Medsider: Learn from Medtech and Healthtech Founders and CEOs - The Power of Storytelling in a Medical Device Startup: Interview with Endiatx CEO Torrey Smith

Episode Date: January 26, 2023

In this episode of Medsider Radio, we sat down with Torrey Smith, co-founder and CEO of Endiatx.Torrey founded Endiatx alongside fellow Silicon Valley technology experts Dan Moyer, James Erd,... and Alex Luebke. After leaving a different medical device company to scratch his entrepreneurial itch, Torrey and his co-founders are developing a new technology that aims to lower the barrier for patients to get diagnosed and treated for gastrointestinal diseases. In this interview, Torrey discusses the importance of both in-person and online networking, and best practices for sharing your product development progress with the investment community, stakeholders, and target patients. Before we jump into the conversation, I wanted to mention a few things:If you’re into learning from proven medtech and healthtech leaders, and want to know when new content and interviews go live, head over to Medsider.com and sign up for our free newsletter. You’ll get access to gated articles, and lots of other interesting healthcare content.Second, if you want even more inside info from proven experts, think about a Medsider premium membership. We talk to experienced life science leaders about the nuts and bolts of running a business and bringing products to market.This is your place for valuable knowledge on specific topics like seed funding, prototyping, insurance reimbursement, and positioning a medtech startup for an exit.In addition to the entire back catalog of Medsider interviews over the past decade, premium members get a copy of every volume of Medsider Mentors at no additional cost. If you’re interested, go to medsider.com/subscribe to learn more.Lastly, here's the link to the full interview with Torrey if you'd rather read it instead.

Transcript
Discussion (0)
Starting point is 00:00:05 You know, in my naive mind, how could you not fund that team? They're swallowing robots and driving them around their stomachs with Xbox controllers. I thought I would be like the golden child of Sandhill Road when we got to that moment. I didn't know that it would take me 20 months to close seed money from the first swallow. Right. And it was angel investors that kept us alive during that sort of dark time, right? which included the COVID pandemic, right? So really what people can't steal from you is your supernatural grit.
Starting point is 00:00:42 And that's what you want to share. Welcome to MedSider Radio, where you can learn from proven med tech and healthcare thought leaders through uncut and unedited interviews. Now, here's your host, Scott Nelson. Hey, everyone, it's Scott. In this episode of MedSider,
Starting point is 00:01:03 I sat down with Tori Smith, CEO of Indiotics, who started the company alongside fellow Silicon Valley technology experts, Dan Moyer, James Erd, and Alex Ludke. After leaving a different medical device company to scratch his entrepreneurial itch, Tori and his co-founders are developing a new technology that aims to lower the barrier for patients to get diagnosed and treated for gastrointestinal diseases. Here are three of the key things that we discussed in this conversation. First, don't be afraid to experiment with existing concepts when developing a product.
Starting point is 00:01:32 Some of the most incredible inventions are built upon the adapt. modification, modification, and combination of technologies, data, and mechanics that already exist. Two, leverage social media platforms to reach doctors, investors, stakeholders, and your targeted users. You'll never know when a single post, video, or email can help you connect with someone who can support your product's regulatory process or expedite its adoption in real-life clinical settings. Third, never underestimate the power of sharing your product development progress from the very start. This helps you establish connections with people who will be eager to invest in your vision, even in the early stages.
Starting point is 00:02:07 Before we jump into this episode, I wanted to let you know that we recently released the second volume of Medsider mentors, which summarizes the key learnings from the most popular medsider interviews over the last six months or so. Look, it's tough to listen or read every single MedSider interview that comes out, even the best ones. But there are so many valuable lessons you can glean from the founders and CEOs that join our program. So that's why we decided to create MedSider mentors.
