What would it take for Charlotte to become the most connected, founder-friendly health innovation hub in the country?

The session was hosted by Craig Scharton (Connect Labs @ The Pearl) and Hannah Maeda (The Nichols Company), and brought together founders, funders, researchers, educators, and a mix of other ecosystem builders.

It wasn’t a structured session. More like a sensing moment — a way to take stock of who’s here, what people care about, and where things might go next.

What Stood Out in the Room

• People were hungry to connect.

  There was a real sense of openness. A lot of folks said they hadn’t realized how many others were working on similar things — or how siloed they’d felt until now.

• “Kind” landed better than expected.

  The working name — KIND Health CLT — sparked some good back-and-forth. It’s an acronym (Knowledge, Innovation, Network, Discovery), but more importantly, people liked that it felt human. Collaborative. Friendly. Less gatekept.

• David Ehrlichman gave us some useful framing.

  His “Impact Networks” model helped name what’s already starting to happen — a move from top-down structures toward more distributed, trust-based connection. Some of it leaned conceptual, but the idea of “scaling out through relationships” definitely resonated.

A Few Takeaways

“No one’s really competing on being the friendliest, most trusted ecosystem — and that’s a lane Charlotte could own.”

— Craig Scharton, Connect Labs @ The Pearl

• Charlotte might win on feel, not funding.

  We’re not Atlanta or Boston when it comes to VC or NIH grants — but that doesn’t mean we can’t be the most welcoming place to build in health innovation. People kept coming back to trust, inclusion, and emotional intelligence as the region’s edge.

• The Pearl is a gravitational force — but still fragmented.

  Even though this session happened near The Pearl, most major players from Atrium, Novant, or the med school weren’t in the room. That’s not a problem, but it does raise a live question: Are we building something that plugs into those institutions — or something more grassroots alongside them?

• The network map is a solid start — if we do something with it.

  We saw early connections forming across neuro, AI, and startup support. But the value will come if people start using that map to launch pilots, find mentors, or collaborate in real ways — not just visualize the ecosystem but activate it.

Tensions That Came Up (Or Are Still Hanging in the Air)

“We’ve got a lot of cooks in the kitchen. Everyone wants their priority at the top of the list. It’s a lot to navigate.”

— Kate Burgess, Project Manager, The Pearl

• Access vs. Alignment

  A lot of folks came hoping to get closer to big players — Atrium, Novant, the med school, funders. But those leaders mostly weren’t in the room. So the question is: if this grows, how do we keep it open and connected to the people actually shaping decisions and investments?

• Inclusion vs. Focus

  There’s energy from all over — life sciences, AI, digital health, workforce development. But the center of gravity isn’t clear yet. Do we try to include everyone? Or sharpen the focus so it’s easier to take action?

• Grassroots or Bridge?

  Right now, this feels like a grassroots network of peers. But if it’s going to last, it may need to become a bridge — to institutions, capital, infrastructure. That choice will shape how this thing’s built, and who it serves.

What’s Next

At the end of the session, people were invited to help shape what comes next. No formal roadmap. No fixed structure. Just a live question:

What kind of future are we trying to build — and how do we build it together?

In a world where ecosystems often get branded before they’re real, this one’s taking a different route. Slower. More relational. Less scripted.

It’s not perfect. But it’s honest. And maybe that’s the right way to start.

“My work is unique in that I’m interested in how we look at short-term needs and also do a little bit of cathedral building.”

— Dr. Richard Cox, Senior Strategist for Community and Social Impact, Atrium Health / The Pearl

Earlier this year, I met Jay through Bryan Dennstedt, a partner at TechCXO. Jay’s an expert in sales and an advisor at Advisory5. He’s passionate about guiding founders through the toughest part—getting customers—and turning their ideas into sustainable revenue. Our conversations about fractional leadership drove home a simple truth: Strategic focus beats opportunism every time.

Why Fractional CROs Matter in Health Tech

A fractional CRO brings the expertise of a senior sales leader—without the cost of a full-time hire. Founders in health tech usually shine at product development, but cracking the complexities of healthcare sales is a different game. Engaging a fractional CRO early gives startups a strategic advantage. They help build go-to-market strategies, activate key networks, and structure sales pipelines that align with long-term goals.Founders often chase too many leads, hoping to appeal to everyone. A fractional CRO brings focus, zeroing in on the right buyers within niche segments. By narrowing the target, the startup avoids distractions and lays the foundation for a scalable sales strategy.

One common misstep? Hiring tactical roles too soon—like business development reps—before a real strategy is in place. As Jay puts it, “Hiring a BDR without strategic oversight is like building a house without a blueprint.” A fractional CRO makes sure the strategy comes first, avoiding costly mistakes and wasted efforts.

