How I built a $275 million biotech company from nothing

Summary

Serbi Serna, a determined woman of color, shares her journey from facing a personal health scare to founding Envision Medical, a company focused on early detection of ovarian cancer. Despite challenges in fundraising and overcoming biases, Serbi's perseverance led to the creation of a life-saving device and a successful acquisition by Boston Scientific. Now a partner at YC, she is dedicated to helping other founders bring impactful technologies to market, driven by her belief in the power of solving real problems and the importance of perseverance in the face of adversity.

Takeaways

• 😀 Serbi Serna faced significant challenges as a woman of color without an advanced degree in a field dominated by people with higher qualifications.
• 😀 Despite feeling like she wasn't 'good enough,' Serbi persevered and built a successful company, Envision Medical, which was eventually sold for $275 million to Boston Scientific.
• 😀 Her health scare with ovarian cysts in high school motivated Serbi to focus on women's health, specifically creating better diagnostic tools for ovarian cancer.
• 😀 The lack of reliable diagnostic tools for ovarian cysts and cancer was a key inspiration for Serbi to pursue a solution that could provide women with accurate, early detection.
• 😀 Serbi encountered significant investor bias, with many dismissing women's health as 'not a big enough market,' which led to rejection by over 50 investors.
• 😀 Despite these challenges, Serbi found two women investors who believed in her vision and helped her secure initial funding for her company.
• 😀 The success of Envision Medical was not only due to her technical innovation but also her ability to network and build strong relationships with medical professionals and investors.
• 😀 Serbi's company developed the first FDA-cleared device to collect cells from the fallopian tube to help in the detection of ovarian cancer.
• 😀 After years of struggle, Serbi received an acquisition offer from Boston Scientific, validating her hard work and the potential impact of her product.
• 😀 The emotional moment of selling her company was a culmination of years of effort, and it provided Serbi with the confidence that her work had left a meaningful mark on women's health.
• 😀 After the sale, Serbi shifted to a role as a group partner at YC, where she now helps other founders bring their innovative health tech solutions to market.

Q & A

What motivated Serbi Serna to start a company in women's health?

Serbi was motivated by her personal experience with ovarian cysts in high school, which led her to realize how antiquated the healthcare system was regarding women's health. She wanted to help families avoid going through similar struggles and improve healthcare outcomes for women.

What were the challenges Serbi faced as a woman of color in the biotech industry?

Serbi faced biases as a woman of color without advanced degrees like an MBA, PhD, or MD, and encountered skepticism from investors who underestimated the potential of women's health. Despite these challenges, she persisted and found supportive investors and mentors.

How did Serbi come up with the idea for Envision Medical?

Serbi's experience with ovarian cysts and the lack of reliable diagnostic tools for ovarian cancer inspired her to develop a device for early detection. Her initial idea was to create a device that could collect cells from the fallopian tubes to evaluate for malignant features.

What was the initial reaction from the medical community when Serbi presented her idea?

When Serbi first presented her idea to a gynecologist during an unexpected visit, the doctor was startled but agreed to meet her later. This led to further introductions to other medical professionals who supported her concept and helped validate it.

How did Serbi overcome the difficulty of raising funds for her startup?

Serbi faced significant rejection from investors, with at least 50 rejections, but eventually secured funding from two women investors who believed in her idea. She emphasized the importance of persistence, leveraging her network, and finding the right people who believed in her vision.

What was the breakthrough for Envision Medical in terms of product development?

Envision Medical's breakthrough was the development of the first device cleared by the FDA to collect cells from the fallopian tube, enabling doctors to evaluate the cells for malignant features, potentially offering an early detection method for ovarian cancer.

How did Serbi feel when Envision Medical was acquired by Boston Scientific?

Serbi felt a mix of disbelief and validation when she received the offer from Boston Scientific to acquire Envision Medical for $275 million. It marked a significant achievement after years of struggle, rejection, and dedication to solving a critical healthcare issue.

What role did Serbi take on after the acquisition of Envision Medical?

After the acquisition, Serbi was introduced to Jared Friedman at Y Combinator (YC) and became a group partner at YC. She now works with healthcare and biotech startups, helping founders navigate challenges and bring their innovations to market faster.

What advice does Serbi offer to aspiring entrepreneurs in the healthcare space?

Serbi advises entrepreneurs to focus on the real need they are solving, leverage their personal network, and persist through rejection. She emphasizes the importance of finding the right people who believe in your solution and ignoring those who may be biased or dismissive.

What does Serbi see as the most rewarding aspect of her current work at Y Combinator?

Serbi finds the most reward in helping founders solve complex problems and accelerate the development of technologies that can improve healthcare outcomes, such as early cancer detection, better medicines, and safer food production.