NYU has been very supportive of Databetes these last few months. In May, we were named one of the winners of the NYU Entrepreneurs Challenge’s Technology Venture Competition. It was exciting to make our final pitch to an amazing group of judges that included Fred Wilson and David Tisch.
This summer, we also part of the inaugural class at the NYU Summer Launchpad. For 10 weeks, we received instruction on lean startup principles and guidance on business model development. The program was led by Frank Rimalovski and Lindsey Marshall of the NYU Entrepreneurial Institute.
During the 10 weeks, we were tasked with conducting 100 customer discovery interviews. We followed Steve Blank’s guidance on refining our business model canvas, prototyping and hypothesis testing. All this work was very helpful in more carefully defining who our first customer will be and the steps that will need to follow. About 2/3 of our interviews were with diabetes patients. In talking with so many diabetics, we were able to spot customer archetypes among this patient pool. The process further highlighted the challenges in designing patient-centric healthcare products, knowing that insurers and payers need to become customers later on. We’re very thankful to Frank, Lindsey and the whole SLP team for all their time and assistance this summer.
This summer, we were also excited to be named one of the first investments by the New York team at the Dorm Room Fund. First Round Capital established this “student-run venture firm that invests in student-run companies.” We appreciate both the investment and the guidance as we continue development.