The First 90 Days: From Segmentation to Predictable Revenue

In just the first 30, 60, and 90 days, a fractional CRO delivers several key contributions:

1. Segmentation and Market Focus

Founders often chase too many leads, trying to appeal to everyone. A fractional CRO narrows the focus, identifying the right buyers within niche segments. This focus ensures the startup avoids distractions and builds a scalable sales strategy.

2. Building a Go-to-Market Strategy

Jay emphasizes the importance of aligning the value proposition with business outcomes. In health tech, this means tying clinical benefits to ROI—not just explaining what the product does for patients, but showing how it improves outcomes for buyers, like insurers or healthcare providers.

3. Activating Networks and Leveraging Relationships

One of Jay’s core principles is network activation. Founders and investors often overlook the value within their own networks. A fractional CRO helps founders strategically engage their contacts—whether to open doors, secure pilots, or gather feedback. As Jay puts it, “Respecting relationship capital” ensures outreach stays meaningful and effective.

4. Establishing a Repeatable Sales Process

A key contribution of fractional CROs is building a predictable sales process. They structure deal stages and set clear milestones, giving the company a solid framework for consistent growth. Jay also emphasizes the importance of understanding not just why deals are lost, but why they’re won, so successful strategies can be replicated and scaled.

Strategic Focus vs. Opportunism: A Balancing Act

In health tech, opportunism is both tempting and risky. Founders often chase quick wins by tweaking their product to attract different buyers. But this dilutes the core value of the product and complicates investor expectations. Jay advises founders to stay focused on their key offering and build relationships within well-defined segments.

“Some deals are expensive—not just in time but in how they pull you off course,” Jay warns. He urges founders to prioritize aligned opportunities—those that fit the company’s mission and support long-term growth. Chasing short-term wins can fragment the product offering and erode investor trust, as they expect the company to stay true to its original vision.

When Should a Startup Engage a Fractional CRO?

The ideal time to bring in a fractional CRO is early—right after funding rounds—when the startup is gearing up to scale but hasn’t yet built a structured sales strategy. Founders may feel pressured to quickly grow their sales teams, but without strategic leadership, those early hires often lead to wasted time and resources.

Jay explains that fractional CROs lay the groundwork by building processes, activating networks, and aligning the sales team’s efforts with the company’s strategic goals. This early alignment ensures that tactical moves—like email campaigns or cold calls—are driven by a clear, focused strategy, not executed at random.

A Success Story: Staying Focused for Long-Term Wins

Jay shared the story of a health tech startup that initially struggled with opportunism. They kept pivoting their product to suit different buyers, but this diluted their core value proposition. When they brought in a fractional CRO, everything changed. The company narrowed its focus to a single niche market. In just 90 days, they activated their investor network, targeted high-priority prospects, and built a predictable sales pipeline.

This shift allowed the startup to grow without losing sight of its mission. Investors became more confident, seeing clear alignment between the product, sales strategy, and market demand. Not only did the company close key deals, but they also established a repeatable process for future growth.

Conclusion: Fractional CROs Keep Startups on the Right Track

The path from product development to sustainable revenue is anything but easy for health tech founders. Without the right leadership, startups risk getting pulled off course by chasing too many opportunities, sacrificing focus, and losing alignment. A fractional CRO brings the clarity, structure, and strategy needed to keep the company on track and lay a solid foundation for growth.

Jay’s work with Advisory5 and TechCXO showcases the impact of fractional leadership. With the right guidance, startups can activate their networks strategically, develop targeted go-to-market plans, and build reliable revenue streams. For founders trying to balance passion with business strategy, bringing in a fractional CRO isn’t just a nice-to-have—it’s a critical step toward long-term success.

I first met Leon when he pitched and won at Advisory5’s MedTech Mavericks event in June. Intrigued by his journey, I traveled to Asheville to have a deeper conversation and to explore the possibility of Leon joining our Advisory5 program. In this article, I’ll share seven key insights that can inspire and guide other entrepreneurs in the medtech and health tech fields.

Seven Insights from My Talk with Leon:

1. Make sure unmet needs affect all stakeholders — and there has to be an ROI.

2. Have patience and keep learning.

3. Be ready to sacrifice your personal and family time.

4. Surround yourself with the right advisors.

5. Be realistic and strategic about money.

6. Have a clear vision.

7. Adapt and stay optimistic.

Insight 1: Make Sure Unmet Needs Affect All Stakeholders

Leon’s journey began with recognizing a critical gap in ICU care: effective glucose management. Nurses had to spend up to two hours per patient per day managing glucose levels. Yet, the outcomes were often less than optimal, with patients frequently experiencing dangerous fluctuations in blood sugar levels.

