Taking on a Startup

As the chief executive officer of a medical-device startup company, I'm responsible for all aspects of the commercialization of our product, a patented self-injector. I am involved in developing our business, strategy, operations, and marketing plans; obtaining funding, creating a working prototype, and obtaining Food & Drug Administration clearance. In addition to managing the work of our top executive, engineering, FDA, and funding teams, I am also heavily involved in the day-to-day operations of the emerging business, which includes everything from buying office supplies to updating financial records.

Entrepreneurship is heavily based on opportunity recognition. That's how I got this job. I received an e-mail from Professor Andrew Corbett, a brilliant entrepreneurship professor at the Lally School, asking me if I would be interested in working with a local inventor to develop a business plan.

I immediately responded yes. I had no idea where it might lead, but I knew that there was an opportunity here, and if I didn't jump on it someone else would. Then I convinced the inventor to not only have me develop a business plan, but to develop the business as well. It took some doing, but the inventor and I finally came to an agreement where I would get an equity stake in the company in return for developing a business plan and obtaining some seed funding. Upon graduation, I began drawing a salary, as well. Here's what my typical work day looks like:

7:30 a.m: I'm in the office checking e-mails from potential investors, current investors, venture capitalists, consultants, engineers, and top management-team members.

9:00 a.m: I begin taking calls from the same group that I check e-mails from. I try to schedule my conference calls for 9 a.m so I can address any issues that may arise the same day. Today, I had a call with a broker-dealer who will be working with my company on fundraising. Before I started this job, I had no idea how important fundraising was to a venture in this industry, or how much time it would take. I would say that fundraising takes up 50% of my time, but this isn't unusual for an early-stage startup...

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