EPSE Module 3 Guest Speaker
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EPSE Module 3 Guest Speaker3/19/2012Marty StaszakScience Experiment: EPSE to Start-Up
IntroductionMarty Staszak28 years software engineeringEPSE 2011 graduateAt time, Sr. Director SW, Entropic CommunicationsLeft Entropic May 2011Mission: start a company (HSA Protector)Here to share my experienceCurrentlyPresident and CEO, Voluware Inc. (healthcare IT)Incorporated 12/29/2011Operating out of new downtown EvoNexus FoundryPrototype stage with 2 customer stakeholdersSelf-funded, looking for seed roundStory Begins: EPSELoved it! Fantastic! Great experience!
Mod 1: Its about people!Mod 2: Respect for the C OfficeMod 3: Hunting and Gathering Why I Left My Job: PERSONALIts all a big game, pick any hat! (Alan Watts)Entrepreneurs Credo (Thomas Paine)Rich Dad Poor Dad (Robert Kyosaki)The PERSPECTIVE in EPSE (Liu/Despain)Reached my own personal escape velocityWhy I Left My Job: VISIONThe Software Age is really just startingGoogle, Apple, MicrosoftMassive companies, flush with cashSoftware is where the action is!Cloud, Agile, Open Source => technology acceleratorsLow barriers to high valuationsSubscription pricing == continuous revenueWhat the heck am I doing in a semi-conductor company anyway?HSA Protector => Voluware, Inc.HSA PROTECTORPresentation to Investors 5/23/11
HSA PROTECTOR Protecting the medical savings accounts of HSA subscribers so they can count on having assets for future health care needs9
Building health information exchange applications that improve patient outcomes and eliminate administrative barriers for care providersRealityResigned, last day on job: 5/18/11Made my HSA Protector pitch in class 5/23/11Met with Ken Liu in early JuneGave me honest feedback on gapsPointed me in the right direction, andRealistically, you are about a year from seeing $$ from an investorThe Basic ProblemNo TeamNo CustomerNo Product
And: No health care experience or partnerSo What Did I Have to Work With?Relationships!Experience!Ability to Tell a Story!
And a slew of books and podcasts for comfort since my family wasnt talking to me anymoreTHE JOURNEYConsulting with StartupsCommNexus: pro-bono advice to startupsmywijjit: June 11, acting CTOsmart energy company startupPerminova => July 11 Board of Advisorscloud based healthcare startupHealthLinkNow: Sept 11, acting CIOtelemedicine startupConvergence: November 2011The Shame on You Speech - Randy SmerikThe Engineer At the DoorThe EvoNexus FoundryThe Partner, The Customer and The New Idea: HSA Protector => Voluware, Inc.Pitching the CompanyPitch to EvoNexusPitch to Wilson SonsiniPitch to EvoNexus 2Pitch to Silicon Valley BankPitching to investorsMarket: Physician specialty practices who are required to obtain Prior Authorizations to provide services Independent Physician Associations/Medical Group Directors responsible for managing utilization of services
Value Proposition/Differentiation:Elimination of paper fax transactionsWeb portal integration and credential managementStreamlined notifications, no more time on holdICD9/10 and HIPAA compliancePayer/clinical authorization guideline integrationAuthorization workflow analyticsBackend EHR and billing data integration
Key Team Members:Marty Staszak, Founder & CEO Software veteran near 30 years experienceFormerly: Intel, 3Com, Nortel, Entropic Communications and several startupsActing CIO at telemedicine startup
Dr. Steve Kim, Board Member & ConsultantChildrens Hospital Los Angeles, Staff Pediatric UrologistUSC Keck School of Medicine, Assistant Professor Developing electronic care-coordination interfaces with IPA medical director
Financing: Currently self fundedLooking for seed round
Overview: Building a secure, cloud based healthcare coordination platform to address Prior Authorization workflow inefficiencies costing US healthcare $32B annuallyMartys TAKE AWAYSPerspective: Life versus ClassClassIts all here, though some things youll have to learn on your ownThe biggest challenge for me was to overcome my own inertiaEspecially roles and relationships (Watts)Lean Startups and the Evolution of Traditional Business ThinkingFeld, Blank, Ries, Osterwalder, YCombinator, Tech StarsAmazing time to be starting a technology businessThe Dolphin CommunityHard QuestionsFounder's Dilemma - $ and ControlDelegation Dilemma - prioritization of effortCompensation DilemmaDevilish DetailsIncorporating a companyWhat does a Board do anyway?Bookkeeping and TaxesPerspective: Resources#1: Your own imagination The Lean Startup Eric RiesVenture Deals Brad FeldFour Steps to the Epiphany Steve BlankThe Business Model Canvas Alex OsterwalderDo More Faster David CohenEntrepreneurial Thought Leaders Podcast Seriesmarty@staszakcom.comAlways willing to help or answer questions!Q+A