Starting point is 00:02:29 It's the easiest way for you to learn from the world's best medical device and health technology entrepreneurs in one central place. If you're interested in learning more, head over to medsiderradio.com forward slash mentors. Premium members get free access to all past and future volumes. If you're not a premium member yet, you should definitely consider signing up. In addition to every volume of Medsider mentors, you'll get full access to the entire library of interviews dating back to 2010. This includes conversations with experts like Erica Rogers, CEO of Silk Road Medical, Dr. David Albert, founder of Alivecore, and so many others. In addition, as a premium member, you'll get to join live interviews with these incredible medtech and health tech entrepreneurs.
Starting point is 00:03:07 Learn more by visiting medsiderradio.com forward slash mentors. Again, that's medsider radio.com forward slash mentors. All right, Tori, welcome to MedSider Radio. Thank you so much for having me. This is a real pleasure. Yeah, and we only distribute the or syndicate the audio for these interviews, but we're on video now, and I'm totally digging the background, the artwork. you know, and we'll probably get into the, into sort of the background for some of the stuff as the discussion unfolds, but love the, love the background, love the kind of the vibe,
Starting point is 00:03:41 you know, for the company that you're working on. So with that said, Tori, let's start out with first telling, you know, having you tell the audience a little bit more about your professional background before starting endiatics. Am I pronouncing that right? Indiatic. We say endiotics. I think there's an unwritten rule in the medevice scene, which is you have to have a weird, funny, made-up name. And so for us, you know, our dream is tiny robots in the body, everywhere in the body, right? Yeah, et cetera.
Starting point is 00:04:08 So for us, it's endoscopy, diagnostics, and TX is treatment. Yeah, indiotics. If I pronounce it one more time, maybe I'll get it right, indiotics. But joking aside, Tori, give us a, like, a high-level overview of your background leading up to starting the company, and then we'll go a little bit deeper about kind of where you're at now, and then, you know, step inside the old time machine
Starting point is 00:04:28 and learn a little bit more about the journey. So yeah, background is studying aerospace engineering at Cal Poly, San Luis Obispo. And, and, you know, I just love sci-fi and tech and fighter planes and all the cool stuff. But for some reason,
Starting point is 00:04:42 I found myself in med device startups. And I just loved the design, build, test, you know, repeat cycle. It's super satisfying to go from a napkin sketch to a real thing and then actually put in people
Starting point is 00:04:54 and, you know, have a tangible impact on their health. And so endiotics is just kind of after, you know, enough years making other people's dreams come true. You know, you want to kind of make your own stamp on the industry. And so for me, I just thought, hey, you know, I used to see this kind of stuff in sci-fi movies, read about it in books. Maybe we could do something with robot kills. Yeah, awesome.
Starting point is 00:05:16 And so you started the company, I'm looking at your LinkedIn profile now. Looks like we're recording this in late 2022. You started the company early 2019. So you're like, you know, three and a half years into it. it looks like on paper anyway. Give us an idea of kind of what you're, what you're, what you're, the device you're working on now, um, and sort of the, the, the idea in terms of how it, how it came to be. Sure. So we, we call our device pill bot. Um, so it's a little pill robot. You can kind of think of it as like an eyeball that swims around in the stomach.
