Chad Price MAKO Medical Laboratories CEO on Why Startups Need to Focus on Their Core Values



Starting a business is no easy feat. Regardless of how genius your idea may be, there are certain to be challenges along the way. From finding your audience to getting the product just right, you will come up against many hurdles. Even with the best efforts, your chance of success is low. The fact of the matter is that 90 percent of all startups fail. While there's no bulletproof secret to success, there you can give your business the competitive edge. Chad Price is a successful entrepreneur, having launched Mako Medical Laboratories back in 2014. The healthcare brand aims to put the power in patients' hands by giving them access to fast and accurate testing when they need it the most. Using a wealth of new technology-from apps to robotics-the company is leading the way. Within this guide, the pioneering businessman shares why you should focus on your core values. ADVERTISING Values Drive Passion MAKO Medical Laboratories was not merely a money-making vehicle. Instead, the core idea for this startup came from Chad Price's personal experiences with the healthcare industry. After long awaiting results for his sister's medical tests, he and his brother Adam Price noticed a serious problem with the current system. When patients are already worried about the state of their health, the last thing they need is an unexpected delay. Realizing that this problem was widespread, the entrepreneurial pair teamed up with Josh Arant to launch a new type of medical testing company. The result was MAKO Medical Laboratories-labs that prioritize patients by offering fast and transparent results. The entire business rests upon that notion: that people deserve quick access to medical help. Since the brand launched, it has seen a whirlwind success. Last year alone, the business more than doubled in size and now employees over 1,000 staff members. Additionally, the team decided to extend one of the two testing laboratories to facilitate larger numbers of clients. Much of this success is down to the strong ethos and shared company vision. As the company is based on that foundation, all of the staff members share the same passion. Rather than focusing on the bottom line or cutting back, the main driver behind the brand is the service that it offers patients. When the COVID-19 pandemic began, this underlying ethos was what pushed the company to adapt quickly. Offering both antigen testing and research to fight the virus was the obvious course for the business. The team worked passionately on the project which ultimately led to further profits down the line. Giving Back Leads to Success Besides offering transparent testing and research services, MAKO Medical Laboratories is also dedicated to giving back. Over the years, the brand has sponsored a variety of local events and initiatives. For example, the company has supported sporting and entertainment events in the district. Rather than solely focusing on the bottom line, Chad Price and the management department are continually looking at ways to support the wider community. This strategic move has strengthened bonds with patients and partners. The success of the business is a bi-product of these bonds since MAKO Medical Laboratories is now a well-known healthcare brand. Put simply, the work that the team has done within the community has worked well from a public relations standpoint. Not only has it got the brand name out there, but it puts a human face to the company. While that was never the main aim of reaching out to the community, it has helped propel it forward. The Takeaway! When you're starting a company of any size, profits will be the first thing on your mind. However, putting too much emphasis on this aspect of the business could be a mistake. By instead focusing on the core values that fuel the business, you may find that your company gains organic traction. Consider what vision you have for your company now. About MAKO Medical Laboratories Supported by an expert team of nationally-recognized doctors and PhDs, MAKO Medical Laboratories specializes in methodology development and pathological services. The game-changing testing company and labs prioritize patients by offering transparency. Started in 2014 by Chad Price, Adam Price, and Josh Arant, it aims to disrupt the sector. Additionally, MAKO Medical offers support to veterans. The company combines a wealth of new technology including robotics, app platforms, and cloud-based tech. In response to the pandemic, the laboratories have adapted their services to offer accurate testing. Chad Price is the CEO of MAKO Medical Laboratories. He has had a long entrepreneurial career previously co-founding BrideGenie and founding Element Services Group Mechanical LLC. He has played a major role in starting Cary Reconstruction, and is a board member for Trill A.I. Moreover, he currently offers tailored consulting services to companies embarking on new mergers or primed for growth.