Webinar: Startups Stories with TheraB

Alexa Jones, Co-Founder and CEO of TheraB Medical, is dedicated to the success of commercializing SnugLit, a blanket that has been proven to reduce jaundice in infants. Her days are consumed with acquiring funding, researching her market, and building partnerships with healthcare professionals that can help bring SnugLit to market.

In this webinar, Alexa discusses the common startup challenges she has faced and overcame like including leaving a well paying job, product iteration, dealing with rejection, raising money, undergoing FDA approval and building a team of advisors.

Two takeaways:

1) Remember your WHY when dealing with rejection

When dealing with rejection, Alexa says remembering her ‘why’ is the best way to stay positive. Through conducting endless customer interviews, Alexa recalls the conversations with mothers who have experienced the truly life-changing affects of Snuglit with their baby.

“Don't lose touch with the customer discovery piece. Talk to your customers… When investors say no, go back to your WHY” - Alexa Jones

2). Find niche investors first

While some apps and consumer-facing products can launch and acquire users quickly, there are more hurdles for a medical device company that a non-healthcare investor would not fully understand.

“Having healthcare focused investors who automatically understand don’t question the medical device process, FDA clearance etc, instead they offer connection and resources to help - Alexa Jones

Healthcare is a complex space, and thus Alexa has found that investors who are familiar with the market and sales cycles of the industry have been most helpful at providing value to her company.

Hosted by Gabe Laurence, Associate at Jumpstart Foundry

Recorded: Thursday, August 22nd

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10 Tips for Conducting Customer Interviews

TL;DR: Interviewing users? Don't mention your idea. Don't ask hypotheticals. Understand their problem(s). See what they've tried.

A great video from entrepreneur Justin Wilcox on how to interview customers, a central part of any product strategy but one often executed poorly.

Here are Justin’s rules:

1. Don’t talk about your idea

2. Don’t ask hypotheticals about the future, eg, “Would you like your existing product better if it did X?”

Here are his questions:

1. What’s the hardest part about [context for the problem]? (Don’t make it obvious what problem you’re trying to solve)

2. Can you tell me about the last time that happened? (stories are always better than yes/no answers)

3. Why was that hard?

4. What, if anything, have you done to solve that problem? (hopefully they’re already looking for a solution)

5. What don’t you love about the solutions you’ve tried?