"Do not be shy about turning down investors" - chat with Kai Eberhardt from Oviva
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venture leaders 2017 alumnus Kai Eberhardt recently raised $12 million for his diet managing app, Oviva. We asked him what led him to this point, what advice he has for others and whether he is concerned for his London office post-Brexit.
What is your background and why did you decide to found Oviva?I have a PhD in physics and experience in management consulting, both focused on medical technology such as radiology and cardiology devices. Starting a company was always my dream. It fits with my need to feel that I am working on something impactful and see and feel my own contribution.
Working in a lab, it’s easy to see lots of cool new things that are very exciting from the research point of view. At what point did you realise that you had something that went beyond that that could be taken to market and make an impact in healthcare?
Oviva did not start in a lab, but in a doctor’s office. Watching what patients needed was illuminating, as some therapists struggled to connect with some patients. It was clear that a new communication channel, like a mobile phone, could add value for better communication and data logging. So the idea came from a doctor and friend of mine, but I was happy to get on board with starting the company.
Congratulations on successfully raising $12m in financing for Oviva. What advice would you give other startups who are looking to secure eight-figure investments?
Be aware of your stage as a company and talk to as many people you can who fit with that stage. So when are just starting with an idea, go with your own funds, friends, family and business angels. It’s likely too early for Venture Capitalists (VCs). There is plenty of advice on who are the best fitting people online. At the same time, do not be shy about turning down investors you don’t feel a good connection with.
What has been the biggest challenge for you, either personally or professionally, in founding a startup?
The role and required skills change many times as you grow a business, which is personally and professionally challenging. Maintaining a cohesive culture and communication are generally the hardest parts.
You went to China with the venture leaders China team earlier this year. What makes China an interesting market for Oviva? What lessons did you bring home from the experience?
Principally the market size, growing affluence and with that, the spread of the chronic eating-related diseases that we treat. One of the key lessons I took home is how entrepreneurial the Chinese are and how different the barriers to accessing the market are compared to those within Europe.
Your company is based between Zurich and London, are you concerned that Brexit will impact you?
Mainly, I feel sad that a majority felt it was the better solution to reduce cooperation and cohesion in Europe. Businesswise, I do not believe we will be greatly impacted, but that Brexit will reduce economic growth in the UK, reducing the scale of opportunity.
What is next for Oviva? What are your current challenges and your next goals?
We will (i) add further evidence for how our work is superior to the traditional healthcare delivery model, (ii) improve our technology and how it supports patients and (iii) scale the business.
