24 karma · joined September 15, 2012
I like to build things that go after grand challenges.
M.S. in Library/Information Science, B.S. in Information Systems; both from the University of Illinois.
Both women and men can have it all, but not everything at the same time. Best of luck in your new roles at MongoDB and with your family.
I chose to go to grad school, and along the way wound up working for a healthcare informatics startup. Great team, I trusted them a lot, even when they had a major product pivot. Last fall, I had to make the choice, wait for a spring offer to join them full time (yes, please and thank you) and reject other fall offers, or "play it safe." I took the handshake agreement and it wound up falling through. Am I pissed? Yes. Am I glad it happened? Well, I got a great learning lesson out of it, and am now doing my own startup in data analytics, commercializing a side project I did during grad school.
What I'm trying to get at is that yes, you will always regret the "what ifs?" However, be rational about the team, the product, and the vision, and the opportunity cost of putting your education on hold. Yes, you can always go back, but I've had friends do it, and it is hard(er). I'm happy to talk more about this or follow-up, since I know from semi-first-hand experience a bit of what you're going through. You have a lot of options on the table, but just look long-term and be true to yourself, more than anything else.
Building the case for raising the minimum wage is an interesting one to be viewed objectively (not that it ever is), but I think it's also too early to tell with Seattle what the long-term outcomes are.
Based out of LA: https://www.techcoastangels.com/
http://www.maverickangels.com/
https://angel.co/los-angeles/investors
Also, you may want to check here: http://thefunded.com/
This offers reviews of investors / investment syndicates. I can't speak to its accuracy, but it will at least provide some context.
Good luck.
Depending on where you're based, I would look at getting in touch with some of the angel investing syndicates. Also, be realistic about the runway you're giving yourselves. My personal philosophy is to meet with investors in my network right at launch (not for money, but to alert them that I might be coming to them at some point). These relationships take time, and even an angel investment can take a month or more for due diligence. Expect Series A to take months longer.
Given that you're not currently in touch with angels, I would start identifying 1-2 groups in wherever you're based (I hope the answer is a larger metro area). Find out if you have a mutual contact. If not, and I hesitate to say this, but make a cold call to the angel / angel group. You don't have anything to lose.
I've given myself a timeline to get an MVP and hit certain milestone; given that I've been in the health-tech community for a few years, there are a couple of influential people following the traction.
My problem has been coming from a background where full-stack development was never my thing (undergrad in business, M.S. in Library / Information Science). Sure, I can run some bayesian classifiers on a set of data, but my role in enterprises has always been product management / UX with dabbling in programming on an as-needed basis. Never enough to know the things I don't know.
This. I am sick and tired of hearing how nobody can get funding in Chicago. There are two problems: 1) most of their ideas suck, even by startup standards (and I've worked with enough startups to have somewhat of a standard). 2) The VCs want to see next-to-impossible business models / traction. I don't like the frothiness going on in other areas right now, but Chicago takes such little risk it's distburing.
Chicago lacks serial entrepreneurs and a true ecosystem. If you read the "results" section of our report, it goes in-depth. I just posted the thing to the HN homepage. We had to censor it for fear of political push-back (it was a very real risk from some very powerful people). I'm happy to share more in person.
As someone trying to do a startup in the health-tech space, it's disappointing to see the "Me-Too" atmosphere in the Midwest. I wish I could find some technical people who felt the same way.
http://worldbusinesschicago.com/techcluster
Some context: My roommate and I led this during grad school for the City of Chicago and a bunch of VCs / startup community around the Midwest. We looked primarily at ag-tech, health-tech / life sciences, and advanced manufacturing. Then, we looked at the supposed "brain drain" where we educate all these kids here in the Midwest and then they leave for the coasts. The pundits just want to say "We need more STEM! Argh!" Truth: We don't pay employees enough to stay, even with differences in cost-of-living, and the startups here are under-funded, tackle low-level problems, and Chicago is run by a cartel of private equity / consultants-turned-VCs.
I'm trying to launch a startup in Chicago in data analytics, and it's tough. All the startups here that get publicity don't solve any problems. I'm sorry, but Groupon and GrubHub? Seriously? That's the best you can do? I don't know what your thoughts on this are, but I'd actually love to listen to someone else vent if you're in Chicago. Trying to find a co-founder has been rough, since you tell people you're doing something other than digital tech and get a blank stare.
http://www.forbes.com/sites/markadomanis/2013/05/18/russias-...
I'm exploring a startup in data analytics for behavioral health, and there it's even worse. Unlike blood pressure or cholesterol, everything is based on intuition. It's what Vinod Khosla means when he refers to modern medicine as being like witchcraft.
To touch on your 3rd point, that is the inherent problem in these industries: the companies are in it for the long-haul. Do they wind up innovating? No. Epic Systems in healthcare is a fabulous example: http://www.forbes.com/sites/zinamoukheiber/2013/05/15/a-chat...
