Wednesday, August 27, 2014

Our path to Slush 2013

There are just a few days left to register your startup to Slush, in case you're interested in the early bird price. Note the comment!
Post by Slush.

And then there's the registration form.

When we filled the form a year ago, we really didn't have much clue on what to write there. We did the best we could, submitted the form, and waited. And waited.

Then, just two weeks before the event, we got an email announcing that our company was not among the 100 companies selected for the pitching competition. They recommended that we concentrate our efforts on networking during the event.

We were devastated. It felt that mail destroyed everything we had been working for over the past months. We were very disappointed with the application process, that was just a black box. Had we known what kind of info they expect in each of the form fields, we could surely had filled it out better. The world seemed to be a very unfair place for a moment.

But after a day or two, we got a new mail, saying we had been selected to be present on the Health Track and we'll get a demo booth for one day. So instead of pitching for one minute for a random audience, we'd have the chance to present our service to many people interested in healthcare services, without time limits - and we got the stand for free! Things were looking very bright again.

A week before the event we got yet another email. We were offered 5 minutes stage time to launch our service on stage as part of the Health Track program. This was just superb. So much better than the pitching competition would have been for us. Of course, there was only a week left and we had all of that week already scheduled for other preparations. But we just had to take this opportunity as well.

So we quickly created a launch campaign and the presentation. We couldn't get everything done in time, so we were probably one of the only companies with a booth but without a rollup (we used a screen instead). Free tip for you, startups, get your rollup ready in time. You're going to need it.

During the event, there were some last minute changes again and a bit of hassle, but that feeling of creative chaos is just part of what makes Slush so great, I guess. Our booth was busy the whole day and the launch was received with a lot of love and plenty of registered users.

In the end, there was one more nice surprise, when Slush featured us in their blog. We ended up getting so many good things. For us, this still is perhaps the most striking experience of what it means to be an entrepreneur. We lived through the initial disappointment and through every new positive turn so fully and with so much emotion. And it taught us that even in desperate times there are amazing things ahead.

This year, we still don't know exactly what to write on the registration form. But we do know there will be ups and downs on our path to Slush and beyond. And we'll most likely be devastated and depressed at some point again. But this time we'll face all obstacles with a new kind of confidence.

Wednesday, August 20, 2014

Our Learnings from Startup Sauna

Startup Sauna just published their schedule for Local Events, and are welcoming applications for the 2014 autumn batch. To help you make up your mind on whether to apply, we decided to share some of our experiences from the spring batch.

We had a hard time deciding on whether to even apply. When we did and managed to get in, we still weren't sure whether that's the right move.

For us, the main question was timing. We had graduated from the Protomo startup incubator some time earlier and had our business model and financials together in some form. But we weren't really fully satisfied with them and thought we could improve.

On the other hand, our product required development as well, and we knew Startup Sauna wouldn't help us much with that. We were also in a process of including a new member into an important technical role in our team, and being present in two places at the same time would not really be possible. Concentrating on product development seemed to us to be more important.

When making the decision, we thought it would be awesome to concentrate on business development for just five weeks really intensively, so that we'd get all of that figured out and our materials ready for a long time ahead. After the accelerator period we would really be able to concentrate fully on product development. If there was a pitch event somewhere we could just attend and deliver our fine-tuned pitch, and when a potential investor would ask for some material, we'd have all those in stellar condition and could just send them.

We talked with some teams from previous Startup Sauna batches, asking what they had gotten out of the program. Everyone spoke highly of the spirit within the accelerator and praised the amount of contacts you get, but some also warned us that the time spent with coaches may not be enough to really develop the business of the company.

In the end, we decided to take the opportunity. We had gotten so much out of Slush, and it was organized by the same people.

The program consisted of lectures by experienced startup entrepreneurs and professionals in the field, pitching training, and one-on-one sessions with investors and coaches. The lectures were of high quality, but not that different from the ones from our incubator. Same with the training. The one-on-one sessions lasted typically 20 minutes, which is certainly not enough for any coaching, but is really good for getting to know a bit of each other and see whether it would make sense to meet again separately from the accelerator program. In our incubator, we typically got a longer time with the coaches, from an hour to two. These are clearly different approaches, Startup Sauna way being much closer to matchmaking than coaching.

Our company is located in Tampere and Startup Sauna resides in Espoo. We decided not to move to Espoo for the five week period, rather commute by train (around two hours in one direction, but almost all of that is efficient working time) and stay overnight occasionally at friends or family members who live in the capital area. This way we were still able to meet as a team in Tampere every once in a while.

