Journey of a entrepreneur, one step at a time
They said I couldn’t do it. They said I was crazy. They said stop before you start. I said let me try.
It’s been 3 months and I am feeling good. I have found an office space, received a few investments, had some not so good days and some out of this world days. I have engrained myself in the Chicago startup community and getting deeper every day.
Today, I went to an IoT conference in Chicago called the IoT Summit. It was an event put on by the Illinois Technology Association (ITA) and featured over 80 speakers from the top IoT companies like Aeris Communications, HoneyWell, Google, LoRa, Baxter and many others. I went to learn about trends in the market, validate my knowledge and make connections. Being one of the youngest people in attendance, I made it my mission to stand out form the crowd. Many people that attend these types of conferences are there because they are representatives of multi-million dollar companies and have meetings with people who are also attending the conference. Yet for me, it is an opportunity to learn, meet new people, and make a name for myself in an area I am so passionate about.
With my love for networking, emerging technology, and my company’s unique technology, I was able to thrive. One things that has made me successful in the past at large conferences like this one, is to not only listen and take notes during the sessions but to follow up and speak with the speakers/panelists. I believe there are many benefits to attending conferences, yet the largest and most untapped is to have the follow-up conversations with the speakers. I often pick 1 topic from their talk, form a few questions around it, then go start the conversation. At this conference, I was amazed that only about 10 people throughout the entire day engaged in these types of follow up conversations. With over 500 people in attendance that is a very small percentage of prime engagement. The amazing part about connecting with the speakers after their talk is that you have no idea where the conversation will lead, maybe to an investment, a follow up call/meeting, or even an introduction.
The other day I was having a conversation with my sister’s friend who is about to graduate from college. She was explaining to me how for the entirety of college she had studied marketing and international business without knowing what she wanted to do with her life. At the beginning of her senior year, she had decided, with the support from her family, that law school was the “right thing” for her. She proceeded to spend hours on hours studying for the LSAT and took the exam in September. Yet upon reviewing her score, she was not happy and felt uneasy. It wasn’t what she wanted, it wasn’t the score she had trained for, and now she was stuck trying to figure out what her true passions are and where she fits into this world. More
I don’t remember a lot from Junior High School, but I do remember my 8th-grade history teacher’s favorite phrase was “Tabula Rasa” which is Latin for a blank slate. An absence of preconceived ideas or predetermined goals. Today I walked into my new office. Just like starting a new job, there were new faces, new technology, new things to learn. After searching for a few weeks since leaving my job, I finally landed on
Today I walked into my new office. Just like starting a new job, there were new faces, new environment, and new things to learn. After searching for a few weeks, since leaving my job, I finally landed on MATTER the healthcare co-working space. More
Over the past few weeks, I have been trying to raise money for my startup. As with most startups, raising money is one of the most difficult parts of starting a startup. If you aren’t a B2B Software-as-a-Service (SaaS) startup with recurring revenue in the millions then you have to work much harder to raise capital and convince potential investors that you have a novel, profitable, and sustainable venture.
Beyond the challenges of building a hardware company, building a hardware company in a city that is traditionally known for SaaS startups is challenging. Additionally, having a healthcare focus is challenging as well. So far, I have faced a number of specific roadblocks as they relate to this journey of fundraising. Each roadblock presents a unique set of challenges that I have to face, yet I believe that each challenge provides the perfect grounds to learn from it.
There is no true manual for starting a company, let alone a hardware company. With the Apples and Samsungs of the world, most would say that hardware is hard. That you have to have deep expertise to even start or know where to start.
As for me, I am an idealistic visionary. I believe that with hard work anything is possible, even though deemed as hard. Initially, when I started this venture I thought what resources do I have that I could leverage to build a hardware product. More
We have entered into a holding period, like the time in which all the boats wait for a lock to open, to go in get filled and move into the big sea. This period is here because the Apple Watch has moved into the “hype” picture. The 3 year technology product is shifting from a wearable for geeks to a wearable with “real” value. It is not there yet, but on it’s way. For years, the Apple Watch has been thrown to the side as a cool gadget with no real value, yet recently with the focus in healthcare and in research, Apple has shifted its value proposition to pushing the iwatch as “an ICU on your wrist.” It is positioned to be the end all, be all of devices to monitor, track, predict and diagnose you remotly.
As a technology nerd, BIG Apple fan, and healthcare entrepreneur, I do not buy all of this hype. I do not believe that the Apple Watch will be everything for everyone and do everything a doctor can do an more. I certainly see a place for wearables and the capability of the Apple Watch, but not sure I see it as a god-like end all be all. I say this now because over the past few weeks the conversations I have been having between investors has swayed from “your on to something with your wearable” to “you are going to get killed by the big guys.” While I understand the perspective in that I am not a big guy and do not have billions to throw at a product, I am still a strong believer that devices who will be successful will be specialized specifically in healthcare. The ones who will drive real value will be the ones that are focused on solving real problems.
Over the past year, I have pitched at 5 different events to audiences totaling over 2000 people. I have spoken to many clinicians from top hospital systems and investors from leading venture organizations. I am not looking to brag nor ask for sympathy, simply I am looking to ask why haven’t I received more financial backing. Why are organizations not more willing to fight for what they believe in and put money where their mouth is. I simply have to wonder.
From the numerous events, conversations and news articles that my company has been featured in, I know that I have struck a true pain point that exists in so many people’s lives. This problem of dementia and caring for loved ones touches so many, yet we are still in the same place as we began this discussion with. I have been toying with this question for the past week, what is the missing link or links that I am not getting. Or is this just the way it works you pitch thousands of people and get no capital interest regardless of how real the problem is to those thousands.
You would think that in a city of 2.7 million people and over 4000 startups, that you would never run into the same people, yet I am beginning to piece together that this BIG city of Chicago is actually really small if you get on the inside. From all the networking events I have been going to, I have started to see the same people at each event. Not everyone is the same, yet there appear to be a group of people who seem to be more popular than others who keep showing up to the same events I am at. Once I realized this trend, I started targeting those people to network with. As such, I would do a quick pitch, answer some questions, get a few business cards, follow up the next day, and then hope for the best.
Long story short, I think I am doing something right. Tonight I was invited to this new angel group’s launch party. This group broke off of another angel group in Chicago and is made up of successful young guys who love to hang out, invest, shoot the shit and have a good time. The group is made up of a unique combination of people all under 40-years old who have been successful in their careers. The group consists of a wide array of professionals who are lawyers, consultants, entrepreneurs and people in insurance. Beyond the invitation to this party, I was pleasantly surprised that almost all the “popular” people I had been seeing and networking with at various events around town were at this invite-only launch party as well.
As a designer, developer, and an entrepreneur, I am a detail-oriented, perfectionist. I obsess over the details of every design, line of code, or product. It is almost like I have an itch that I have to itch and if I don’t then it just bothers me beyond belief. This “perfect” vision that I have in my head drives me to keep pushing until I can accomplish it. By staying up all night or not shipping a product till every feature is working, I work till the last minute. With all this said, I still manage to stay level headed and focused on putting the pieces together, but it can be challenging.
Over the past few days, I have been faced with this challenge. Next week, I have a big investor pitch presentation and I have been reviewing each slide and its content for “perfection.” Additionally, not only have I been reviewing the deck I have had an investor also review it with me. He sees things differently than I do (as expected) and therefore picks and prods at certain elements. This has been challenging because I have already picked it apart myself to the last degree, then to have him do it again is quite frustrating. As with many presentations, its good to have a second eye and in this case is self inflicted as I asked him to help, but it is making me go crazy.