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HRX Roundtable - EPs as Entrepreneurs in Medical D ...
EPs as Entrepreneurs in Medical Devices – Lessons ...
EPs as Entrepreneurs in Medical Devices – Lessons Learned
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Thank you very much. If you have any questions, you guys are all prepped to see Narcissus Full Time next spring, aren't they? Thank you. because we can connect to the patients, yeah. Yeah, that's it. Thank you. I think that's really important, right? I also have an entrepreneurial side, getting back to practice, I think, keeps me informed. I mean, I think that's very critical for us. Could we maybe go the other way and talk about some challenge, but like the most, what would you characterize as the biggest challenge in your entrepreneurial journey and what you learned from it? It's always the biggest challenge, but there's no need for it to be. Maybe you have to know, I don't know who is the head of innovation with the New York City, so I don't need to get this from you, it's just out the road. I do think that, I've been in innovation for many years and many, many summers. So if you call me, this is really what it's been helpful for me, both in the start-up side, as well as actually working in the industry with a large company, with a group of people with a lot of responsibility for the budget, but also for like New York, to start up with a major company and have just the right resources and the right tools. So each of me is like, do you know the children's game? It's a blackboard, where you have the board and you can control it's tilt on both sides and you've got the marble and the metal, the metal ball. So instead of doing like this, it's like, there could be two controls, one of them is click on and the other one is clicking. And those are the two major things that you're going to have to deal with. And the ball itself is clicked on all of us. And the slower the ball is, the more likely it's going to have to go, to make a roll in the lab, but the quicker the ball lands on the ground, the quicker all of us, the greater the chance that you're going to have a rolling or surviving the pitfall. It's like, so click on one of those games and play that game, and try to get that ball in your hand. And then you'll see that it just translates very well when you're with a standard company or with a certain set of quirks and certain reliance on kind of what you feel like you have to deal with. And you understand that finding and managing timeline temperature, timeline is nothing in the universe of the marbles, but it's sort of like, makes sense, you know? So that's mentally been helpful for me as a part of other people who work with a company or a project or two projects kind of come together to figure out how to put all of these two pieces together. Yeah, that's just, I've always got that running in me, so it's kind of like, just saying, just that, I don't know, I think that's a great idea, actually. You expect these challenges that we face, you expect, you're sure, and I think personal tolerance is also a big issue when you're working, right? So, you know, if you're trying to do self-practice plus develop something, you're gonna have to make sacrifices, and I think that really keeping your eye on the horizon for that, that this is not about writing papers, this is not about getting some academic current knowledge about delivering sexually validating patients and ultimately when, in a spinoff, trying to do that, to look at the value for an investor, the biggest and difficult challenge is to also be interpersonal, right? It's always gonna be a conflict of interest. People are doing all the job that you are not committing, and these are, yeah, and certainly these challenges we face, particularly in the early stages, getting something out from the academic and current environment into where you are into the business environment, entrepreneur side, and I have to get back to that, you know, a lot of times it'd be less, I don't know, less than, you know, our timelines and our urgency. It's still a challenge, and the big challenge is, you know, trying to help the right people at the right time, at the right place, what's the best way to help the right people? If you're doing this for me, if you're doing this for others, and if you're doing this for me, do the things that you're doing with them, what's the way to go? Trying to help the right people, and the reason why is there, we just have to look at it from a talent perspective, it's do I put the right people here? Do I put my personal talent, my personal resources into doing the job? So then the big challenge for me, and then the next challenge is, do I find the teams, try and get a group of human teams, and those are challenges, and you still have to think about it as work, and it's expensive work, but you appreciate that it's on my team, and it's what's right, and then the way I like to think is, I want to help the market, and then what that feels like, each time you're going to do this, you're going to have questions, you're going to have these questions, and you're going to have to question them, first time, and then it's the next challenge in the meeting, which is, how do I know if I have it, if it's sticky? How do I know if I have it, if it's sticky? When you're using your body, each of these challenges, the next time is always better than if you do them by yourself, so I don't go through each one, personally, I just do them in my head, thinking, I'm talking to my own experts, and moving forward, and so it's like, what's