Our hopes were high, but the biggest ones did not materialize. Our pitch surely improved during the program, but that was never one of our main problem areas. We also got a lot of contacts that could help us forward at some point. But we can't really say our business plan and investor materials improved that much during our stay at the accelerator. And the five weeks certainly had a negative impact on our product development and also damaged the team. We ended up losing the potential hire.

So if you're considering applying to the autumn batch, there are a few things to consider. Don't expect too much development to happen over the accelerator period. The thing our batch spent most time developing was the pitch, so if you think yours is in a bad shape, this might be a good opportunity. Of course you need to find a way to get in with your poor pitch, which may not be easy.

I would also suggest you make it extra clear to yourself what it is that you're expecting to get and communicate that clearly during the application process. Tell the coaches what it is you want to achieve and push them to help you make that happen. For our batch, there was no real per-company curriculum, rather the program was pretty much the same for all of us. And it was hard to get one-on-one time from the head coaches. After all, there were 17 teams, and even the head coaches seemed to be present less than two days per week. And a significant amount of that time was reserved for scheduled activities. So again, perhaps 20 minutes of one-on-one time weekly. You really need to think how to use that time to communicate what you think makes sense for your company.

Finally, these are just experiences of one team. Also remember that the Startup Sauna is different each time. I'm sure they have analyzed the feedback from the teams in our batch, and made many changes for their autumn batch.

Wednesday, August 13, 2014

The Evolution of a Pitch

In this post, we'll take a look at how our investor pitch has evolved over the past year.

As securing financing is perhaps the most important task of any startup, and as the pitch deck is perhaps the most crucial tool in that process, you'd think that's the one thing startups do really well. But it turns out that in addition to the pitch deck, there's so much other stuff that a startup needs to be involved in, that one never gets enough time to get the pitch perfected. So some of our pitch decks below are just plain horrible, whereas others we feel are OK, meaning good enough to deliver the message. But there's no pitch we're even nearly 100% happy with.

Our first ever public presentation was at FiBAN Pirkanmaa Pitching Competition, after having worked as a team for less than two months. Despite the appearance of the slide set, we ended up on second place out of 12 teams and companies.

For Slush, prepared a deck for sit-down meetings with investors, and another one for the product launch (above). You can also see the video of the launch presentation. It annoys me quite a bit that we use the term HIE on one slide, where the correct term had been PHR, a Personal Health Record. Nevertheless, the presentation was received with a lot of love from the audience, perhaps partly because I almost cried at the end. It was just such a big moment for me. I've met people who tell me six months later they still remember me and the company from that pitch. That just reminds me of the fact that it's never about the slides.

Seed Forum had quite strict guidelines for the 6 minute pitch in their event. That's good in the sense that there's less pondering about what to tell. On the other hand, there's no universal pitch format that would suit each and every startup.

We've given some very informal presentations as well. For instance, the presentation on startup's point of view in a seminar discussing the current state of diabetes treatment (in Finnish, see also the video recording). It really feels strange to keep a presentation for 20 or 30 minutes, after getting used to shaving off seconds from an investor pitch to make it fit to the allotted time.

Our latest investor pitch is the 3 minute one from Startup Sauna demo day. I'm still not loving it. I don't think I'll ever be really happy with the pitch. There's always things you can do to enhance the visuals, the story is never straight enough. I feel we also need to cram in all the drama and death and such, whereas I'd much rather talk of my own problems that are closer to irritation and annoyance towards devices and apps that require me to copy information manually from one place to another, measurement by measurement. That's what we're really solving right now. But for a big stage, you need bigger drama, and we'll try to roll with that.

Tuesday, August 5, 2014

The First Year of Sensotrend

It's hard to believe a full year has passed since the first post in this blog.

To recap Sensotrend's first year shortly, I'd say we've gotten plenty of praise and publicity, and learned a tremendous amount about startup business and financing. On the other hand, a year ago I certainly imagined our product to have been launched by now. There has hardly ever been a better time to be a technology startup entrepreneur in Finland, but it still feels incredibly hard to get a company off the ground.

From the start, our worst scenario was that we'd spend all our resources into developing a product and then exhaust when the time came to bring it to the market. We've heard time and time again that this is the most common case for startups, especially so in Finland where engineering has traditionally been the strongest part of any technology company.

So we decided to concentrate our early efforts into communicating our idea to the public. That way, even if we would not succeed, more people would have learned about the need, and the next company implementing the same idea would have better chances of success. In the end, what really drives me personally is the need for a solution. I need the product that combines my data from all the different apps and devices much more than I need to be the one implementing it.

