Scaling Your Health Tech Business to $100 Million, Featuring Sofia Guerra of Bessemer Venture Partners

July 21, 2023Business, Health, Innovation, Insights, StartupsBessemer Venture Partners, Entrepreneur, entrepreneurship, Funding, Health Startup, health startups, investor, Investors, Jamey Edwards, Logan Plaster, Sofia Guerra, StartUp Health, startups, WisdomNicole Kinsey

Podcast: Play in new window | Download (Duration: 41:56 — 33.6MB)

On our episode today we are getting down into the details, deep the weeds, in order to understand what it takes to scale a healthcare business to $100M.

For that wisdom we turned to Sofia Guerra, an investor at Bessemer Venture Partners. We recently had her on our Health Transformer University Masterclass series to share top takeaways from a recent benchmarks report published by her firm. She distilled their very detailed work into five key takeaways and then hung around to answer questions from our audience of StartUp Health founders.

In this session, which was hosted by Jamey Edwards, Chief Platform Officer here at StartUp Health, Sofia gets into all the critical operational, financial, and clinical performance metrics that health tech companies need to care about if they’re going to thrive and scale.

For the purpose of this podcast, we’ll drop right into the middle of the conversation between Jamey and Sofia, focusing on her advice for founders.

Enjoy!

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How Avanlee Care Is Teaming Up with Retailers to Address the Caregiver Crisis

July 14, 2023Business, Health, Innovation, Startups, UncategorizedAccess to care, Access to Care Moonshot, Avanlee Care, Avanlee Christine, Caregiver, Caregiving, Digital Health, Entrepreneur, entrepreneurship, health innovation, Health Moonshot, Health Moonshots, Health Transformer, Health Transformers, Healthcare, Healthy Longevity, Innovation, Logan Plaster, LongevityNicole Kinsey

Podcast: Play in new window | Download (Duration: 26:45 — 21.4MB)

Our podcast guest this week is Avanlee Christine, CEO and Co-founder of Avanlee Care, a company that joined StartUp Health in 2022. A few years ago Avanlee found herself helping to coordinate care for her grandmother. Everyone in the family wanted to help, but she lived far away, and there just wasn’t a good way to check in on her health and be the kind of support that Avanlee and her family wanted to be.

As many entrepreneurs do, Avanlee said to herself: There must be a better way. So She raised some funds (that’s a story in itself), built a team, and set out to design a platform that eases the burden on unpaid caregivers. And she did all while having her first child.

Listen in as she explains the details of the Avanlee Care product as it stands today and about how she’s finding eager partners in some of the country’s largest retailers and employers. Turns out easing the caregiver burden isn’t just a moral good, it’s also good for a company’s bottom line.

Founders: Health Transformer University fuels your health moonshot

Two Top Health Investors Share Their 2023 Tips for Founders

July 6, 2023Business, Health, Innovation, Insights, Startups7wireVentures, Digital Health, Distributed Ventures, Entrepreneur, entrepreneurship, Funding, fundraising, health innovation, Health Tech, impact investing, investing, Lee Shapiro, Logan Plaster, raising funds, Shawn Ellis, WisdomNicole Kinsey

Podcast: Play in new window | Download (Duration: 21:15 — 29.2MB)

Whether they like it or not – and they probably don’t – every health tech founder needs to think about money. How much they need, and how to get it. For many founders, raising outside funds becomes a whole new full time job that they have to take on. This year, funding in the sector has dipped sharply, making that job even harder and more stressful.

On our podcast this week, we hear from the other side of the table. We sat down with the heads of two major health tech investment firms and got their advice for health innovation entrepreneurs in 2023.

First up is Lee Shapiro, managing partner at 7wireVentures and long-time collaborator with StartUp Health. Shapiro is a luminary in digital health investing so we asked him for his macro view of the industry and got a few practical tips for founders raising funds today.

Then we hear from Shawn Ellis, managing partner at Distributed Ventures, a $100M fund that invests in Seed and Series A deals and has a strong health tech focus. In our chat Ellis broke down where his firm has found success recently and exactly what he looks for in a pitch.