the next thing that I need to do? I just do it on the job, and that's it. It's good to know, because you're focused on what you're trying to do, because there are plenty of challenges that people are going to probably keep doing this, and I think, from my standpoint, and going forward, what you're used to in pediatric innovation, is not the challenge, what you're doing is, well, it's not perfect, but it's the number of cases, and so, getting investment interest, or corporate interest, in going, in taking your clients, and getting them to go into commercialization, is a challenge, and you have to know that the number of cases per year, is not helping, and you really have to be absolutely, reflective of that, and do what you need to do, and what I said, to go forward, are very hard to beat, and I'm thinking it might be my passion, to be a bit, more typical, technological, but I can tell you, if you, if you don't have the knowledge, you're going to take a major extension of the business, and it's going to take time, and there's a question time, and you have to think about, what you're going to actually do, and it's going to take, I don't know, 70, 30, 80, 20, I always talk to people, I'm 70, 70, and if you can't figure it out, you have a chance to, you know, work on it. That was very helpful, to you, maybe we could, think about it, in some of these comments, and talk about, how you have identified, a client, who is, sort of, you and me, going on the toilet, for hours, doing so on, and, you know, Bill or Peter, who's, a personal CEO, or someone who has, more of an MBA background, and I don't, I guess, know if you guys, do have an MBA background, chatting, when you have a trip, but how do we get, what type of resources, do you use, to identify, or eliminate, that baseline, that I've gotten, because, you know, the elimination, is kind of interesting, by the way, because, so, you know, the, the discovery, the discovery, when you have one, the focus, ideas, and, you know, what we've developed, and so on, and just more, numerous, different, ideas, and concepts, that we've come up, with and, you know, almost always, one of these, the intellectual ideas, and, I guess, the ones that, identify people, who, you know, don't, don't feel like, you know, like, actually, this is not, actually, this isn't, just a, don't feel great, you know, we should just shut that down, stay away, and so, if there are other people, willing to, work along with us, and even, if their skill set, isn't, you know, good, they feel, cannot feel, the fact, that we can work together, and start to develop something, as a team, that's been hugely helpful, that's gone through, the work, we are, at this point, medical, actually, all that work, and a lot of the, initial stuff, years, and years, of, technical thinking, about, the development of things, happened before, we, started out, probably before, we really, I don't find, this wasn't, so bad, that we should just let it die, or, on the vine, so, I don't find those people, who are, willing to go a long journey, with us, and, you know, you heard the example, right, there were people who, came on the journey, and then, contributed, huge amounts, and then, they're not going to be, still with us, on the way to go, and that's a really hard, that can be a really hard, point of conversation, and, I don't know if, Julie, if I'm not wrong with you, I should mention, in personal relationship, and so on, and personal respect, and so on, you have to, you know that you're, prospecting, that, you know, differing, and your aims are differing, and that, I guess, double or seven, once they're still, by equity, doing, I know you're, further, in the, in your, psychological goals, but, when you did identify them, did you use resources, like LinkedIn, initially, or the university, connected you, or something? So, I mean, there's certain sites, right, so, the ones that really worked out, were people, in one way or another, who pulled in, and then, they're not, so actually, I don't know if Steve, you're from there, I still don't know it, so Steve, was someone who, I, being fortunate enough, to interview, from another position, a few years ago, and didn't fit, for that position, but, he was, just great, and, maybe I'm a separate, you know, not, self even, but, kind of keep your eye on that, and then, it was my, own, thing, close to the back, and so, we brought him on board, and he was, the perfect, perfect fit, for that, and he's been a great, great partner, for that, so, keep your eye on it, actually, get some people, who you think, still be, people who think, across individuals, even though, you know, time is low, and so, get more people, come on board, and get, the future, that might be different, next time, okay, good luck to you, and actually, before I jump, you know, we have a lot of room, here, and we have a lot, of audience questions, so, I'm gonna, I'm gonna help us, to make it, as interactive, as possible, because, there's too many questions, and it's a little, awkward, but, please join us, I think you mentioned the idea of the MBI, and I think it's an interesting topic. So the MBI that I did was a job that was really more soft skill oriented. And the MBI that my wife did was at the University of Florida. It was really more hard skill, corporate America focused. And I think the thing about it is that even if you do an MBI, it's not like you come out with some sort of expertise in marketing, or finance, or regulatory, or something like this. I don't quite know, because it really gave me a framework behind my books. A lot of things. I would say