Starting point is 00:05:44 And the whole idea with pill bot is just can we, you know, basically create a virtual endoscope so that a doctor could have a look around inside you in real time, uh, over a Zoom call instead of after a couple of hospital visits, right? And so pillbot is hopefully the beginning of an adventure. Endiotics is not going to truly be realized until we put the TX for treatment into, you know, some form of pill bot. We think we might call that pill surgeon. Got it. That's awesome. So it's this little pill that, you know, I'm presuming the intent of someone swallows it, right? It captures a bunch of data, you know, as the pill travels throughout the sort of the intestinal intestinal track, correct? So basically, there's a whole world of passive pill cameras. I think pill cam, which is currently
Starting point is 00:06:32 owned by Medtronic and recently taken to home swallow use by Giovanni DiNapley, who's president of GI at Medtronic. Pill cameras kind of set the stage for what we're doing here. The main difference is just we decided, hey, let's add real-time motion to the to the platform. let's find a place to start in the GI tract. For us, that's visualization. Sorry, visualization of the stomach. Let's visualize the stomach and then let's see how far we can go from there. And we need to give some credit where credit is due because there is a product FDA-approved
Starting point is 00:07:08 in the market called Navicam that is a magnetically actuated pill that swims around in your stomach. We're just kind of trying to do that, but without the capital equipment, turn it into a Zoom call. Got it. Got it. Okay, cool. Cool. And eventually, you know, you'll add in some sort of like therapeutic or treatment, right, to finish off that TX that you, that you mentioned earlier. Absolutely. I mean, our goal in the short term will be get the platform working, start to kind of disrupt the endoscopy, you know, patient population space, make it easier to have a look around. Next, put tools on it, do tissue sampling, maybe, maybe play around with a microbiome. Who knows? You know, it's kind of like the magic school bus. but the real dream of this company is to go to rice grain size and make little tiny, creepy, crawlies that could do brain surgery, right? That's really where we want to go.
Starting point is 00:07:57 Oh, cool. That's awesome. All right. So, and then in terms of like where the company is today, and again, I mentioned we're recording this late 2022. So give us a sense for where you're at in terms of development, regulatory, et cetera. Sure. Well, the company started with a long walk at Burning Man 2018 when I decided that I had had enough fun with giant Tesla coils in the desert. and we wanted to go to Silicon Valley and be just as bold in Silicon Valley as we had been out in the desert.
Starting point is 00:08:25 And so we didn't know how to launch a company. And so we went to our local chapter of the Founder Institute in Silicon Valley. And they helped us incorporate in March of 2019. Since then, we've raised a couple rounds of funding and basically gone from a notebook sketch of what we thought a robot pill might look like to a bunch of robots. We swallowed it through our own bodies and done cadaver studies. We finally got really awesome doctors on board. And I think we're kind of, we're off to the races. Our next big step is maybe improve the video quality a little bit and go do some IRB trials.
Starting point is 00:09:01 Got it. Okay, cool. Very good. And if you're listening to this interview, we'll definitely link to Tori's LinkedIn profile in the kind of the summary article for this interview on MedSide. or also linked to the company as well, which is India. I'm going to continue to like mispronounce it. Indiotics. Indiotics.
Starting point is 00:09:20 Why can I not say that, Tori. Jeez, this is crazy. So, but, but joking aside, for those, for those listening, it's E-N-D-I-A-T-X.com. That's the website. If you, if you're listening and don't get a chance to get to the show notes and you want to learn a little bit more about the company and the device, E-N-D-I-T-X.com. All right. So let's step in the old, excuse.
Starting point is 00:09:41 me, the old Medsiter Time Machine and go back to sort of the formative years, right? You mentioned, you mentioned Burning Man and maybe we'll have a chance if we have enough time to kind of get into that a little bit because I'm super curious about that experience has kind of led to the formation of the company. But take us back to like those very early days, you know, and when you think about some of the things that, you know, there we go, yeah, there's the, that's such an awesome picture. Tori's showing me an image of kind of the creation at Burning Man in the desert of northern Nevada. But take us back to those early years, right?
Starting point is 00:10:14 So like, you know, 2019, you start to work on this product. What are some of the key things that, you know, when looking back at that time frame that you learned, developing the, you know, the first alpha and beta versions of the device? Well, tell you what, you know, we didn't have any idea exactly what our robot was going to look like or exactly what it was going to do. We were just convinced that if you can, put a tiny robot in the human body that can operate under its own power kind of remotely, then that's got to unlock some amazing things in the world of medicine.
Starting point is 00:10:52 That was kind of the premise that we started the company with. And so I think we went through something like 32 different brainstorm ideas of how you might move in the human body, right? Undulating worm-like motion, swimming, crawling, legs, just like every kind of weird thing. I think when we started tying pig intestines in knots using contra-rotating corkscrew geometry, we were, I had already been fired from my previous job because I think I was maybe focusing on the founder institute a little bit heavy, which is ultimately very important. But we had no idea what it was going to look like.