Founders: Health Transformer University fuels your health moonshot

Maximizing Your Impact: Building and Leading a Strategic Board

June 30, 2023Business, Health, Innovation, StartupsEntrepreneur, entrepreneurship, health startups, Logan Plaster, Matt Blumberg, WisdomNicole Kinsey

Podcast: Play in new window | Download (Duration: 36:29 — 29.2MB)

Our guest this week is Matt Blumberg, CEO and Co-founder at Bolster. He’s the author of the books “Startup CEO,” “Startup CXO,” and most recently “Startup Boards.”

That last one was why we wanted to have him in for a special masterclass with the founders from the StartUp Health community. As you’ll hear, Blumberg has developed a detailed strategy for maximizing your startup’s board. It’s a time-tested framework for making sure your board is an asset to your business not a tax.

Drawing on his own experiences as a CEO and board member, Matt discusses the importance of diversity in leadership and decision-making and provides practical tips and strategies for building a board that represents the full range of perspectives and experiences of your stakeholders. As a startup leader looking to build or scale your board, this chat will provide valuable insights and actionable advice to help you grow.

This conversation was held in front of a live audience of entrepreneurs, so you’ll get to hear some very practical questions on board management during our Q&A.

Founders: Health Transformer University fuels your health moonshot

(Re)Meet Pelago: Well-Funded Quit Genius Rebrands to Make Addiction Treatment More Accessible

June 15, 2023Business, Health, Innovation, StartupsAddiction, Dr Yusuf Sherwani, end addiction, Health Moonshot, Health Moonshot Update, Logan Plaster, moonshot, Pelago, Quit Genius, Yusuf Sherwani MDNicole Kinsey

Podcast: Play in new window | Download (Duration: 28:27 — 39.1MB)

When we first met today’s StartUp Heatlh NOW podcast guest, he was a newly-minted doctorpreneur. After finishing med school Yusuf Sherwani, MD, teamed up with a couple fellow doctors to tackle a massive, pervasive problem they were facing in their clinics: Day after day they were seeing patients struggling with addiction, whether smoking or drinking or opioids. These were people stigmatized by their addictions into fear and inaction or they’d reached out for help and found the options unsuccessful.

This group of physicians thought, with today’s technology and breakthroughs in addiction management, there has to be a better way. So they built Quit Genius, the world’s first virtual clinic for substance use management. They combined the best digital health tools with leading cognitive behavioral therapy and medication assisted treatment.

Their solution met a hungry market. Since inception, Dr. Sherwani and his team – who joined StartUp Health in 2020 – have helped more than 750,000 people manage their substance use, and with $77 million raised, they are poised to scale even further.

We wanted to sit down with Dr. Sherwani to hear their scale-up vision and also to get the story behind their recent rebrand to Pelago. In this episode, Dr. Sherwani explains the name change – it’s derived from the word archipelago – and shares where this growing company is heading next.

Founders: Health Transformer University fuels your health moonshot

How Health Tech Startups Can Launch with Government Contracts

June 9, 2023Business, Health, Innovation, StartupsAccess to care, Digital Health, health innovation, Health Moonshot, Health Moonshots, Health Tech, Health Transformer, Health Transformers, Innovation, Logan Plaster, Nutrition, Nutrition and Fitness, Shireen Abdullah, Suzy Shirley, VA, Veteran Affairs, Veterans Health Administration, VHA, YumlishNicole Kinsey

Podcast: Play in new window | Download (Duration: 20:36 — 18.9MB)

So you’re healthcare founder who has designed and built, by the sweat of your brow, a new platform or product that can help people live longer, healthier lives. Now, you just need to get it into people’s hands so they can use it, give feedback, help you iterate, and ultimately scale. As every founder knows, building the product is just a first step. Getting to market is a whole other challenge.

There are lots of different approaches for go-to-market strategy – with StartUp Health’s community of nearly 500 companies we’ve seen them all. One we wanted to highlight today is the idea of pursuing partnerships with the government or military. Given the enormous number of people that fall within the care of the military and federal agencies and the funding that gets allocated for their health, this is a tempting strategy. But it’s not for the faint of heart or those short on runway.

In this week’s podcast episode we’ll talk to two people who are making this marriage of startups and government contracts work – from two different angles.

First we’ll hear from Shireen Abdullah, CEO & Founder of Yumlish (which joined StartUp Health in 2019), about how she’s working with the US Air Force to help keep recruits healthy and service ready. Turns out, poor nutrition could actually become a national security threat.

