Business competitions

Cultivating a new idea in the medical field can be challenging, especially when it comes to funding. The DermaSense ecosystem faced a major bottleneck in the form of financing, prompting our team to explore different avenues to secure funding. As entrepreneurs, we had to come up with innovative business models and participate in various innovation contests to gain visibility and funding.

However, this process came with its own set of challenges. As a team, we had limited expertise in business and marketing, which was a hurdle we had to overcome. We had to learn about product lifecycles, branding, pricing, MVPs, user targeting, advertisements, and product positioning in the strictly regulated medical field. Despite the difficulties, I took the initiative to become the project representative and enrolled in business and marketing courses, leading to mentorships that provided invaluable advice on how to steer the project and request funding from medical corporations.

Our team's hard work and dedication paid off, as we were among the 10 most innovative medical business ideas of 2014 in Greece recognized by the Hellenic Association of Pharmaceutical Companies (SFEE). This honor was bestowed upon us following a series of rounds where we presented and defended our model with a focus on the financial prospect and uniqueness of the project.

Despite the challenges we faced in securing funding, the DermaSense project taught me valuable lessons about entrepreneurship. From business modeling to marketing strategy, I learned how to navigate the intricacies of the medical field and pitch our ideas to potential investors. Although the project ultimately ended prematurely, the experience motivated me to pursue further entrepreneurial opportunities and create impactful solutions in the healthcare industry.