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Efficient and cost-effective vaccine distribution remains one of the biggest challenges of 2021, so it’s no surprise that startup Notable Health wants to use their automation platform to help. Initially started to help address the nearly $250 billion annual administrative costs in healthcare, Notable Health launched in 2017 to use automation to replace time-consuming and repetitive simple tasks in health industry admin. In early January of this year, they announced plans to use that technology as a way to help manage vaccine distribution.
“As a physician, I saw firsthand that with any patient encounter, there are 90 steps or touchpoints that need to occur,” said Notable Health medical director Muthu Alagappan in an interview. “It’s our hypothesis that the vast majority of those points can be automated.”
Notable Health’s core technology is a platform that uses robotic process automation (RPA), natural language processing (NLP), and machine learning to find eligible patients for the COVID-19 vaccine. Combined with data provided by hospital systems’ electronic health records, the platform helps those qualified to receive the vaccine set up appointments and guides them to other relevant educational resources.
“By leveraging intelligent automation to identify, outreach, educate and triage patients, health systems can develop efficient and equitable vaccine distribution workflows,” said Notable Health strategic advisor and Biden Transition COVID-19 Advisory Board Member Dr. Ezekiel Emanuel, in a press release.
Making vaccine appointments has been especially difficult for older Americans, many of whom have reportedly struggled with navigating scheduling websites. Alagappan sees that as a design problem. “Technology often gets a bad reputation, because it’s hampered by the many bad technology experiences that are out there,” he said.
Instead, he thinks Notable Health has kept the user in mind through a more simplified approach, asking users only for basic and easy-to-remember information through a text message link. “It’s that emphasis on user-centric design that I think has allowed us to still have really good engagement rates even with older populations,” he said.
While the startup’s platform will likely help hospitals and health systems develop a more efficient approach to vaccinations, its use of RPA and NLP holds promise for future optimization in healthcare. Leaders of similar technology in other industries have already gone on to have multi-billion dollar valuations, and continue to attract investors’ interest.
Artificial intelligence is expected to grow in healthcare over the next several years, but Alagappan argues that combining that with other, more readily available intelligent technologies is also an important step towards improved care. “When we say intelligent automation, we’re really referring to the marriage of two concepts: artificial intelligence—which is knowing what to do—and robotic process automation—which is knowing how to do it,” he said. That dual approach is what he says allows Notable Health to bypass administrative bottlenecks in healthcare, instructing bots to carry out those tasks in an efficient and adaptable way.
So far, Notable Health has worked with several hospital systems across multiple states in using their platform for vaccine distribution and scheduling, and are now using the platform to reach out to tens of thousands of patients per day.
Tackling the learning curve that comes with building a startup is not for the faint of heart. So many questions, so little time to search out reliable, actionable advice. Enter TechCrunch Early Stage 2021 — two distinct, virtual bootcamps designed specifically for early-stage founders and open to entrepreneurs and startup enthusiasts.
Budget-friendly tips: TC Early Stage part one takes place April 1-2, and you have two weeks left to score the early bird price and save up to $250. Founder passes cost $199 and Innovator passes (for investors and other startup fans) cost $299. The early-bird deadline ends at 11:59 p.m. (PT) on February 27. Buy a dual-event pass to learn and save even more (TC Early Stage – Marketing and Fundraising runs July 8-9). The TC Early Stage April and July bootcamps feature different speakers, topics and content.
At TC Early Stage, you’ll take part in interactive sessions and learn from the leading experts and investors who span the range of the startup ecosystem — operations, product lifecycle, fundraising and recruiting for starters. Here are just two examples of the people ready to help you move your startup dreams forward.
Learn from folks like Alexa von Tobel as she leads a discussion on Finance for Founders. Got questions about raising Series A funding? Don’t miss Bucky Moore of Kleiner Perkins as he breaks down that complicated topic.
Ready for an awesome plot twist? We’re adding an exciting opportunity on day two of both TC Early Stage bootcamps — the TC Early Stage Pitch-Off. Ten early-stage startups will get to pitch live to a global audience of investors, press and tech industry leaders. That kind of exposure can change a startup’s trajectory in the best possible way.
You’ll find all the Pitch-off details here — how it works, who qualifies to compete, what competitors receive and the prizes in store for the ultimate winner. Or cut to the chase and apply for the April 2 pitch-off here before the clock hits 11:59 p.m. (PT) on February 21.
Whether you’re competing or watching, Katia Paramonova, founder and CEO of Centrly (who attended Early Stage 2020), says a pitch critique shows you ways to strengthen your pitch deck.
“The pitch deck teardown session was great. VCs reviewed my deck and gave specific, actionable advice. Watching them provide comments on other decks was helpful, too. We’re incorporating the feedback and when we start fundraising, the improved slides will make it easier for VCs to understand our value proposition.”