Second, we’ll hear from the other side of the table. Suzy Shirley heads up community engagement at the VA’s Pathfinder program. Pathfinder was established just recently with the express purpose of making it easier for startups to access the Veterans Health Administration, which, if you’re not familiar, is massive. The VHA is the largest integrated healthcare system in the United States, providing care at more than 1200 facilities, covering over nine million enrolled veterans. Many healthcare startups would love to work with this patient population, but traditionally the administrative barriers have been high. Suzy Shirley explains how her team is changing the paradigm. She provides some practical tips for how runway-limited startups can make meaningful headway with such a huge government institution and start piloting high-impact products.

Enjoy the episode, which was recorded at the ViVE 2023 conference in Nashville.

Founders: Health Transformer University fuels your health moonshot

How These FemTech Founders Are Upgrading Below-the-Belt Health

June 2, 2023Business, Health, Innovation, Startups, UncategorizedHealth Moonshots, Health Transformer, Health Transformers, Innovation, Moonshots, MUTU, MUTU System, Planet MUTU, Renalis, Renalis Health, womens healthNicole Kinsey

Podcast: Play in new window | Download (Duration: 22:54 — 21.0MB)

For years we’ve tracked investment trends at StartUp Health and talked quarter after quarter about how women’s health has been underfunded. Finally, that is changing, and more founders and more funders are actively bridging that divide, creating new, necessary solutions for women, whether in fitness, pre- and post-natal care, chronic conditions, fertility, or menopause.

Our podcast guests this week are two Health Transformers who have been dedicated to FemTech before the new surge in interest in women’s health innovation.

First we’ll talk to Wendy Powell, CEO & Founder of MUTU System, a UK-based fitness platform that helps women recover from pregnancy and regain independence and confidence – focusing on core and pelvic floor reconnection, recovery, and strengthening. Wendy’s been in business for more than a decade and joined StartUp Health last year to help expand her reach.

Then we’ll hear from Missy Lavender, CEO & Founder of Renalis, about how she’s helping women with below-the-belt conditions like overactive bladder get the care they need through an AI chatbot called CeCe. Missy’s company – which joined StartUp Health in 2019 – is bringing therapy to women who have suffered in silence with pelvic health conditions. She’s not just extending a lifeline to women, but to their doctors as well, who have struggled to figure out how to manage these challenging conditions.

Enjoy the episode, which was recorded at the ViVE 2023 conference in Nashville, with these two founders breaking through the stigma around women’s pelvic health.

Founders: Health Transformer University fuels your health moonshot

How These Entrepreneurs Are Empowering Community-Based Healthcare

May 25, 2023Business, Health, Innovation, StartupsAccess to care, Determined Health, Digital Health, health innovation, Health Moonshot, Health Moonshots, Health Transformers, Healthy Longevity, Innovation, Logan Plaster, Loneliness, Longevity, Pear Suite, Senior Care, SeniorsNicole Kinsey

Podcast: Play in new window | Download (Duration: 22:10 — 20.3MB)

Some startups provide tools directly consumers and patients while others tackle issues in the hospital, at the other end of the care journey.

Our two guests today, Dr. Scott Kaiser from Determined Health and Nick Lockett from Pear Suite, occupy a sort of middle ground. They empower communities and community-based organizations to provide better care for vulnerable people.

It doesn’t take much to see the need for more empowered communities in healthcare. Every day we see more headlines about an epidemic of loneliness and the role of social connection in health outcomes. That data is in, and it’s not good. We know from our own experience that there are health concerns you might share with a friend before turning to a doctor.

Nowhere is the need for community-based health intervention more clear than with seniors. According to our guests today, that process starts with empowering authentic, actionable communication. So they’ve built unique tools and platforms designed make that process scaleable, replicable, and easy.

Our first guest today is Scott Kaiser, MD, CEO & Co-founder of Determined Health, a company that joined StartUp Health in 2022. Dr. Kaiser, a trained geriatrician, along with this team, was recently recognized by CHIME and ScaleHealth as a finalist in their patent engagement challenge. After receiving the award in the “digital front door” category, he likened his company to being the Walmart greeter for the healthcare system.

Our next guest is Nick Lockett, CTO & Co-founder at Pear Suite. As you’ll hear, Pear Suite – also a StartUp Health company since 2022 – gives organizations the tools necessary to track community-driven care and identify social determinants of health. Their data-driven approach upgrades a life-saving process that has often been relegated to pen and paper.