They code in MUMPS. MUMPS predates C. Yes, you heard me right. The healthcare IT platform that is espoused across the industry is based on what should, for all intents and purposes, be a dead language.
I've taken a bit different approach with some of these industries, and I come from the belief that it's going to require a combination of intellectual partners (like universities and research centers) together with startups to make any sort of meaningful difference.
I'm right now in a niche segment of behavioral health. Funny enough, there is a law that was passed right before the ACA ("Obamacare") that mandates that hospitals put electronic medical records into practice, and over time develop "meaningful use." The big guys have been slow to deliver, the insurance companies want to see change, and the hospitals have to do it for fear of penalty. A lot of people saw disaster, but I saw an opportunity. Over the last several months, I've been working to commercialize some of my research coming out of grad school on this. I was fortunate enough to balance theory and application in school, and this definitely left me jaded towards the SnapChats of the world.
As to your 4th point, that doesn't surprise me at all. I'm Chicago-based, and everyone views the Midwest as a rust belt. I co-led a research initiative that looked at startup activity in the Midwest around ag, health-tech, and advanced manufacturing: http://worldbusinesschicago.com/techcluster
Sorry for the shameless self-promotion, but I feel bad that more dev guys just aren't aware of what's out there. It frustrates me so, so much. We glorify things in the industry that we just don't need.
Here is Siebel's talk: http://ecorner.stanford.edu/authorMaterialInfo.html?mid=2110
Watch it. He's a horribly boring speaker, but the content spoke to me. It's what convinced me to look for the low-hanging fruit in health-tech. Funny; now that I found a problem that can be addressed (that isn't), and have a defensible business model, bringing on a technical co-founder can be so hard for all the reasons we just named. Ha!
Allow me to clarify:
The relationship has been amicable, as these were peers of mine from grad school (one going all the way back to middle school). Although we began hashing this out together, it became clear that neither could commit full-time until after graduation (for one, that's next spring), for a second, that's 2016.
The agreement that we have worked out has been that they would provide as much technical advice as they could (one being a CS guy, the other being a CS/Stats guy), and would be happy to review code, but beyond that, I would be on my own for the time being. No equity has been dispersed, and they're okay with that. It's simply a matter of slicing the pie.
So, now I'm wearing multiple hats, with a fairly strong business model / product concept, and a decent amount of clinician interest, but the implementation is lacking. And that is where I need help.
1) Computer science as a discipline teaches us about how to write and optimize elegant code, not necessarily apply it; my experience (although I didn't formally study CS) has always been that the schooling does a great job teaching theory and some practice, but tends to lag when it comes to applying it to "grand challenges." "Bootcamps" tend to go for small-scale consumer-oriented stuff, because you can't teach how to solve grand challenges in 9-16 weeks. It just won't happen.
2) Young adults have little working experience in specific industries for long enough to really be able to identify industry "pain points." Aaron Levie and others have argued this is why so many gravitate towards companies like "Yo" or Snapchat as opposed to addressing real-world problems.
3) Sales cycle. I've been a part of a health-tech startup before. The sales cycle is stressful. You spend months with one potential customer and might get nowhere. In consumer, it's a shotgun approach and you just go for as many in your target market as you can. You take no prisoners. When going after grand challenges, the amount of patience required generally doesn't seem to satisfy many investors who look at your burn rate (or the relative success of SnapChat over 18 months) and use those as their metrics.
4) Direct touch to consumer. This is the most "out there" of my points, but I'd argue that consumer-facing companies garner traction sooner because they also can appeal to the masses. The average person has heard of SnapChat. Can you say the same about Palantir (despite a successful track record)? How about Climate Corporation, which did data analytics for agriculture and sold for $1 billion to Monsanto)? These companies target enterprise. They don't have CEOs that are revered like Steve Jobs for inventing products that are "nice to have," not "need to have."
Tom Siebel from Siebel Systems came and spoke several years ago at my school (I went to the University of Illinois, where he was an alum). He talked about why he doesn't invest anymore in tech for the sake of technology. Instead, he postulates that the industry can and should be going after grand challenges in healthcare, water, energy, and food, arguably the most critical problems of the 21st century.
I've been working as the "business-oriented guy" on a startup concept for the last several months in data analytics for healthcare. I've found a niche within a healthcare subset that is lacking, and the competition is nascent at best. I was fortunate enough to spend a great deal of my time in health-tech during college and grad school, so I was able to actually go in and talk with industry leaders and get a grasp on how "bad" things were. I just finished venting about some similar frustrations on HN from the standpoint of expanding our team. If you're looking for a concept and business model that has 1) been vetted by prospective customers, and 2) actually addresses a real need in healthcare and isn't just an app, let me know. I'd love to talk more about it. I'm trying to find people to join me that want to do more for society than build disappearing messages.