Leon created an algorithm and a device that could dramatically improve patient outcomes by increasing the time that glucose levels stayed within the target range of 70-180 mg/dL and reducing the occurrence of hypoglycemia, which can halve ICU mortality rates.

But the potential benefits of the system don’t stop at better clinical outcomes. It also allows hospitals to significantly improve their financial performance. “Hospitals in the U.S. operate on razor-thin margins, averaging around 3.8%,” Leon explained. “Our system could nearly triple their profit margin for patients using the device.” This increase in efficiency—cutting nurse management time from two hours to just 20 minutes per patient per day—translates into both cost savings and enhanced care quality.

This dual benefit of clinical improvement and financial viability is what makes this system so compelling, ensuring it meets the needs of every stakeholder involved.

Insight 2: Have Patience and Keep Learning

When Leon first conceived his idea in 2007, he believed the path to market would be relatively quick. However, the reality of bringing a medical device to life was far more complex and time-consuming than he anticipated. “I thought I could bring this system to market in a year or two,” Leon shared. “But it quickly became clear that it was going to be a much longer process.”

Leon had to immerse himself in areas that were initially unfamiliar to him, such as FDA regulations, risk analysis, and device design documentation. “There’s a huge learning curve,” Leon admitted. “As a clinician, you wouldn’t think about things like risk analysis tables or software design documents, but these are all regulated and require strict adherence to standards.”

Recognizing his limitations, Leon brought in experts who could fill the gaps in his knowledge, especially in critical areas like regulatory compliance and grant writing. “You definitely need help from regulatory consultants when you start doing FDA submissions,” Leon emphasized, underscoring the importance of experienced professionals in navigating these complexities.

Now, 17 years later, Leon remains realistically optimistic and is excited to get this journey over the finish line. However, he acknowledges that this long road is something every entrepreneur needs to be prepared for: it’s not going to be one or two years.

Insight 3: Be ready to sacrifice your personal and family time

When Leon first began developing his glucose control system, he was still working full-time as a pediatric ICU physician. The demands of both roles were immense, often requiring him to work early mornings and late nights. To keep both his clinical duties and his entrepreneurial aspirations on track, Leon had to sacrifice weekends and personal time.

“I would work between 3 or 4 in the morning and 6 or 7, and then again late at night, just to make sure I could still spend time with my children,” Leon shared. It was an exhausting routine, but necessary to make progress on both fronts.

Today, Leon has found a more sustainable balance. He works 23 weeks a year at the hospital, dedicating the remaining 29 weeks to his innovation. This shift has made managing both roles more feasible, but it remains a demanding juggling act. “Balancing the two is tough,” he admitted, “but if you’re committed, you find a way.”

The ultimate goal for Leon is to transition to working full-time on his innovation. For a physician, balancing both the demands of medical practice and entrepreneurship is challenging, but as Leon’s journey shows, it’s hard but doable.

Insight 4: Surround Yourself with the Right Advisors

Early on, Leon recognized that his medical expertise alone wasn’t enough to navigate the complex world of medical device development. He needed specialists who could fill in the gaps, particularly in areas like regulatory compliance, technical development, and grant writing.

“You definitely need help from regulatory consultants when you start doing FDA submissions,” Leon emphasized. Beyond regulatory support, Leon also leaned on the expertise of engineers and other technical professionals who contributed to the development of the device. His son, an electrical engineer, was instrumental in refining the system’s design and ensuring that it met the rigorous standards required for medical devices.

However, it wasn’t just the technical and regulatory aspects where Leon needed help. As a physician, he wasn’t initially well-versed in business practices. Preparing his financial records for the audit prior to securing the NIH grant was a significant challenge. Leon had to quickly learn about financial management and business operations, relying on the advice of business consultants to ensure everything was in order.

It’s this network of expertise and guidance that transforms a vision into reality, making the difference between a project that stalls and one that ultimately succeeds.

Insight 5: Be Realistic and Strategic About Money

Leon began by securing a friends and family round, which provided the initial capital necessary to get the project off the ground. This early funding was crucial, but as the project advanced, it became clear that more substantial financial support would be needed to push his innovation forward.

The next major step was securing a $1.9 million NIH grant—a significant milestone that validated the potential of his technology. Following this, Leon obtained a $250,000 loan from the North Carolina Biotechnology Center (NC Biotech), which provided additional financial support during the project’s critical development phases. Yet, even with these resources, Leon found it necessary to dip into his personal funds to keep the business lean and ensure its continuity.

