I wanted to be in a leadership position. We had started this from scratch, and I didn’t want to just sell.I decided to start my own company. My brother-in-law had a number of well-established friends, and I reached out to a friend I grew up with in Forest Hills whose brother had a successful business. We raised about $2 million.
Fonar was incorporated in 1978, and I became the CEO. In 1980, we engineered and built the world’s first commercial scanner, which we called the QED 80. We had our patents, and we were relying on them, but people said to me, “You’re nuts. You’re going up against the biggest corporations in the world; they’re going to eat you alive.” And they did. Johnson & Johnson began work on its scanner in 1979, and the rest followed soon after. It was very painful.
Read the rest of the article for an exciting insight to patent battles and market dominations….
While I was reading this, I remember the interview we did with Time Medical’s CEO, Prof. Q. Y. Ma
. The company pioneered the use of High Temperature Superconductor Radio Frequency (HTS RF) coils in Magnetic Resonance Imaging (MRI) which enable superior MR Imaging at a reduced cost. That’s innovation in medtech!