The Hatch Podcast

Medical Innovation: Chris Danek on Startup Success and Healthcare Transformation

September 10, 2024 • Hatch Fairhope • Episode 1

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Hatch Podcast Show Notes: Episode #1

Episode Title: 
Medical Innovation & Startups: A Conversation with Chris Danek, Founder of Bessel

Episode Description:
Welcome to the first episode of the Hatch Podcast, where technology comes to life! In this episode, we dive deep into the world of medical innovation and startups with Chris Danek, the founder of Bessel. Chris shares his extensive experience in life sciences, his journey from engineer to entrepreneur, and how Bessel is helping startups navigate the complex road from concept to commercialization.

Chris discusses the Hatch Fairhope Accelerator, Powered by Bessel, which recently launched its first cohort. He explains the fundamentals of starting a company, the importance of accelerators, and the impact startups can have on healthcare. Tune in for an inspiring conversation filled with insights into medical technology, innovation, and the future of healthcare.

Key Topics Covered:
- The role of startups in addressing big healthcare problems
- What accelerators do for startups and what a cohort is
- Chris Danik’s journey from R&D engineer to founding Bessel
- Success stories of medical innovations, including companies like AtherMed
- The Hatch Fairhope Accelerator, powered by Bessel, and its impact on the Gulf Coast region
- The importance of community and collaboration in the entrepreneurial journey
- Highlights from the Powered by Bessel curriculum: fundraising, technology strategy, and the Bessel Rapid Innovation Framework
- The future of Bessel and its mission to improve millions of lives through innovation

Guest Bio: 
Chris Danek is the founder of Bessel, a company focused on turning breakthrough medical ideas into successful innovations. With over 20 years of experience in the life sciences and a passion for guiding startups, Chris brings a wealth of knowledge in commercializing medical devices and advancing healthcare technology.

Links & Resources:
- Learn more about Bessel at www.bessel.co
- Connect with Chris Danek on LinkedIn: Chris Danek (https://www.linkedin.com)
- Learn more about Hatch Fairhope and the accelerator program: www.hatchfairhope.com

Join the Conversation:
Follow Hatch Fairhope on social media for updates, and subscribe to the Hatch Podcast for more inspiring conversations with innovators pushing the boundaries of technology and entrepreneurship!

Subscribe & Listen: https://www.hatchfairhope.com/podcast


Intro:

Hatch. This is the Hatch Podcast, where technology comes to life. A Hatch Fairhope production.

Stephanie:

At Hatch Fairhope, we're all about cultivating creativity, driving innovation and accelerating growth. Welcome to the Hatch Podcast. Each episode will bring you inspiring conversations with innovators who are pushing boundaries, solving problems and building the next wave of success. Today, we're joined by Chris Danek, the founder of Bessel, a company dedicated to turning breakthrough ideas into successful medical innovation. With over 20 years of experience in life sciences, chris has a proven track record of guiding startups from concept to commercialization. We'll talk about his journey and the work Bessel is doing to support innovators and the future of healthcare technology. This conversation is especially timely as we just wrapped up the Hatch Fairhope powered by Bessel program. Welcome to Fairhope.

Chris:

Thank you, Stephanie. It is a pleasure to be here and it's exciting because this program has been years in the making and it's the first time that we've delivered a cohort of the accelerator program that I've developed based on my years of experience with startups and medical devices, diagnostic companies and next generation gene sequencing.

Stephanie:

Yeah, it's exciting, especially for us here in Fairhope, and I want to dive a little deeper into that later on, but I first kind of want to let everybody know you and I were talking earlier about who may be tuning into this and whether they were familiar with the startup sector or technology in general, and you just threw out several words that you know may be unfamiliar to just the average listener. Could you just break down what an accelerator does in the startup community and just what a cohort even is?

Chris:

Sure. So let me just begin with a startup. What we mean when we talk about a startup is not just a new business, but a business that is trying to attack a really big problem, to make a big impact. And you're going to find that we're building a community of innovators, of investors, of other stakeholders, clinical researchers and partners in the region to try to make an impact, an impact that scales. That's what I mean when I say a breakthrough.

