MaRS ENT101: Meet the Entrepreneurs: Life Sciences & Healthcare – Peter Adams, Joel Ironstone, Trevor Van Mierlo, Alex Hodgson

This talk is part of the free MaRS Entrepreneurship 101 series (webcast and in-person session every Wednesday). Feel free to share this! You can credit it as (c) 2012 Sacha Chua under the Creative Commons Attribution 2.5 Canada licence. Click on the image for a larger version of sketchnotes. 20121114 ENT101 Meet the Entrepreneurs - Life Sciences and Healthcare - Peter Adams, Joel Ironstone, Trevor Van Mierlo, Alex Hodgson Check out my other ENT101 sketchnotes, or other sketchnotes and visual book notes! Text for searching MaRS ENTREPRENEURSHIP 101: NOV 14, 2012 # ENT 101 MEET THE ENTREPRENEURS: LIFE SCIENCES & HEALTHCARE Moderator : Peter Adams JOEL IRONSTONE, SenoSense, personalized breast cancer risk Early stage: The more value you can CREATE without burning - LESS STRESS Ramen First 1000 devices: outsource to med. device manufacturers, dropship People vs. Money : Can flex in people, Can't flex in money Note: there's only so much equity Kids & risk aversion? Balance? Carve out / opt in to time outside work Why: Creating a company OUT OF NOTHING Business Partner: Compatible, complementary Worst mistake? Don't go too far from your gut. Ontario: SRED, Angel investors Want $...? More post-financing business support ----------- ALEX HODGSON, 1Degree Bio, Product review for scientists Business Partner -> Skin in the game Biggest challenge: Trying to do everything. ASK FOR HELP! Can't buy PASSION. My team is full of entrepreneurs Worst Mistake? Forgetting friends & family Mentors help you not miss stuff. Naming? domain name, etc I expected things to be faster. Don't beat yourself up over that . Also mistake: Image above all - uncomfortable! Talk about the MISTAKES, not just Fluff. The path CHANGES. There are a lot of low points. Iteration is important Why: Didn't see something like this, so I built it. Bootstrapped 18 months. stressful, but worth it grants, programs; Went all over to find funding Ontario: More conservative Critical of idea? Why? Merit? nuggets Balance: Still learning. cyclical. Time is not free Full commitment to startup? It depends. Be honest re: milestones Hiring? one person at a time. be choosy Toronto: 4th Largest research centres TREVOR VAN MIERLO, Evolution Health Services, Changes people's behaviour Balance: You can control your schedule Low points: Firing People If you want to grow, you've got to move to the STATES, but Ontario is a good test bed. Your first customers will wonder why you have a fancy office Why? Expanding an idea - follow that path hiring? MaRS is fantastic for finding people What do you have to lose? OPPORTUNITY naming? Don't let it stop you. Build your product What do you want? be clear before finding investors. OUTCOME It is a path of DISCOVERY. Go in with an open mind. Plan - FICTION International advisors, caution Growing: stages > big bang

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