In this series, we get to know the people leading our portfolio companies; from their thoughts on the future of health-tech, to their top recommended reads. In these Q&As, we’ll meet the innovators operating at the heart of the health-tech ecosystem and helping shape the future of healthcare.
This week, we sit down with the Founder and CEO of Laudio, Russ Richmond
First up, give us the elevator pitch for Laudio?
The Laudio platform provides health system managers with 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 and consider: what if that manager only saw you once every 30 days, only communicated with you via a generic group email, and 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?
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 market experience, building and developing their product or service alongside the customer. It can be challenging to find a customer willing to invest this time with you, but ultimately it’s the most efficient way to ensure that your product fulfils the needs of your market.
What should founders look for in their investors? What can the right ones bring to the table?
Trust is essential. CEOs and Investors can easily become misaligned. Only mutual trust will ensure that your relationship is a lasting one, and bring about the best results for both parties.
What advice would you give founders looking to raise early-stage funding in the current environment?
Again, trust is so important and it should be the foundations of any board. So try to find people you can rely on, rather than people who are simply looking for transactions. Equally you should try to ensure that your board is well balanced rather than dominated by any single stakeholder. Finally, raise more capital than you think you need. Money will not be any cheaper or more readily available in future than it is now.
And, finally, what’s your top book recommendation for entrepreneurs?
Antifragile: Things That Gain From Disorder, by Nassim Nicholas Taleb (2012)
Learn more about Laudio at https://www.laudio.com/