Amin Zayani is the founder of Med Angel, working on a solution that helps to keep medications safe. Med Angel won BETAPITCH | Berlin and took the first prize in BETAPITCH | Global in 2015. We got in touch with Amin to see what he’s up to nowadays.
You won last year’s BETAPITCH | Berlin and BETAPITCH | global with Med Angel. What happened right after that?
We applied and got accepted to the Rockstart Digital Health accelerator, we expanded the team, fine-tuned the value proposition and business model, and now we are close to market launch with a ready product.
How did winning 6 months at betahaus coworking work for you?
Amazing! It offered us a home and all necessary facilities, but also exposure to the betahaus network and community.
You’ve ran the startup by bootstrapping for quite long. What have you learnt from that?
Two things: as long as it’s your own money you have absolute freedom of operating, you have no one to report to, no pressure but the pressure you put on yourself. The second thing is that you become very conscious of the how valuable cash is to a business. As the runway shortens, you become more careful with spending and make sure that every cent is spent in the best possible way.
How has the product evolved since you’ve pitched at BETAPITCH?
The product itself didn’t change much, it’s the value proposition and the positioning that we improved and changed. The product is one piece of the proposition, many startups put so much time and energy in developing the product and ignore other equally important things like to go to market strategy and execution, or the channels to reach your paying users.
What are your current big challenges?
Our big challenges are the ones that every digital health startup faces: young industry, few success stories and a highly curated and controlled access to customers. The last one is because the health sector is slow, conservative, complex and controlled by established organisations. To make things even harder: stakeholders include insurers, the government, pharma, and patient organisations. We are taking a bet by bypassing the classic channels and economics, and going directly to our users. We believe that there is a change of consumer habits that is happening and we are confident that people are willing to pay more for health, fitness and wellness out of pocket than a few years ago.
What gets you through the days?
Offtime is an absolute necessity, I leave the laptop in the office and go home to watch something completely not related to startups or business on netflix, or just meditate.
Want to learn how to become a great pitcher just like Med Angel? Check out this guide: How to Succeed at Your Next Startup Pitch Competition.