In this episode, Hall welcomes Faris Ghawi of Vytalize Health. Vytalize Health enables primary care providers to enhance the scope of care provided for Medicare patients. Their comprehensive services include in-home, remote and brick-and-mortar care, as well as on-demand urgent care.

Faris provides advice for investors coming into the healthcare space and highlights how the space has changed.  As Faris explains, a successful healthcare technology is about "cutting costs, and capturing savings, and sharing savings out of the value that's created in the system". The emphasis is on creating efficiencies and aligning the economics of all the stakeholders. Faris discusses how and why Vytalize focuses on Medicare, and where they fit into the overall landscape. He also touches on the cost savings goals that a value-based startup should be looking for. Finally, Faris talks about how the value-based healthcare is being received by the larger market.

I meet a great number of entrepreneurs and have seen numerous approaches to raising funding. Some approach it as an opportunity to meet new people and explore another part of the entrepreneur ecosystem. Others see it as a chore that distracts from the real business such as product development, closing sales, creating the next unicorn (take your pick).  

Some bring their sales skills to the process and are quite good at meeting investors, listening to their concerns, and closing the deal. Others expect the investor to be bowled over by the idea, the pitch deck, the rock-star team (again take your pick). When that doesn’t happen they look at it as a failed meeting.

The key is to bring your best game to the meeting and treat it as you would fishing. 

In fishing you have to set the bait and be patient for the right fish to come along.  

Just like you can't rush a fish to take the hook so you can’t rush an investor.

If you don’t get a bite in one place you can move to another location or you can stay where you are and change the bait.

I see entrepreneurs setting specific time schedules for their raise.  This is the same as casting the line and then saying “By 3:25 we will have our first fish”. The fish rarely work on your schedule. Investors won’t either.

While a fisherman can throw a stick of dynamite into the waters to expedite the process, this is where the analogy ends as you can’t do that with Investors.

Fundraising is like fishing. It can be a joyful experience or a terrible one. It takes the right place with the right bait and patience.

Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding.

Let’s go startup something today!