TC Early Stage Operations & Fundraising takes place on April 1-2. Don’t miss this opportunity to learn the essentials of building a stronger startup. And don’t miss out on early bird savings. Buy your pass (remember, you’ll save more and learn twice as much with a dual-event pass) before 11:59 p.m. (PT) on February 27.
Is your company interested in sponsoring or exhibiting at Early Stage 2021 — Operations & Fundraising? Contact our sponsorship sales team by filling out this form.
Source: https://techcrunch.com/2021/02/16/just-two-weeks-left-to-score-early-bird-passes-for-tc-early-stage/
While companies have embraced the offerings of software-as-a-service companies with growing vigor, getting those new offerings to work in a seamless way from the outset isn’t so easy, with some business customers feeling forgotten as soon as the digital ink dries.
Enter Onboard, a 10-month-old, startup that aims to help SaaS businesses delight those new customers instead of turning them off.
The company was cofounded by CEO Jeff Epstein, who previously launched the referral marketing and affiliate marketing software company Ambassador, which sold in 2018, eight years after it was founded.
Terms of the sale to West Corporation — now Intrado — were never disclosed, but Epstein says it was a “good outcome” for shareholders. (Ambassador was sold again last month to a small Seattle company.)
As for how Onboard works, Epstein makes the process sound straightforward. “You determine the variables of your customer segment, because different plan types might mean that companies need to do something different.” (They could use an API or some code snippet, for example.) After that, Onboard works with the SaaS company to create a global task list with requirements it has hopefully gleaned from the sales process, and helps it create a kind of dynamic, drop-down task list with assignees and due dates and alerts and notifications.
It’s largely a self-service product that makes accountability more transparent, ultimately, though Epstein describes the onboarding process as a “shared responsibility” between his company and its customers. He also says his nascent startup is already working on building out a more sophisticated notification layer with automated nudges that are helpful yet not obnoxious.
The five-person company is not charging its dozens of beta customers right now. It wants to get the product right before it shifts into revenue gear, says Epstein. The plan eventually is to charge the types of customers it is chasing — mid-size companies — hundreds of dollars of month, plus a per-person-per-month fee. (“We don’t plan on being enterprise-y in any way,” says Epstein of the company’s plan to eschew long contracts.)
Onboard is not without competitors. On the contrary, a lot of upstarts have sprung up around this problematic slice of the enterprise universe. That it’s an aggravating period for many new customers was brought to Epstein’s attention by one of his cofounders, William Stevenson, who spent four years as Ambassador’s VP of customer success, where like a lot of people in his position at other companies, he was trying to make do with a less-than-ideal patchwork of offerings, sometimes from Monday or Asana or Basecamp or Google Docs.
It was the same problem that Jonathon Triest of Ludlow Ventures — whose firm quietly led a $1.25 million seed round for Onboard in late summer, joined by Zelkova Ventures and Detroit Venture Partners — says he know well.
“Over and over again, throughout our portfolio, especially in B2B SaaS sales,” Ludlow says, he has heard about companies “forced to piece together solutions or use tools not made for them.”
The question is whether Onboard can gain a foothold faster than some of its other rivals, and unsurprisingly, Epstein believes his team has what it takes to get started. (A third founder, Matt Majewski, more recently left Ambassador to help the company gain momentum.)
Epstein’s resume is helping, too, he says. As a founder in Detroit who sold a company, he’s known to local investors and then some. (“We were able to be a big fish in a small pond,” he says.)
Epstein also says that investors realize there’s “an opportunity generally in the space,” adding that “partners [from venture firms] have been calling– not associates — and they are coming through third-party connections on LinkedIn in some cases.”
He has “obviously raised a bit of money” in the past, Epstein says, but he hasn’t seen anything quite like this before. “It’s weird,” he adds, “but cool.”
I’m a Black man in America — that’s hard. Black founders, and uniquely Black founders in tech, are facing insurmountable odds.
As the recipients of less than 1% of venture capital raise, institutionalized systems are visibly at play. Within almost 10 years of my entrepreneurial journey, I have encountered just as many setbacks and failures as I have successes.
However, I have pressed forward despite the disparities that often plague the Black entrepreneurial community. From imbalances in fundraising to minimal capital and access, Black brilliance and its cloak of resilience continues to rise.
Now, as a CEO who has ambitiously raised nearly $13 million for my current venture, against the odds, I posit that it is not the Black founders who are missing out the most — it is the investors who are at a loss, not comprehending that they have underestimated the power of these founders’ Black brilliance.
Black founders need to own their resiliency and leverage the power that has resulted from their unique experiences.
When you think about the intersection of venture capital and technology, and specifically how it works — it is being led from an engineering perspective. Developers and coders historically go to specific schools and colleges, entering a funnel that guides them to success.
