The Titanic Effect and Life Science Startups

Don’t Let The Titanic Effect Sink Your Startup!

The Titanic represents the iconic tale of what happens when an unstoppable force meets an immovable object. The tragedy is embodied in that instant when The Ship struck The Iceberg, killing over 1,500 passengers and crew. But while the iceberg may have represented the killing blow, what many do not realize is that the demise of the Titanic was in fact a result of a series of small decisions and missteps across a number of dimensions.

Tales of venture failure also often focus on the defining moment when a lost customer, a lack of investor dollars, or a product malfunction results in the death of a promising startup. But that failure is nearly always the result of a series of errors that were not obvious—problems that lurked beneath the surface—that were a consequence of navigating uncertainty in the early stages of development. These errors take the form of hidden non-financial debts that gradually weigh down the budding enterprise. While financial debts are obvious and easy to measure, the hidden debts we explore are obligations and barriers to success that are not as easy to identify.

In this session, we will explore the defining and pivotal decisions that “make or break” successful startups, with a focus on life science startups. Entrepreneurs including Joe Muldoon of FAST Biomedical and Andrew Cothrel of Xact Medical will then share information on their own ventures, and iceberg stories of how they avoided The Titanic Effect.

Former Abbott/Roche executive turned serial entrepreneur Andrew Cothrel is the CEO of Xact Medical, a company based on technology from Cincinnati Children’s Hospital. Andy may be familiar to some from his 15 years in Indy and/or his Board role for the Indiana Health Industry Forum. Xact Medical is developing Fast Intelligent Needle Delivery™, or FIND™, a point of care precision medicine platform that uses robotics to automate precision needle placement under ultrasound guidance. Applications include central and peripheral vascular access, oncology (biopsy, ablation, immune therapy delivery), orthopedics, anesthesia, and regenerative medicine.

Joe Muldoon has served as FAST BioMedical’s chief executive officer, and Board Director since 2007. He is responsible for overall strategy and execution, including financial and human capitalization, strategic partnerships, and enterprise value creation. Under his leadership, FAST BioMedical has developed a drug device combination product that secured an FDA Expedited Review. The product has successfully advanced thru Phase II human trials in Europe and the U.S., while developing a robust global 60 patent portfolio. The company has secured in excess of $31 Million of capital. Mr. Muldoon leverages thirty years of experience, from technology start-ups to publicly traded multi-nationals. He has worked with dozens of high-growth entrepreneurial companies as an advisor, investor, and CEO.