Introduction to Independent Project Management with Tom Waddell
- gtzhang100
- Oct 28, 2024
- 2 min read
*Interview Summary*
About Waddell Group
- Founded in 1998 (originally as Project Leadership Services)
- Based in Minneapolis
- Specializes in medical device project management consulting
- Revenue: ~$3 million (pre-COVID)
- Serves 400+ companies with 75+ project managers over 24 years
- Currently maintains ~20 active project managers
Services Provided
- Acts as "shock absorber" for medical device companies' project management needs
- Connects high-caliber project managers with medical device companies
- Primarily handles new product development projects
- Services ranging from startups to large corporations like Medtronic
- Sweet spot: Companies with $10-100M revenue
Project Manager Requirements
- Minimum 5 years medical device project management experience
- Preferred 10+ years experience
- Must operate as independent contractors (LLC or S Corp)
- Highly compensated compared to industry standards
- Average project duration: ~10 months
Geographic Reach
- Based in Minneapolis
- Works throughout US
- International presence (Europe, Australia)
- Some clients require local presence, others (especially software) are flexible
Current Challenges
- Post-COVID recovery
- High demand for project managers
- Difficulty finding top talent
- EU MDR (European Medical Device Regulation) driving significant work
Growth Strategy
- Focus on medical device industry
- Potential expansion into:
- Combination products
- Pharmaceutical applications
- Defense systems
- Medical device facility construction
Client Demographics
- Range from startups to large corporations
- Startup needs:
- Usually CEO/Development head managed
- Require specific project assistance
- Must be funded
- Large companies:
- Often lose top PMs to executive positions
- Need temporary high-level expertise
- Mid-size companies ($10-100M revenue):
- Current "sweet spot"
- Growing companies needing project completion
Contact Information
- Website:waddellgrp.com
- Phone: 952-221-3333
- Email: tom@waddellgrp.com
- LinkedIn: Tom Waddell
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