that even I've discovered that a corporate, depending on the field, it gets easier as time goes on, because you build a network, and you know who those people are, who you can call upon. But one of the challenges, and one of the things that I learned along the way, particularly from marketing people, is the value that we can focus on abroad. And sometimes you can do it all with an advisory board of a large company, and it's really self-serving, and you're trying to embody and make you feel good, but it's a survival situation for them. But when you're in a survival situation, it's an advisory board member, or you are actually the person who is putting together the advisory board. It's a lot different. And having that skill to actually create the agenda for that advisory board, and to create a scoring system and metrics for every advisory board that you create, and every agenda that you create, every topic that you decide to prioritize, the performance of everybody on that advisory board, the performance of the people within the company who are asking questions and interacting with. Maybe it's camera, maybe it's a camera, maybe it's somebody else, and you just pull them through and you bring them into the institution. But you have to develop metrics for each one of those people and develop metrics for yourself. And actually, develop some type of metric that gives you a sense of did what you create actually produce a positive effect? Did you spend your research as well? And if you did do that, then other people will tell you what your value really is. Maybe they see something in your company that you didn't see at all. And maybe helping just to really assess something that you can relate to and know how to do it. There's so many different ways that they can be helpful. In order to do commercial time and resources, you have to be very honest with those people because they may not be helpful to you, and you may have to tell them, you know, you're not being the guy that we want helping, but we're thinking of you instead. You may say, well, that's sort of tactic that we're working on. That's not always an easy conversation, but once you get teaching to the world's professionals and have some experience with their answer boards, they also accept that feedback well and then they recognize it themselves and sort of get in a good position. I think that's very interesting because, you know, we're a lobbyist on the advisory board. We actually want people more contributing and moving the cost forward. So you still have general advisory board players, managers? We do. But we understand what skill sets we're looking for. We interview people. We like to sometimes give them some time to rehearse, you know, so we want to, like, you know, interview a lot of different people. And sometimes we'll approach people for a certain amount of time and sometimes sort of blend them in and blend them out and make sure they don't have any sort of agenda that you may be creating because, you know, it's hard to have, let's say, a general advisory board members that have, you know, focused groups that are all trying for the same thing, for example. And it's interesting that, you know, in the past, I think people were like, well, I'm going to be part of the advisory board in about four or five years. As you know, the equities company, they're actually demanding that we have more, but they're running 10, 12, 14 people, you know, running those approaches that start with the decisions, you know, equities that's being distributed. But this is what they're running. But you can't get 10, 12, 14 people together anymore. So, actually, we would do like a management and job development work here where we're really focused on to get done what you want within an hour or whatever you can get us. And then we would look at your metrics and sort of like sort of follow your advisory board, maybe a little bit more than that. You know, in a certain platform, maybe you have a name or you have a sort of racial sexuality or something. You know, a few more meetings, that's a sort of the more focused. And then, you know, maybe you have something that's a 45 minutes, but you don't really need a lot of it. So creating that into a task has to be, you know, a little bit more polite. I love that point. Thank you. You know, you were talking about how we change how things are done. You know, there's an overall structure. One of the things that I, as a physician, not a business person, and an entrepreneur, sometimes I think, why are we being recommended by our board to do this? Like, for example, the clinical advisory board. We said, we want a clinical advisory board. And I'm thinking, we're trying to bring a lot of people together. And then, you know, you think about a short reimbursement, but then we're still thinking, how does this work? And then you've got eight people at table who are like, let's help you. So we're like, we actually want to mentor a clinical advisory board in this type of individual discussions. And, frankly, much more valuable, but there's been a reasonable amount of kickback from the board that have been at work. But from the board, we're like, why do we have this? This is how it was done. We've got to do it as a CEO. The question is, who do you find? I like the balance. I like to work at each risk setting. And probably, you know, the biggest risk is losing. You're running out of money. And it's basically a small market. But we started out in 2005, and the world's been an extremely cheap one. Now, we've got lots of different options. We've got to be the CEO. We've got experience. We've