In Conversation With
First up, give us the elevator pitch for Laudio?
The Laudio platform provides health system managers an integrated management system that fills the gap between information and action. We dramatically increase engagement and reduce turnover and overtime costs.
By way of illustration, let’s take a minute to go back in time. Each of you had a first job, and probably had a first manager. Take a moment and picture that person. Good or bad… consider the following:
- What if that manager only saw you every 30 days?
- What if that manager only communicated with you via a generic group email?
- What if that manager did not even know your name?
- Would you have stayed at that job very long? Would you have learned and developed as an employee?
That is the current situation in healthcare – at almost every health system. Laudio exists to fix this problem, while saving the health system millions of dollars.
Looking towards 2021, what are some of the opportunities and challenges you see for early-stage healthcare companies?
#1 – Health systems are not buying point solutions, so companies need to lead with platforms. As a result, early-stage companies will need to raise more capital and gain more in market experience.
#2 – Build and develop your product or service with a customer. It can be challenging to find a customer willing to invest the time with you, but ultimately, it’s the most efficient path toward the goal of product market fit.
What should founders look for in their investors? What can the right ones bring to the table?
Trust is the most important thing. CEOs and Investors can easily become misaligned, and only trust will see you through.
What advice would you give founders looking to raise early-stage funding in the current environment?
#1 – Raise more capital than you think you need. Money will not be cheaper or more readily available than it is now.
#2 – Try to form a balanced board that is not dominated by any one stakeholder.
#3 – Find people you can trust that are not looking just for transactions.
And, finally, what’s your top book recommendation for entrepreneurs?
Antifragile: Things That Gain From Disorder is a book by Nassim Nicholas Taleb published on November 27, 2012
This Q&A with Russ Richmond from Laudio was done in January 2021
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