Virginia Pribanic
President and CEO, Medrespond, LLC
LISTEN TO THE MARKET
“I had a great experience with my first venture, because it failed! Listen to what the marketplace tells you – this is most critical, and it’s the reason my first venture failed. Listen carefully, this will keep you from making most mistakes.”
KNOW YOUR MISSION
“Our mission is to help patients and their families. It’s that simple. We give patients and families the answers they need 24/7. We start with existing patient materials and transform them into a simulated video conversation with trusted medical professionals. Our goal was not to make patients happy about what medical procedures or surgeries they’re about to undergo, or to minimize it, but to tell them the truth in clear, easily understood language to reduce their stress levels – that can be a critical factor in improving long-term success and outcomes. By being very, very clear about your mission you always have a touch point to ensure that you are focused. And being focused is a must in a start-up company.”
MEASURE SUCCESS METRICS
“It’s important to set success measures and gauge your program/product as it rolls out. It’s not only important for continuous product improvement, but also for your end customer. It’s about making your product better and better and developing outcomes for greater and greater impact.”
BE READY TO ACT
“Seize opportunities as they present themselves. One example for us was gaining the honest, raw videotaped testimony of a person who had only four days to prepare for major surgery, and who had relied on Medrespond videos to help get him through it.”
GET IT RIGHT, THEN EXPAND
“It’s important to establish yourself well in your home base first, before expanding into new markets. That’s why Pittsburgh is a special place for entrepreneurs, because of its manageable size, CMU and Pitt research and resources, and cultural amenities. It’s a big small town where you can develop a good reputation and have it spread easily. This place has heart.”
FIND A PARTNER
“Entrepreneurs need a partner, a champion to inspire and guide them. Jim Jordan at PLSG has been that for us – an invaluable resource, helping us identify our value proposition, working through roadblocks. He really cares about our success. The value of PLSG goes well beyond the money. PLSG has been an investor for us, a provider of office space, expert advice, guidance for grant opportunities, and networking, creating a community where we can operate and grow.”
KNOW YOURSELF
“Do something important and love what you do. That’s the key to everything.”
