Jason A. Duprat, Entrepreneur, Healthcare Practitioner and Host of the Healthcare Entrepreneur Academy podcast speaks with Lucia Huang, Co-Founder and CEO of Osmind. Lucia shares her insight on healthcare entrepreneurship, including various levels of fundraising and the impact of Artificial Intelligence. She also discusses the mental health sector of the healthcare industry and how Osmind addresses the gap of personalization.
- Lucia talks about the macro and micro aspects of entrepreneurship. On the micro side, it requires hustle and grit and the macro aspect includes thinking about healthcare and the industry as a whole.
- There's a range of investors out there like venture capitalists and cash flow focused investors seeking interest in the healthcare industry, especially in the mental health sector.
- Jason and Lucia talk about the technique of blitzscaling, which prioritizes growth over everything else to monopolize.
- There are three levels of fundraising: angel, venture and private equity.
- The life cycle of a company includes angel investing, a seed round and a Series A where you've found your product-market fit and you're receiving inbound interest.
- Product market fit is where you're spending more time figuring out how to service your existing customers than you are trying to go after new customers.
- Artificial Intelligence (AI) is growing in the healthcare industry. Lucia defines AI and what this innovation means for data processing, care delivery and drug development.
- Osmind was launched due to the lack of personalization for mental health services and focuses on improving access to health modalities and therapies.
- Mental health has been stigmatized and COVID has helped to open up the conversation around mental health.
- Lucia's advice for starting your business: don't be afraid if you're not familiar with technology and get a minimum viable product out there to provide a solution to a problem.
3 KEY POINTS:
- As an entrepreneur, there are many hurdles to overcome to expand your business. Although cash flow and growth is the main goal, never forget to focus on your client's needs and always aim to provide value-based care.
- AI has been a big topic in the healthcare industry when it comes to data processing, care delivery and drug development. AI can help start-ups focus on data, think of new ways to solve problems and ultimately improve business as a whole.
- Always aim to find a perfect product-market fit. Starting a business is hard. Continue to focus on your market, put your product out there and be smart with your decisions.
(On entrepreneurship) “There's so many books you can read and so many people you can talk to. But just go and do it yourself and give it a go.” – Lucia Huang
“Don't be too afraid if you're not a technologist at heart or if you're not a coder…by talking to people who are familiar with it, you're going to pick up a lot of the language and start to understand what it means.” – Lucia Huang
Lucia Huang on Linkedin: https://www.linkedin.com/in/luciayhuang
Osmind website: https://osmind.org/
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