Introducing Matias Hosiasson from TrainFES
Q: Can you give us a brief introduction to yourself and your startup, TrainFES?
A: I’m Matias Hosiasson, the CEO and founder of TrainFES. Our focus is on digital health and rehabilitation, primarily for patients suffering from paralysis, which can be due to a range of causes such as stroke, spinal cord injury, or cerebral palsy in children. What we specialize in is helping these individuals continue their care through advanced medical devices. We also provide a platform that offers daily protocols for patients to follow. This approach is revolutionizing the way rehabilitation is administered. Essentially, we’re increasing the amount of therapy available by tenfold without compromising on quality.
Q: What inspired the creation of TrainFES?
A: The genesis of TrainFES was rooted in research. My partners, who are brothers and researchers, initially started this as a clinic and research project in the biotech and medtech fields. My personal connection to the project came from a deeply personal experience — my grandmother had a stroke. This gave me a strong motivation to help people in similar situations. I saw a significant gap in the field of rehabilitation, particularly in the potential for recovery versus the actual treatments being administered, not just in Chile, where we started, but globally, including in the U.S. This gap is what we aimed to bridge with TrainFES, recognizing that there was so much more that could be done to aid those in need of rehabilitation.
Why MassChallenge?
Q: What drove you to participate in MassChallenge?
A: Our strategy to go international, particularly in the U.S., was a key factor in our decision to join MassChallenge. Initially, we started in Chile, my home country. It’s a wonderful place, but the market there is relatively small. We managed to establish a strong presence in the Chilean market quite early, about three years into our journey, by intensively focusing on marketing and sales. As we looked to expand, we realized that soft landing into the U.S. market through an accelerator like MassChallenge would be a wise move. And indeed, it turned out to be a great decision. Before joining the accelerator, our network was quite limited, but now, it has expanded significantly, which has been incredibly beneficial for our growth and international outreach.
How a Founder Gets In
Q: Could you describe the application process for MassChallenge?
A: The application process for MassChallenge, like many others, begins with a write-up. I believe the most crucial aspect of any write-up is to understand what the organizers are looking for and to align your objectives with theirs. We explored various accelerators, but MassChallenge stood out, especially because it has a digital health vertical, which resonated well with our mission at TrainFES.
After the initial application, the process involved several interviews. In these interviews, it was important to not just convey information but also to demonstrate a genuine connection and passion for the problem we aimed to solve. This passion and alignment with MassChallenge’s focus were key components of our application journey.
Q: What do you think were the key factors that led to TrainFES being accepted into the MassChallenge program?
A: I believe the significant traction we had gained, especially considering the limited resources we had, played a crucial role in our acceptance into MassChallenge. Much of our foundational work, which included extensive research, was already in place, and financed through grants and similar means.
Additionally, we managed to attract some venture capital funding because the science behind our project was solid and convincing. This financial and research foundation allowed us to build a compelling case for ourselves.
Moreover, having a robust business plan aimed at expansion was also instrumental. It wasn’t just about what we had achieved; it was also about our clear vision and strategy for growth that resonated well with the MassChallenge program.
Inside MassChallenge Program
Q: What does the MassChallenge program entail in terms of structure and opportunities?
A: MassChallenge is structured with several integral components. Firstly, there are a few mandatory in-person meetings that are essential. These include three main events where participants have the chance to connect with a diverse range of partners, including potential providers, clients, and even venture capital investors. These events are not only obligatory but also incredibly beneficial; I’d recommend attending them regardless.
Another key aspect of the program is the office space provided. MassChallenge has a large office in the Boston area, which is available to all entrepreneurs participating in the program. This not only offers a physical space to work but also fosters an environment for networking and collaboration. Interacting with other founders, even those from different sectors can be surprisingly valuable. You might gain new business insights or make connections in areas like the medical space, which could be outside their primary field but beneficial nonetheless. The cohort of founders accepted into MassChallenge is also a highlight. They are bright individuals with significant achievements and valuable networks, making connections with them highly advantageous.
Finally, the program offers numerous opportunities, often communicated through regular updates and invites in your inbox. For instance, we applied to a Mass Mutual opportunity that we wouldn’t have known about if not for MassChallenge. These opportunities are varied and often tailored to the alumni, adding significant value to the overall experience of the program.
Q: How did mentorship play a role in your MassChallenge experience?
A: Mentorship within MassChallenge is a crucial element, but it requires a proactive approach. As I discussed with other founders, the effectiveness of the network and mentorship program is contingent upon the time and effort you invest in building relationships with mentors. These mentors participate not for personal gain but to offer support and help realize entrepreneurial dreams. For instance, we connected with the Chief Medical Officer from UnitedHealthcare, who was very interested in our mission and, as it turned out, shared a similar vision. This alignment made his support invaluable to us. However, it’s important to understand that building a relationship with mentors is a gradual process. The mentorship opportunities are definitely there, but it’s up to the participants to actively engage and make the most of these connections. It’s about taking the initiative to seek guidance, learn from their experiences, and leverage their insights to advance your startup’s goals.