Chris:

So a startup is going for a big impact and it takes a lot of collective effort to succeed in that, when a startup is trying to move itself forward and get investors, there are many hurdles along the way. An accelerator is a program that can help the startup see down the road, see the bumps that are coming, prepare for them and really learn and draw on the experiences of others that have come before. Also create a collective network and community. Some say ecosystem, but I love the word community, because we really have a shared interest and passion to make people's lives better. Through these medical innovations, an accelerator will help smooth the path for the entrepreneurs who face an incredibly difficult journey.

Stephanie:

So when you talk about helping others along the way in their startup journey, who better to do that than someone who's experienced it firsthand? And it's really interesting that the program you've put together was born out of your own experience starting a company. Tell us a little bit about your background, where you started and your journey. I, you started and your journey, I guess, in getting to Bessel.

Chris:

Stephanie. I started as a research and development engineer, working on project teams in medical device startups and developed to lead programs and I always had the idea that I'd like to start a company. I'd like to start a company, I'd like to lead the company and after working on some very interesting and impactful projects, like a treatment for asthma that later was the company was Asthmatics and it was purchased by Boston Scientific and scientific. A pulmonologist would come in with a catheter and a bronchoscope and a catheter and heat the airways to prevent airway smooth muscle from being able to constrict the airways to reduce the severity and frequency of asthma attacks. Around that time I thought how can I actually start a company, run the company, raise the money? There's a lot of things I don't know about business, about finance, marketing and I need more credibility. So I went back and built on my engineering credentials by getting an MBA and after that I co-founded a company that was called AtherMed.

Chris:

It's now part of Philips and the problem that we were solving was when folks have blockages of the arteries in their leg, it causes problems so severe that in the worst case, especially if you have diabetes or something like that, you could be at risk for amputation. They call that critical limb-threatening ischchemia, meaning blood is not getting down to heal the tissue. So we developed a catheter that would shave plaque out of the arteries of the leg, and that was a company that I co-founded. I led a CEO and I also helped with the clinical operations, from designing the clinical study to executing it. That's what brought me to Fairhope the first time I actually have been working with Chris St Pierre, who helped us identify all the different vascular surgeons, cardiologists and interventional radiologists that would study this device and help us take it through the FDA.

Stephanie:

And then Chris connected you with the guys at Hatch Fairhope.

Chris:

That's right, and you know there's probably a 10-year gap in there, and during that time, chris St Pierre and I had been speaking quite a lot about things we'd like to do together to bring the resources that we know from, for example, in Silicon Valley, where there's lots of resources for startup entrepreneurs to understand how to do things, to find experts that can help you do things like develop the quality system and the regulatory things you need for FDA Lots and lots of resources that we have out in the San Francisco Bay Area that are not readily accessible in many parts of the country, especially in the Gulf Coast, and so we talked for years about doing something and in parallel, I developed a consulting practice, which became Bessel, worked with many startups as an advisor, a mentor and working hands-on as a member of the startup team.

Chris:

And then, a couple of years ago, the state of Alabama did something pretty special. They put together a commission to develop a strategic path for innovation, to develop people, jobs, resources and to make a big difference on things that matter, ranging from the climate and sustainability to medical innovations, which is my field, and that commission became Innovate Alabama, a corporation that's been sponsoring a lot of great programs in the state sponsoring individual companies and programs like this Hatch Fairhope accelerator that we're doing in partnership using our accelerator format, which is powered by Bessel program. So I really appreciate what's happening in the state of Alabama, appreciate Innovate Alabama and I greatly appreciate the partnership with Hatch Fairhope and all the folks who are making this possible.

Stephanie:

So tell us about the powered by Bessel Curriculum that you've put together.

Chris:

Over time, I realized that there's a lot of powerful fundamentals to developing a startup company, and paying attention to those things from the beginning can make a world of difference.

Chris:

Those relate to once you've identified a problem that matters and articulated the ideal solution, and iterating your concept Once you've gotten to the point which says, hey, we should have a startup around this concept, which itself is a very demanding process and one that requires special care and attention. Once you've formed a startup, there are a lot of things that you need to do in terms of your strategy how to set and achieve value, creating milestones. What that boils down to is set goals that matter and make them happen. Okay, so that's sprint one and sprint two, three week or three or four week modules in the program. And then the third module or sprint in the program is preparing for fundraising, how to find the sweet spot for investors, how to find investors who share the same outlook they're looking for you and then to present yourself in the right way. So this has been a great program. We've worked with individual companies and there's a lot of value there, but there's tremendous value also to going through this in a cohort with other startups at the same time.