In our incubator we also learned that startups that start by implementing a product almost always fail because their product ends up not meeting the needs of the real users. Rather, the product must be developed together with the end users, constantly validating the assumptions of the engineers implementing the product.

So we have been 'out of the building', as they say in the Lean Startup scene. And we've certainly been out a lot, discussing our product with people with diabetes, doctors, nurses, partner companies and investors. A lot more than we've been inside the building, implementing the service.

Right now I feel we need to get back into the building for a while. We need to take all that we have learned and validated so far, and start working towards a MVP (minimum viable product, another Lean Startup buzzword) that we can give to end users, to take our learning to the next level.

Focusing on product development means saying no to a lot of offered publicity and most likely also to some opportunities to secure more funding. We'll still do our best to get a message out every now and then in this blog or through our Twitter or Facebook accounts.

But our main priority right now is to get a product out for initial test users. We've got a bunch of alpha and beta users recruited, and we'll involve them in every step of the development of the product. If you're a person with diabetes, eager to test cutting edge technology and not afraid to see it break to pieces momentarily, you can still get involved. Just send us an email at

Saturday, May 31, 2014

How can data serve the diabetes community?

We at Sensotrend tend to promote cooperation between companies quite a lot. As a part of this activity, we're quite active in providing feedback to other startups developing their services. Below you can find an example of this.

The process was triggered by the tweet:
The text below is based on the email discussion that followed, formatted into a blog post.

Hi Alex,

I fully share your vision of combining data from medical devices and wellness trackers, and using that data to improve health and healthcare.

Regarding your questions, here goes:

  1. Tell us a little bit about yourself :).

    Male, age 38, software professional (user experience design, programming, project and product management, sales, consulting) for 16 years, type 1 diabetic for 15 years. A startup entrepreneur for less than a year now.

    Regarding my diabetes, I’m currently using an insulin pump. My HbA1c levels (the ‘official metric’, a rough indicator of my blood glucose levels lately) has been between 6.9 % and 7.3 % (using the old NGSP scale still widely in use, 52 - 56 mmol/mol on the new IFCC scale), so fairly OK.

    My HbA1c used to be worse. Around 4 years ago, I had a kind of a diabetes burnout. I did inject insulin and measured my blood glucose, but I could never really estimate my blood glucose without measuring, nor explain the result after a measurement. The measurements just were anywhere in 3.5 - 22.5 range (again, different scales exist, I’m using mmol/l here, I know mg/dl is used in the U.S.), and there was no visible trend, they were just scattered all over the place, a shotgun pattern. My HbA1c was 9.4 %. It was really frustrating, and overwhelming.

    What helped me out of that burnout was data from a continuous glucose monitor (CGM). It helped me see patterns and trends. Even when it did not always provide clear answers to why something was happening, it gave me better tools to approach those questions myself.
  2. Please describe how an average day in your life looks like? Specifically, please let us know where the medical system plays a role...

    I prick my finger and measure my blood glucose several times per day. Usually when I wake up, immediately before and sometime after each meal, before, during and after any exercise, and before bed time.

    Whenever I eat or drink something containing carbohydrates, I need to think of the effect it has on my blood glucose, and dose insulin accordingly. The same with all physical exercise, and also lack of any exercise. Stress and illnesses also affect glucose levels and insulin consumption.

    Currently, my blood glucose meter is my command center and dashboard for daily operation. It has some intelligence built in, known as a bolus calculator. I have configured it with some parameters: Carb Ratio tells how much each gram of carbohydrates elevates my blood glucose, Insulin Sensitivity tells how much each unit of insulin brings it back down. There are settings for Stress, Illness, two Types of Exercise, and also for Menstrual Cycle, which I’m not using. With all these parameters, the bolus calculator helps me calculate the correct dose of insulin for each situation.

    When I woke up today at 6:49, my glucose was 12.9, a bit high. At 8:17, before breakfast, it was 18.2, so quite high already and rising fast. I need to think why that’s happening. My assumption is that my glucose has been low during the morning hours, causing the liver to release extra glucose to my blood stream, but since I don’t have any measurement data from the night time, I would need a continuous glucose monitor (CGM) to verify that. There may be other factors as well. Sometimes the infusion site (where the pump injects the insulin to my body through a cannula) gets corrupted somehow. Sometimes just pure stress causes my glucose levels to rise. It might also be that the meter reading was off for some reason, but I tend to rely on it being within the 15 % threshold. It’s been really quite usual for my second measurement being higher than the first one, but not by this much. I think about the basal insulin (continuously dosed background insulin) rate during the night hours. If my glucose levels have in fact been too low, it’s an indication that there has been too much basal insulin. However, I did not do any particular exercise the previous day (after sports I need to reduce the basal rate), and as mentioned, usually the trend has been upwards in the morning, rather an indication of too little basal insulin. Then again, it might be that the rising trend only starts when I wake up, as a result of stress, and when asleep the trend is in fact downward. And yet again, we’re just past the 4 day weekend due to Easter holidays. This may have affected the levels of my cortisol hormone. I might have less stress, and therefore the glucose levels have dropped last night, whereas usually the stronger cortisol keeps them up. Who’s to tell? There are several hypotheses, but not enough data.

