Today’s medical residents have grown up in a tech-obsessed world and are fluent in digital technologies, making them poised to deliver tomorrow’s lifesaving inventions. A “serial entrepreneur” with decades of success shared her best tips for bringing new innovations into fruition at a special education session for residents during the 2014 AMA Annual Meeting.
Julie Goonewardene (pictured right), president of Kansas University Innovation and Collaboration and a public member of the AMA Board of Trustees, gave residents her insights on the entrepreneurial process.
- Be sure you’re ready for intense challenges. Prepare yourself and your family, because starting a company or developing innovations will consume you. “Are you willing to mortgage your house? How long are you willing to go without a paycheck?” Goonewardene asked. “It’s going to take twice as long as you think it will.”
- Figure out your funding. “Getting money is a lot like dating,” Goonewardene said. “You kiss a lot of frogs and always try to put your best appearance forward.” There are a lot of ways to secure investors, but don’t sign any deals until you have cashed investors’ checks, because many get cold feet and back out.
- Build a great team. Goonewardene said the team you have is critical. “People affect outcomes,” she said. “Focus on gurus in the industry, thought leaders. They’ll have the networks, can access customers and get people to buy your product.”
- Get your school involved. Goonewardene encourages residents to talk to their university offices early in their business-building process. “If the office is any good, they’ll help the resident,” she said. “[The university] is better served to have a successful company in their backyard.”
- Be smart about your legal structure. “I can pinch a penny twice, but there are two places you should never, ever economize—don’t economize on your accountant, and don’t economize on your lawyer,” Goonewardene said. To be successful, you have to be able to completely trust the people in these roles, and they need to be great at watching your best interests.