Stephanie:

Well, for one thing, you know, the entrepreneurial journey in itself can be lonely, and having that community of like-minded individuals who are dealing with the same thing, and having that community of like-minded individuals who are dealing with the same thing, and having that support network is just crucial, you know, to keep going. And I can tell you that you've put an amazing group together, because I've gotten to hang out with them firsthand over the last few days and they are just amazing.

Chris:

Amazing folks with an amazing set of backgrounds and experiences. One of the things that I'm extremely proud of creating with this program in the cohort is a community and the ability for the startups to help each other forward. We learn from each other. There are R&D executives, sales executives, clinician founders in this cohort different perspectives, different experiences and we always let the startup founders kind of advance their insights to each other through what we call the founder circle and we're going to continue that after the program.

Stephanie:

What benefits do the companies get from participating in the cohort Right?

Chris:

The workshops I think are useful as a way to open the conversation among the founders on those important topics of strategy execution, preparing for fundraising, but we're also able to connect them with the resources of the Gulf Coast region. You know what we have here is a community with world-class academic and clinical care from University of South Alabama Health, uab Medicine. We also have just a tremendous passion and drive to make people's lives better because unfortunately in the Southeast we are experiencing the acute health care crises that are global in terms of diabetes, obesity and other things. We're experiencing that more here in the region. So people want to work hard together to make a difference in those areas. So we're connecting these companies with clinical advisors, researchers, clinicians, to be able to help advise and guide the technologies forward.

Chris:

We're also connecting them and broadening their network with exposure to investors from the Gulf Coast that are experienced in investing in medical device startups. In fact, this is another part of the connection and the connectedness in this cohort that brought me here on my personal journey. Chris St Pierre had brought some investors from the region into the startup that I co-founded many years ago, and they introduced me to a company in Birmingham founded by a neurosurgeon. Dr Ben Fulmer is the keynote speaker from our finale, and so the experience and trust and sophistication of investors in the region is something that we can also help expose and introduce the startups that are part of the Hatch Fairhope Accelerator. We can help them connect with a broader set of investors than they could on their own.

Stephanie:

So what goes into selecting who is going to get to participate in the cohort?

Chris:

Stephanie, we really want to make an impact I talked about that before we use the word breakthrough to make a scalable impact on the lives of many, many patients. To make a scalable impact on the lives of many, many patients. So the first thing we do is we look at the problem they're trying to solve and the way that they're solving it and ask ourselves is this going to make a big difference and are we going to be able to help that company, that startup, drive it forward? That's how we think about the best companies that come into the accelerator. It's a combination of what they're doing themselves and how much we can help them.

Stephanie:

With this being the first cohort that you guys have put together, what are your key takeaways?

Chris:

I love the opportunity to deliver the Powered by Bessel accelerator in a cohort and the biggest takeaway it's not a surprise because I have experience in teaching university classes and teams. It's a feature of how we like to work at Bessel. The biggest takeaway and it was exciting to see is that the startup companies help each other so much. I put most of my emphasis in having an in-the-founder circle that we create where the startups can actually pose the key challenges they're facing and then offer their peers. Their peers will offer them solutions, insights, perspectives. Of course the folks from Hatch Fairhope experienced business leaders and the team from Bessel experienced in these types of medical innovative startups. Of course we have a lot of experience to add. We have great advisors to connect up with the startups as well, but the most powerful component of this one that I hope we can nurture into a community and have essentially an alumni program is the startups helping each other drive things forward.

Stephanie:

So just wrapping up this cohort. What is on the horizon for Bessel?

Chris:

Well, the first thing is that we're looking forward to doing more of these cohorts with Hatch Fairhope. It's been a tremendous success, very powerful for the startups, and it's frankly been a lot of fun and very rewarding to see where this can go, what the startups will be able to do with our assistance and the things that you know. Ultimately, these companies likely they have the drive, the passion to make it happen. We're an accelerator. We're trying to help them get there sooner to be able to help more patients, maybe zoom out a little bit and see how they can help even more patients. I see companies that you will see in other podcasts, like the Shape Sensing Company is a platform for imaging without radiation that can fundamentally transform how medicine is delivered.