    I then looked at my meal. Breakfast is usually the easiest of the day, as it tends to be pretty much the same each day. I entered my guesstimate of 50 grams of carbohydrates in my blood glucose meter. It told me to dose 6.3 units of insulin for the carbs, and another 6.5 to bring the high glucose back to the target range. I accepted and pushed OK. The meter communicates with the pump over Bluetooth, and the pump starts to dose the insulin. This is called bolus insulin, one that you dose per event, in addition to the background basal insulin.

    After breakfast, I worked at home for some time, then walked to the office. The walk takes less than 20 minutes and I don’t really count that as exercise, but a pedometer application on my phone keeps track of my steps. When I first started to use the pedometer it took me by surprise that I can walk less than 500 steps on some days when just programming at home, and nearly 20 000 steps on others, when there are several meetings in different places, without really paying attention to it. But it surely has an effect on my glucose levels and insulin consumption, so nowadays I do check the amount of steps some time during the evening.

    At work, I noticed the first symptoms of hypoglycemia, blood glucose dropping too low. I measured for confirmation and got the confirmation from my meter, 3.9 mmol/l. I always carry glucose with me for these situations, and took 6 tablets, enough to restore my glucose. The extra insulin to fix the high glucose at breakfast was probably too aggressive. I’ve created a mental note for myself never to correct a high with more than 5 units with a meal and not more than 2 units when not eating, but somehow managed to ignore that at breakfast. I could adjust the insulin sensitivity parameter in my bolus calculator, but it seems to be working fine with smaller corrections. So I’ll leave it as it is, for now, and try to remember my own rules for bigger corrections. An hour later, before lunch, my meter shows 5.1, a good number.

    My day is filled with wondering and pondering like that. With exercise, it becomes even more complicated. Exercise has been the biggest challenge for me regarding my diabetes treatment. If I don’t do any, my blood glucose values tend to go up, no matter how I try to compensate with additional insulin. However, when I do exercise, I find it hard to adjust my insulin levels accordingly.

    When eating, I need to consider whether I’m going to be active within a few hours after the meal, and in that case lower the amount of bolus insulin. I also should lower the basal insulin up to two hours before beginning to exercise. When exercising, I need to think how long it’s been since I last ate, does the level of exercise match the level I estimated when setting the basal rate. I also need to pay specific attention to my mood and stress. When I go jogging, my glucose levels go down, but when I play soccer, they tend to go up, due to the competitive nature of sports and the related adrenalin. And after the exercise, I need to think about how I should adjust my basal rate for the following hours, the following night, and the next day.

    Lately stress has become a major factor as well. When pitching my startup for a room of investors, I can feel my pulse increasing and a certain nervousness. Nothing that would prevent me from performing, but something clearly affecting my glucose levels (from 5.9 to 18.6 without any extra insulin to compensate the effects of adrenalin).

    You’d think one would eventually get a hang of the required insulin doses for each situation. I’ve had diabetes for almost 15 years now, and I’m still learning. Our soccer season is just starting. The first games are a shock to my body, and it takes time until it adapts, so each game is different. And each new season of soccer has a different impact. My body is not the same it was last year, the winter was poor in Finland and I didn’t ski at all, but I played futsal. All these things play their role in the equation, and it’s not a simple one to solve.

  3. On a regular basis, what data (e.g. blood pressure, activity, etc.) are you most interested in referencing? What do you use it for?

    Most important for me are the blood glucose levels. Are they on or off target, do I need to correct? Also, I need to see the trends, and try to learn from them.

    I monitor my physical activity and exercise quite extensively, to see how it affects my blood glucose and to learn to adjust the insulin doses accordingly.

    When my blood glucose levels are high and won’t come down for some reason, I check my blood for ketones, an indication of possible diabetic ketoasidosis.

    I’ve tracked my blood pressure occasionally. However, the levels seem to be quite static and in a safe range, so I only measure occasionally nowadays, around once every two weeks.

