Evelyn's Notes

Deirdre Gannon
February 7, 2017

• Vice president at Bio Enterprise
• Founder of Neo Health
• The Medical Capital and Ohio’s First Unicorn
Herself and Her Career:
• Graduated with accounting degree and became an auditor
• Went back to school for MBA and worked in consulting – general consulting
• Began working with scientist and researchers – Corning New York – partnered with them to launch new partners and businesses
• Lead a corporate innovation incubator
• Is currently employed at Bio Enterprise
Bio Enterprise:
• Founded by Cleveland Clinic in 2002
• Commercialize their research
• Has evolved into growing the biomedical economy – Health IT is their largest and fastes growing sector in Northeast Ohio
• This is a very exciting time in Northeast Ohio and you can be a part of it!
• Lots of opportunity for young talent!
• Cleveland is “The medical capital of the world” – go to medical capital website
• $2.5 billion has come to northeast Ohio in biomedical space
• Over 700 biomedical companies and 230,000 healthcare employees
• Venture capital has increases – and we have come a force to be reckoned with
• Ohio’s first Unicorn
o Unicorn- a company valued at $1billion in capital investment
o Only 10 states have produced unicorns
o In January 2017 – Cover my Meds became Ohio’s first unicorn
• The growth and momentum continues – 42 new Health IT companies launched in last several years in Northeast Ohio
• $792 million invested in Health IT companies
• They are looking for talent to grow these companies
• How to grow this pipeline? – need people who can do more than just code – problem solving and creative thinking.
• What are some of the things people need to do to start their own enterprise?
o There needs to be an unmet need for a startup
o Tons of startups for young people – JumpStart (website for internships) *https://www.jumpstartinc.org/#1**
o Lots of ways to dabble, but it is hard to start a company unless there is an unmet need
o Also, need people with a business background to start a company
• Pull towards both coasts and not really towards the Midwest. What is Bio Enterprise doing about this?
o Build talent and retain and attract people- undergraduate meetup opportunities
o We are competing against people in the Midwest also – and we are working on this issue.
• Does Bio Enterprise do anything related to getting grants for CS academia?
o Don’t help get academia dollars
o But, we met with venture capitalists to help attract capital
o We are all about commercialization
• Compete with other sectors? Main reasons to go into Health IT?
o Well paid positions - $80,000 initially
o Help patients – treat cancer – doing good in the world
o Attract folks who would be interested in medicine
o Interested in doing good and getting paid well – it’s for you!
• How much knowledge do you need in Healthcare to pursue a career in Health IT?
o None necessary but to have a leg up – some exposure (clinical exposure would be good)
o Need entrepreneurial mindset
o Highly collaborative
o Need to be a good problem solver
• What types of questions in interviewing?
o May get a math problem – maybe a calc probem
o Usually have to code for a day
o Going to see how you work under pressure and how you collaborate
• What is strategic development?
o Work with the board to develop a plan for entire organization
o What are the barriers to grow the Health IT industry
o Fundraising – Bio Enterprise is grant funded
• Hard to get people invested into the idea of creating Silicon Valley in Ohio?
o People are getting excited about this – may be a chance to have another unicorn in a few years!
o People are now seeing Ohio as a hotspot for getting talent
• Don’t get feeling of Cleveland being young and developing. Do you think Cleveland is moving towards this young feeling (attractive place to live)?
o Health tech corridor
o People are trying to build up Cleveland – we will never be Silicon Valley though
• What would be the best way to go look for jobs?
o Networking
o Hard to get a job through a recruiting agency
o Going to talks and listening to speakers – meet people and share about your background
o Technical meetup groups!
o HIMS – Health, information, management, society – based in Chicago. Does a lot of educational events, biomedical hackathon. Interoperability. HIMS gives seal of approval for things to be general tools.
• What are the other regions considered “hotspots” and how do we compare?
o Cleveland doubled every other region in attracting capital
o Atlanta, Chicago, Nashville are other Health IT Hubs in terms of venture capital
• If CS major and you have a healthcare idea, but it’s not big enough for a start-up company what would you do?
o Talk to someone to get your idea out there
o Is your idea big enough?
o Can discuss how to make idea bigger by talking to someone
• What are the biggest problems in the Healthcare process from software?
o Moving to a model about outcomes
o Finding solutions that change the outcome and efficiency of a process
• Are we looking along the lines of outpatient software?
o Industry moving towards more outpatient care
o Also, looking at nursing homes and hospitals
o Tools that help physicians be more effective
o There are many areas for opportunities though
• What is the biggest push in Health IT that we are working with?
o Big Data, telemedicine
o Shift in how healthcare is being delivered – this is why it is such an exciting time right now
o Follow a megatrend!
• Is automation taking away a lot of jobs?
o I believe that this is going on in every industry
o Ideally, new jobs are also being created
o Micro education – go back to school and get fresh, stay up to date on what is new
• Is Micro Education done by employees or employers pushing it?
o Both – employer may invest in you, other times you will make decision on your own to update your skill set.
o Even more prevalent in our generation
• Is the system pushing for entrepreneurship?
o More industries realizing entrepreneurship is critical
o It is a critical skill – it’s about risk taking and managing risks
o It is a really good skill to have!
• Competition at Case:
o 2 types of positions- data scientists, and software developers
o Help students at the high school level understand what data science is – using data to solve problems
o Competition for high school students sponsored by IBM Watson
o Looking for volunteers to coach these teams!
o First 2 Saturdays in March 9-2 (Lunch is served)
o Great networking opportunity!
o In competition, they are using video game data, and given a problem to solve given this data
• What ways would you recommend in exploring health IT?
o Internships
o Meetups with people in the industry
o Bio Medical hackathon
o But at this point it is hard to just dip your toe
• Jacob and Dom Hackathon
o Given a challenge – invent the most useful or cool thing
o They developed a nurse on call app
o Take pictures of their problem and send it to the nurse or doctor who could then immediately respond
o Got 3rd place
• Business competition sponsored by Google cloud
o Form that we got
o Way to get into the network
• How do you network without seeming “thirsty” for a job?
o Make small talk – always compliment person if you don’t know what to say
o Going to an event is an easier way to network – have something to talk about – less intimidating
o Go places and do things with people who are in your domain
o Just go for it!
o Employers know that you are there to network – so it’s okay to say “I am looking for a job in this space”
• Health IT growing and mobile industry also growing – should I consider moving into health IT being a mobile developer?
o Yes, health IT and mobile are working together
o Moving from care to how do we keep patients well – mobile applications (Fit Bit)
• Healthcare in America is expensive – any solutions to make healthcare more affordable?
o At the end of the day we are trying to find ways to reduce cost – current healthcare model is not sustainable
• Smaller startups willing to teach CS major the learning curve or should I go to a big company?
o As long as you have base skills, that is great and a company will augment them
o Although, clinical exposure will only benefit you
• How is working full time and getting your masters?
o Hard!
o Lifelong learning – she’s a big fan of it – necessary to stay current
• Any real reward to going to a coastal region as opposed to staying in Ohio?
o Top talent can have pick of any job in Northeast Ohio
o Cost of living is less here than on the coast
o There are pros and cons of each
o There is a lot of competition on the coast
• In Cleveland in the Health IT what is one of the top fields to work in?
o Hard to say – all portfolio companies are so different
o Not a single cluster or sweet spot yet of technology that we are focused on
o Health IT is still considered a pretty new industry
• Keeping talent in Northeast Ohio – issue with people leaving?
o Lack of interest in the field in northeast Ohio – biggest challenge
o The question is how do we get more people to see the opportunities in computer science