Shark tank judge Genevieve LeMarchal offers advice for startups applying for the 2022 shark tank competition, as well as revealing the game changing opportunity available to the best company: a spot in Expert Dojo’s highly selective growth program kicking off in February 2022 with investment of up to $100k and an option to follow-on with an additional $1m.
As head of healthcare ventures at Expert Dojo, you invest in pre seed and seed stage companies all over the world. What are the particular applications of artificial intelligence in healthcare you are seeing that excite you the most?
I’m seeing a lot of exciting applications that make diagnostics smarter, more accurate and more relevant. I’m really excited about the opportunity to make home diagnostics and testing smarter, more accurate and integrated into clinical workflows with the help of AI. The way I see it, consumers are taking their care into their own hands whether clinicians and hospital systems and administrators like it or not. The system is not serving it, so people are serving themselves the best way they know how. This could be a recipe for disaster but I think AI could make this an amazing opportunity to actually bridge the gap.
I particularly like how AI can help overcome cultural bias. Geographically diverse data sets will increase accuracy and eliminating cultural bias has very positive implications for healthcare.
We are excited to have you on the judging panel for the shark tank at the AIMed Global Summit. Do you have any tips for our competitors on how to deliver a killer pitch?
Yes, be very clear about the problem you are solving and how/why this will be adopted into clinical workflows or existing structures. Many entrepreneurs in this space are coming from tech and do not have a healthcare background, so their strategy does not pass muster in the healthcare space. There is a lot of magical thinking.
Know the numbers, what are the milestones that you will hit, how much funding will it take to hit those, and how exactly will you get to $100k MRR or a $1m ARR. If you are pitching for investment, you need to speak to the numbers. I want to understand how the ATM machine that is your business is going to work, how will this company look in my portfolio. What kind of returns might I garner for my investors, and when, if I invest in your business?
Know where the gaps are and clearly point them out. This is not “we need your investment to figure this out.” This needs to be something like, “we need to reach 1,000 hospitals in the next 3 years with our initial product in order to get 100 new customers in the next 12 months and this is how we hit $1m ARR. X is what we don’t have, and where we need help and also money.”
Applicants will have the opportunity to secure a slot on Expert Dojo’s healthcare growth accelerator. What would this entail?
I will invest up to $100k on a Safe note, and we will also take an option to invest up to $1m in the business. We can also participate and follow-on pro rata.
Expert Dojo is a partner for hyper growth, we work with companies for 2-3 years and are very selective about who we accept into the program. The program kicks off February 2022 with an intensive growth accelerator. It’s highly highly rated and has incredible results. Because of this, our companies scale fast and hard and we are with them each step of the way. The proof is really in the pudding with our numbers (see below) and, because of this, our portfolio companies are very popular and highly sought by the top angels and investors. Our companies’ rounds are often competitive, oversubscribe, and they usually raise at higher valuations than originally anticipated because of their rapid growth.
Here are a few stand out metrics from our 120 portfolio-wide investments over the last few years:
- Our companies have increased in value by over 300% during this period, based on the last investment round
- Our unrealized IRR stands at over 130%
- 65% of all our pre seed companies secured follow on rounds and this percentage is increasing
- We have investments in over 40 countries already
- We will be investing in up to 100 companies in 2022, so lots of upside potential to find gems in the rough
- Growth during summer 2021: Klasha 700%, ZFW Hospitality 500%, Dstreet Games from 3k users to 100k users, Akiba Digital from 3k MRR to 100k MRR in 3 months
- Genevieve LeMarchal will have made an estimated 20 investments into healthcare companies by January 2022
We see a lot of people in the AIMed community founding startups. What advice would you give to medical or academic professionals undertaking such a venture?
I highly recommend that, once they get the product to an initial proof of concept and validation, they find someone who can be the full time business team leader. Often these academically driven companies sort of flounder around for years – they are like ships going in circles on the ocean. At a certain point, a mindset change is required to turn from a project into a fast growing and scalable business.
Prior to venture capital, you were a serial entrepreneur. What is the single best piece of advice you would pass on to other founders?
Entrepreneurship (which includes starting a VC fund!) is one of the single hardest things you will ever do. Just like we prepare our lives, lifestyles and families for the arrival of a new baby, you need to do the same preparation for entrepreneurship to ensure you are resilient enough, have the support, have the structures and help that you will need. It’s several marathons, with sprints in the middle. The entrepreneurs who are the most successful and actually make it embrace personal growth and personal development with open arms, they pursue bettering themselves to become extraordinary and their lives, relationships and businesses show the fruits of their labor.
Second, learn how to execute. I know a lot of people who know how to Do lots of things, and they even accomplish a lot of stuff … but they are very poor at execution. This is where you’ll burn cash and not make progress and hit milestones. Becoming amazing at execution requires a different mindset and way of operating and acting. It’s a shift but it will pay off.
Genevieve LeMarchal is one of the shark tank judges at AIMed’s Global Summit in Laguna Beach, CA, from 18 to 20 January 2022.
Expert Dojo will give a spot in their highly selective growth program kicking off in February 2022 and will invest up to $100k into the best company at AIMed this year, with an option to follow-on with an additional $1m.
- 65% of companies secured follow on rounds and this percentage is increasing
- Investments in over 40 countries already
- 41% female and underrepresented founders
- Medtech and digital health focused
- Our companies typically grow hundreds or thousands of percent during the course of the program, raise at higher valuations, and often oversubscribe their round