 50 percent. Outsourcing reduced his overhead by 90 percent and allowed him to offer competitive pricing.
Considering that Spencer paid himself just $15,000 in the first two years of operation, how did he keep moving forward? "No one has the power to 'do in' your business. Regardless of the problems you face, there is always a way to persevere."