Starting point is 00:11:30 But my older brother, Ben, is an ER doc and a flight surgeon. He was there when we were playing with the pig intestines. And he said, Tori, you want to own the whole GI tract. And I respect that. But if you were able to just drink a bunch of water, your stomach would temporarily just be a big bag of water and maybe you try a swimming robot. And that was really in, I think that was like February of 2019, when we finally realized, hey, you know, maybe let's just build a little swimming submarine capsule.
Starting point is 00:12:02 And that's when we initially started going to like quad pump jet geometry with four little propellers. Now we're down to three just doing like basic X, Y, Z motion. But that really got a start. It was like, okay, we're going to make a swimming robot in the human stomach. And then we started to look at the upper endoscopy market and started to get really excited. Got. And that's, that's 2019. So how long, like, give us a sense for how long it kind of took you to kind of, you know, get to get to a version that you felt good about, you know, kind of pushing forward with. That's funny. So the Pilbot prototype, you know, that I've got on my CAD workstation. right now says Pilbot 27.
Starting point is 00:12:40 And there's so many more revisions, right? Like, you know, we started with football-sized prototypes that we could build just using like off-the-shelf Raspberry Pi hardware. From there, we were able to raise a little bit of money from, you know, crazy people in the art community that has sort of seen us not give up on other projects and said, why not? Let's support them, you know, with a medical device startup. We went to custom electronics, and that was a big step for us. we went to about the size of a Red Bull can.
Starting point is 00:13:09 That wasn't very exciting to very many people, but it did allow us to sort of get some momentum. We went down to thumb size by the end of 2019. Very early 2020, we shot a music video of a thumb-sized prototype swimming around in a fish tank, and that really started to get people excited. By June of 2020, I had swallowed the first robot with the help of my entire team on my couch,
Starting point is 00:13:33 and we actually got some live video, and we sort of have one of those woe moments where, like, even though we had like pretty bad video quality, and we still have a lot of challenges optically, we saw stuff and we saw stuff that was striking enough to realize, like, I think we're really onto something here. So it took about a year and a half before we really got technical traction. God, I think that's helpful for those, for those listening. I mean, that, from my perspective, seems to be pretty fast, really. I mean, considering the kind of the innovation that you're working on and, Tori's, you know, while we're talking to your, Tori's showing me some of these early versions, right? They were literally like, you know, a capsule that is kind of like the, you know, like the size of the
Starting point is 00:14:13 footprint of like maybe an iPad, right? And now you're down to thumb size, you know, within, within a year. And then within another six months, you're, you're actually swallowing it yourself, you know, you know, forget, forget, you know, you are first in man, right? I mean, you did it, did it, I swallowed the advice yourself. I've, I swallowed 15 of these. And as for the other three that went in my body, let's just say they're addressing. a market about twice the size of the stomach market. That's great. So before we kind of jump to getting your thoughts on sort of like navigating, you know,
Starting point is 00:14:45 the regulatory waters, for other, you know, founders, whether, whether engineers, physicians, etc., that are working on a med tech or health tech product, what would you say, like, are the top one to two things to keep in mind as you're iterating on some of these early, these early, you know, concepts? Well, just understand there's kind of a sacred bond between the investment community, and the founding community. And just understand that a lot of the investors you're going to be speaking to are founders themselves, right?
Starting point is 00:15:13 And so more than anything, if you have an idea you're really excited about, build some version of it, even if it's like a concierge version that is not anywhere close to your final product, but just build some version of it using the resources you have. Reach out to the investment community and friends and family, anyone who will listen, and basically just say, hey, I'm really committed to this. This is what I can build now. Would you like to get involved in a modest way and help me get to the next level? And as you go step by step, you get to kind of take credit for your humble beginnings,
Starting point is 00:15:47 show a trend line that, you know, month after month, round after round, you can make things better. And you kind of start to build up this fun momentum, right? So for us, you know, anytime I hand someone a pill and they say, oh my goodness, I can't swallow that. It's huge. well, I can show them a picture that goes back years where it gets a lot smaller over time. Right, right. That's such a good thought. And it's such a good point.