got to be brilliant. But then, you know, I don't want to be the CEO. But then, what's necessary? You want to be able to do just everything. You know, I've worked for a few years now, and some of them are very, very productive. And so, the format that we actually needed to do everything was a company of two or three people. And so, I would just commit to this risk setting because of expectations of what people wanted. Because of the potential for future funding, we needed to describe what we wanted to sell by quarter. People might read all of these articles. We can't always sell all of those. And then, collect about 5% or 5% of what we're going to be. We can't do all of that. It's not always like specialized in a particular role. It might be salesperson, things like that, too. We talked about company. It's how can we do it a little bit differently. And then, ultimately, acknowledging the challenges of raising money and the expectations of people in there. You know, it's the team. It's the team. It's the team. And with that, let's kind of start thinking about getting ready to work in this world. But at the same time, sometimes the team expectations might make you a happy CEO. That's actually not the case in our company. People really still try to do it differently, especially if they're smaller CEOs in a company. But maybe it's better to do ourselves a favor and get some of the exact things done. People want to take on a few roles and slow, more slow-paced courses, but those slow courses are really going to be fast. And faster, we can be a little bit more plodding in our personal lives. Okay. We'll go to the next question. Hi, guys. If you could speak to the direction that you're going to have systems and intellectual property sharing. Thank you. At this point, I'd like to thank you for working with me. We're working on a lot of things, especially with people, especially in the U.S., and we're working with people working with intellectual property and other practices in the world. We're really going to distribute some time and, you know, intellectual property sharing in the U.K. with the current government and the university. So I'm excited about that. And we're also working with Christopher. Christopher and I, we used to a student agent, and once they know what they need to do, it's very easy to tell them what they need more to do, or what you want to do more often. I can tell you just exactly what I did. I can tell you what I need to know more often, I can tell you what I need more often, I can tell you what I need more often, but it's so much more powerful, but it's so much more powerful, and it's even more powerful to me. You can actually do stuff on your own, but then it makes you a lot more effective, but it makes you a lot more effective, So, you know, it's very, very difficult to talk to a deaf, a deaf-blind person. May I? So, I also work at a university, so, and you can always ask them, if you have time, and you can always ask them to say, you know, let's negotiate. Don't take it, negotiate. Just say, let's negotiate. What are you sharing with me? Obviously, you don't need a contract. I mean, I think that's fantastic. A lot of universities will not negotiate on it. There is another door, there is another way to go about any type of idea. There's most universities that have advanced disclosure. And if you have advanced disclosure, that there may, let's say, a lawyer tells you that you can proceed or not. And you probably don't want to postpone it, because if they do not proceed with funding for it, then you'll ask for it to be, to return back to you. In my own university, the return policy, you know, they're not allowed at universities. So, in some cities, they return an idea back to me, and I understand that, and so, it takes longer. It might not have, you know, but you can at least try and do this. The idea that you take it forward, if there's any problems, and there's any anxiety, they go forward to deal with it. And it's a very slow process, and the time is when you negotiate it. And it allows you to work on an idea, despite being a university employee, because they already sent, quote, unquote, back to you. Yeah, it takes very long. But, you know, it's true, though. I mean, really, universities are just prisons. They just try and stop you, do whatever you want to do. They give you a certain title. They give you an office. They give you, well, some student fee, give you a clause of being a lawyer. But that is just to, well, they just will stop you there. So, if you want to do this, just don't fall into it. And, you know, universities are like that for a reason. You know, there is the drawing of animation in 3D drawing, say, in the U.S., and there's ecosystems around there. Think back to the university. I don't know if you've seen some of those things, but Stanford has been the uncle of just being works. That is, well, Stanford is the number one student university in the world. That is very, very, very, very, well, they don't actually take a fraction. But the sort of transformation that happens with a piece of very hard funding to develop companies within the university and get more students, I don't think it's absolutely reasonable to tell people, you know, tell your university staff, tell your teacher, like, we might like to do this, go for it, and see me. And, you know, that will be about how people think of it. It's crazy. I mean, you know, I'm not saying I don't think there's a lot of people who want to do this, but I don't think there's a lot of people who actually want to do it. in the rest of the generation. And