Steve Woody is the Founder & CEO of Avadim Technologies, the North Carolina-based life sciences company that is dedicated to preventing infection with its line of topical therapies known as Theraworx
Entrepreneurial Role Models:
When business started difficulties overcame:
“We’re very good at whatever problem that we’ve solved and we’re thinking about commercialising it but we don’t spend enough time thinking about the business model itself and I originally when we started this company, where I was going to position our product which I thought was going to have about a 50% gross profit margin and I thought that would be enough to make the business model work and as it turned out really to make a business model work in our sector in the health care sector it needed to be 60 or 65%”…[Listen for More]
Favourite Books:
Start With Why: How Great Leaders Inspire Everyone to Take Book by Simon Sinek
Favourite Quote:
“When you get to the end of yourself, and you’re no longer impressed with yourself, you now become of some value”
Recommended Online Resources:
Patents Google – Search and read the full text of patents from around the world with Google Patents, and find prior art in the index of non-patent literature.
Best Advice to Other Entrepreneurs:
“Work backwards, when I say work backwards what I mean is answer the question how am I going to scale and commercialise this solution? Usually we figure that if we get to that point we’ll figure it out later but it’s important to start there because if you start there and you answer that question well then you can definitely scale this and then you can say okay how much capital it is going to take me to get there”…[Listen for More]
More About Steve Woody:
Neil’s Quote at the Beginning:
“Only the one who does not question is safe from making a mistake.” Albert Einstein
Other Quotes From the Chat with Steve Woody:
- “Failure is so important, you fail enough and you start getting into where you really stop and listen and learn and you don’t get so impressed by your own solutions and you start to work a lot more collectively so I always tell people you get to the end of yourself you’re no longer impressed, now you start to become of real value”
- “When you fail you fail publicly”
- “If people had answered that question of how am I going to scale this I think they would have been way more successful”
- “Know your purpose, what is it you’re trying to do? Make money is just something we measure it by”
Leave a Reply