Dr. Carl Hanna is the CEO and founder of Evva Health, an AI support platform for patients and caretakers, who has been in the healthcare space for fifteen years, as a manager, consultant, and family caregiver. On this episode of The Roadmap, he joins host and small business expert Ted Jenkin, Co-founder and CEO of oXYGen Financial, to discuss what it is like starting a technology company in the healthcare industry, gaining support from community investors, and preparing a strategy for an eventual exit.
Hanna notes that his inspiration came from the tragic loss of his father, uncle and aunt in a short period of time. His personal experience in assisting loved ones through an illness offered him new insights into the needs of patients and their families, who often struggle to afford care and find support. Evva Health, the product of his passion for healthcare and wish to assist others through the difficulties he faced, uses artificial intelligence to determine the needs of the patient and their relatives to customize a care plan, provide financial advice and connect them with resources in their community.
Most technology startups obtain their initial capital from investors, however, Evva Health was largely crowdfunded by patients and their families. Hanna explains that those who helped fund the business wanted to be part of the solution, highlighting how supportive clients can be when a business provides a product or service they are passionate about. He recommends that entrepreneurs looking to provide assistance to their communities use crowdfunding platforms such as Wefunder to raise money, even if they do not yet have a revenue source.
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More: Thinking two steps ahead is a requirement for business success. Although it can be difficult to consider an exit strategy when it seems far down the road or when one’s attention is entirely consumed with the company, it is important to prepare for an eventual buyout, so that one does not encounter burnout or fatigue. Hanna explains that he and his CFO already have a target multiple in mind for Evva Health, and, although it could be some time before that number is reached, their company will likely become available for sale once its value matches the goal. This way, he and his team can obtain funding to pursue even greater projects, while ensuring the brand lands in excellent hands.
Evva Health is a transformative company, combining technology and healthcare to provide desperately needed services for caregiving communities. As an entrepreneur, Hanna feels obligated to meet the promises he has made to the families which rely on his company for guidance and support. He recommends that leaders with a passion for helping others pursue their goals with patience, take their time building an excellent team and plan carefully throughout their business journey.