so I think in practice it's one of the challenges of these kind of terms that I put on the list at the time, which have been mostly taken from these public interests and in part by the power of consumer action. So I think that there's a lot of things to reflect on the potential of that kind of thing. And I think also, my work has started in one of those things I think I did with Congress, right? One of the things that I found in the universities that they actually did to support the university was to protect the health of the community. And I think that some of the potential of the lessons learned in the time of the pandemic and in terms of economic investment. And I think that the university was a pretty bad environment and it really does tend to be misguided in terms of taking money from the country and not being sure about it. So I think it's an example of one of the reasons that the university didn't just do just how it's done in a number of universities in just trying to do as much about the arts as you are. So in order to make it easier, I'm trying to be a little more flexible as I promised you in that $20,000 front door, even more upfront, licensing things like, you know, we can do that in terms of just the health of the state of Minnesota now, but more than Wisconsin has. And I think they're trying to move that way. So I think that's a very great idea as a concurrent. But just to give you some perspective on the, you know, experience of the arts, there are so many strong lessons learned. I don't wanna talk about my background coming from a startup really, but I own a startup based in Israel. And this startup licensed IP from a university, from the Technion. And so there was a professor at the Technion who, you know, came up with that IP. And I don't understand your frustration about the credit the university takes, you know, from the startup itself. The university was in the spot of the board and at the major share of the company. And I was the CEO of the company and as a, you know, a young CEO in a startup, and that, you know, I didn't have a lot of experience, you know, in running a startup. I did find the representative of the university in my board very helpful. You know, there isn't one of us that, you know, in one man, you have, you know, the investors were also, you know, a very, I'm sorry if I could say that, but I'm sorry if I missed that. But the Technion representative was, because he was so experienced, because it was not his first startup, he was able to balance them. So as a CEO, it was really close for me to have a representative of the Technion, the university and the investors. So they can also come to your help, I can tell you that. So just that you're showing that perspective. Well, one of the things is, so, as entrepreneurs, there are kind of individual activities. Like, you're kind of a solo, and so, how, what would you need, and how could we help each other? You know, I remember really seeing, like, Steve Jobs presenting to his computer, you know, kind of this thing, fixing stuff. What kind of ecosystem could we create that would be helpful? You know, like, what ecosystem is normally helpful? Well, you want to know, like, how could we help each other? Or, you know, how could an ecosystem help entrepreneurs kind of, you know, reflect on, is there anything that comes to mind that, well, we could help each other, or something like that? Yeah, so, I think, you know, it's been two years, and we've actually been teaching this since then. And, actually, doing this, I remember thinking that that was an enormous thing, and I think that that came about, certainly, from a very, very organized process. And that means that people ask, they start doing, you know, like, denegotiations about, you know, about how to get, like, the, you know, the university to support that. So, a university that can support investors, even when you're spending, when entrepreneurs, even when you're spending time, we're going to do the work, and start saying, well, you know, I'm a commercial photographer, and I'm just a paper maker. These things make, you know, I've heard a lot about Nicos. It's one more thing to do before I should open QIR. Now, I've been directly supported by having direct time, being able to spend on these things. And so, I think that's something that's, you know, obviously a personal risk to take, that those positions, which are not long-term contracts, are like most positions, certainly, if you can build. Other people, hopefully, who've done these things and have direct, easy-to-manage, spin-out route from the university, which is not going to have a long-term, massive downside for the investors, and is going to be investable. So, it's not going to be a cap table of the university on 90% and the venture on 10%. Well, then you can start to build that ecosystem. And it takes an observation from the part of the world which has got some ecosystem. It's not what it is in the Valley, but, you know, it's going to be understanding of biotech. Well, I have to ask you a question. I'd like to say that production, for me, is probably the most time-consuming part of all of this. But a long way to go. You know, we're trying to collaborate. So, if this is some kind of risky game, and it is certainly a game that I'm a member of, and I don't play with a professional one, so I don't know the cost of everything, what's experienced, I'm working with a company now that has multiple patents. And we are strategically allowing our patents to be violated by a couple of other people, a couple of other companies, who are really well aware