As he approaches commercialization, Leon is now considering the strategic use of venture capital, particularly from hospital-based firms that not only understand the healthcare landscape but also align with his long-term vision.

Ultimately, it’s not just about finding money—it’s about finding the right money that aligns with your vision and sustains your journey.

Insight 6: Have a Clear Vision

From the start, Leon’s goal was to build a platform company capable of automating many manual processes in hospitals, ultimately transforming ICU care on a broad scale.

Central to this vision is the development of an ideal system for controlling glucose levels in critically ill patients, with plans to eventually expand to managing diabetes care across the entire hospital setting. “The goal is to build a platform company that automates many manual processes in the hospital,” Leon explained. This broader perspective has been the cornerstone of his strategy.

Leon’s commitment to this vision extends to his ongoing involvement in the company’s future. “I’m committed to staying involved with the company’s future innovations, rather than simply seeking a quick exit,” Leon noted. For him, success isn’t just about bringing a single product to market — it’s about making a lasting impact on the healthcare system.

Insight 7: Adapt and Stay Optimistic

Over the course of 17 years, Leon has faced numerous challenges, from shifting regulatory landscapes to advancements in technology and increasing competition. Yet, through it all, he has maintained an optimistic outlook, believing in the potential of his innovation and its impact on patient care.

“A lot has changed since 2007, and staying on top of these changes has been crucial,” Leon reflected. For example, Leon plans to integrate machine learning into his system once it’s deployed, optimizing its performance based on real-world data.

But more than just adapting, Leon’s optimism has fueled his persistence. He remains excited about the future and is committed to seeing his innovation through to commercialization.

Leon’s journey shows that while challenges are inevitable, the ability to adapt and remain optimistic is what sustains innovation and ultimately leads to success.

The Importance of Timing

Ken Russell often talks about the critical role of timing in a startup’s success. He makes it clear that the difference between thriving and failing often hinges on whether founders can spot and act on the right opportunities. Ken describes this as recognizing “windows of opportunity” that open and close quickly. Entrepreneurs who can sense these shifts and move decisively are the ones who succeed, while those who miss the moment may find themselves left behind.

“Windows open and close, and you have to be ready to act when the timing is right,” Russell explains. “Being precise with your decisions—knowing when to pivot, when to scale, and when to exit—is crucial for long-term success.”

Precision in Decision-Making

Ken Russell’s journey shows how crucial precision is in decision-making. He’s consistently made strategic moves that sync with market demands and tech advancements. From his early days developing intranets for banks to pioneering Wi-Fi in Charlotte, Ken’s approach has always been about seeing the bigger picture and making informed, calculated decisions.

For health tech entrepreneurs, this means staying sharp on industry regulations, tech trends, and the competitive landscape. It’s about being disciplined with resources and smart about managing risks.

“Entrepreneurs need to be precise in their focus,” Russell advises. “It’s easy to get distracted by new ideas or potential opportunities, but staying true to your core vision and being methodical in your approach will set you apart.”

Balancing Passion with Pragmatism

Another key part of Ken’s approach to entrepreneurial precision is finding the balance between passion and pragmatism. Passion fuels innovation and pushes entrepreneurs to break new ground, but Ken warns against getting too emotionally attached to any one idea or product. The most successful entrepreneurs can step back, view their ventures objectively, and make the tough calls when needed.

“Your idea may be your baby, but you have to be willing to let it go if it’s not working,” Ken says. “Entrepreneurs who can detach themselves emotionally from their products are better equipped to make the hard decisions that lead to success.”

This pragmatic approach gives entrepreneurs the flexibility to pivot when needed, explore new opportunities, and ultimately set their startups up for success. It’s about staying focused on the overall mission, not just one version of the idea.

The Role of Collaboration

Ken Russell emphasizes that collaboration is key to entrepreneurial success. Precision in entrepreneurship isn’t just about making the right calls on your own; it’s also about understanding the value of partnerships and teamwork. Throughout Ken’s career, his most impactful innovations came from joining forces with others, combining expertise to achieve greater results.

“Collaboration is where the magic happens,” he notes. “By working together, entrepreneurs can amplify their strengths, fill gaps in their knowledge, and create something far greater than what they could achieve alone.”

For health tech entrepreneurs, this might mean forming strategic alliances with other startups, teaming up with academic institutions for research, or working closely with regulatory bodies to tackle the complexities of the healthcare industry.

A powerful way to build these collaborations is through platforms like Advisory5. It connects entrepreneurs with seasoned advisors and industry experts, offering access to a network of mentors who provide strategic guidance, industry insights, and practical advice to help navigate their journey.

