Seven ventures will compete in the Global Impact Award finals on Monday, October 29th. Up to $50,000 will be awarded to one or more ventures.
Since the announcement of the 2018 finalists in April, all finalists have been paired up with industry mentors and have been polishing their pitches and Opportunity Summaries. Each week leading up to the finals in October, we will introduce one finalist team individually. Check back each week for a new profile!
This week is all about…
Industry: Healthcare Technology
Total Number of Employees: 2
When They Formed: 2015
Total Funding (as of September 2018): $300,000
What problem are you solving?
One in four people worldwide will be personally affected by a mental disorder. In the US, post-traumatic stress disorder (PTSD) affects 8% of the general population and 13-19% of military veterans. Despite effective treatments strategies, many never receive care due to stigma, cost and time commitment.
How do you solve the problem?
Mindset effectively treats mental illness using technology. Wearable heart rate monitors detect increased stress in real time. When stress is detected, it is instantly managed with mobile therapies. In independently run studies, Mindset significantly reduced PTSD, depression and alcohol abuse in US Veterans in one month.
About the Founding Team:
Ravi Chacko (MD/PhD Candidate ’19)
Ravi handles Business Development, R&D, Android development. He has BS in Biomedical Engineering from Columbia University and is working towards his MD/PhD from Washington University in St. Louis.
Elizabeth Russell (BS ’14)
Elizabeth iOS handles Android, Front-end and Back-end development. She has a BS in Biomedical Engineering from Washington University in St. Louis.
What has been your biggest lesson learned since starting your venture?
Ravi Chacko (RC): Trust your instincts but test your assumptions.
Elizabeth Russell (ER): Do one thing at a time. If you’re not sure what to do, work on customer discovery.
What do you love about being an entrepreneur?
RC: The fulfillment of creating something, out of nothing, that provides value for others.
ER: The flexibility to empathize with your customer and and react to your market. Also, meeting other founders.
What words of advice do you have for those who are interested in starting a business?
RC: Develop an understanding of how you will succeed, then work backwards.
ER: Don’t lose sight of your business need while building. To do this, track key objectives, schedule time for executive reflection, and write updates to your investors.
Like what you see? Follow along Empower Through Health’s journey: