02
d'Agost
de
2016
Act.
02
d'Agost
de
2016
In 2011, Pablo Pantaleoni (@PabloPanta) and his partner, Jacob Suñol, set up Medtep with the aim of facilitating the relationship between doctors and patients thanks to technology and the digital world. Five years later, the company is based in Silicon Valley and has an office in Mexico, although their largest branch is in Barcelona with 24 employees. "We hope to end the year with more than 40 people," Pantaleoni tells VIA Empresa on one of his visits to the Catalan capital.
The name of Pablo Pantaleoni caused a stir at the start of 2016, when the magazine Forbes included him in its 30 under 30 list in the area of Healthcare. In other words, he is one of the young people who "are changing the rules of the game." Modestly, he insists that although it is his name that appears it is recognition for the whole team, and in particular his partner. Medtep has international contracts with large companies like Boehringer Ingelheim or
Your appearance on the Forbes 30 under 30 list gave you a lot of visibility. How did it come about?
It is a strange story. I got an email saying that someone had put my name forward to apply to be on the list. The truth is I thought it was spam and so I didn't respond. A week later I got another email saying that there were only four days left to apply and what information had to be sent. So then it was a race against time to send the information and after two or three weeks they told us that we were nominated for the list. They told me that if I made the list they would let me know in the last week of the year. But I didn't hold my breath because there were 15,000 people nominated, many of whom were really good. I got no email in the last week of the year and gave it no more thought, but on January 4 it came and I had to read it three times. The truth is that it has helped us a lot, and although it is my name that appears, it is a recognition of the whole company and all the team.
You don't know who put you forward?
Yes, it was the president of Startup Health. He is very well connected and he put forward the names of some of the entrepreneurs in his programme. But I found that out later on. In the United States this list is very prestigious. I didn't find that out either until later, after talking to people and seeing who had been chosen for the list.
How does being on the list translate into practice?
There are a lot of events, whether related to Forbes or not. We have been to Israel and in October there is going to be an incredible event in Boston. But not only that. It helps you to connect with interesting people and opens up a network for you in an environment that is normally very closed. Its value is incalculable, which I prefer to any financial award, as it has opened a lot of doors for us.
You have moved the company HQ to Silicon Valley. What made you take this decision?
We were invited to a few conferences in the United States and when you are there you see what alignment between market and product means. The market there moves more quickly for several reasons, and not only for financial issues. Obamacare, which has generated a lot of opportunities, and almost 80% of the digital health market, which is what we are in, are in the United States. We are over there to see where the market and innovation goes next. Yet, still bearing in mind that we are Catalans, that most of our team is in Barcelona and that we have lots of operations here and in other parts of Europe.
So the decision of whether to go to Silicon Valley or not depended on the sector you are in?
A lot of entrepreneurs ask me whether they should go to Silicon Valley. But Silicon Valley is not for everyone. In our case we knew we had to go to the United States but it was between Boston, New York and San Francisco; and in the end we came here. But Silicon Valley isn't for everyone. It is a super-competitive environment and it is very expensive. You have to prepare for it and to know what you are doing. I think that this balance in splitting the team between Barcelona and Silicon Valley for the moment is right for us.
You are also in the Startup Health accelerator, in New York. How did that come about?
It is called an accelerator, even though I do not like that word. It is more of a programme. Acceleration has a start and a finish, but they have a start and no end. It is a group of companies that are 100% in digital health. It is very good for us because the North American market is very different than here, and we do not know it well. Being part of Startup Health helped us to change our mentality, to change the way we communicate and position ourselves in the market, it provides us contact with clients and investors... They have focused a lot on digital health and it has been an incredible experience. Even though in truth we were not physically there in New York. But every time I go there I visit them.
Medtep's latest investment round raised two million dollars. What type of investors were you looking for?
We look for people in the health sector, who can contribute know-how and who believe in what we are doing. I believe that startups often fail because they do not align the interests of investors and entrepreneurs. In our case we are all pulling in the same direction.
Would it have been possible to obtain such a large injection of capital if you hadn't made the move to Silicon Valley?
We closed the investment round in June and I think that we could have achieved it anyway. It is true that being in Silicon Valley means we are in a more demanding market, in which you can grow more quickly if you do it right but you also need more funding. But we have had investors from the US, Mexico, Catalonia and Madrid. We were already in talks before we came to the United States, so I think we would have achieved it anyway.
It is not common to see those types of investment figures associated with Catalan companies...
I know, we cannot deny that being in Silicon Valley and having traction there puts you in a favourable position with investors. But we are also seeing Catalan startups increasingly raising more money here. We have seen sales, mergers... That is what the Catalan ecosystem needs. This movement, especially when we see successful cases, allows investors to see that this is possible. Silicon Valley is what it is due to the mergers and acquisitions that take place there.
Your experience allows you to compare the atmosphere in Silicon Valley with that in Barcelona. How do you see the entrepreneurial ecosystem in Catalonia?
I am very enthusiastic about it. When we began five years ago, the ecosystem was not as mature as it is now. There was still a long way to go, but we are now seeing increasingly more large companies, more important investment rounds, sales like those of Privalia... It is growing a lot and, above all, it is being enriched by the cooperation between different companies. There is no other way to grow, and initiatives like that of Pier 01 in the Palau de Mar favour this connection between different companies, investors, and so on. That is what I see in Silicon Valley. When we made the last investment round public, a company in our sector congratulated us on its website. Here, that would normally have been unthinkable, but we are gradually changing this mentality, which is the way to grow.
What is needed to provide a definitive boost?
This culture of synergy. I think that here entrepreneurs learn over time. If you see another startup that wants to compete in your space and you pay more attention to it than your own company, you are doing things wrong. What the Americans do very well is that they do not care what the others are doing. They focus on their own work and therefore they go far. We need this culture and to change the aversion to risk. A startup implies a lot of risk! I come from a family in the textile industry, which grew organically... but if you have a scalable product with a defined market, you need to go for it!
In 2012 you said you wanted Medtep to become "the LinkedIn of health". Do you still think that?
We began with a story of a shared clinic. The father of the other cofounder, who is a doctor, had problems learning the medical history of his patients, and providing him with a solution was where the comparison with a LinkedIn of health came in. It was an easy way of getting across that it was about a place in which all personal medical information could be found. We still offer this function, which is very useful and our clients use it, but we began to evolve after seeing the whole ecosystem of small devices, that of apps, grow, so that we always know where our friends are. People are increasingly signing up and when doctors prescribe follow-up treatment they talk of lifestyle, exercise, diet, and so on. They do not know what their patients are doing between visits. So, why not get access to all of this information available through the doctors' prescriptions? We saw that the real need was here and so we expanded the business. Today, our core business is here and not so much with clinical histories. In fact, today we are integrated into Catalonia's health system, but we offer our follow-up plans. So, we are are a LinkedIn of health, but we have also opened up a wider range!
Are you a good example of how companies should evolve through responding to the market?
That is the most important thing. When you start a business you have to keep an open mind, because the market is always changing, especially when it is in full growth. It offers a lot of opportunities, but also a lot of challenges. Education and health are good examples. You have to be on top of things and that is what we do today. Even though I think we are well positioned, I don't know what we will be doing in five or ten years' time.
Is there anything left of your original business plan in the company today?
It is very different! But I think that it is a good thing. If it wasn't different it would mean that we hadn't adapted to the market. Thinking back to the first business plan, we went more to small clinics, beginning with odontology... Things went quite well for us, but we have adapted to the market and now things are very different.
Is it complicated to manage this constant change on a day-to-day basis?
In the end it is not so much about changing as adapting what you have. I don't think it is complicated, but rather it is an issue of mentality. We have a magnificent team that is open to all the changes, and the important thing is for your product and the market to go hand-in-hand. You have to pay attention to the market and sometimes you have to take difficult decisions. If the market goes one way, even if things are going well for you at the moment, you also have to start moving in that new direction. If not, when the market gets to this new space, making the leap will become much more complicated.
Medtep operates in the health sector, where talking of doing business is often considered taboo. How do you square this?
Health is primordial for anyone. In the end, if we do not have doctors nor services to offer patients, things become complicated. We are doing business? We set up Medtep to help patients improve their quality of life and provide a better follow-up of their illnesses. We sleep soundly of a night and we are happy thanks to the testimony of the many people who tell us that these tools have changed their lives. They have total control over their illnesses, they do not have to worry about what comes next, they do not have moments of crisis... Logically, everyone has to make a living and we have a very transparent business model and I think that we earn a living in a very honest way. And always respecting the privacy of the patient, who is the main user of our tool and keeping in mind the key role of the doctor in the health ecosystem.