“An advisory board isn’t just a sounding board; it’s a strategic asset,” Ken explains. “Having access to seasoned professionals who’ve faced similar challenges can give you the clarity and direction needed to succeed.”

Learning and Adaptation

Finally, Ken Russell’s guide to entrepreneurial precision emphasizes the importance of continuous learning and adaptation. The entrepreneurial journey is not a straight line; it’s a dynamic process that requires constant reassessment and adjustment. Ken advises founders to stay curious, keep learning, and be open to change.

“Success in entrepreneurship is about constantly learning and evolving,” Russell says. “The market will change, technologies will evolve, and you have to be ready to adapt.”

This mindset of lifelong learning and adaptability is vital in health tech, where innovation moves fast and regulatory landscapes can change without warning.

Conclusion

It’s been exciting to work with Ken over the last seven months on our journey with Advisory5 and to see the impact his connections have had on the founders in our program.

Ken Russell’s approach to entrepreneurship is a masterclass in precision—combining strategic foresight, disciplined decision-making, and the ability to adapt. For entrepreneurs, especially in health tech, his insights provide a valuable roadmap for navigating the complexities of the startup world. By embracing timing, collaboration, pragmatism, and continuous learning—and leveraging the expertise from advisory boards and platforms like Advisory5—entrepreneurs can set their ventures up not just to survive, but to achieve lasting success.

Insights from the Insider

1. What Are Clinical Trials?

Clinical trials are research studies performed on people that are aimed at evaluating a medical, surgical, or behavioral intervention. They are the primary way researchers determine if a new treatment, like a new drug or diet or medical device (for example, a pacemaker), is safe and effective in people.

Olya explains, “Clinical trials are essentially a process of testing a drug that has been approved by the FDA for human trials. This can be in phases, from initial small-scale Phase 1 trials to large-scale Phase 3 trials. The purpose is to ensure the drug’s safety and efficacy before it can be marketed.”

2. What Should Startups Consider / Know About Clinical Trials?

For startups venturing into clinical trials, understanding the complexities and planning accordingly is crucial. Olya emphasizes the importance of having a clear vision and a well-defined budget. “Make sure you have a goal in mind and everything outlined. Do not make decisions midway, as this can skew your timelines and financial aspects,” she advises.

She also underscores the significance of selecting the right Clinical Research Organization (CRO). “The first thing startups should do is decide which CRO they will partner with. Your partners are more knowledgeable in the regulatory procedures, which is critical for the success of your trial.”

3. CROs and Their Role

A Clinical Research Organization (CRO) plays a pivotal role in the execution of clinical trials. They handle the logistics, regulatory compliance, and data management necessary for a successful trial. Olya highlights the differences between average and top-tier CROs. “There is a measurable difference in delivery and expertise. Larger CROs can provide a wider range of services in-house, which makes the process smoother.”

She adds, “When choosing a CRO, it’s essential to interview them, understand their capabilities, and see who you connect with. A good relationship with your CRO can significantly impact the trial’s success.”

4. Career in Clinical Trials

Olya’s Story

Olya’s journey into clinical trials is a testament to her resilience and dedication. Starting as a nurse in Ukraine, she moved to the United States and initially worked in a different industry. “I started working in transportation, completely removed from the medical field. Seven years ago, an opportunity arose to get back into the medical field, which I grabbed. I started from the very bottom as a clinical trial assistant,” she recalls.

Her Current Role

Now, as a Project Lead at Thermo Fisher Scientific, Olya manages the technical and operational aspects of clinical trials. She coordinates multifunctional teams, oversees vendor management, and ensures compliance with regulatory standards. “My role involves managing timelines, finances, and making sure that every aspect of the trial runs smoothly,” she explains.

Advice for People Considering This as a Career

For those considering a career in clinical trials, Olya offers valuable advice. “Go for it. If you have an opportunity, don’t hesitate. The impact of the work we do is incredibly rewarding. There are days when the work is tough, but knowing that the medication you’re helping to develop could change lives is worth it.”

She also stresses the importance of continuous learning. “You never stop learning in this field. There’s always something new to understand and improve upon. Whether it’s regulatory standards, medical writing, or data management, being open to learning is crucial.”

Conclusion

Olya Lebedyeva’s journey and insights provide a comprehensive look into the world of clinical trials. From understanding what clinical trials are to the challenges and rewards of managing them, her experiences offer valuable lessons for startups and individuals considering a career in this field. At Advisory5, we are thrilled to have her expertise and look forward to the positive impact she will have on startups in our program.