Historically, many Black students (more so Black male students), are influenced by sports as a vehicle to higher education and not necessarily the institutions recognized for technological prowess.
Their parents and community encourage athleticism because that is the only thing they know — as an institutionalized mindset reinforced over time. Unless they are guided into the accepted foundations for technology, or get into a Cal Berkeley, Stanford or Harvard, where many of the technology companies are built, they are immediately funneled outside of the “circle,” which sets the first of many ongoing obstacles for a Black tech founder.
I offer, however, that these “obstacles” are not in fact barriers but the crucial catalyst for these founders’ superpowers.
Admittedly, there were no entrepreneurs in my family. I did not have access to information about the best colleges. Despite having great grades and graduating with honors, I was completely unaware of how valuable an Ivy League education could be.
As a star basketball player, with my skills and grades, I could have played and graduated from somewhere like Yale, Brown, Columbia or even a school like Southern Methodist University where I was offered a full scholarship. But because of the lack of knowledge that I could actually do so and benefit from being inside the Ivy League “circle,” I didn’t.
I was in college from 2000 to 2004. A lot of great companies were started at elite schools during that period. It is this institutional blocking of information from myself and many other Black students that molded our overall perspective and created our glass ceilings.
Breaking through that glass ceiling, overcoming these odds to press forward relentlessly, with unyielding focus, and to hold conversations with the types of investors I have had to sit in front of, with the type of company that I have built, takes a different level of brilliance that only the Black experience can provide. For 2021 and beyond, Black founders need to not only recognize, but unlock that power as they look to fundraise and catapult their tech companies to success. It would be smart, and incredibly beneficial for investors, venture capitalists and the entire entrepreneurial ecosystem to take heed.
For Black founders, a paradigm shift is evident, but it can only manifest if implemented in these five ways.
Black founders: Forget what you think works in fundraising
Black founders and specifically Black tech founders are fed a monotonous script of how to raise money “the right way,” in light of disparaging statistics highlighting a lack of funding — so much that there is a robotic approach to the process. They try to become this cookie-cutter entrepreneur that is designed to raise money from investors, with their playbook and by their rules.
Black founders capitulate and conform to what society has dictated as appropriate fundraising, often glorifying the investor with the fate of their startup in their hands, without realizing that they hold the negotiating power. Their playbook hasn’t won us any games. As of today, own your power.
Become an irresistible force: Leverage your expertise
Set the playbook aside and lean more into your expertise and uniqueness.
Years ago, Mark Cuban delivered a keynote address at Dallas Startup Week that chronicled his road to success. One of his main points was to “Know your business, and know your business cold.” It was so simple, yet so impactful.
Early on in my career, I learned about venture capital from my experiences working for a startup. While I did not know the area in depth, I referenced what little knowledge I had as I raised for my own company years later. Although I was limited in my dealings with venture capitalists, I was confident in my background and expertise (at that time as a payroll technology sales professional) to truly stake my claim and seat at the table.
So while they may have sold a company for $7 billion or have $35 billion AUM (assets under management), I knew that they were not as well-versed in payroll or payroll technology than I was. It was this tenacious mindset that made me look at investors, rather than up to them, thereby positioning us on equal footing.
Connect in the common goal of brilliance
As a Black founder in tech, I have encountered many injustices — from networking to fundraising to the game of business as a whole. Even among those sitting at the table, there is a plethora of worldviews, political preferences, religious propensities and more that create a melting pot of divisiveness. However, recognizing that the common thread between all of the players in the game is the desire to be part of the brilliant business opportunity at hand is what will ultimately prevail.
It served me well not to overindex whether the venture capitalists liked me or on our differences. Locking in on the ambition of my entrepreneurial spirit and focusing on my brilliance — my Black brilliance — made them want to invest in me. Simplistically, investors want to give their money to founders who will make them money — passionately and ambitiously. Be you and find the investor that appreciates you.
Get in front of as many investors as you can
Black founders are not getting in front of enough investors. Systemically, the venture capital landscape has marginalized this community and has failed to expand their network for inclusiveness. Currently, ethnic minorities are severely underrepresented in the venture capital industry. Eighty percent of investment partners are white, with only a staggering 3% being Black or African-American.
Regardless, Black entrepreneurs must press forward and still show up. The sheer number of people that entrepreneurs must face during the fundraising process is astronomical, so one must not be swayed by the disillusionment of opportunity.
Realistically speaking, it takes a long time to raise money. Period. I have talked to thousands of potential investors to raise nearly $13 million for my current company. If you are a Black founder, it is going to take you longer to fundraise and you are going to have to get in front of more people. So I ask, “Do you have enough oxygen in the tank to withstand the obstacles, for a long enough period of time, to attract the venture capital that you need?” The wealth gap says no.