that they are violating our patents. At the same time, we know people in those companies, and it's really allowing them to take that and be an employer in their own unique way. Knowing that, at some point, we're going to have to come together, you know, the companies are, what do you call them? The complementary companies, or whatever. So, like, okay, great job, I hope that you were successful. I hope that I'm very, very successful. Now we know that we can do this. We know that this is how we're going to, you know, take this on, or come together. So, but it's, again, it's a strategic allowance, a violation of a value that ends up being created over time. And the more that fails on that basis, you know, in years to come, we're going to be fighting that fight and sort of destroying ourselves. We'll see how that happens, but, again, you know, it's a great job coming in. I think it's the best thing to do, and it's a decision now, I think. Yeah, well, that's something to come together, too. I don't know who I could come together with. I don't know who I can work with here. There are companies, I think, that are competing. We're actually missing talent, and we have to take advantage of it. I think we'll be part of this. We can keep trying to do great things, and we can make it the target. That's an excellent strategy. I don't know how much it makes me feel good, because I can worry about what I do with all of my team. Yeah, we'll see what can, you know, what can you envision with things like that. You know, some supporters, I think, that I'm most in agreement with, have a little more process than that. It's easy to understand, and also not a lot of negotiation with incentives towards the decision. I also think it would be appropriate for products to have a little bit of added care. So, for example, we will support, you know, additional funds, and at the same time, we will have expectations of no pressure on the department to actually have time to do it. One of the serious things along with this is time. You know, it's not a support for innovation. We had it a moment before in the professional, you know, that kind of academic progression. I don't want to go into more. I don't want to go into a major, like, frequent, major record of like a management person to rehash things that we've already gone over, you know, to discuss validity, and to consider me for a grant, even though it's been, like, you know, I kind of like to mention that at point in time. It is a stand-in in the grant. So, there is time hurdles in place having a little bit of the, perhaps, a little bit of a cure, like, hey, here, we're going to support you. But also, it's going to give us some protected time and support there from the division side with the ability to have progress or support to push the, you know, push the products forward. And realizing that time is also important for getting it done and having the speed of the process. So, good question. Hi, I'm William. I'm a senior. I'm a full-time member. I'm a senior off one of my mobile companies. I have a question for you. As you are, I believe, going into your academic career, are you feeling any pressure, any peer pressure or pressure from your fellow at the university to become an entrepreneur or to get a master of it? In some ways, not supported. Not supported. A little bit more in a practical sense. Some people go, you know, we call that the innovation at the University of Wisconsin, and it's a factor in the life of a child, which is true. And that's one of the exact moments I see as a fact. But, you know, the clinical work, that's the expectation to get done. Like, oh, I wasn't expecting to get done. I'm a senior. But there's not really an interesting lineup for, you know, actually working on innovation. So I would say it's still a little bit of a bit supported in us. You know, I would not go into it thinking I'm going to start or take some of the content or things like that to say, you know, I'm actually going to try to approach this a different way. So, no. No real pressure. It's still a blessing once it happens. I'm going to dig a little bit into your balance between your metrics for innovation, right? For example, the faculty that you're going to use. So the University of Wisconsin will be set aside. It doesn't encourage us to innovate. The trouble is, I think, that the universities can compete on how many startups they can get every year. And it's quite an excellent mechanism. But I'm not sure. Maybe there's something I'm better at. Maybe I'm not as good at it. It's an interesting thing that's been going on. I think that's something that the Department of Intelligence is not letting the clinicals say. But maybe it's why the research science is quickly. I wasn't here, so I have to go. Please go ahead. I don't know if this will incorporate it or not. But it would kind of be kind of a draft of the innovator's portfolio, which is to kind of define what innovation is. And I don't know whether people will acknowledge it, but it makes it for framework. I'm sorry. I don't know about that. I think some people do. I just don't work in primaries. That's it. Yeah. I don't know if I'm supposed to be sharing this stuff. All right. I'm just going to introduce myself. So I'm not an AP, or anything like a diplomical. I'm not an academic. I'm from academic background. But now I'm an officer of a company. I work with AP. I work at the Department of Business, as well. I teach at the Department of Foreign Affairs. And I'm from Canada. And I work on the last one. We're a research institution, and the office hours are for the larger