Enjoy the episode, which was recorded at the ViVE 2023 conference in Nashville.

Founders: Health Transformer University fuels your health moonshot

Safer, Faster, Smarter: How Entrepreneurs Are Upgrading Hospital Tech

May 19, 2023Business, Health, Innovation, StartupsAccess to care, Cost to Zero, Health Moonshots, Health Transformers, Logan Plaster, Mocingbird, Moonshots, Vigilant SoftwareNicole Kinsey

Podcast: Play in new window | Download (Duration: 22:16 — 20.4MB)

Welcome to StartUp Health NOW, the podcast where we celebrate the entrepreneurs and innovators who are transforming health.

So when you go to the hospital for care, you accept that the outcome isn’t completely under your or your doctor’s control. Even with textbook healthcare, bad things can happen for a variety of reasons and your health can decline. Put another way, it’s hard enough when good care results in a bad outcome. But what about when a preventable error occurs?

It can seem incomprehensible, bewildering.

This idea that mistakes can happen in the hospital – mistakes that can take an already tenuous situation and make it even worse – and yet to err is human and hospitals are full of humans, so mistakes happen.

Thankfully, there are brilliant people out in the world working to reduce these preventable hospital errors in creative ways like our first guest on today’s show: Fox Holt, CEO of Vigilant. This startup – which joined StartUp Health in 2022 – is digitizing medication tracking by doing away with handwritten medication notes.

No more scribbling instructions on the side of an IV bag or, worse, on a syringe. With Vigilant’s easy-to-launch system, nurses can immediately start labeling and tracking meds in automated ways. This ensures patients get the right dose every time and no preventable medication errors occur. As a bonus, hospitals reap the benefits of all that medication data on the back end, data they were missing with handwritten labels.

Our second guest is also streamlining operations in the hospital, but with more of a mind towards provider satisfaction versus direct patient safety. Although it’s easy to see where the two intersect downstream.

Sanji Silva is the Chief Product Officer & Chief Technology Officer at Mocingbird, a startup upgrading and streamlining the provider credentialing process.

If Mocingbird – which joined StartUp Health in 2020 – has their way, gone will be the days lost to credentialing paperwork and hospitals having to scramble to find qualified workers as these standards shift from state to state. It will all be one unified system that keeps providers up to date with continuing education and keeps hospitals fully staffed.

It’s not just about paperwork, as onerous credentialing processes lead to burnout which push providers out of the profession entirely, leading to poorer quality care due to fewer available physicians.

Listen in to this week’s podcast to hear these vastly different approaches with one goal: improving healthcare.

Founders: Health Transformer University fuels your health moonshot

Creative Collaborations: Bringing Next-Gen Alzheimer’s Tech to West Africa

May 12, 2023Business, Health, Innovation, Startups, UncategorizedAccess to care, Alzheimer's, Brain health, BrainScanology, Health Moonshots, Health Transformers, Healthy Longevity, Innovarx, Logan PlasterNicole Kinsey

Podcast: Play in new window | Download (Duration: 24:45 — 22.7MB)

One of the words that gets thrown around so much at StartUp Health that you might get tired of hearing it is ‘collaboration.’ We say it a lot. However, you’ll only get sick of the word if you think it’s just startup jargon or lip service. But at StartUp Health that’s just not the case.

StartUp Health was designed from day one to promote a collaborative ecosystem in health innovation. For more than a decade we’ve been bringing like-minded founders together to learn from each other and support each other. It can be lonely out there as a founder, and StartUp Health has made it a top priority to connect people in meaningful ways. So that companies can grow faster, yes. But also so that founders survive and thrive in the face of the day-to-day grind of entrepreneurship.

We say all of that because it explains why our StartUp Health NOW guests today resonate so much for our team. David Nguyen, PhD, CEO & Co-founder of BrainScanology, and Ismail Badjie, PharmD, CEO & Founder of Innovarx Global Health, are from two very different health sectors – and two very different regions of the world. But they met at a StartUp Health event. And because they were fellow Health Transformers they knew they shared certain values. That prompted a connection and a conversation, which then allowed them to leapfrog into a business partnership.

In the interview we’ll get into how they met and what they’ve building together to help patients thrive into old age in West Africa. And we’ll also talk about the role of creative collaborations in achieving audacious health moonshot goals. Enjoy!

Founders: Health Transformer University fuels your health moonshot