As a nurse innovator, associate professor, and director of the Center for Telehealth Innovation, Education, and Research, Dr. Gustin brings a wealth of experience and passion to the table. Let’s dive into the key insights from 5 nurse driven innovations she shared.

One: Innovation in Homeless Healthcare

Dr. Gustin’s journey into innovation began with a simple yet powerful idea: a nurse-led integrated clinic embedded within homeless shelters. This project aimed to address the healthcare needs of one of the most underserved populations. Facing numerous challenges, Dr. Gustin and her team persevered and found remarkable success. In just one year, their clinic saved a local hospital $3 million by providing efficient, targeted care.

“At the clinic, we were running three days a week through our local hospital,” Dr. Gustin explained. “We pulled the data and realized we were saving the hospital millions. That was just one year of work.”

This project highlighted the importance of tackling healthcare disparities and showed how nurse-led initiatives can drive substantial cost savings while delivering high-quality care.

Two: Leveraging Technology for Improved Healthcare Access

Innovation often involves leveraging technology in creative ways. Dr. Gustin described her work on developing kiosks equipped with artificial intelligence to provide symptom checking and telehealth access in shelters. This project emerged from the need to offer continuous care even when healthcare providers were not physically present.

“We’re working with the federal government to develop kiosks that can give immediate health advice based on symptoms,” she shared. “It’s about providing accessible care to those who need it most.”

These kiosks, powered by AI and natural language processing, allow users to describe their symptoms and receive appropriate guidance—whether it’s self-care advice, a telehealth consultation, or a recommendation to visit the emergency department. This project exemplifies how technology can bridge gaps in healthcare access and deliver timely, personalized care.

Three: Innovative Approaches in Emergency Care

A striking example of simple yet effective innovation is the wristband system Dr. Gustin’s team implemented for homeless ER patients. This idea came from recognizing the difficulty in tracking and providing continuous care to this transient population. By giving patients wristbands that indicated their participation in the clinic’s program, healthcare providers could immediately identify and prioritize their needs.

“We developed bracelets that were simple but powerful,” Dr. Gustin noted. “They helped us track patients in the EHR and ensure they received the care they needed.”

This system streamlined patient identification and care continuity, significantly improving the efficiency of emergency services and the overall patient experience.

Four: Advancements in Pediatric Care

Dr. Gustin’s innovative spirit also extends to pediatric care. She described the development of an autonomous robot designed to enhance the hospital experience for children. Inspired by a family’s comment about their child’s need for engagement, Dr. Gustin collaborated with the Virginia Modeling, Analysis, and Simulation Center to create a robot that interacts with young patients, providing comfort and distraction during their hospital stay.

“Fast forward three years, and we now have an autonomous robot for children in hospitals,” she shared with pride. “It’s in the early stages of testing, but the feedback has been incredibly positive.”

This robot not only helps alleviate the stress and boredom of hospitalization for children but also represents the potential for technology to transform pediatric care environments.

Five: Encouraging Innovation in Nursing Education

Dr. Gustin’s commitment to innovation extends to her role as an educator. At her school, she organizes annual hackathons where nursing students tackle real-world healthcare problems using advanced technology. This event encourages students to think creatively and develop practical solutions that can be implemented in clinical settings.

“We give them a problem, a telehealth device, and two hours to solve it,” Dr. Gustin explained. “The students absolutely love it. It pushes them to think outside the box and come up with innovative solutions.”

By fostering an innovative mindset among nursing students, Dr. Gustin ensures that the next generation of healthcare professionals is equipped to continue driving progress in the field.

For health tech entrepreneurs and internal innovators in hospital systems, Dr. Gustin’s insights offer valuable inspiration. Her work demonstrates that with determination, collaboration, and a willingness to embrace new technologies, significant improvements in healthcare delivery are possible, and we should never underestimate nurse driven innovation.

Tailoring Advisory Approaches to CEO Profiles

Bryan emphasized the importance of recognizing different CEO profiles in startups:

1. Sales-focused CEOs

2. Product-focused CEOs

3. Process-focused CEOs

Each type of CEO requires a unique advisory approach to effectively guide the startup toward success.

The Role of Healthy Tension in Growth

Bryan highlighted the dynamic between sales-driven CEOs and technical teams. Sales-driven CEOs often sell features before they are built, which pressures the technical team to innovate. Conversely, the technical team must push back with realistic timelines and maintain clear communication. This healthy tension fosters growth and innovation but relies heavily on mutual trust. Bryan’s outsider perspective can be particularly beneficial in navigating this dynamic.

Leveraging Community Resources

Bryan stressed the importance of utilizing available resources for startup founders. Programs like 1 Million Cups, SBTDC, and Advisory5, whether tax-funded or fee-based, are essential for scaling startups more efficiently.

