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.
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