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Healthcare Entrepreneurship, a Podcast Interview with CSO Andy Park

Building a More Connected Future in Healthcare

What do you want to be when you grow up? A popstar, movie star or professional athlete? Childhood dreams are often molded into realistic expectations through education and personal growth. Some unique individuals, however, seek stardom in entrepreneurship and help change the world.

Show Summary:

In this Driven & Co. episode, Justin Gray welcomes Coral Health Founder and CSO Andy Park. Park dives deep into his journey to entrepreneurship, philosophy of cofounders and the grit needed to change the world as an entrepreneur.

Some entrepreneurs are groomed, while others are born with leadership built into their DNA. As a child, Park’s parents wanted him to pursue a career as a doctor, engineer or lawyer. In college, he was not accepted into medical school, which Park credits as pivotal to his ability to seek out his true passions. Early on in Park’s career in Medical Research and Biotech, he was able to shape his ideas and become an entrepreneur in the medical field. His strengths in medical technology led to the idea of using Blockchain technology to build a more connected future in healthcare.

In respect to cofounders, Park is a fan of having multiple talents in the workplace. Having a co-founder with a skill set that supersedes your own, can set balance at the infancy stages of a startup. Conversely, starting a business with a friend may not be the best decision because they may possess similar skill sets. Having a similar skill set defeats the purpose of having a diversified talent pool. Parks advice, for new entrepreneurs, is to find your weakest skill set and fill it with talent not duplicative of your own.

Finally, overcoming fear as an entrepreneur comes with the territory. Many people are familiar with the adage “what does not kill you makes you stronger”. Park reflects on the first company he created. Similar to Coral Health, its focus was in the medical industry. At the time, he had a small customer base and was immediately competing with a company that essentially mimicked his own. The competitor had more connections in the medical industry which posed a problem for Park. Instead of succumbing to the competitor, Park and his team worked harder than the competitor. It was scary at the time, Park said, but his team showed true grit to overcome the obstacle.

“In my first company, I was driven a lot by fear and it turned out to be a good motivator because I would work tirelessly,” said Park. “Now that I’ve had that exit, I’m able to tackle more ambitious projects to better humanity and devote my energies into doing things that will have dramatic changes and improve paradigms.”

Time Stamped Show Notes:

01:16 – What is Coral Health?

03:53 – How did you get started in healthcare entrepreneurship?

07:22 – Tell me what started you down the path of entrepreneurship.

09:33 – What was your first startup as an entrepreneur?

11:51 – Did your parents mold you to be an entrepreneur?

14:29 – How did you know it was time to sell your first business?

17:13 – What is your definition of success in your second company?

20:39 – Did you have co-founders in the first business?

21:36 – What is your outlook on bringing on a co-founder.

26:15 – Tell me about the moments you thought your business may not work.

30:30 – What are areas of the business that you dread?

33:15 – What elements of your day-to-day do you love?

35:06 – What’s a piece of advice for a new entrepreneur?

More highlights from this episode include:

  • How to overcome adversity in a competitive ecosystem, like healthcare.
  • The entrepreneur approach for setting goals.
  • How fear can be a motivator for an entrepreneur.
  • How to prevent attrition by building relationships with your team.

To connect with Andy, visit www.mycoralhealth.com. Plus, check out other recent interviews with entrepreneurs here.

 

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