    Regarding urine tests you mentioned, I get checked for microalbuminuria once a year, with a bunch of other lab tests. It is a bit awkward to transfer the sample container to and from home for night time urine collection, but really not a problem I would personally pay any real attention to.

  4. With #2-3 in mind, where are some areas where you feel you could use some help or that someone could improve your daily life?

    I’d appreciate having the possibility to wear a CGM for longer periods of time. Nowadays I can get one from my diabetes clinic for one or two weeks, but I feel that’s hardly enough time to learn anything. There are so many factors involved.

    I’d like to be able to log all nutrition in a more automated way. I’ve seen some attempts in this direction, devices analyzing the blood stream non-invasively and software recognizing the macronutrients from a picture of a meal. I think the need for this kind of measurements is there, but personally don’t trust any of the available solutions enough.

    I’d also like to track my stress levels. I know there are things you can measure, but I don’t currently have the tools. I also don’t know which would be more suitable; heart rate variability, galvanic skin response, or some other metric.

    When analyzing the glucose measurements, whether from a glucometer or a CGM, I’d highly appreciate the possibility to have the results annotated in detail: what kind of exercise was involved (aerobic or non-aerobic, competitive or not), what nutrition, etc., and also the possibility to search and sort the results (show me all the game days from previous soccer season, and also their next days).

    I know the bionic pancreas is being developed for people with type 1 diabetes, but think its commercial deployment is years and years ahead. Still, even now some kind of alerts and advice throughout the day would be welcome.

  5. Given the above-mentioned context, what are the top 3 things you would like to see someone do for you?

    First thing for me would be the diabetes diary with automated data collection from multiple wellness trackers. That’s something I know I can do myself, so that’s what our startup Sensotrend is concentrated on. What would help us are API’s for different services and devices. All of the devices should really transfer their data to cloud services automagically. I know some people think it’s empowering for the patients to enter the data manually to logbooks. No, it isn’t. It’s simply too much of an effort. Too prone for errors, omissions, too. It’s much better to save the efforts for analyzing the data.

    As mentioned, I’d like to be able to track my nutrition easily. I currently have a great incentive to enter my carb estimates to the bolus calculator. But I don’t really track the glycemic index or other macronutrients of my meals, although I would like to have that information present when analyzing my glucose measurement data. Just a great meal logging app with superb assistance would be cool, but all fully automated solutions are very welcome as well.

    Another thing I can think of is the measurement of stress. I’d like to be able to track that without any effort, and be able to concentrate on matters that cause the stress. I’d also like to quantify it better than just based on how I feel.

    Finally, data alone does not give you answers. For me, seeing trends from CGM allowed me to see some patterns, as opposed to the shotgun chart of fingertip measurements. But I needed to find the ways of stabilizing that rollercoaster. So it is super important to get high quality instructions and assistance.

    The current healthcare system gets me from bad condition to OK, but how about when I want to go from OK to great? I understand the resources of the skilled doctors are best spent in bringing as many people as possible to the OK level. On the other hand, when I’m OK, and still have the drive to learn more and keep improving, I don’t think I’d be requiring so much handholding. Just high quality resources I could study on my own. Resources I can trust. I find it rather hard to find those.

    Even better than reading material would be services that analyze the data I’ve tracked, find patterns there, and provide explanations and suggestions. That’s where I hope to lead Sensotrend someday, and really hope we won’t be there alone. We’re a long way from there, though. Plenty of research is required before that. And plenty of data. We’re hoping to advance step by step, first just visualizing the data from different sources in a single user interface optimized for diabetes treatment, then perhaps sharing that information with peers and healthcare professionals, and gradually introducing algorithms making data analysis easier for people, before ultimately letting algorithms propose changes to treatment parameters.

  6. Anything else related to this area that you think someone should be solving or that you would like to see?

    I’d like to see healthcare services increasingly adopting the data from wellness trackers and other devices the patients use themselves. I’m already seeing a lot of that and think that’s a clear trend. It could still be accelerated, though.

    I’d like to see the big healthcare IT giants open up their interfaces for third parties to introduce services on their platforms, but kind of understand why that’s taking some time to happen.

    I’ve heard some doctors have mixed feelings regarding information provided by the patients. All of the healthcare professionals that have participated in treating my diabetes appreciate the data that reflects the real life of the person with diabetes. They do prefer the glucometer log over a pen and paper logbook, though. So I’ve never really seen that trust issue, but have heard it exists in some other fields of medicine.

I’m happy to elaborate on any of the answers. I’d also be happy if I would have been able to write them in a shorter format, but this is the shortest I could do this time. So apologies for the length, I hope you find the information valuable, though. :)