March 31, 2017, by Elizabeth Smith
Pitch@Palace 7.0 Boot Camp: Meet the Entrepreneurs
During the Pitch@Palace 7.0 Boot Camp on 15 March 2017, 43 businesses pitched their ideas to a global audience of influencers including CEO’s, investors, mentors and key business people. The Ingenuity Lab Members, Pharmaseal, were selected for a coveted place to pitch at the Boot Camp.
Daljit Cheema of Pharmaseal, shares their experience below…
I am the founder and Chief Technology Officer of PHARMASEAL, along with another co-founder Sara Rutner who is based in New Jersey, USA. As a young start-up that commenced in October 2016, we are focussed on completing the development of our proof of concept for a B2B platform for unified clinical trial governance by April 2017. This will conclude the 6-month feasibility phase and we will use the resulting demonstrator to attract additional finance to produce a minimum viable product by March 2018.
How did you find the experience of the Pitch@Palace 7.0 Boot Camp?
Simply put, it was exhilarating. We were very excited that we had been selected because we were a seed stage company in comparison to many companies who participated which already had conceived a product/service and were 1-2 years ahead of us in their journey.
The need to distill your message into 3 minutes is harder work than we initially imagined and to ensure that you focussed on the need, the problem you were solving and the outcomes and benefits as opposed to just talking about the product is also a very useful exercise.
What have been the most valuable lessons you learned in taking part?
Sharpening and focussing our message and being clear what our “asks” are in taking the company beyond the imminent proof of concept milestone (April 2017). Also, taking advantage of listening to the propositions of the other participating companies. Another huge lesson and opportunity was the opportunity to network with potential investors who are part of the Pitch@Palace events. We had three leads on the day that we are following up with and will also continue a dialogue with an important elevator that was assigned to us.
Give one reason why you would encourage Entrepreneurs and Ingenuity Lab Members to apply to Pitch@Palace?
You need to get comfortable distilling your vision and value proposition and communicating it succinctly and this event delivers a great platform to pitch. Also, it helps to expand your current network and meet other entrepreneurs and potential investors which is a useful learning environment that can benefit new entrepreneurs.
How has being a Member of the Ingenuity Lab helped you?
The Ingenuity Lab informed us about the Pitch@Palace competition after we had joined it in late January 2017. The Ingenuity Lab has also helped by providing a forum for us to meet other businesses and share experiences as an early stage start-up.
The Ingenuity Lab space is a great asset to The Ingenuity Centre, which we have utilised as a member and in the coming months we also hope to make full use of a couple of the external surgeries that are run periodically by The Ingenuity Lab.
PHARMASEAL is developing a digital platform that enables their customers to increase control of their clinical trials, and accelerate product development. For updates on their business, you can follow their twitter, and visit their website.