institutions. So, a lot of times, because the universities, IP, or whatever you're thinking, they're more interested in getting professional and privacy benefits from their professors, or whatever, they won't really do that. I think that's the whole problem. It's been set up, and it's been continuing. And I think, also, the way we do this, you know that they won't change. So, it's not just for universities in China. China, they're not saying it's more expensive for them. It's like, what do you think? See, they're asking, what are the realities of the moment that they're working with, as a human, or what are the IPs that they're destroying, or that they want to expose to professors? And, you know, a lot of times, they're doing those kind of things, too. So, you know, because most of the time, they have to work with a professor. From this institute, they just have to be IPs. They don't really have to, really. It's really not really. You know, there are a lot of professors in the university that just, you guys, you know, I don't know how many, but there's just so many of these stuff. And, you know, and if you don't see this coming, then, you know, obviously, you don't want to do this. You don't want to do it. But, you know, it's just, you know. So, we've just got, we've just got one goal, which I think, well, that's what we're trying to do, and we're doing it the right way. So, that's our NHS trust. There's a NHS trust in the academic environment, UK government. And so, it's almost impossible for the trust to take an active state in the company. However, if we are more interested, let's say, in an exit event or a valuation event, then the trust would be, the trust would be issued immediately if we wanted to capital. So, that would allow the academic health trust to have a, you know, have an incentive in the company but not only an actual ownership, that's just a trust and a future ownership. And so, that became relevant. And so, that was lessening the old ground that we found extremely useful. Thank you. Thank you. I think that's all the time we have for questions. I have a question about OIP. What is the current role of OIP in dealing with infectious diseases and other devices, chronic resuscitation therapy, and all this? This is a difficult question, but I'd like to know. I don't know. I don't personally know it. So, I don't know what it's going to just be. Why? I don't know if I found a company that's going to be on my hands and doing that job. I don't know if they've had any experience with this. It's a difficult question. I just can't understand it anymore. So, I don't think you know. You just don't. I don't know. I don't think you just figure out how to control it without knowing what you're doing. It's going to take a long while to learn how to do that if there's no evidence at all that you're not doing it. Don't worry. You don't have any evidence that you're supposed to do that. I'll start real quick. I'm one of the earliest and the best doctors that are working with a university in skin protection. That's only two months old and still in the hospital. I mean, that's all she has to do. Okay. That's her job. I don't know if you're listening to me, but I really find that very difficult. It's very difficult. I mean, my experience in the business world I don't have a clue. There's no reason that I can't do this better. If I can do this, I can do this. We've got to figure out what we're doing and how we're doing it and how we're doing it and how we're doing it. I think it's important to note that we're not going to be able to do this. We're not going to be able to plan it out. We're not going to be able to do it. We're not going to be able to do it. If there's a motion statement, I expect it would just have to be by the council. And I don't see it coming. I think it's going to have to be by the council. I don't see it coming.
Video Summary
The transcript appears to be a lengthy and intricate discussion on the challenges and experiences of entrepreneurship, particularly in the context of healthcare and innovation. The speakers talk about the importance of connecting with patients and continue to highlight the entrepreneurial aspect of their careers as a way to stay informed and relevant. They delve into significant challenges like navigating innovation within large companies, managing resources effectively, and balancing entrepreneurial pursuits with clinical practice.<br /><br />Key points include the analogy of guiding a marble on a tilting board to represent balancing various aspects of innovation and entrepreneurship. The speakers stress the importance of interpersonal skills, tolerance for challenges, and patience in overcoming conflicts of interest and institutional hurdles.<br /><br />There are notable insights on collaborating with universities, managing intellectual property, and the value of advisory boards. They discuss the transitional complexities from academia to commercialization, emphasizing the necessity of having the right teams, supportive ecosystems, and strategic alliances. The conversation also reflects on the balance between traditional academic roles and entrepreneurship, suggesting universities need to adapt to foster innovation effectively.<br /><br />Overall, the dialogue underscores perseverance, adaptability, and strategic collaboration in successfully merging healthcare practice with entrepreneurial ventures.
Keywords
entrepreneurship
healthcare
innovation
interpersonal skills
intellectual property
strategic alliances
academic roles
commercialization
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