What’s the biggest change or milestone your institution or venture has experienced since participating in VentureWell programming?
My company, Medtric, is commercializing an antimicrobial platform technology that employs botanical actives. Our primary shift was pivoting away from a medical device-focused sector to more consumer-oriented, U.S. Environmental Protection Agency–regulated product offerings. The medical space was too crowded, and there were some U.S. Food and Drug Administration–related rule changes (in addition to a high bar to market entry) that made pursuing health/medical products difficult in the United States. As a result, we looked at overseas markets (over-the-counter segment) and ended up licensing to a foreign partner.
Looking back, what advice would you give yourself at the start of your journey?
We came into easy, non-dilutive money when we first started. While not frivolous, we spent that money on expenses and consultants that ultimately did not provide the value or the type of de-risking that we wanted. We could have been more deliberate in maximizing return on the dollar. Having mentors with our best interests in mind and who have similar lived experiences would have been very helpful. You learn hard lessons along the way, and some things you just don’t fully understand (whether technical or business-wise) until you are older and have more grey hairs. Such wisdom only comes with age.
Where do you see yourself 10 years from now?
With VentureWell, of course! For Medtric, I’d like to see our business expand into the domestic market. It’s been a real desire and dream to be able to have our own products in the consumer space and be able to purchase our technology off the shelf. We’d really like to find the ideal business/commercialization partner that is aligned with our values and mission and can deliver best-in-class products to the customers. We’re still working on developing new technology variations and use cases.