Jean Anne Booth, CEO of UnaliWear, Featured in 7 Lessons that Any Entrepreneur Should Know

Jean Anne Booth, CEO of UnaliWear Featured in 7 Lessons that Any Entrepreneur Should Know

Jean Anne Booth, CEO of UnaliWear, was featured in 7 Lessons that Any Entrepreneur Should Know and the original article can be read here:  http://www.leverage-pr.com/7-lessons-entrepreneur-know/

Another successful panel put on by Health Tech Austin yielded discussion on everything from regulation to funding when it comes to taking your product and innovation to market. Three entrepreneurs and current CEOs participated – Jean Anne Booth of UnaliWear, Chris Loughlin of RxWiki and Zac Jiwa of MI7.

Jean Anne Booth, CEO of UnaliWear, Featured in 7 Lessons that Any Entrepreneur Should KnowHere are seven lessons we took away:

  1. Screw it, just do it

All three panelists noted past experiences with the healthcare industry as influences in their path to disrupt the industry. Loughlin advised listeners to jump right in, discuss their product with their target market and be willing to put in the work. Booth agreed that tenacity was necessary, while Jiwa credited great mentors as an influence in his early success.

  1. Stealing is very, very good in business

Certainly an interesting, but entertaining way to describe the “fast follower strategy” outlined by Booth. Panelists said that if someone else has paid to create a market, it is smart to follow up with your more efficient product. According to Jiwa, “If you have to educate your market you might be dead.” Taking advantage of an established market is key.

  1. Time is your worst enemy

Booth wished that she had been aware of the reality of how much time it takes to raise capital. Having both knowledge and realistic expectations about obtaining funding from angel investors and VCs is very important. Laughlin believes that releasing a simple product into the market to see if it gets any traction is the best way to avoid wasting time. It can help you pitch angel investors and VCs when you can point to past success. Jiwa also believes in keeping your product simple and bringing “laser focus” to your market as well. He advises that simplicity and tightening your market segmentation can help gain trust with customers. Then when it’s time to move on to something more complicated, they have faith in you.

  1. Avoid the FDA at all costs

All three panelists were able to agree that regulations were a hassle. The FDA is expensive and HIPAA is complicated. Jiwa suggested hiring great lawyers who know the laws and regulations surrounding the industry extensively. The consensus was that education was key. Educating employees, investors and anyone else who is involved is extremely important.

  1. Be prepared to bootstrap

Funding was a major topic on everyone’s mind and the panelists each had different experiences to share. Jiwa firmly suggested listeners fund their company with client revenue if at all possible. Loughlin shared both positive and negative experiences with VCs, concluding that they need to be helpful beyond just the cash they contribute. Booth agreed that great VCs and angel investors can lead to great connections. She reiterated the importance of being intentional about how much money will be needed at each stage and how long it will take to raise it. Bootstrapping will most likely be required at some point. Additionally, if you do decide to take angel investors it is important to keep them updated. Booth provides a balance sheet, P&L and a one-page summary of what’s going on in the company including funding, people, strategic relationships, press, and what she needs from them each month. Hunt for free funding or scholarships, such as  Anyone can learn Python

  1. Don’t get trapped in ‘pilot hell’

After much discussion regarding the validity of a minimum viable product (MVP), Jiwa jumped in with a final word of advice; don’t get trapped in pilot hell. This means waiting for your product to be deemed “viable” before a company will pay you for it, sometimes for years. Take something small that you know is viable and charge for it, even if it isn’t very much. This is a seed of growth for the next stage.

  1. Risk is worth the reward

“As a startup CEO, I slept like a baby. I woke up every two hours and cried.” Jiwa shared a favorite quote with the room at the end of the session. Each panelist agreed that a willingness to take a risk and stick with your innovation was the biggest part of entrepreneurship. On average, it takes 25 points of contact on a funding basis to get anywhere, so be persistent. Finally, Booth closed out by commenting that “the difference between failure and success is perspective.”

  • About UnaliWear

    Our mission is to extend independence with dignity for millions of vulnerable people. Read more

  • Sign Up for News & Updates

  • Order with confidence with our 30-day money-back guarantees — no contract required.

    30-day Money-Back Guarantee
    If equipment is returned undamaged and fully functioning within the 30-day trial period (from date of shipment to date of return), UnaliWear will provide a free return-shipping label and refund your entire purchase, minus a $75 restocking fee.

    AARP and Military Veterans get one month FREE!

    All AARP members and Military Veterans receive a free month added onto the end of the first year of service (offers cannot be combined). Simply indicate your appropriate status in the Referral/Promo box during checkout or mention it when ordering over the phone (888-343-1513).

    Pre-Shipment Form & Configuration

    Once your purchase and payment are complete, we will ask you to provide important information about the person who will be wearing this Kanega watch and protected by our monitoring and emergency response services, including:
    • Wearer name and contact information
    • Wearer band/wrist size
    • Service address and access instructions
    • WiFi settings
    • Emergency contacts
    • Medication reminder times (optional)
    Our Care & Safety Experts will use this information to pre-program and personalize your watch so that it arrives ready-to-use straight out of the box – for no additional fee.

    Your Kanega watch and equipment arrives fully—configured and ready-to-use straight out of the box — no programming required.

    Our dedicated Care & Safety Experts ensure your Kanega watch arrives pre-programmed and personalized with you or your loved ones:
    • Emergency contacts
    • Notification settings
    • WiFi settings
    • Optional medication reminders
    • And more
    After your purchase, we will ask you to provide important information about the wearer through a simple pre-shipment online form. Then our Care & Safety Experts will take care of the rest. They will also call once your Kanega watch is delivered to answer any questions you have about your watch, accessories, subscription or services — and will remain available to ensure your watch is working properly as long as you stay subscribed.

    UnaliWear’s patented RealFall™ technology is based on actual fall data from Kanega Watch wearers and gets smarter about each wearer’s personal movements over time— continuously improving fall detection accuracy and limiting/eliminating false alerts. No other medical alert system offers this real fall/related movement learning and continuous improvement technology. Click here to learn more.