Objectives: Learn actionable lessons for the foundation of an entrepreneurial venture. This structure will fortify the chance for a successful outcome whether it be a start up or private practice. Know your "Why" and the commitment to that why. Define a problem and novel solution. Build a trusted team and lean in with integrity.
Introduction: Dr. Kathy Fields and Dr. Katie Rodan identified a large consumer need shortly after graduating residency at Stanford. Acne sufferers had tremendous self-esteem issues and little access to satisfying remedies. Pharma was uninterested in the small acne market. Cosmetic companies made good skin better and doctors only had harsh treatments.The doctors invented a paradigm shift in the treatment of acne, sold via informercial using celebrities and changed the face of America and then the world.
Materials / method: Business experience
Results: 2 Separate Billion dollar companies targeting common visible problems.
Conclusion: Doctors are uniquely positioned to identify important and overlooked problems. Finding novel solutions and then actioning those solutions on a large scale is hard work but can be immensely satisfying and lucrative for the doctor and life changing for patients.
Disclosures
Did you receive any funding to support your research for this TOPIC?
No
Were you provided with any honoraria, payment or other compensation for your work on this study?
No
Do you have any financial relationship with any entity which may closely compete with the medications, materials or instruments covered by your study?
No
Do you own or have you applied for any patents in conjunction with the instruments, medications or materials discussed in your study?
No
This work was not supported by any direct or non direct funding. It is under the author's own responsability This is a presentation of two companies I co-founded which have sold and I am no longer involved with.