On April 26, 2021, finalists will compete for $22,500 in awards in the Spring 2021 Skandalaris Venture Competition. In anticipation of the SVC finals, we are publishing a Q&A series with the finalists. Today's featured team is HIVE Medical, Inc.
HIVE incorporates a simple, wireless sensor into IV lines to improve medication adherence for at-home IV antibiotics and prevent expensive unplanned readmissions.
Industry: Medtech/Telehealth/Vascular Access Devices
Number of Employees: 6
Total Funding (as of March 2021): $100k
What problem are you solving?
Medication non-adherence is one of the most expensive problems in healthcare because it leads to readmissions. The 1.4 million patients taking IV antibiotics at home are particularly vulnerable. 20% of them are readmitted, and each readmission costs up to $80,000. Clinicians have unsuccessfully tried to improve adherence by calling patients, but this is time-consuming, inaccurate, and prone to reporting bias. They need a better tool than a phone.
How do you solve this problem?
That tool is CloudConnect, our patent-pending smart IV line which has an embedded mechanoelectrical sensor to detect when medication is connected and sends that data to electronic medical records. Clinicians can then objectively monitor non-adherence in real-time, adjust treatment plans, and prevent costly readmissions.
About the Founding Team:
Our diverse team has professional experience interviewing customers in the NSF I-Corps Program, writing grants, negotiating contracts, developing wireless solutions for data monitoring, conducting clinical outcomes research, and treating patients on IV antibiotics at home. Our educational background includes graduate degrees in biomedical engineering, occupational therapy, and pharmacy as well as undergraduate degrees in computer science and robotics.
What is the biggest lesson you've learned since starting your venture?
I've learned most of all to treat every person equally, from the fancy Venture Capitalist from Silicon Valley to the undergrad who's asking for career advice about becoming an entrepreneur. Everyone deserves your respect, and if you keep this at the front of your mind, it will serve you well as you grow into a successful businessman.
What do you love about being an entrepreneur?
I love creating something brand new. It feels like being a kid again when you're exploring the world and every experience you have is the first of its kind. As an entrepreneur, I'm writing the rule book as I go and making decisions that don't necessarily have a precedent.
What words of advice do you have for those starting a business?
Passing along wisdom from one of my mentors: Everyone knows that most start-ups fail, and that risk prevents them from going all-in (i.e. quitting their day job). But what they don't realize is that job security in start-ups comes from the community, not your venture. Your reputation will live on whether you fail or succeed, and the connections you make from one company will carry over to another. There's always another ship you can hop on, and entrepreneurship is the future of St. Louis. Whether you want to start a company here or join someone else's, just go for it. Give it everything you have and leave no stone unturned.
What is your must-read book?
The Tipping Point by Malcolm Gladwell
What is your favorite entrepreneurial news source?
Inc., Forbes, and Fast Company
Website: http://www.hivestlouis.org/
LinkedIn: https://www.linkedin.com/in/joebeggs/