Founders obsess over burn rate and fundraising timelines, and rightly so. But the thing that most often determines whether a startup crosses the valley of death isn't on any of those spreadsheets. It's whether someone on their team actually knows how a health system says yes.
Pennywise, Pound Foolish: The Trap of the Cheap Startup Advisor
“We chose this clinical advisor because they’re a doctor and a personal friend of ours, so they aren’t charging us a lot.”
This mentality can be the kiss of death for startups.
Sometimes, the mistake founders make isn’t spending too much money on the wrong things (though that happens, of course) – the mistake is trying to penny-pinch when they should be prioritizing expertise.
Science Center Chief Medical Affairs Officer Dr. Kevin Baumlin has seen it happen: startups go sideways because they hire the cheapest leadership, not the leadership they'll actually need down the road.
“Getting a clinical advisor who’s a physician in a specialty area isn’t the hard part,” he says. “The hard part is finding the right resources who have connections to senior and mid-level people, and who not only understand the healthcare system, but also the startup ecosystem – and clinical trials.”
Dr. Kevin Baumlin speaking with founders during the Capital Readiness Program.
As many startup founders already know, it can be incredibly difficult to cut through the noise and land in the inbox of a relevant health system decision maker. Having a clinical advisor who can give a warm handoff and start the dialogue isn’t just a nice-to-have for fledging startups: it’s a necessity.
“A huge part of the world of healthcare innovation is networking. It is an unbelievable waste of time for founders to speak to everyone and take every meeting; but you have to do it,” notes Calla Lily Clinical Care co-founder Dr. Lara Zibners. “Because you are doing something that no one else has done before, you don't know which call or meeting will lead to a positive outcome. Having advisors that can help you skip over a lot of wasted phone calls and tap into their networks is invaluable.”
The right startup advisor helps founders speak credibly to other experts in the field: Baumlin remembers one startup losing credibility with him after using the wrong terminology for his specialty. “Using the wrong words can really turn people off – and you never know if one of your potential VCs might have an advisor in that space,” he warns.
“Startups should look for clinical advisors who've actually worked inside the systems they're trying to sell into — not just practiced clinically, but navigated how decisions get made, budgets get approved, consensus is achieved, and new tools get adopted.”
In medtech, cutting costs isn't always the same as preserving runway. Sometimes the cheapest decision today becomes the most expensive one six months later.
Your clinical advisor should be:
- A clinical leader with connections to the spaces and decision-makers you need access to
- Someone who is comfortable offering strategic guidance on clinical trials and the startup ecosystem
- Someone with ample experience in the specific systems your startup is involved with
“Startups should look for clinical advisors who've actually worked inside the systems they're trying to sell into — not just practiced clinically, but navigated how decisions get made, budgets get approved, consensus is achieved, and new tools get adopted,” explained Founding Partner of Vertex Health Dr. Adam Glasofer.
“Clinical credibility matters, but operational fluency is what turns an advisor into someone who can actually help you build and sell a better product.”
CHESS: for Startups That Can’t Afford to Fail
Although ample capital is flowing into medtech startups, funding is increasingly concentrated into late-stage rounds and a smaller pool of chosen companies – often leaving early-stage founders high and dry. The valley of death founders must transverse is widening, with MDDIOnline noting that it now takes 3-7 years for a medical device to be developed and gain FDA approval.
The Science Center’s Clinicians for Healthcare Excellence and Startup Success Program (CHESS) ensures that startups have clinical healthcare expertise involved in the moments that matter most. Baumlin, Zibners, and Glasofer are three of the five experts who counsel startups.
“If we can help them get to milestones quicker, then that's what the whole name of the game is,” explained Dr. Baumlin, who – along with his team – has successfully helped multiple startups accelerate their wins, saving them both time and runway burn in the process.
Dr. Adam Glasofer and Dr. Kevin Baumlin during a mentor conversation at the Science Center
CHESS emerged as a natural ramp-up of the team’s one-on-one startup advisory sessions with Science Center alumni companies. The current team includes six clinical advisors who all specialize in different medical disciplines, facets of the startup experience, as well as the medtech ecosystem, and each brings a unique and extensive network of key contacts to the table.
In short, it’s the sort of expertise that most startups could only dream of accessing in the early-stage years of their company.
BioCurie is a top example of what can happen when a high-potential startup receives the right advisory guidance. After attending CRP, founder Irene Rombel had regular discussions with Dr. Baumlin. He eventually recommended that they pursue the ARPA-H grant, with grant writing assistance from the Science Center – which they successfully received in the form of $9.3 million non-dilutive capital. The Science Center was written into the grant itself, which has allowed the partnership to continue.
“The reason why we're part of that grant is because we brought expertise to the table. And that expertise is in the form of my 30 plus years of experience, not just as a clinician, but also as a clinical informaticist,” explained Baumlin. “What we also brought to the table for BioCurie was our network of vendors to help build their actual IT infrastructure. For instance: Adam Glasofer, who worked at Amazon Web Services, was part of that dialogue. His knowledge and experience adds to the conversation and helps the founders deliver better solutions quicker.”
He explained that during the long waiting period between grant submission and grant award – and then contract submission and contract award – the BioCurie team went ahead with the Science Center’s recommendations to build out their IT infrastructure, which just went live this summer. According to Baumlin, this would have taken much longer – up to a year – if the Science Center hadn’t done the pre-work and delivered that as part of the grant.
Dr. Lara Zibners advising startups
Already, the platform has enrolled its fourth user, allowing BioCurie to extend its runway before seeking venture capital. More importantly, if and when it does approach investors, it can demonstrate both customer traction and revenue.
Choosing the Right Advisor for Your Startup Helps Cover Your Gaps
For the clinical advisors of CHESS, it’s not just an advisory role: it’s also a way to give back and help other startups climb the ladder behind them.
“I'm very excited by CHESS because it gives me an opportunity to help other founders,” said Zibners. “I've learned so much in the last few years and it's very meaningful for me to be able to share those lessons and help open doors for others.”
Every founder has their blind spot(s) –being on the lookout for them is often what separates founders who commercialize, from the ones who have to close up shop.
“Startups need to look very critically at what skills they have and what skills they are missing. Those missing skills are where you need to consider who you can bring on board to help. That might not always be obvious right away,” she explains.
“Even if you come from a clinical background, there might be gaps that you haven't yet recognized. It's such an easy trap to fall into: I've got a great idea, the world needs this. A good advisory team can help spot those pain points before you've hit them. This is probably the biggest mistake I have seen: an unwavering belief in your product means an unwillingness to consider and mitigate risks.”
Choosing the right clinical advisor won't guarantee a startup avoids the valley of death -- but it dramatically improves the odds of crossing it before the runway runs out.
FAQ
Do I need a clinical advisor just because I’m a medtech startup?
Yes, because not having one can lead to costly mistakes that cost you your business. Advisors can counsel you on the intricacies of going to market, can open doors with their connections, and can point out your blind spots.
How can you vet an advisor?
To vet a medical advisor for your startup, confirm whether they’re a respected expert in your field. Do they have clinical trial experience? Research publications? Do they currently practice? Have they advised startups before, and what stage(s) were they in? The right questions to ask will depend on your specific field, but for any advisor, you will want to look for someone who is responsible, asks thoughtful questions, and challenges your assumptions.
Why are founders choosing CHESS for startup advisory services?
CHESS brings together six clinical experts with deep experience, connections, and knowledge. Collectively, they can help advise medtech/healthtech startups on everything from patent securing to clinical trials. It’s like having six vetted experts in one.
