Cambridge
Life Sciences Associates recently attended MIT-CHIEF Co-founder Day and heard
presentations from dozens of entrepreneurs in E-Commerce, Web/IT and
Healthcare. The event included a panel discussion by Henry Cipolla (co-founder
of Localytics) and Michael Chang (Founder of Flyberry Capital, LLC).
We
list a few takeaways that all startups should consider:
- "The idea is not special, it's the execution." Turning an idea into a product or service involves significant time and effort. It is especially important to perform market research and develop a business model before executing a strategy.
- "The challenge is being the person everyone's talking about." The key to developing a successful product or service is to engage key stakeholders, such as investors and consumers. Innovative startups are constantly networking and sharing their ideas in order to receive feedback and improve.
After
the panel, we heard pitches from four local startups. Here are our thoughts on the presentations:
LingeriePlanet
An online store for
lingerie
- Analyze the
competitive landscape more thoroughly
- Determine your niche and
consider what differentiates you
Smarking
Solution for finding
open parking spots
- Refine your pitch and
highlight only the key essentials
- Allocate equal time
discussing the problem, the solution, and the outcome
Hesperus
Connecting retired
employees with current employees in the Energy sector
- Develop a pilot
platform to test your product (i.e. focus on a specific segment within the
energy industry)
- Refine your business model and formulate a market access strategy
Verbal Applications
Patient Engagement platform that advances communication between patients
and caregivers
- Analyze the cost/benefit of your technology
- Consider future integration with other health IT services (i.e EMR and Telehealth)
It
was great networking with other entrepreneurs in the Boston area. If we didn't
catch you at the networking session, we hope to talk with you soon!
