At the Cleveland Clinic Medical Innovations conference
Charlie Lougheed – Chief Strategy Officer at Explorys, acquired by IBM and part of the Watson cloud solution has some great advice for start ups
- You have to be able to build a team, yes incentives, stock options are important – but there needs to a great mission that they believe in. They need to believe in you, the CEO
- Pay attention to companies doing well in the market, what can you learn from them? And don’t trash them – they may end up acquiring you!
- Have a support infrastructure available. Cleveland Clinic were a great support for Explorys and even introduced them to customers
- Have a good idea, a good one is good enough! Great ideas are usually overrated and distracting
- On being acquired – is the acquiring company aligned with your mission and a good fit? If not do your best to keep going and raise more funding