SaaS platform that wants to become the big data decision engine for doctors diagnosing aneurysms and making big medical decisions. Very early with no obvious product trying to launch in a heavily regulated, anti-innovation industry. Reminds me of Monogram in that it’s a highly speculative business model, but less scammy-vibes, more naivety and startup ignorance.
- Buzzwords I hate, especially together: AI, Biotech, and “zero competition.”
- Team and investors seem to lack people with business and startup experience.
- Underestimating the amount of capital they’ll need to run this ship.
The 6 Calacanis Characteristics (91 161 18)
|1. A startup that is based in SV||Fail: Midwest U.S. (Source)|
|2. Has at least 2 founders||Pass (4)|
|3. Has product in the market||Pass|
|4. 6 months of continuous user growth or 6 months of revenue.||Pass (sort of): Firm was founded in Feb 2019 and revenue was $72k. No reports for 2020.|
|5. Notable investors?||Fail: Mostly rich medical professionals, which is not a bad thing, but no notable VC’s who’ve made big biotech money.|
|6. Post-funding, will have 18 months of runway||Pass: Raised $70k so far, 2019 burn was $12k, targeting $600k, so would have 50 months of runway at maximum round.|
The 7 Thiel Questions (ETMPDDS)
- The Engineering question:
- Maybe: Interesting that the CTO is not the programmer, and rather that’s the COO. Curious what this means as to what Vasognosis thinks their core technology is (which I guess is the prediction algorithm?)
- The Timing question:
- Bad: Not convinced that 2020 is the time to build a prediction platform for aneurisms.
- The monopoly question:
- Yes: If they could build it, for sure. That said, I don’t see any organizational advantage to collecting and defending data for this firm.
- The people question:
- Bad: My heart goes out to this team as they’re a bunch of medical nerds, but medical nerds like programmer nerds don’t
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