Starting point is 00:16:10 I am reminded of a quote from David Sacks, who's kind of well known for being part of the PayPal Mafia, runs Kraft Ventures now. And he, you know, a phrase that he opt that I've heard him often use is like, you know, when I'm getting a pitch from, you know, a startup, a startup founder, you know, my response is always like, don't show me the deck, show me the product, right? And that speaks to your point about, like, look, I mean, yeah, you can, you can have like a lot of these other sort of functions and your roadmap nailed down in terms of like what's needed for regulatory clearance. Who's going to, you know, you've got coverage and reimbursement nailed down. But if you actually have some semblance of a product to actually show, it's that much more compelling to kind of woo, you know, financial partners and get them on board.
Starting point is 00:16:53 You know, the interesting thing is in 2019 when I would go pitch the company, often with members of my team or sometimes a lot. I would have a backpack and it would have the football size prototype and whatever hardware we were working on at the time. And the really satisfying thing is just as the months and years roll on, the tangible product we're working on gets smaller and smaller. So, you know, I can hold this up to the camera. Our latest robot pill is the size of a pill camera finally. And, you know, we machine these little titanium capsules because, you know, we're hardcore
Starting point is 00:17:27 machinist maker types here. We've got all the cool equipment. But it's amazing to just be able to have on your keychain your entire company and sort of by extension, all of your hopes and dreams. That's right. It's a valuable, valuable keychain for sure. Actually, actually, it's about 35 bucks of parts right now that goes into a pillbox. So it's, you know, it's kind of fun to just be able to say, like, honestly, if we can
Starting point is 00:17:53 pull this off, I think we're going to drastically change the sort of cost and accessibility profile of the upper endoscopy world. That's going to be pretty cool. Yeah, yeah, no doubt. Okay, let's transition to regulatory. You mentioned pill cam, you know, which was, I think, I don't remember when Metronic acquired that technology, but there's some existing devices, right, in the space. So when you think about kind of the regulatory path for your particular device, like,
Starting point is 00:18:21 how have you gone about it? Is it like, you know, clearly, you know, clearly kind of following, you know, predicates and trying to ensure a clear submission with FDA or, you know, what are your general thoughts on the approach that you've taken us far? Sure. So we're standing on the shoulders of giants, right? We mentioned Giovanni DiNaple and what he's done bringing pill cam to home, right? Geo is working with Amazon so that Amazon will get pill cameras physically to someone's home
Starting point is 00:18:48 and then the person swallows the pill camera and then Amazon Web Services handles all the data. It's actually kind of brilliant. We've been swallowing pill cameras for 25 years, right? So there's a lot of regulatory precedent for electronic capsules in the human body. That's huge for us, right? We need to give a lot of credit to that. And then similarly, we need to give credit to the fact that there are moving pill cameras in the human stomach thanks to Navicam and the amazing work that they are doing with magnetic
Starting point is 00:19:17 technology, right? You just crawl into a machine and they are able to induce very, very exotic motion, you know, to visualize the human stomach. we are hoping that if we take pill cam at home and a moving navvy cam in the stomach in a hospital setting, and we show FDA that we have a little swimming robot pill that squirts water in fancy ways to move around, we might have either a 510K-style path through FDA or possibly like a de novo-style path, both of which are heavily reliant on existing predicates like those out there. When you get to a PMA, that's where the number of years really starts to pile up.
Starting point is 00:20:01 And venture capitalists have good reason to be a little skeptical. Got it. Got it. That makes sense. And hearing you describe sort of the smash up reminds me of a conversation I had with Heather Underwood with Evo Endo recently. Heather is an amazing founder. Oh, do you know her? Oh, absolutely.