Chris:

Any type of minimally invasive procedure Endoscopic meaning using some type of a bronchoscope or endoscope. Using some type of a bronchoscope or endoscope. Endovascular meaning catheters that doctors will bring in through the arteries or veins of the leg. Robotic surgery You've heard of Intuitive Surgical and many other companies. Anywhere a surgeon needs to do a procedure and be able to understand where the device is in the body. So that's a great example that will affect literally millions of patients.

Chris:

Other companies working on better control and management of diabetes, of sleep, profound impacts. We have a company that's set to transform how surgeons are able to better deal with complex fractures in the joints that relate to soft tissue and bones coming together and reducing the failure rate of those orthopedic surgeries. So from a commercially marketed device now to a physician patented and prototyped solution, we see a wide range of stages of company, of types of problems, and we can see the progress, even in 10 weeks. We can see the progress that these companies are making or continue to make, and it's going to be our great pleasure, from Hatch, Fairhope and from our side with Bessel, to continue to support these companies in the future.

Stephanie:

One of the things that I noticed is and you pointed this out that the you know, criteria for getting to participate in the cohort is based on well, what can Bessel do to help? What connections do they have? What can they offer? And you know, it's not the people that are participating. You've got everything from sleep addressed. They're tackling challenges in gene therapy, orthopedics, just across the board, and I think that's a testament to just all that Bessel has to offer the entire healthcare industry.

Chris:

It's very kind of you to say. I love that about what I do and what we do at Bessel, you to say I love that about what I do and what we do at Bessel In this cohort. I was surprised to see that DNA Nanobots, that Chris Lucas from DNA Nanobots and Ryan DeBoer from the Shape Sensing Company immediately identified that they're facing the same challenges as a startup One's in gene therapy, one's in medical imaging. They both have a platform that requires them to have a strategy for strategic partnership and have similarities in their business model and their relationships and how they build their startups. So I thought it was awesome to see those connections and to be able to offer those benefits and to be able to offer those benefits. This common ground around strategic partnerships really came through the technology strategy workshop that was part of the second sprint.

Chris:

The technology strategy is something that I work with these startups companies to understand what are the key needs that they have in different types or categories of technology and then classify them if they should own them themselves or partner or just buy off the shelf.

Chris:

And in making those decisions, they can then guide how they reach out and do strategic partnerships, how they build their team and how they execute on goals and then go out and raise money.

Chris:

So the next most important thing from understanding really what your concept is in the market, the problem that you're solving is going to be around your technology strategy and how you're going to build the startup and partner with folks. So that was a technology strategy. And how you're going to build the startup and partner with folks. So that was a technology strategy workshop. The three workshops that we deliver in, powered by Bessel, are preparing for fundraising almost like a fundraising 101, technology strategy and using that for strategic partnering and building your team and so forth. And then, finally, the Bessel Rapid Innovation Framework, which is about putting yourself into a state of continuous learning and continuous improvement as you design, build and test, iterating that. It's where we put design thinking and agile teamwork to work and it's one of the most exciting things you can do as a team, as you see yourself getting better and better, moving faster and faster towards achieving your goals.

Stephanie:

So what do you see for the future of Bessel and its impact just in healthcare and medical innovation in the future and years to come?

Chris:

We have a drive to help millions and millions of patients through the innovations that are coming with the companies that are in our programs, and I think that even with this first cohort alone, we're well on our way towards that goal and I'm just looking forward to more to come. We've got a lot of drive, we've got a long way to go and we're just excited to continue on this journey.

Stephanie:

So if people are wanting more information about you or about Bessel, where can they get that information?

Chris:

I'd love for people to reach out to me on LinkedIn or at our website, which is www. Bessel, which is wwwbesselco, and Stephanie. So many autocorrects, we'll make that into a com. I just want people to know we're at Besselco. Find us in any of those places.

Stephanie:

Thanks so much for taking the time to sit down with us, Chris. We appreciate it.

Chris:

It's been a great pleasure. Thank you.