Elevator Pitch is a regular feature on Lifehacker where we profile startups and new companies and pick their brains for entrepreneurial advice. This week, we're talking with Andreas Fouras, founder and CEO of 4DX.
In 128 words or less, explain your business idea.
4Dx is a respiratory diagnostics company set to revolutionise lung health.
A person dies of a lung disease every 3 seconds – our technology creates the possibility of much earlier diagnosis of lung disease, which has the potential to save the lives of millions of people. This is a once-in-a-generation leap forward for the hundreds of millions of respiratory diagnostic procedures performed each year
4Dx is well into the commercialization of our four dimensional lung diagnostic technology that through our SaaS delivery platform elastically and scalaby targets a $30 billion addressable market.
What strategies are you using to grow and finance your idea?
Raising capital in is extremely competitive, so storytelling is playing an influential role in getting stakeholders inspired by our mission.
But in order to truly enable our stakeholders: doctors, patients, hospitals, investors; we need to show hard data – we need to prove that we can fulfill our promise – so we can go on this journey together.
How do you differentiate your business from your competitors?
Innovation. Innovation in our product and our delivery.
4Dx brings a superior product and we are taking that to the market with a more appropriate business model. Our truly disruptive product provides patients and doctors with better health outcomes, while our innovative business model allows hospitals and management to do business in a way that better fits their needs – and all at a lower cost.
What’s the biggest challenge facing your business?
We are driven to get to market and touch millions of lives as soon as we can, and growth like that requires capital.
We have detailed strategies for product development and go-to-market, but until now (like many startups) we have had to spend huge amount of energy pitching to investors.
However, a huge amount of good comes from that. Many investors are generous with their advice and feedback and as a result we have a much stronger plan and a very clear message.
What one phone, tablet or PC application could you not live without?
My activity tracker – in my case my apple watch. I have a lot to do in every day – but I need to keep myself in shape so I can keep delivering over the long term – even when the stress is on.
What’s the best piece of business advice you’ve ever received?
Do what you love.
If you can be deeply passionate about what you do, if you can live and breathe it, then you will know more about it than your competition. With passion you can work harder than your competition, and get to the end of the day looking forward to doing it all again tomorrow.
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