00:07:05 · S6, S5, S7
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00:07:22 · Pelu Tran
[00:07:22] S8: We started off as a technology looking for a problem, but we just happened to find a really, really big and important problem. And so that allowed us to stay alive. Moving forward from that, I have become really, really careful around new technology trends. Even AI, the new wave of Gen AI, telemedicine through COVID, all of those boom and bust cycles, they all occur around emerging technologies. They never occur around endemic pain points. And so, Gen AI today. Yes, it's promising. Yes, it's going to change the world. Is it going to change the world to the scale that everyone is saying it will, at the timeline that everyone is saying it will? Guaranteed not. And it's because we always tend to overestimate these technologies in the near term. Over the long term, they will have an impact. But that long term is longer timeframe than any one startup is able to weather. During that journey, I actually had an uncle pass away from a late stage lung cancer that was missed by his doctors. And it was a really frustrating experience for myself and my family because I already was a successful entrepreneur in the digital health space. When we were providing care for him and talking to his doctors, he was receiving the best care in the world. He was going regularly for screenings. He did everything right. But because his doctors weren't using the most modern tools, a lot of these AI diagnostic tools around lung cancer that have been launched over the past decade, he wasn't able to actually have his cancer caught in time. In fact, was missed for almost five years. He would have benefited so much from technology, from AI tools. His doctors wanted to use those tools, but hospitals not being able to actually adopt AI themselves directly. Like at some point someone was going solve it. The question was how long will it take to solve? What we realized was if we don't start this company, it is extremely unlikely that someone else will and succeed. Ferrum Health is our attempt at trying to solve this disconnect between the technology that's out there, the need for a platform that allows for the consolidation of AI vendors into a single point. Back when we first started the company, I was really skeptical about how good these AI tools actually were.
00:09:36 · Pelu Tran
Some patients and some hospitals that we worked with in Asia that we launched our pilot product initially, and that was an open source lung nodule tool. It's something that was made available online for public use, And we ran it for three days across their scans. And we basically looked to see how many patients did this model find that the doctors didn't find. And three days later, we're like, Oh, wow, like there are almost 50 patients here who have very significant findings. It makes the mission of the company just so urgent. We happen to have a tailwind of AI hype that maybe it lasts one more year, maybe it lasts three more years, but hype cycles come and go. And so there's going to be a time when that hype no longer is there. But for us, we solve a real problem that endure over time. At some point, you have to be solving a really important problem, or you will never be able to claw your way out of that experimentation early stage. Most early stage founders, first time founders that I meet, are overly focused on building a really good technology product and not enough focus on identifying the exact pain point and problem they're solving. Figure out what matters, what are the risks that I need to de risk, and proving that out even manually, right? Like just by doing it with an Excel spreadsheet or with a human being in the background rather than having to launch the whole product and spending all that money before you've tested out those initial assumptions. COVID was brutal, and this is not a super exciting kind of thing to bring up, but COVID was absolutely brutal. It was especially brutal because the general perspective was, wow, if you're a healthcare company, you should be doing great. But the actual reality was like most healthcare companies
00:11:23 · S0, S1, S2, S3, S4
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00:12:30 · S4, S5, S7
Ad[00:12:30] S4: Price and participation may vary. Promotion pricing may be lower than meal pricing. Ad[00:12:33] S5: Sam's Club is the club for every holiday club. Guess who's joining the club this season? Walmart Plus. Yep. Sam's Club Plus membership now comes with Walmart Plus at no extra cost. Two memberships, one great price. Just a $120 a year can save you time and over $700. Wanna get in on the membership duo of the century? Visit sam'sclub.com. Come join us. Sam's Club. Ad[00:12:54] S7: Annual plan only auto renews TNC apply estimate based on average combined Walmart Plus and Sam's Club Plus savings among members of both for one plus year versus non member or club member pricing slash fees. Excludes membership fees. See Walmart Plus terms and Sam's Club terms for more info.
00:13:03 · Pelu Tran
[00:13:03] S8: We're dying because no one was able to sell unless you were very specifically solving a COVID problem. Really, honestly, like, we don't have that much to do with global pandemic. So we're solving an AI deployment issue for health systems, and that just was not a priority. So keeping the team motivated, keeping our investors and stakeholders and customers aligned and engaged and excited about this problem when nobody cared about it for years and years and years was really difficult. More patients died due to delay in care than die from COVID. We're going to keep focusing on we're going focus on, and we're going to try to build the best business we can around this and survive until everyone else kind of gets there. I think that easily could have led to the company collapse. But I think what that has allowed us to do now that AI is hot, now that hospitals are looking at platforms, now that all of our original theses when we founded the company have come to bear. We've stayed focused on that problem for the past five years, is that we are just, again, incredibly well positioned, and we've got such a head start on the broader market. In order to actually succeed as a founder, you've got to be really comfortable with everyone thinking you're wrong for a really, really long time. I still have not seen one example of a massive iconic company where everyone didn't think that they were completely out of their mind for the first few years. A human being? You usually look for societal approval as founders. Like, you kinda have to be comfortable, not just not having that, but being able to convince people who otherwise didn't see it the same way you did that you're right. And you do have to just be used to everyone either not knowing what you're talking about or thinking you're wrong and just comfortable with just over and over and over convincing them of why what you're doing is the right approach and why it's important. A lot of my classmates are now, you know, super high powered, specialized doctors that are making a ton of money. And so it's easy to look at, hey, like if I just stayed as a doctor, I would be some, you know, badass surgeon doing XYZ thing. And especially as my friends all have now saved me a ton of lives day to day. Like it's incredibly rewarding profession that I never had the chance to actually go into.