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#137: Dr. Justin Norden: Tackling Gnarly Problems with Venture Capital Firms

Healthcare Entrepreneur Academy Podcast

Release Date: 11/12/2020

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Overview

Jason A. Duprat, Entrepreneur, Healthcare Practitioner and Host of the Healthcare Entrepreneur Academy podcast talks to Dr. Justin Norden, partner at GSR Ventures. As a serial entrepreneur, Justin talks about healthcare technology, how you should execute your business idea, and how to look for the right investors for your company.

Episode Highlights

  • Justin discusses his atypical medical school journey at Stanford and how he transitioned to business school with a focus on entrepreneurship.
  • How did Justin get involved with healthcare technology innovation?
  • How can you best prepare when it comes to building your own company and seeking funding? 
  • Four areas are transforming how healthcare is delivered: data, EMR, AI and ML (machine learning).
  • Several companies are making waves in the healthcare landscape, like Kinsa, Medable and Alpha Medical.
  • When is the right time to invest to make physical prototypes?
  • Hone your business ideas and execute them through hard work.
  • Seek out negative feedback as an entrepreneur. 
  • Justin provides an overview on the pros and cons of kickstarters and investors. 
  • What it’s like to pitch your ideas to interested investors? 
  • When you do meet with investors, share your pitch deck and be prepared to make the ask.  
  • Utilize good data to make predictions and to make good things happen. 
  • Justin shares his thoughts on what the future of healthcare technology might look like  years from now.

3 Key Points

  1. Everything in healthcare moves slow, especially with the current pandemic. Although this may be the case, there are still people like Justin and companies like GSR Ventures that aim to innovate healthcare technology, as well as provide a better quality of life for both healthcare practitioners and patients.
  2. If you have an idea and want to start a company, figure out what stage you’re at. Starting a business is all about the execution of ideas, the hard work you put into it and finding someone who’ll invest in your vision.
  3. Approaching interested investors isn’t like what you see on TV. The most important thing is getting your idea out there and getting everybody on board - you simply need to get to that first investor.

Tweetable Quotes

“Keep trying…talk to as many people as you can. Get feedback from your colleagues, from others, from your patients. Understand and validate as much as you can.” - Dr. Justin Norden

“You should expect to meet with tens, if not hundreds, of investors before people will end up funding something.” - Dr. Justin Norden

“Just try to get real feedback from them…I think that’s such an important thing as an entrepreneur, and you can never get too much.” - Dr. Justin Norden

References Mentioned

Dr. Justin Norden on Linkedin - https://www.linkedin.com/in/justin-norden

GSR Ventures Website - https://www.gsrventuresus.com/,

Kinsa Website - https://www.kinsahealth.co/

Medable Website - https://www.medable.com/

Alpha Medical Website - https://www.helloalpha.com/

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