Reaching a Hyr Pitch: Winning Lessons from the Medical Capital Innovation Competition

January 29, 2018

By Manoj Jhaveri, President and CEO, Hyr Medical

I guess you could say that competition is in Hyr Medical’s DNA.

I’m not only referring to the natural state of competition among businesses vying to gain customers in a market — but also to actual business competitions.

I met our company’s co-founder, Dr. Faris El-Khider randomly at a startup weekend competition at Cleveland State University in the fall of 2016. Faris and I worked together pitching a business idea to improve the scheduling of residents at hospitals, and to our surprise we won first place.

Based on our successful experience at the startup competition, we continued to collaborate and created the concept of a web platform for hospitals and physicians to match up and communicate directly for “locum tenens” – freelance work by physicians.

We co-founded Hyr Medical to commercialize this platform which can generate significantly higher rates for doctors, and increase the process speed for credentialing, scheduling and screening for practitioner quality.

At this early stage in our company’s evolution, another business competition was critical to our success.

In January 2017, Matthew Miller, vice president for Health IT and Services at BioEnterprise and a mentor to us, encouraged us to enter the inaugural Medical Capital Innovation Competition. He thought it would be a great opportunity for us to network with top industry people and actively pitch our concept.

Matthew was right.

The scale was bigger than we had seen before. More than 180 companies applied to the competition, and these were whittled down to 27 really impressive companies for the April 2017 competition.

The Medical Capital Innovation Competition really confirmed for us that we were going in the right direction. There were 15 judges who felt Hyr Medical was solving a big need in a strong market. We won third place in the professional division, which was exactly the validation we needed.

For other companies interested in applying to the 2018 Medical Capital Innovation Competition we offer the following advice based on our experience:

Make sure all your founders are present to present: We were the only team there with all our founders participating in the pitch. The industry mentors and judges at the competition want to meet the key people who formed your company.

Share your go-to-market strategy: A lot of companies don’t articulate their go-to-market strategy when pitching, but the judges want to hear it.

Listen to the mentors and be flexible: We received great feedback from the event that led to real changes in our approach and pitch.

Be open to the advice you receive from the mentors and judges: Constructive criticism can be critical to positioning your company for the competition after and outside of the Innovation Competition!

About Hyr Medical

Manoj Jhaveri and Dr. Faris El-Khider are co-founders of Hyr Medical, which has developed a web-based platform to directly, efficiently and transparently connect freelance healthcare practitioners and facilities. For more information: Hyr Medical

Hyr Medical won 3rd Place/$15,000 in the inaugural Medical Capital Innovation Competition Open Division.

 

About The Medical Capital Innovation Competition

The Medical Capital Innovation Competition is an interactive two-day event, April 23-24, 2018, that rewards the best innovations in healthcare IT. For more information: medicalinnovationcompetition.skild.com. The Medical Capital initiative is a collaboration of Cleveland’s internationally renowned clinical, educational, and research institutions, philanthropies, government, and economic development engines. Convened by BioEnterprise, the initiative promotes the vibrant biomedical and healthcare industry in the 18-county Northeast Ohio region. For more information: www.TheMedicalCapital.com.

 

About BioEnterprise

BioEnterprise is a business formation, recruitment, and acceleration effort designed to grow the Northeast Ohio healthcare industry. Located in Cleveland, at the Global Center for Health Innovation and in University Circle, BioEnterprise provides management counsel and support services to health IT, medical device, and biopharmaceutical companies. In addition, BioEnterprise convenes and leads strategy for industry-building initiatives such as The Medical Capital, HIT in the CLE, and the Global Center for Health Innovation. BioEnterprise founders are Case Western Reserve University, Cleveland Clinic, and University Hospitals. Additional technology partners include the NASA Glenn Research Center, Cleveland State University and BioOhio. Since 2002, BioEnterprise and its partners have created, recruited and accelerated more than 350 health IT, medical device, and biopharmaceutical companies, and have helped these companies raise more than $2 billion in new funding. To learn more: BioEnterprise.com.