The name of Pablo Pantaleoni caused a stir at the start of 2016, when the magazine Forbes included him in its 30 under 30 list in the area of Healthcare. In other words, he is one of the young people who "are changing the rules of the game." Modestly, he insists that although it is his name that appears it is recognition for the whole team, and in particular his partner. Medtep has international contracts with large companies like Boehringer Ingelheim or
Your appearance on the Forbes 30 under 30 list gave you a lot of visibility. How did it come about?
It is a strange story. I got an email saying that someone had put my name forward to apply to be on the list. The truth is I thought it was spam and so I didn't respond. A week later I got another email saying that there were only four days left to apply and what information had to be sent. So then it was a race against time to send the information and after two or three weeks they told us that we were nominated for the list. They told me that if I made the list they would let me know in the last week of the year. But I didn't hold my breath because there were 15,000 people nominated, many of whom were really good. I got no email in the last week of the year and gave it no more thought, but on January 4 it came and I had to read it three times. The truth is that it has helped us a lot, and although it is my name that appears, it is a recognition of the whole company and all the team.
You don't know who put you forward?
Yes, it was the president of Startup Health. He is very well connected and he put forward the names of some of the entrepreneurs in his programme. But I found that out later on. In the United States this list is very prestigious. I didn't find that out either until later, after talking to people and seeing who had been chosen for the list.
How does being on the list translate into practice?
There are a lot of events, whether related to Forbes or not. We have been to Israel and in October there is going to be an incredible event in Boston. But not only that. It helps you to connect with interesting people and opens up a network for you in an environment that is normally very closed. Its value is incalculable, which I prefer to any financial award, as it has opened a lot of doors for us.
 |
| Photo: Jordi Borràs |
You have moved the company HQ to Silicon Valley. What made you take this decision?
We were invited to a few conferences in the United States and when you are there you see what alignment between market and product means. The market there moves more quickly for several reasons, and not only for financial issues. Obamacare, which has generated a lot of opportunities, and almost 80% of the digital health market, which is what we are in, are in the United States. We are over there to see where the market and innovation goes next. Yet, still bearing in mind that we are Catalans, that most of our team is in Barcelona and that we have lots of operations here and in other parts of Europe.
So the decision of whether to go to Silicon Valley or not depended on the sector you are in?
A lot of entrepreneurs ask me whether they should go to Silicon Valley. But Silicon Valley is not for everyone. In our case we knew we had to go to the United States but it was between Boston, New York and San Francisco; and in the end we came here. But Silicon Valley isn't for everyone. It is a super-competitive environment and it is very expensive. You have to prepare for it and to know what you are doing. I think that this balance in splitting the team between Barcelona and Silicon Valley for the moment is right for us.
You are also in the Startup Health accelerator, in New York. How did that come about?
It is called an accelerator, even though I do not like that word. It is more of a programme. Acceleration has a start and a finish, but they have a start and no end. It is a group of companies that are 100% in digital health. It is very good for us because the North American market is very different than here, and we do not know it well. Being part of Startup Health helped us to change our mentality, to change the way we communicate and position ourselves in the market, it provides us contact with clients and investors... They have focused a lot on digital health and it has been an incredible experience. Even though in truth we were not physically there in New York. But every time I go there I visit them.
Medtep's latest investment round raised two million dollars. What type of investors were you looking for?
We look for people in the health sector, who can contribute know-how and who believe in what we are doing. I believe that startups often fail because they do not align the interests of investors and entrepreneurs. In our case we are all pulling in the same direction.
Would it have been possible to obtain such a large injection of capital if you hadn't made the move to Silicon Valley?
We closed the investment round in June and I think that we could have achieved it anyway. It is true that being in Silicon Valley means we are in a more demanding market, in which you can grow more quickly if you do it right but you also need more funding. But we have had investors from the US, Mexico, Catalonia and Madrid. We were already in talks before we came to the United States, so I think we would have achieved it anyway.
It is not common to see those types of investment figures associated with Catalan companies...
