How I built a $275 million biotech company from nothing
Y Combinator
11 min, 52 sec
Serena Serna shares her inspiring story from facing health issues to founding and selling a biotech company for $275 million.
Summary
- Serena discusses the challenges of starting a biotech company as a woman of color without advanced degrees.
- She talks about her personal health scare in high school with ovarian cysts, which later motivated her to improve women's healthcare.
- Serena explains the development of her company, Envision Medical, and the process of securing funding despite facing bias and skepticism.
- She highlights the clinical success and eventual acquisition of her company by Boston Scientific.
- Post-acquisition, Serena becomes a YC partner, using her experience to help other healthcare and biotech founders.
Chapter 1
Serena Serna introduces herself, highlighting the challenges she faced as a non-typical biotech founder.
- Serena is a brown woman without the advanced degrees typically seen in the biotech industry.
- Despite feeling underqualified, she never gave up on her vision.
Chapter 2
Serena shares her personal health experiences that motivated her to start her company.
- She recounts a painful health incident from high school involving ovarian cysts.
- The lack of reliable diagnostic methods for ovarian cysts deeply affected her and her family.
- Inspired by her experiences, she aspired to improve women's healthcare.
Chapter 3
Serena discusses her early career and the founding of Envision Medical.
- Worked as an engineer at Abbott Vascular and a device startup before founding her company at 24.
- Motivated by her high school health scare, she aimed to create an early detection mechanism for ovarian cancer.
- She faced challenges in getting her idea validated by the medical community.
Chapter 4
Serena speaks about validating her medical device concept and the difficult process of seeking funding.
- She consulted gynecologists to validate her concept, starting with her own doctor.
- Serena leveraged her personal network for introductions to industry professionals.
- She faced at least 50 rejections from investors, partly due to biases against her background and the Women's Health market.
Chapter 5
Serena recounts the development of her medical device and its clinical success.
- After initial funding, she built a world-class team and raised more venture capital.
- The device went through prototyping, clinical studies, and received FDA clearance.
- It became the first device cleared to collect cells from the fallopian tube for cancer evaluation.
Chapter 6
Serena details the acquisition of her company by Boston Scientific.
- She had no initial interest in selling, but the clinical data attracted several companies.
- Boston Scientific made an offer of $275 million to acquire the company.
- Serena describes the emotional moment of signing the deal.
Chapter 7
Serena explains her transition to becoming a YC partner after selling her company.
- She was introduced to Jared Friedman at YC and invited to speak at an event.
- Relaying her story to other founders, she found fulfillment in helping them succeed.
- Serena looks for founders who are passionate about solving big problems, regardless of their formal qualifications.
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