What is electronRx?
Q: Could you introduce yourself and your company, electronRx?
A: I’m Bipin Patel, the CEO, and founder of electronRx. Our company is situated in Cambridge, and we operate in the deep tech sector, focusing on cardio-respiratory functions. At electronRx, we’re dedicated to developing digital solutions that are not only innovative but also scalable, with the aim of significantly impacting the healthcare space.
Q: What inspired the creation of electronRx?
A: The idea for electronRx stemmed from personal experience. My background in the pharmaceutical development sector, combined with my insights into technology, played a crucial role. I observed a rapid influx of new technologies in the market, and it struck me that these could be integrated to address real-world challenges, particularly in the cardiopulmonary space. This area is significant as it impacts two-thirds of the global population, presenting a vast scope for making a meaningful difference with the right technological solutions.
Why MassChallenge?
Q: What motivated electronRx to join the MassChallenge accelerator?
A: Our decision to join MassChallenge, which is based in Boston, USA, was driven by strategic growth objectives. We were particularly keen on connecting with potential customers in the US, particularly in the hospital systems and pharmaceutical companies. MassChallenge presented us with an excellent opportunity to establish a presence in the US. It served as an ideal launch point for our expansion efforts, allowing us to tap into a significant market and build vital connections that are essential for our growth and development in the healthcare sector.
MassChallenge Application Process
Q: Can you describe the application process for MassChallenge?
A: Reflecting on the application process for MassChallenge, it primarily involved filling out forms online. It was a straightforward form-filling exercise. It wasn’t particularly eventful or exciting, but rather a standard procedure to apply for the program. It was just an online application without any face-to-face interviews or additional steps.
Q: How competitive was the MassChallenge program, and what do you think set your company apart?
A: The competitive intensity within MassChallenge was quite high. At the time we joined MassChallenge, electronRx was already gaining significant traction in the market. We had established a presence in our industry, evidenced by the numerous awards we had won. Our engagement with potential customers was active and promising. Moreover, we had successfully raised finance multiple times, which is a testament to our progress and the confidence investors had in our vision and capabilities. This track record of achievements and financial support indicated that we were moving in the right direction and making impactful strides in our sector.
Inside MassChallenge Program
Q: What was your experience like in the MassChallenge program?
A: Reflecting on our time in the MassChallenge program, it’s difficult to assess whether the program was genuinely beneficial for us. We did participate in the system, but to be frank, I don’t feel that we gained much from it. It’s not easy to say, but my impression is that we didn’t extract substantial value from the program. This could be due to various reasons, but overall, my takeaway is that our participation did not significantly impact our journey at electronRx.
Q: Did you encounter any specific challenges?
A: One of the main challenges we faced during the program was in seeking and receiving feedback. We attempted to obtain constructive feedback that could aid our growth and development, but unfortunately, we struggled in this aspect. This lack of feedback made it challenging to gauge our progress or the program’s effectiveness in supporting our needs.
Q: Did you gain any valuable insights from MassChallenge?
A: MassChallenge is known for its extensive connections with numerous hospital systems and related entities, which was one of the aspects we were aware of and looked forward to leveraging. We engaged in conversations and were hopeful about the potential introductions and connections that the program could facilitate. However, despite these discussions, nothing substantial materialized from them. We didn’t experience any breakthroughs or significant advancements in terms of market connections or insights during our time in the program.
Q: Did you communicate your concerns or needs with the MassChallenge team to gauge their support?
A: Regarding our interaction with the MassChallenge team, it seems that there were several layers within the program, and it felt like we were not selected for a layer where extensive support or resources were readily available. We didn’t actively communicate our concerns or specific needs with the team, partly due to the structure of the program which appeared to have different levels of engagement and support. This structure might have influenced the level of support and resources we could access during the program.
Current Status and Future Goals of electronRx
Q: Can you share the current status and future goals of electronRx?
A: As of now, electronRx is on the brink of a significant milestone: we are anticipating the approval of our first software as a medical device in the upcoming quarter. This development is particularly exciting as we already have customers eager to deploy our product in their niche markets. Our focus is on successfully navigating this approval process and then working closely with our customers to ensure the effective implementation and utilization of our product in the healthcare sector.
Final Advice for Founders Considering MassChallenge
Q: What final advice do you have for founders considering applying to MassChallenge or similar accelerators?
A: I strongly recommend applying to these accelerators. They are crucial in opening new doors, boosting exposure, and increasing the chances of securing opportunities that can advance your product development or market entry. It’s almost like a lottery – you might make it, or you might not, but it’s certainly worth the attempt.