I know, we cannot deny that being in Silicon Valley and having traction there puts you in a favourable position with investors. But we are also seeing Catalan startups increasingly raising more money here. We have seen sales, mergers... That is what the Catalan ecosystem needs. This movement, especially when we see successful cases, allows investors to see that this is possible. Silicon Valley is what it is due to the mergers and acquisitions that take place there.
 |
| Photo: Jordi Borràs |
Your experience allows you to compare the atmosphere in Silicon Valley with that in Barcelona. How do you see the entrepreneurial ecosystem in Catalonia?
I am very enthusiastic about it. When we began five years ago, the ecosystem was not as mature as it is now. There was still a long way to go, but we are now seeing increasingly more large companies, more important investment rounds, sales like those of Privalia... It is growing a lot and, above all, it is being enriched by the cooperation between different companies. There is no other way to grow, and initiatives like that of Pier 01 in the Palau de Mar favour this connection between different companies, investors, and so on. That is what I see in Silicon Valley. When we made the last investment round public, a company in our sector congratulated us on its website. Here, that would normally have been unthinkable, but we are gradually changing this mentality, which is the way to grow.
What is needed to provide a definitive boost?
This culture of synergy. I think that here entrepreneurs learn over time. If you see another startup that wants to compete in your space and you pay more attention to it than your own company, you are doing things wrong. What the Americans do very well is that they do not care what the others are doing. They focus on their own work and therefore they go far. We need this culture and to change the aversion to risk. A startup implies a lot of risk! I come from a family in the textile industry, which grew organically... but if you have a scalable product with a defined market, you need to go for it!
In 2012 you said you wanted Medtep to become "the LinkedIn of health". Do you still think that?
We began with a story of a shared clinic. The father of the other cofounder, who is a doctor, had problems learning the medical history of his patients, and providing him with a solution was where the comparison with a LinkedIn of health came in. It was an easy way of getting across that it was about a place in which all personal medical information could be found. We still offer this function, which is very useful and our clients use it, but we began to evolve after seeing the whole ecosystem of small devices, that of apps, grow, so that we always know where our friends are. People are increasingly signing up and when doctors prescribe follow-up treatment they talk of lifestyle, exercise, diet, and so on. They do not know what their patients are doing between visits. So, why not get access to all of this information available through the doctors' prescriptions? We saw that the real need was here and so we expanded the business. Today, our core business is here and not so much with clinical histories. In fact, today we are integrated into Catalonia's health system, but we offer our follow-up plans. So, we are are a LinkedIn of health, but we have also opened up a wider range!
Are you a good example of how companies should evolve through responding to the market?
That is the most important thing. When you start a business you have to keep an open mind, because the market is always changing, especially when it is in full growth. It offers a lot of opportunities, but also a lot of challenges. Education and health are good examples. You have to be on top of things and that is what we do today. Even though I think we are well positioned, I don't know what we will be doing in five or ten years' time.
 |
| Photo: Jordi Borràs |
Is there anything left of your original business plan in the company today?
It is very different! But I think that it is a good thing. If it wasn't different it would mean that we hadn't adapted to the market. Thinking back to the first business plan, we went more to small clinics, beginning with odontology... Things went quite well for us, but we have adapted to the market and now things are very different.
Is it complicated to manage this constant change on a day-to-day basis?
In the end it is not so much about changing as adapting what you have. I don't think it is complicated, but rather it is an issue of mentality. We have a magnificent team that is open to all the changes, and the important thing is for your product and the market to go hand-in-hand. You have to pay attention to the market and sometimes you have to take difficult decisions. If the market goes one way, even if things are going well for you at the moment, you also have to start moving in that new direction. If not, when the market gets to this new space, making the leap will become much more complicated.
Medtep operates in the health sector, where talking of doing business is often considered taboo. How do you square this?
Health is primordial for anyone. In the end, if we do not have doctors nor services to offer patients, things become complicated. We are doing business? We set up Medtep to help patients improve their quality of life and provide a better follow-up of their illnesses. We sleep soundly of a night and we are happy thanks to the testimony of the many people who tell us that these tools have changed their lives. They have total control over their illnesses, they do not have to worry about what comes next, they do not have moments of crisis... Logically, everyone has to make a living and we have a very transparent business model and I think that we earn a living in a very honest way. And always respecting the privacy of the patient, who is the main user of our tool and keeping in mind the key role of the doctor in the health ecosystem.