Optimal Timing for Hiring Fractional Leaders

Bryan outlined three phases of a startup’s lifecycle: idea, accelerated growth, and maturity. Fractional leaders, such as a CTO, are particularly valuable during the acceleration phase. They help drive growth, and as the startup matures, these roles can transition to full-time positions or evolve into multiple roles.

To connect with Bryan Dennstedt, please visit his LinkedIn page.

.1. Ensure Full Clarity with Conference Organizers

The journey began when Scott Pope, CEO at Joyn Health, introduced me to Lauren Moore, the director of events at Informa Markets. Together with her colleague Marissa Ray, we had a Zoom call where we discussed the idea of hosting a pitching event to highlight local medtech innovators at the larger IME South conference they were organizing. Everything started well, but there were a few unexpected challenges.

• Concurrent Events: This initially caused confusion, but with Lauren and Marissa’s assistance, we eventually coordinated our efforts. One of Tim’s participants, Justin Dues, was set to join our lineup but had to withdraw due to health reasons.

• Recording Permissions: Early on, we clarified what could be recorded to avoid any last-minute issues. We agreed to record individual pitches but not post the full event.

• External Sponsors: I confirmed we could bring in local sponsors, which was crucial for our event’s success.

• Promotion:   We discussed promotional aspects, assuming we would automatically attract attendance from conference participants.

Lessons Learned:

• Always ask detailed questions about other relevant events, partnerships, and resources to avoid surprises.

• Be proactive in requesting what you need—extra tickets, control over specific aspects, and promotional support can make a significant difference. It was Bryan Dennstedt, one of the panelists, who helped me figure this out before the event.

• Having regular check-ins with organizers helps quickly resolve any issues.

For future events, I plan not to make assumptions about attendance and will work alongside organizers to ensure the pitch, startups, and sponsors are prominently promoted.

2. Take Responsibility for Attendance

I quickly realized that ensuring a good turnout wouldn’t happen organically. My wife Katya and I went from booth to booth, personally inviting people to attend. We even hired a model to act as an angel and draw attention on the day of the event. This effort paid off, significantly boosting attendance.

3. Thoroughly Prepare Your Startups

Ensuring that the startups were well-prepared was a top priority.

• Guidance and Practice: I held review sessions with each participant, providing them with guidance on their pitches and the target audience. Zack Lyon from H3Pelvic Therapy Systems was particularly diligent, reworking his deck and practicing extensively. Justin Dues, Leon DeJournett and Margaret Kocherga, PhD, were also very open to refining their pitches.

• Deck Submission: I required startups to submit their presentation decks at least 48 hours in advance for review and feedback. To streamline the event, I compiled all the decks into a single PDF file. While this limited the multimedia capabilities of the pitches, it significantly eased transitions between speakers.

4. Capture the Event

Documenting the event is essential for post-event marketing and credibility.

• Photography and Videography: We ensured high-quality photos and videos were captured. As they say, if it’s not captured, it didn’t happen. This not only helps in promoting the event afterward but also provides value for participants and sponsors.

5. Align with Your Strategic Goals & Follow-up

The event needed to align with Advisory5’s goals, from building brand awareness to fostering community relationships and attracting potential startups and advisors. The interest from potential advisors, startups, and consultants for office hours was substantial. Ensuring diligent follow-up with everyone is crucial—an area where I’ve previously struggled but am committed to improving.

Conclusion

Organizing the MedTech Mavericks Pitchfest was far from perfect, but it was a rewarding learning experience. From navigating concurrent events to ensuring startup preparedness and driving attendance, each step taught me valuable lessons. By applying these five insights, you can enhance the effectiveness and impact of your pitching event, ensuring it not only runs smoothly but also contributes meaningfully to your overarching goals.

Actual Pitch Presentations

Zack Lyon from H3Pelvic Therapy Systems

Margaret Kocherga, PhD from Margik Inc.

Leon DeJournett, M.D. DeJournett from Ideal Medical Technologies - our Pitchfest Champion! 🏆

Essential Points from the Discussion

In 2015, Michelle Fritsch made a bold transition from academia and traditional healthcare to entrepreneurship, driven by a passion for addressing the often-overlooked aspects of retirement. As a board-certified clinical pharmacist in geriatrics and a founding department chair at a new school, Michelle had a distinguished career in academia and primary care. However, she noticed a troubling pattern: leaders in various fields would retire and soon face preventable health and relevance issues. This observation sparked her entrepreneurial journey.