Starting point is 00:20:18 So Heather is one of the superstars going through the MedTech Innovator cohort right now. Evo-endo is basically an endoscope that can be used without traditional levels of sedation in a hospital setting. She is drastically expanding access to procedures like this. I like to think when I'm hanging out with Heather that her endoscope is kind of like the battleship of upper endoscopy equipment. And mine is almost like the little scout plane. And it's really cool. I'm honored to count her among my friends. Yeah, that's a great, that's a great sort of like picture to paint for sure.
Starting point is 00:20:58 But yeah, I mean, she's phenomenal. I mean, I don't know her. You sounds like you know her well, but we recently had her on the program and incredibly thoughtful, very smart and Evo Windows certainly on, certainly onto something. But she mentioned something that they learned early on is like, you know, in looking at other technologies that sort of serve as predicates, we got into this conversation around, like, look, your thing, right, your device, your idea, et cetera. it doesn't have to be like just revolutionary, like completely game.
Starting point is 00:21:24 A lot of times like your biggest wins will be kind of mashing up, you know, certain parts or certain aspects of existing technologies into something new and better, right? And it sounds like, you know, you've kind of taken a little bit of that approach, you know, where you're kind of combining this idea of traditional pill camp, but then also leveraging like this the swimming sort of element from other technologies. And boom, you've got a much better kind of technology on your hands. Honestly, you really just like you really nailed it there. Because you just want to look at what is a doctor actually doing?
Starting point is 00:21:54 What is a patient's experience actually like? And then ask yourself, you know, can I make some technology that can fundamentally change some tangible part of that landscape, right? So with Heather, with Evolendo, they're basically saying, dude, you probably don't have to knock everyone out to give them an endoscopy. Let's make an endoscope that you can send down through the nose easily. just put a little like a little nasal spray to kind of make it a little bit more mellow. And all of a sudden, you're drastically lowering the barriers to entry for millions of patients. You're making it easier for a patient to get that procedure. For us, it's kind of a similar thing.
Starting point is 00:22:34 We look at a patient that might have, say, gastritis, you know, it's an inflamed stomach, maybe some ulcers, right? You look at their journey and you ask them what their experience is like. And usually they'll tell you they went to the hospital. bunch of times before a doctor got to spend five to ten minutes looking around with an endoscope and tell them they had gastritis. So our question is just maybe we could shift that hospital journey into a Zoom call for a fairly large population of these patients, right? And that's where our little swimming robot pills at home, or even a clinic, might actually be relevant. Yep. I'm thinking about a book that I often recommend to a lot of people around this idea that's
Starting point is 00:23:18 called, it's written by Austin Cleon called Steel Like an Artist. And the whole kind of the premise, if I had to sum up the book, is this very thing that we're talking about, right? Like the best ideas typically are just kind of mashups or stolen, not just stolen, but kind of swiped, you know, or, you know, from other, other verticals, you know, other existing technologies and other spaces, and you're kind of leveraging and building upon the work of others to create something new and better. What we're really leveraging here is just kind of the amazing world of drones and multi-copters, right? You see such cool stuff happening with people flying drones around. And we just said, maybe we could do this in the stomach. This could be pretty cool. Yeah, that's so interesting.
Starting point is 00:24:00 I never thought about like that. I mean, that's a great example, right? I mean, you've got all of this technology in drones, right? And just miniaturizing that and applying that to something that's useful inside the body. That's a pretty cool way to think about that. Tor, you mentioned kind of the path forward and it could be a it could be a more straightforward 510K, maybe a de novo. You know, how are you thinking about kind of the clinical data that you may either may need for your regulatory submission or that you'll need just in general to validate certain aspects of your technology moving forward? When you think about kind of that roadmap, how have you gone about, you know, building out
Starting point is 00:24:37 that kind of that clinical strategy? Sure. Well, I think our plan is to try to hit market sometime in 2026. and we're anticipating, you know, I don't have the exact figure, but it's going to be several hundred patients at least, right? We're going to need to probably look at what Navicam did when they went through, which is basically let a patient get an upper endoscopy, right? Then probably on the same patient, you know, have them have them swallow pill cam, or pill cam, that's such a slip of words, have them swallow pill bot and see if you can get some kind of equivalent result.
