Sam Corcos emphasizes the importance of diversity and transparency in building a successful company with clear roles and responsibilities among co-founders.
Entrepreneurs in the healthcare industry should educate themselves on regulatory guidelines, consult experts, and consider hiring in-house legal counsel to effectively navigate regulations and compliance.
Deep dives
Founder's Story and Health as a Priority
Sam Corcos, the CEO and co-founder of Level's Health, shares his founder's story and explains why he chose to focus on healthcare. Inspired by Jeff Bezos' regret minimization framework, Corcos considered the impact and importance of healthcare. He explored several societal-level problems but gravitated towards healthcare due to its significance. Corcos also discusses how he met his co-founder, Josh, and their shared interest in improving health through continuous glucose monitoring. Through careful evaluation and customer validation, Corcos recognized the real market demand for their health product.
Building a Diverse and Transparent Company
Corcos emphasizes the importance of diversity and transparency in building a successful company. He believes that having five co-founders with clear roles and responsibilities can lead to effective collaboration. By openly sharing their strategy and challenges, Level's Health fosters a deep sense of understanding and alignment among the team. The transparency also extends to the public, allowing potential customers and supporters to have a clear view of the company's mission and progress. Additionally, the company embraces an asynchronous communication culture, leveraging tools like Loom for efficient collaboration and reducing the need for excessive meetings.
Addressing Regulatory Challenges in Healthcare
Corcos acknowledges the regulatory concerns in the healthcare industry but highlights that they are not as intimidating as they may seem, especially in consumer healthcare. He advises entrepreneurs to educate themselves on regulatory guidelines and consult with experts in the field. By understanding and following established procedures like HIPAA compliance, companies can navigate regulations effectively. Corcos also advocates for hiring in-house legal counsel to provide specific guidance and support in dealing with regulatory complexities.
Adapting Strategies and Understanding the Market
As Levels Health evolved, Corcos recognized the importance of adapting their strategy to reach different market segments and fulfill diverse customer needs. By actively listening to their customers and analyzing user personas, they were able to identify new target demographics and tailor their product to meet specific requirements. Corcos shares the significance of staying proactive and focusing on what's important rather than solely reacting to urgent matters. He also emphasizes the value of continuous learning from customers, being open to feedback, and making iterative improvements to the product.
In today's episode, Sam Corcos, CEO and cofounder of Levels Health, chats with Vijay Pande, general partner at a16z Bio + Health, about how Sam cofounded Levels, how to decide who becomes CEO if you have multiple cofounders, Levels’ approach to company culture and meetings, and how Sam thinks about the complicated world of healthcare regulations.