Tuesday, October 29 2024

“Every iteration brings you closer to a solution that works. The key is to keep moving forward.” – David Rosenthal, MD

The Yale Center for Biomedical Innovation and Technology (CBIT) hosted a panel discussion on How to Bring Your Idea to Life at TsaiCITY on the evening of October 24th. The event was moderated by Issy Earp, Yale College ‘26 and co-president of Yale Helix, and featured experienced leaders from the center including Mark Saltzman, PhD, Maxwell Laurans, MD MBA, David Rosenthal, MD and Margaret Cartiera, PhD. Each panelist shared personal entrepreneurial stories and offered practical advice to aspiring innovators in attendance.

“It can be easy to feel overwhelmed by where to start, but the journey can be fun, rewarding, and entirely doable” noted the evening’s moderator. Issy highlighted the goal of the event was to provide students and aspiring entrepreneurs an opportunity to better understand the steps involved in taking a healthcare concept from start to finish. The discussion explored essential questions including: How do you know if you’re an innovator? How do you build a team? What do you need to make a first prototype or beta? How do you get traction with stakeholders? Where do you find funding? Key takeaways from the conversation emphasized:

• Entrepreneurship doesn’t require predefined traits; instead, it emerges from problem-solving and seizing opportunities. Many people discover entrepreneurial qualities gradually through experience. The panel encouraged participants to see entrepreneurship as a dynamic process, rather than a fixed identity. “Innovation is within everyone, and it often emerges when we’re open to new challenges.” -Mark Saltzman, PhD
• Early ideas often evolve through trial and error. Innovators should seek market feedback and be comfortable with pivoting if necessary. Evaluating the sustainability of an idea requires listening to customers, tracking subtle patterns, and being open to change. “You won’t know from the start if your idea will work, and that’s okay. Be ready to shift directions based on feedback and subtle market patterns." -Maxwell Laurans, MD MBA
• Focus on a simple, functional prototype that addresses a key pain point. Prototypes don’t need to be perfect; the goal is to get something out quickly to gather feedback and iterate. “Don’t worry about perfection - your MVP should focus on solving a key pain point. Get your idea out there, and if it doesn’t work, learn and pivot." -David Rosenthal, MD
• Understanding the competitive landscape is crucial for innovators. Through assessment of existing solutions, innovators can identify what is working, what doesn’t work, and where opportunities lie. It also helps to avoid reinventing solutions that already exist and identify your niche. "Competition isn’t necessarily a barrier – it can be an opportunity to identify what’s missing and where your solution fits within the landscape." -Margaret Cartiera, PhD

The discussion concluded by encouraging participants to embrace failure as part of the entrepreneurial journey, sharing final pieces of advice, and addressing questions from the audience.

About CBIT

The How to Bring Your Idea to Life workshop is one of many initiatives from Yale’s Center for Biomedical Innovation and Technology (CBIT) to educate and empower the next generation of healthcare innovators. CBIT catalyzes students and faculty across campus to make novel healthcare solutions in data science, diagnostics, and devices a reality. The center is focused on partnering with academic innovators, students, corporate entities, and health systems.

For more information about CBIT and upcoming events, visit CBIT or follow us on LinkedIn and Instagram.