April 29, 2014
One of South Florida’s top entrepreneurs, Daniel Cane, was recently awarded for his achievement in leadership and innovation in South Florida’s business community. He is the founder and CEO of the technology company, Modernizing Medicine, a company based in Boca Raton that provides medical record system for doctor’s offices, eliminating the need for written notes and making the process of prescription and filling forms seamless.
Since its launch in 2010, Cane and co-founder and Chief Medical Officer Michael Sherling, M.D. have grown the company with three rounds of financing, raising approximately $29 million in equity. Part of funding was raised through equity crowdfunding, where various doctors who were enthusiastic about his product and wanted to invest. This has lead to a successful strategy where converted customers became investors, which incentivized them to promote the product to large numbers of other doctors.
Prior to heading up Modernizing Medicine, CEO Cane co-founded Blackboard, an education software company.
In a recent interview, he discussed in depth his journey as an entrepreneur. Here are a few of his interesting quotes:
On Modernizing Medicine, his latest venture
“Ultimately, the premise for Modernizing Medicine was very simple. We set out to build a specialty-specific, adaptive learning, touch-based system on the iPad and have the system be powered via the cloud. The initial thought was that we would save doctors up to two minutes on clinical documentation per patient. We brought a product to market, the value proposition of which was saving doctors’ time. The company took off and we have 2,000 providers now using our iPad application…”
“At Blackboard and Modernizing Medicine, I learned that there is no such thing as a magic number. You need to show that a dozen or so clients put their money down to purchase your product. That is the difference between a concept and idea. When people are willing to part with their money, then you have a business.”
On Raising Funding
“We did go out to raise capital, and a funny thing happened. When I called on the original cast of characters, they all told me that I had some huge exits and that they would be happy to take a look at this business. However, they all mentioned that they knew very little about the medical field and asked if they could speak to some of our users. I had not bothered to contact any potential investors until I had enough of an install base to provide those types of references, so I told them I would be happy to get them in touch with our users. The doctors who were using the product all said they would be willing to be references for me, but they also asked if they could invest.”
On Finding Talent in South Florida
“This area has a lot of nice ingredients for building companies. It is very rich on healthcare. My biggest limitation on scaling is hiring people who know healthcare. The technology environment in this area is weak, but not nonexistent. There are some good companies such as Citrix. We have had no problem building our ecosystem down here.”
“Be careful who you partner with; you can’t control every aspect of a business so you need Plan B and Plan C, and finally [to accept] that failure is absolutely an option. There is nothing wrong with failure. Most entrepreneurs never want to give up, but that is not healthy. Not every idea is going to take off. If something is going to fail, then learn from it and do something else.”
You can read the full interview of Daniel Cane with Sramana Mitas. He was recognized a Sun Sentinel Excalibur Awards Palm Beach Small Business Leader of the Year. The award recognizes the top business leader in the region.
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