SaaS Interviews with CEOs, Startups, Founders
1479 Are they actually better than WebMD w $500k+ in Revenue?
12 Aug 2019
Chapter 1: What is the main topic discussed in this episode?
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130,000 subscribers, founded in 2012, launched in really in 2013. Two revenue streams, seven full-time folks, 35 around the world, one to five million bucks raised, raising right now. This is the Top Entrepreneurs Podcast, where founders share how they started their companies and got filthy rich or crash and burn.
Each episode features revenue numbers, customer counts, and other insider information that creates business news headlines.
We went from a couple of hundred thousand dollars to 2.7 million.
I had no money when I started the company. It was $160 million, which is the size of many IPOs. We're a bit strapped. We have like 22,000 customers. With over 5 million downloads in a very short amount of time, major outlets like Inc. are calling us the fastest growing business show on iTunes. I'm your host, Nathan Latka, and here's today's episode. Hello, everyone. My guest today is Tal Gavoli.
He is the CEO and co-founder of a company called MetaVisor, leading a revolution in how health information should be presented, making it personal. All right, Tal, you're ready to take us to the top.
Sure. So when people are diagnosed with illness, they're not really given a lot of great information from their health care provider. They'd like to educate them. They'd like to spend time with them, but they really can't do that. So instead, patients are left on their own. They go directly to Dr. Google.
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Chapter 2: What is Medivizor and how does it personalize health information?
And we use that to figure out what of the 42,000 research papers that were published last year on diabetes or the 1,688 open interventional recruiting clinical trials for breast cancer would be irrelevant to a given patient. Now WebMD doesn't do any of that. So there's some static information. And everybody that's looking for prostate cancer information will see exactly the same thing.
In Medivisor, Every person will get exactly what's relevant just for them.
Okay, and how do you, I mean, even if they are going through a medical condition, that is still a lot of friction to get to a result. A bunch of questions, like, first of all, I don't even remember half the stuff that I have. What shots, I mean, I get asked these medical questions all the time when I go to the doctor and half the people don't know, including myself.
So how do you get people to go through that friction? And then what's your revenue model? How do you make money from this?
Okay, sure. So first, you tell us only what you know. Okay, that's one thing. So we ask a bunch of questions, and if you know the answer is great. If you don't, just say, I don't know, and skip it. So tell us as much as you can. And most people know what meds they're taking, what the doctor told them. Do they have type 1 or type 2? What's A1C level in their last result?
They know information about themselves or what type of breast cancer they had and so on. So they know enough to give us a direction. That's one. So they firstā provide that information. By the way, the more information they provide, the more personalized it is.
And how we make money, so on one hand, we license the technology and content to various partners like the Leukemia and Lymphoma Society, like healthcare providers. And on the other hand, we are paid by biopharma to reach and engage hard-to-find patients without compromising the privacy or the security of the patient. So the patient is always in the driver's seat.
They always are the ones that make the choices.
Okay, so this is basically a licensing model. You're licensing the tech out and then the big companies are paying you to get basically HIPAA compliant information to help and get people more value.
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Chapter 3: How does Medivizor compare to WebMD?
And how much are you looking to raise right now?
A couple million.
Okay, so maybe another one to five? Yeah. And if you do get that capital, how many months or what month do you think you hit profitability or break even?
We have a plan to reach profitability within 12 months.
Okay, so 12 months from the raise or 12 months from today? Okay.
12 months from the raise.
Okay. So let's say if that takes six months, you're talking like late 2019, maybe early 2020.
We think we're going to raise it much sooner than six months, but yes.
Okay.
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Chapter 4: What is the user experience when using Medivizor?
And what gives you the confidence you're going to raise so quickly?
Well, partners and investors that we're in touch with, obviously. And it never took us six months to raise money, so...
so we think we could do it faster great but yeah on average i think that's a safe assumption in general that it takes six months it just hasn't taken us that long yeah that's great um i want to dive more into the kind of this 50 50 split between kind of biopharma folks paying you directly and then it sounds like the other side is you're licensing the technology out um help me understand if i'm a biopharma firm and i'm paying you i mean i don't know if i'm paying you like a dollar per search or like a million are you like enterprise or are you more high volume low arpu
No, more, it's usually bigger, longer deals to longer-term engagement. So, for example, a clinical trial that wants to be accelerated, it could be a six-figure deal to work with us to help accelerate that trial.
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So, I mean, is it fair to say a good average on the biopharma side might be called a $80,000, $90,000 kind of 12-month deal?
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Chapter 5: How does Medivizor generate revenue?
We're, uh, close to the 10, then to a hundred.
Okay.
Fair enough. These are, yeah. Uh, these are not hundreds of deals.
Um,
But of course, that's the opportunity. Yeah, yeah, of course.
And it sounds like growth is pretty healthy. It sounds like in the past just 12 months alone, you've had four or five come in or three or four come in kind of no touch, right?
Yeah.
That's great. And then help us, educate us on the other end of this. So the licensing, the actual technology, how much of this is actually kind of codified, especially considering you have 35 kind of freelancers who are constantly tweaking it? Do all the license partners get all those tweaks as well?
So when I say tweaking it, it's all individualized items of information. So it's very scalable in terms of the process. I'll give you an example. The Leukemia and Lymphoma Society, they have an online community that they're trying to cultivate. They sponsor blood cancers in Medivisor, and they license the content that we provide so that we can feed it into their community members.
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Chapter 6: What are the challenges faced by Medivizor in its growth?
That's what we do. And we basically interpret research and create these summaries that are useful for patients. And those are the things that our original content that Medivisor consistently creates.
And on the licensing side, like the Leukemia Society you just mentioned. So help me understand. Don't tell me obviously what they're paying specifically, but on average, what does that kind of product look like? What do you charge for that kind of thing?
We won't get into that, but it's a substantial long-term engagement. Okay.
Yeah, I don't care about if it's long-term, short-term, high or low. I care about how you price. Is it usage based off number of searches? I mean, how do you structure the pricing?
It's basically a monthly subscription to this content for them.
Okay, but there's no ability for you to charge more if you know that they're going to have 100,000 searches a month versus only five searches per month?
Okay, what we provide them is not the personalized aspect. For the personalization, they refer back to us, okay? So these individuals that are coping, they can get unpersonalized content there. And if they want it personalized, they come to us and subscribe. So they're also referring essentially people, more subscribers to MetaVisor as part of this process as well.
What they license is unpersonalized. It's not the number of searches per month, not the number of people that they serve either.
So that's what I'm asking. What do you price around?
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