Q: Did MassChallenge provide any direct funding to TrainFES?
A: MassChallenge is unique in that it is an equity-free program, meaning they don’t take a stake in the companies they accelerate. Direct funding isn’t provided as part of the program. However, there are opportunities to win prizes through various pitch competitions. Additionally, the program greatly enhances access to networks that are crucial for funding. This includes connections to grants, corporate ventures, and direct investors, primarily within the venture capital scene in Boston and the broader Massachusetts area.
Q: Are there events similar to a demo day in MassChallenge, as seen in other accelerators?
A: MassChallenge’s approach differs somewhat from the traditional demo day format common in other accelerators. While there isn’t a demo day in the conventional sense, there is an end event. However, this event is not structured as a typical demo day, where startups typically present their progress to a large audience of investors. The focus in MassChallenge seems more on continuous networking and pitch opportunities rather than a singular, culminating demo day event.
Achieving Milestones and Overcoming Challenges
Q: Could you share a significant milestone TrainFES achieved during the MassChallenge program?
A: A major milestone for us during MassChallenge was the establishment of remarkable connections that led to new partnerships. These evolving relationships are paving the way for exciting new ventures. Although I can’t divulge specifics publicly at this moment, we’ve initiated several Letters of Intent (LOIs) and are working towards contracts that will hopefully transform these connections into clients in the future. This development is undoubtedly a substantial milestone for us.
Q: Were these connections facilitated by the MassChallenge program and its team?
A: Yes, these connections were indeed a result of our participation in MassChallenge. However, it’s important to note that making these connections requires an active effort. You need to be proactive and push a bit to make the most of the opportunities presented by the program. It’s not just about being there; it’s about actively seeking and nurturing these potential partnerships.
Q: During your time in the MassChallenge program, did TrainFES encounter any unexpected challenges?
A: We faced a few challenges during the program, particularly regarding the organization of online components. While the in-person events were notably well-executed, the online interactions and activities didn’t match up in terms of organization. Additionally, the program initially included obligatory classes on the lean startup methodology. These classes are undoubtedly valuable for startups in their early stages. However, since TrainFES was further along in our journey, we didn’t find as much value in these sessions. Recognizing this, the program eventually made these classes optional, which was more suitable for us and other more advanced startups in the cohort. This adjustment helped tailor the program more effectively to the varying needs of the participating companies.
Comparing MassChallenge to Other Accelerators
Q: How would you compare your experience with MassChallenge to that of other accelerators you’ve been involved with?
A: MassChallenge stands out, especially in the health space, which is my area of expertise. A key feature of MassChallenge is its strong Massachusetts focus, which brings together talent from the state but also welcomes participants from around the world. This inclusivity creates a diverse environment, funneling global perspectives into the Massachusetts ecosystem.
MassChallenge excels in facilitating connections with key partners within this ecosystem.
However, compared to other accelerators like StartX, where we also participated, the community within MassChallenge can feel a bit more fragmented. This isn’t necessarily a negative aspect, but it does mean that networking and making connections require a more proactive approach. It’s less about casual interactions leading to connections and more about purposefully seeking out and engaging with the people or organizations you want to connect with. This difference in community dynamics can shape the experience and the approach needed to make the most of the opportunities provided by the accelerator.
Current Status and Future Goals of TrainFES
Q: What is the current status of TrainFES and what goals do you have for the future?
A: TrainFES is on the verge of achieving one of the most significant milestones for any medical device company – obtaining FDA clearance. This is a monumental step, as it will significantly open up the market from a regulatory standpoint. Additionally, we’re gearing up to announce several new partnerships that have been in the pipeline. Furthermore, our research collaborations with some of the most prestigious universities in the United States, Spain, and Latin America are yielding exciting results. We’re committed to publishing new research findings every year, and this year’s results are set to be even more impactful than those from previous years. Looking ahead, we are planning for randomized clinical trials and other substantial research initiatives. Each of these steps represents a key milestone in our journey, contributing to our ongoing growth and success in the medical device field.
Final Advice for Founders Considering MassChallenge
Q: What advice would you offer to founders who are contemplating applying to MassChallenge?
A: My advice is straightforward: just go for it. While it’s important to think and analyze your decisions, there’s also a risk of falling into analysis paralysis. At some point, you need to take the leap and decide to join an accelerator like MassChallenge. This step can be crucial for your startup’s growth and development. The opportunities for networking, mentorship, and learning that MassChallenge offers are invaluable. So, if you’re considering it, my recommendation is to not overthink and take that decisive step forward.