Keeping your Entrepreneurship Principles Amidst Success
March 18 2019
March 18, 2019, by Purdue Foundry Media Squad
Wiley Medical Device & Sensors recently published a research article by Vibronix Inc. For this 2014 Purdue Foundry Client, this is a business milestone success. As they point peers and clients in the direction of the article, we took time to ask how they keep their entrepreneurship roots amidst their current company success:
Q&A with Rui Li, Ph.D., VP of Operations, Vibronix Inc.
How do you generate new ideas?
We still maintain a very good relationship with educational institutes, like Purdue University and others. By regular brainstorming meeting, we will keep updated on the frontier of the research. This will inspire me and other team members. Also, we keep presenting our work in the Conferences and will have a chance to know others works.
What key activities would you recommend entrepreneurs to invest their time in?
I would recommend entrepreneurs to spend time planning and reviewing. Make plans for each task, including time, required resources, and predicted outcomes. Also, reviewing after tasks are completed is important, because it provides a door/window for each member to examine and find the shortcomings during carrying out the procedures. More importantly, spend time reaching out to potential customers and investors. Customers will provide first-hand user requirement, which helps keep your product in the right track. Investors will help introduce more resources, not only financing funds but also potential collaboration opportunities.
Share how publishing meets the milestones of your business plan and mission?
Publishing articles is pretty crucial to business development since it is beneficial to attract the attention of the whole clinical fields. Owing to this attention, it brings more opportunities for potential collaboration.
What entrepreneurial tricks have you discovered to keep you focused and productive in your day-to-day busy schedule?
When there is a new project, we generate a project charter to allocate human resources, funds, and time. Also, a Gantt Chart will be used in the beginning to clarify the milestones, and updated in the development process. Based on the Gantt Chart, the whole project will be divided into multiple tasks. All the tasks will be filled in the Calendar (Onedrive Calendar), in which way each team member will know what to do every day and when should finish the tasks.
How do you explain your work and passion to people and non-entrepreneurs outside your industry?
We are dedicated to developing a breast tumor margin assessment tool, which helps surgeons to fully excise the breast tumor in ONE operation. More importantly, this also helps reduce the physical pain and emotional distress of the patients, caused by the second or third operation. Practically, its application will reduce the cost of the whole healthcare system.