The Birth of Propel Comprehensive Wellness

Michelle’s journey led to the creation of Propel Comprehensive Wellness, a monthly subscription program designed to help individuals plan for a healthy and purposeful retirement. The service goes beyond traditional financial planning, focusing on health and personal relevance in the next phase of life. With her business partner, Ellen Platt, Michelle developed a program that fits into anyone’s schedule, offering tools and insights accumulated over 30 years in healthcare.

Propel Comprehensive Wellness emphasizes co-creating a personalized wellness plan with its clients rather than prescribing a one-size-fits-all solution. The program includes a combination of video content, interactive workbooks, and live sessions to ensure comprehensive and tailored guidance. Clients can engage with the material at their own pace and schedule one-on-one consultations as needed.

Leveraging Experience and Data

Michelle utilized the National Science Foundation process to develop Propel Comprehensive Wellness. She interviewed nearly 100 individuals approaching retirement to understand their needs and preferences. This data-driven approach allowed her to design tools that help people navigate critical aspects of retirement planning, such as health advocacy, personal risk factor management, and social network maintenance.

During the COVID-19 pandemic, Michelle and Ellen pivoted their business model to make their services more accessible. They deconstructed the comprehensive program into bite-sized pieces of important information, ensuring it could fit into anyone’s schedule. This transition allowed them to reach a broader audience and provide valuable support during a challenging time.

The Unique Value Proposition

One of the key differentiators of Propel Comprehensive Wellness is its focus on individualized care and the deep expertise of its founders. Unlike generic advice from AI or online articles, Michelle and Ellen offer insights based on their extensive experience in healthcare. They provide a variety of options, allowing clients to practice and choose what works best for them, thus co-creating their wellness journey.

Challenges and Growth

Transitioning from healthcare to entrepreneurship posed significant challenges for Michelle, particularly in the realm of business management and sales. She candidly shares her struggles with asking for money and navigating the financial aspects of running a business. Despite these hurdles, she has learned valuable lessons, such as the importance of understanding and articulating the value of her services.

Michelle’s experience with ill-fated marketing programs taught her that authentic engagement and clear communication of value are crucial. She emphasizes the need for entrepreneurs to sell their services themselves before delegating this task to others. This hands-on approach ensures a deep understanding of the customer’s needs and the value proposition of the service.

Advisory5 and the Power of Collective Wisdom

Joining Advisory5 has been a transformative experience for Michelle. Unlike one-on-one advisory services, Advisory5 provides a group of experts who collaboratively offer solutions and insights. This collective wisdom has been instrumental in refining Michelle’s business strategies and overcoming challenges. She highlights the importance of clear communication and focused questions to make the most of advisory sessions.

Looking Ahead

Michelle envisions a future where planning for health and purpose becomes as integral to retirement planning as financial preparation. She hopes Propel Comprehensive Wellness will inspire individuals to approach retirement with confidence and clarity, ensuring a fulfilling and impactful next phase of life.

Advice for Aspiring Healthcare Entrepreneurs

Michelle advises healthcare professionals considering entrepreneurship to seek collective wisdom and guidance from experienced entrepreneurs. She co-founded Medipreneurs to support health professional entrepreneurs with business development resources and networking opportunities. Michelle emphasizes the importance of recognizing one’s limitations and seeking expert advice to navigate the complexities of running a business.

Conclusion

Michelle Fritsch’s journey from clinical pharmacist to entrepreneur is a testament to the power of passion and the importance of addressing holistic retirement planning. Propel Comprehensive Wellness stands out as a unique and valuable service, helping individuals navigate the critical aspects of health and purpose as they transition into retirement. Michelle’s story is an inspiring example of how expertise and empathy can drive meaningful innovation in the healthcare space.

To connect with Michelle, please visit her Linkedin Page.

Only non-Triangle startups participated, resulting in two main contenders: Margaret Kocherga from Margik and Julian Walker from Druid.ag.

Winners:

1. Druid.ag won first place and $25,000.

2. Margik took second place with $10,000.

The event featured excellent food and engaging conversation. I reconnected with old friends, met new people, and took a few pictures.

Larry Kennedy, the keynote speaker from Green Solutions Group, and a past challenge winner, shared a few great insights for entrepreneurs:

• Starting a business is very difficult and staying in business is even harder.

• It's important to fall back on your "why" or motivation when facing challenges with your business.

• Personal experience shows that while winning grants is helpful, the real value comes from exposure and connections with other organizations.

• Surrounding yourself with talented, smart people is crucial for business success.

• Deeply understanding customer pain points and journey is important rather than just focusing on your own products.

Excited about the potential of the Charlotte region in this space, especially with the support from people like Cori and Susan.