E054 - Lessons learned from helping launch 100s of physician-led startups Todd & Kim Saxton

From MD to Entrepreneur with Dr. Pranay Parikh

Launching a startup in today's highly competitive business landscape can be challenging, particularly in the medical field. However, physician entrepreneurs are uniquely positioned to identify gaps in the market and develop innovative solutions that improve patient outcomes.

Join this conversation where we dive into the world of physician entrepreneurship with two experts in the field, Todd and Kim Saxton. Both professors for a physician MBA program at Indiana University have extensive experience working with doctor entrepreneurs and have been advisors, consultants, and board members for numerous physician-led businesses.

In this podcast, we explore the various paths that physician entrepreneurs can take, including angel investing and innovation within the medical field. We also discuss the common pitfalls that physician-led startups face and strategies to avoid them. Whether you're a medical practitioner exploring entrepreneurship or an investor looking to support physician-led startups, this episode offers valuable insights and practical tips to help you succeed in this exciting field.

Key Highlights from the Show

[00:01] Episode intro and a quick bio of the guests, Todd & Kim Saxton
[02:38] A quick background of Todd & Kim Saxton and how they got into what they do
[04:04] Why Kim decided to shift to marketing at MIT
[06:28] Why medicine is both a science and art
[11:05] Risk vs uncertainty in a physician’s business
[16:42] Different paths to entrepreneurship for physicians
[19:03] Other avenues that medical graduates go to apart from medical fields
[26:11] Entrepreneurship mistakes and how to avoid them
[27:48] Three things that sink many of the startup ships
[33:34] What physician startups can improve on
[41:13] What Todd & Kim wishes to have put more resources into their entrepreneurship journey
[43:05] Best ways to reach out and connect with the guests

Notable Quotes

• Being in medicine is not only a science but also an art. You can have great qualifications, but if you lack the art of communicating with your patients. You will not help them. [06:28]
• Everyone is good at a certain phase of business. [26:11]
• As a startup, you must know where to put emphasis. It is much better to focus on the why than on the how and what. [30:21]

Resources Mentioned

1. The 22 Immutable Laws of Marketing: Violate Them at Your Own Risk! by Al Ries and Jack Trout: https://www.amazon.com/22-Immutable-Laws-Marketing-Violate/dp/0887306667
2. The Titanic Effect: Successfully Navigating the Uncertainties that Sink Most Startups by Todd & Kim Saxton: https://www.amazon.com/Titanic-Effect-Successfully-Navigating-Uncertainties/dp/1642792144

Connect With Todd & Kim Saxton

Website: https://www.titaniceffect.com/
LinkedIn: http://www.linkedin.com/in/profmkimsaxton
Facebook: https://www.facebook.com/TitanicEffect/

Thank you for listening to FROM MD To Entrepreneur Podcast
Tune in every Wednesday, 5 AM PST.

Follow Us on our socials

• Instagram - https://www.instagram.com/frommdpodcast/
• LinkedIn - https://www.linkedin.com/company/from-md-to-entrepreneur/
• Website - https://www.frommd.com/episodes/