When I first started Gig Wage, the number one question I received from investors is, “How much runway do you have?” I would answer, “Until I get to where I need to get.” They would then rephrase, “How much money do you have in the bank? How long is your wife going to let you do this?” I would reply, “It does not matter how much money I have in the bank because I’m going to keep going until this happens.”
Discriminatively, there was this unspoken expectation that I lacked the financial wherewithal and stamina to withstand the fundraising process, and at times it was extremely discouraging — because to be honest, when I looked in the bank account, I realistically had about nine to 12 months of runway.
The reason Black people raise less than 1% of venture capital is because the racism weaved into the fabric of American society bleeds over into the entrepreneurial ecosystem. Despite it all, I took thousands of meetings. I was willing to endure with an ambitious conviction that I was going to win. Again, this is Black brilliance.
Own your resiliency, own your power
As a Black man, I have personally endured challenges to build resiliency — mirroring similar realities of other Black men in America. Whether it was dealing with the police or witnessing men in my family struggle with drugs, violence, poverty or the like — I often think, “Why would I be intimidated by an investor meeting or a term sheet?” The construct of America has dealt me much worse.
Black founders need to own their resiliency and leverage the power that has resulted from their unique experiences. The victory mentality that ensues thereafter is the type of mindset that venture capitalists should want to invest in, and if they do not, they are undoubtedly missing out.
The unyielding focus of “The world is stacked against me but I’m not going to quit. I’m going to pivot. I’m going to be resourceful. I’m going to figure it out — even if I’m scared,” is a person you need to invest in. It is not necessarily that they have a groundbreaking business idea, but culturally, Black people have a passion and a perspective that is unmatched, with limitless possibilities that venture capitalists are overlooking.
So for 2021 and well beyond, Black founders, and those especially in tech, need to shift their respective paradigms, own their place within the entrepreneurial space, take back their power and continue to operate at the utmost in Black brilliance. It is the investors, not the founders, that are missing out. Be bold. Be courageous. Be audacious.
As for me, the best thing that I can do right now is to continue to drive the conversation, illuminate the disparities and be as successful for Black entrepreneurs, Black professionals and the world at large as possible. I am owning my power and I’m committed to epitomizing and evangelizing Black brilliance.
Source: https://techcrunch.com/2021/02/16/investors-are-missing-out-on-black-founders/
Metropolis is a new Los Angeles-based startup that’s looking to compete with BMW-owned ParkMobile for a slice of the automated parking lot management market.
Upgrading ParkMobile’s license plate-based service with a computer vision based system that recognizes cars as they enter and leave garages has been Metropolis’ mission since founder and chief executive Alex Israel first formed the business back in 2017.
Israel, a serial entrepreneur, has spent decades thinking about parking. His last company, ParkMe, was sold to Inrix back in 2015. And it was with those earnings and experience that Israel went back to the drawing board to develop a new kind of parking payment and management service.
Now, the company is ready for its closeup, announcing not only its launch, but $41 million in financing the company raised from investors including the real estate managers Starwood and RXR Realty; Dick Costolo’s 01 Advisors; Dragoneer; former Facebook employees Sam Lessin and Kevin Colleran’s Slow Ventures; Dan Doctoroff, the head of Alphabet’s Sidewalk Labs initiative; and NBA All star and early stage investor, Baron Davis.
According to Alex Israel, the parking payment application is the foundation for a bigger business empire that hopes to reimagine parking spaces as hubs for a broad array of urban mobility services.
In this, the company’s goals aren’t dissimilar from the Florida-based startup, REEF, which has its own spin on what to do with the existing infrastructure and footprint created by urban parking spaces. And REEF’s $700 million round of funding from last year shows there’s a lot of money to be made — or at least spent — in a parking lot.
Unlike REEF, Metropolis will remain focused on mobility, according to Israel. “How does parking change over the next 20 years as mobility shifts?” he asked. And he’s hoping that Metropolis will provide an answer.
The company is hoping to use its latest funding to expand its footprint to over 600 locations over the course of the next year. In all, Metropolis has raised $60 million since it was formed back in 2017.
While the computer vision and machine learning technology will serve as the company’s beachhead into parking lots, services like cleaning, charging, storage and logistics could all be part and parcel of the Metropolis offering going forward, Israel said. “We become the integrator [and] we also in some cases become the direct service provider,” Israel said.
The company already has 10,000 parking spots that it’s managing for big real estate owners, and Israel expects more property managers to flood to its service.
“[Big property owners] are not thinking about the infrastructure requirements that allow for the seamless access to these facilities,” Israel said. His technology can allow buildings to capture more value through other services like dynamic pricing and yield optimization as well.
“Metropolis is finding the highest and best use whether that be scooter charging, scooter storage, fleet storage, fleet logistics, or sorting,” Israel said.
