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Conversation
Highlights
Welcome to another episode of Category Visionaries — the show that explores GTM stories from tech’s most innovative B2B founders. In today’s episode, we’re speaking with Dr. Nan-Wei Gong, CEO & Founder of FIGUR8, a musculoskeletal (MSK) health and injury data solution that has raised over $40 Million in funding.
Here are the most interesting points from our conversation:
- Origin and Evolution: Nan-Wei’s journey from a musician and material scientist to a tech entrepreneur was fueled by her fascination with sensor technology at MIT’s Media Lab, leading to the foundation of FIGUR8.
- The Entrepreneurial Leap: Winning the MIT $100K competition shifted Nan-Wei’s trajectory towards entrepreneurship, demonstrating the potential impact of her sensor technology in the market.
- The Mission of FIGUR8: Nan-Wei discusses FIGUR8’s mission to revolutionize MSK health by making comprehensive biomechanics assessments accessible and efficient for everyone, shifting from elite sports to a broader healthcare focus during COVID-19.
- Challenges of Introducing Technology in Healthcare: Introducing new technology into the conservative field of physical therapy presented unique challenges, requiring FIGUR8 to adopt a comprehensive solution approach beyond mere hardware sales.
- Commercial Strategy and Customer Engagement: The discussion delves into FIGUR8’s B2B model, emphasizing the importance of understanding the complex ecosystem of payers, providers, and patients in healthcare to successfully introduce and market new technology.
- Advice for Entrepreneurs: Nan-Wei emphasizes the importance of being close to customers and the value of aligning a tech startup’s goals with those experienced in the healthcare industry, underlining the significance of addressing real problems to achieve sustainable growth.
Actionable
Takeaways
Leverage Personal Passions to Innovate:
Nan-Wei's journey from a passion for music to pioneering in sensor technology underscores the value of leveraging personal interests to innovate and solve real-world problems. Entrepreneurs can benefit from exploring how their unique interests intersect with technology to create novel solutions.
Participate in Competitions for Validation and Exposure:
Winning the MIT $100K competition was a pivotal moment for Nan-Wei, highlighting the importance of participating in entrepreneurial competitions. These platforms can provide validation, exposure, and the confidence to pursue entrepreneurial ventures.
Pivot Strategically to Align with Market Needs:
FIGUR8's pivot from focusing on professional sports to healthcare during COVID-19 illustrates the importance of flexibility and strategic pivoting to align with market needs and opportunities. Entrepreneurs should remain adaptable and responsive to external changes to sustain and grow their businesses.
Understand the Ecosystem of Your Industry:
Entering the healthcare market required FIGUR8 to deeply understand the complex ecosystem of payers, providers, and patients. Entrepreneurs should invest time in comprehending the intricacies of their industry’s ecosystem to identify where their solutions fit and how to effectively market them.
Build a Team with Industry-Specific Expertise:
The recruitment of a commercial team experienced in healthcare was crucial for FIGUR8's go-to-market strategy. Startups should prioritize hiring individuals with domain-specific knowledge and networks to navigate industry challenges, streamline market entry, and drive growth.
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