Sokratis Papafloratos: Overcoming failure to transform men's healthcare
Oct 18, 2023
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Sokratis Papafloratos, a serial entrepreneur and founder of Numan—a digital health company for men—shares his journey from failure to success. He discusses the lessons learned from his previous ventures, including the emotional challenges of shutting down Togethera and Upshot. Sokratis emphasizes the importance of investor relationships and funding in successfully scaling startups. He also highlights how traditional TV advertising still plays a critical role in reaching male audiences and his aspirations for expanding men's healthcare solutions globally.
Sokratis Papafloratos emphasizes learning from failures, particularly the importance of corporate governance and operational structures for future business success.
Numan's approach combines innovative digital healthcare solutions with personalized care to effectively address men's health issues and expand internationally.
Deep dives
Founding Newman: A Journey in Men's Health
Newman was founded in 2018 to serve as a digital health partner specifically for men, aiming to address various health conditions impacting their well-being. In just a few years, the company has successfully helped approximately 400,000 men enhance their health across issues like sexual and metabolic health. The founder's extensive entrepreneurial background, including previous ventures in social sharing sites and messaging apps, has greatly influenced the establishment of Newman. This venture has been driven by a commitment to providing not only medication but also personalized solutions that consider the root causes of health issues.
Learning from Past Experiences
The founder emphasizes the invaluable lessons learned from prior business experiences, particularly regarding corporate governance and operational structures. After the acquisition of his previous company by a larger entity, he recognized the need to prioritize careful record-keeping and robust processes for future success. These lessons informed the operational strategies implemented at Newman, especially as the team navigated the challenges of significant growth. The experiences gained from past successes and failures shaped a more deliberate approach to scaling the new venture effectively.
Understanding Failure and Moving Forward
The founder candidly discusses the emotional impact of failure within entrepreneurship, reflecting on a previous business that had to be shut down. The experience brought about self-doubt and a necessary period for recovery, highlighting the resilience required to move forward after setbacks. Despite the difficulties, he learned the importance of transparent communication and the need for accurate metrics to gauge business health. This introspection ultimately solidified his resolve to maintain integrity while pivoting to new opportunities.
Future Aspirations and Growth Strategies
Looking ahead, Newman aims to solidify its presence in the UK healthcare market, which is valued at approximately $220 billion annually. The business prioritizes continuing to enhance its offerings to serve its existing patient base effectively while maintaining the ambition to expand internationally. The founder envisions using the insights gained and capabilities developed in the UK as a springboard into other markets. The future trajectory includes nurturing a capable leadership team and embracing growth challenges that come with evolving from a startup into a mature company.
If you haven’t heard of disruptive men’s health brand Numan, it’s time to start taking notice. Since its launch in 2018, the company has helped 430,000 men maximise their health.
Having raised over $75m (£61.2m) in funding and boosting a team of over 150 people, the company offers personalised, integrated care in one digital platform and is the brainchild of serial entrepreneur Sokratis Papafloratos.
We spoke to Sokratis about learning from a severe business failure, the key belief you need to look out for in an investor, and much more.
Here's what we discussed:
Could you give us an overview of your career? (00:22)
When you came to the UK in 1997, was the plan always to get into business? (02:36)
Would you call yourself a good employee? (04:00)
You sold TrustedPlaces to Yell after four years. Did you scale the company for acquisition, or did you get an offer you couldn’t refuse? (05:33)
What lessons did you learn from the sale that you applied to your next business ventures? (08:51)
After TrustedPlaces, you launched Togethera and Upshot but decided to shut the business down after a few years. You were 36 at the time and had already been through a lot in business, but did you go through any trepidation or self-doubt? (10:08)
Sticking with closing down Togethera and Upshot, some people try to raise funds to get out of the hole and some call it a day at the right time. Where would you class yourself on that spectrum? (17:11)
Onto Numan – you need funding to pull off this brilliant vision you have. You’re not a healthcare expert, but you do have experience in successful businesses. Do investors prioritise experience and vision over expertise? (20:20)
You are an angel investor yourself. How much does receiving pitches from people change your thinking when preparing to pitch to someone else? (26:00)
Could you tell us about the funding journey with Numan? (27:47)
How have you found the experience of hiring people to help you scale Numan? (31:22)
Could you tell us about Numan's marketing strategy? (33:57)
What does the future hold for Numan? (35:45)
The Good News Postcard: What superhero would you be and why? (37:27)
What makes a great business leader? (38:32)
Thanks to Ella from the Jill Dando News for bringing us The Good News Postcard this week. Get your dose of positive news by visiting The Good News Post, a website collated by hundreds of young people aged 8 to 18 in the UK. They've written real-life “news that’s good for you”, covering people, animals, stories to cheer people up, and tips to make lives better.
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