Starting point is 00:25:15 something where a doctor feels satisfied that they could do a similar level of job. With Navicam, you know, in the market now, we might even want to compare directly to how they're doing, right, and just say, hey, can we do this remotely? That would be kind of cool. Ultimately, it's going to take several hundred patients, maybe more. But that's where your partnerships with doctors become very important. You know, the doctor that's on our board of directors, you know, who's actually really been an instrumental, part of the development of this technology, Dr. Vivekumbari from Mayo Clinic, you know, he runs their GI program out of Jacksonville, Florida. And Mayo is like number one in the world for
Starting point is 00:25:55 gastroenterology. And, you know, he's doing 1,200 plus patients a year himself. I think his clinic is doing like 300 a day. You know, I think we should be able to enroll fairly quickly. The only caveat here is just, you know, sometimes it makes sense to work with clinics all around the world, just so that that you can get feedback from all sorts of different kinds of doctors and patient groups. And then, you know, when you finally do get market approval, it's kind of nice to have people out there in the world that are aware of your technology and want to give it a shot. Yeah. You know, there's a couple, you know, hearing you kind of describe that, that thought process and what the, what the road looks like over the next, you know, two, three, four years.
Starting point is 00:26:38 A couple, a couple follow-up questions come to mind. So one is, and it's more of a comment. It's like, you know, you started the company early 2019, and you mentioned earlier, you know, kind of the, the how you've gone about the capital raises, right? And I think it's just, it's a relatively, you know, straightforward point. But for any, you know, med tech entrepreneurs that are thinking about this, think about that timeline, right? I mean, seven years later, you're, you know, hopefully you're, you're eventually going to commercialize your product. I mean, that's a long time, right? That's a long stretch. You're going to most, unless you're, unless you're a self-funded kind of, you know, multi-millionaire.
Starting point is 00:27:13 you're going to need, you're going to want and need, you know, financial partners. So be thinking about, like, you know, how to go about that and what are your key inflection points, you know, where you're going to need to raise, you know, rounds of financing. Right. A couple of points here. So first of all, take advantage of grants, start your grant applications as early as possible. We're, we are such grant slackers. We haven't yet filed our grant applications. And we're well past the point of traction where I think we can actually land grants. Right. So it's, it's definitely time for endiotics to take advantage of that. However, you raise a really important point, which is like, say you had all the money in the world and you could self-finance things. That is convenient,
Starting point is 00:27:53 but it doesn't actually accomplish one of the most sacred things that you can do as a founder, which is convince someone other than yourself that your team and your idea has merit, right? And so with endiotics, we never wanted to position this company as like an impact startup, which is kind of like save the world by investing money in us. I mean, yes, we think we can drop the price of an endoscopy, maybe by an order of magnitude. That's really cool, right? We think we can really impact the world.
Starting point is 00:28:25 But I'm trying to make a case to venture capitalists that this could be the best investment of their lives, right? Try to build a startup that is exciting, right? You know, this is an incredible ecosystem, and it doesn't just have to be about one sort of, you know, vision for like a better health future. This is part of cutting edge technology affecting people all around the world. That's fun.
Starting point is 00:28:51 So with that being said, it's a bit of a bloody street fight to get your technology funded. Even if your, even if your company is right on thesis for an investor, you know, that rarely turns into a check, right? know, fundraising might have like a 1% hit rate, which just means you need to get rejected hundreds of times to pick up a couple of checks. Right. Hey there, it's Scott, and thanks for listening in so far. The rest of this conversation is only available via our private podcast for MedSider Premium Members. If you're not a premium member yet, you should definitely consider signing up. You'll get full access to the entire library of interviews dating back to 2010.
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