Becoming a successful entrepreneur is no easy endeavor. It requires focus, purpose, persistence, leadership, and the ability to embrace and learn from failure. Marc Beer, co-founder and CEO of Renovia, Inc., a startup medical technology company, embodies these qualities.
In this article, we’ll share some of Beer’s top tips and tricks for aspiring entrepreneurs.
Tips and Tricks for Entrepreneurs from Marc Beer
With decades of experience in innovation and entrepreneurship, Marc Beer has valuable advice for aspiring entrepreneurs. Here are Beer’s top tips and tricks for future business leaders.
Make a Financial Plan
Before starting a new business, you’ll need substantial savings and/or venture capital (financing). Even successful businesses rarely earn a substantial profit in the first few years. Beer recommends starting your business with enough money to pay the bills for at least the first year. Remember that you will need to pay both the bills for your business and your personal expenses.
If you do have a lot of funding to start with, don’t forget to focus on building your business as well. Regardless of how much money you have now, you must create a business that will eventually generate revenue and turn a profit.
The bottom line is this: Starting a business is expensive. Make sure you have a plan!
Be Willing to Sacrifice
In addition to money, starting a new business requires you to invest a substantial amount of time. Beer says you’ll need to spend “at least 18 hours a day” on your new business.
Of course, this will require you to sacrifice time with your loved ones, as well as your “me” time. Prepare your family and yourself for this change. It’s important to be realistic about the sacrifices successful entrepreneurship requires.
Focus on Winning
Fear can be a major roadblock for aspiring entrepreneurs. Instead of focusing on everything that could go wrong, think about everything that will work. Believe in yourself and believe that you are going to win. Beer clarifies, “Winning doesn’t have to mean that you make a lot of money. Winning can also mean that you have learned a lot on your journey, and you can say that you’ve grown.”
Even if your family and friends don’t support your endeavors, you must believe in yourself. Believe in your vision and that you have what it takes to succeed. Without focus and confidence, it’s unlikely that your business will flourish.
Marc Beer says, “Successful entrepreneurs do not allow their emotions to guide their behaviors.” When making important decisions and addressing problems, ensure that your emotions are under control.
Brainstorm potential issues before they arise and make a logical plan: “If _______ occurs, then I will ________.” This way, you won’t react emotionally. Be aware of what situations trigger negative emotions. Find ways to manage these emotions so that you’re not distracted from the job at hand.
Learn from Failure
Setbacks, mistakes, and minor failures are inevitable when starting a new business. Embrace these experiences and the lessons that they teach you. As Beer says, “There is only a problem if you relive those failures without allowing them to push you toward the success you are seeking.”
When you experience failure, ask yourself what you have learned as a result. What went wrong? What will you do differently in the future? Beer says, “When you learn from failures, you can do things differently the next time, and you might get it right!” Don’t focus on the failure; focus on the lesson.
Enjoy the Process
Be patient as you build your business, and enjoy the process. Celebrate each milestone and accomplishment as it happens. Beer says, “You have to fall in love with the process. You also have to fall in love with the people around you that you want to help.”
If you practice patience and the ability to “delay the reward,” you’ll find that success comes to you much faster than expected.
Contribute to Your Community
When you begin to meet your goals, Beer recommends, take some time to help other people realize their goals as well. Not only is “paying it forward” rewarding, but it also helps you experience continued success.
Beer says, “Each human being is here to contribute to the planet, and people who do this experience very fulfilling lives.”
About Marc Beer
Marc Beer has over 25 years of development and commercialization experience in biotechnology, pharmaceuticals, devices, and diagnostics. In August 2016, Beer founded Renovia alongside partners Ramon Iglesias, MD and Yolanda Lorie.
After graduating from Miami University with a BS in Business, Beer held various sales and marketing positions in the pharmaceutical and diagnostic divisions of Abbott Laboratories. He then worked in sales and marketing at Genzyme, eventually becoming the Vice President of Global Marketing. There, Beer helped launch gene-based applications treating a variety of rare disorders around the world.
In April 2000, Beer became the founding CEO of ViaCell, a biotechnology company specializing in the collection, preservation, and development of umbilical cord blood stem cells. Under Beer’s leadership, the company grew rapidly and was eventually acquired by PerkinElmer.
Beer has also served as a member of the board of directors of Erytech Pharma. He was Founding Chairman of the board of directors and chairman of the compensation committee of Good Start Genetics, Inc., recently acquired by InVitae. He is the Founding Chairman of the board, chairman of the compensation committee, and member of the audit committee of Minerva Neurosciences Inc. He has served as a Strategic Consultant to OvaScience, which specializes in treatment options for infertility, and is a member of the board of directors of the Joe Andruzzi Cancer Foundation.
About Renovia, Inc.
Renovia is a women’s health organization that pursues cost-effective care for pelvic floor disorders, which impact an estimated 250 million women. The innovative company aims to provide better products for first-line diagnosis and treatment of these conditions.
Marc Beer intends to lead the company’s development through a combination of innovative and proprietary sensory technologies with a digital health platform. Patient-based app technology and data management provide patients with valuable information that can produce new treatment options.
In 2018, Renovia’s first product, Leva, was approved by the Food and Drug Administration (FDA). Beer obtained funding from the Longwood Fund, an investing group focused on health care issues. Series B funding was led by the The Perceptive Advisers of New York and Ascension Ventures of Missouri. With this funding, four Renovia products were developed and tested. Beer plans to produce a new generation of Leva.
For aspiring entrepreneurs, it’s important to:
- Create a financial plan.
- Make a significant time commitment.
- Believe in your vision and yourself.
- Handle issues logically instead of emotionally.
- Learn and grow from mistakes.
- Be patient and enjoy the process.
- Help others succeed as you experience success.
By following these words of wisdom from Marc Beer, co-founder and CEO of Renovia, you can turn your big idea into a successful reality too.
UPDATE: Renovia CEO Marc Beer Secures $42 Million Investment To Advance Innovative Treatment Of Pelvic Floor Disorders
Marc Beer helped Renovia secure $42 million in an investment deal to advance its production of digital medical devices for pelvic floor disorders. In part of the Series B round, Mr. Beer secured $10 million in venture debt. Also, the Longwood Fund invested in Renovia. As a medical-centered investment firm, the Longwood Fund was one of Renovia’s earlier investors. Ascension Ventures from Missouri and Perceptive Advisors from New York joined in the investment as well. Renovia will use the new funds to continue its development and testing of several diagnostic and therapeutic products. One of its focus points is developing new innovations for its well-known Leva digital technology device.
Investment Fund Plans
The investment funds will help the company strengthen its position as a leader in the future of pelvic floor disorder medical treatments. Medical device manufacturers and health care practitioners have discovered the mistakes of past methods such as mesh implants. With Renovia, there are safer innovations that could improve life for many people with pelvic floor disorders in the future. Mr. Beer hopes to use his past experiences in new health care developments to benefit patients and professionals by developing new products and improving existing technologies.
In an interview, Mr. Beer said that he was thrilled to have support from a group of the health care industry’s leading investors. Also, he said that he was happy about the investors sharing Renovia’s vision of improving diagnostics, improving treatments and ultimately improving the lives of patients with pelvic floor disorders. Mr. Beer added that combining Renovia’s special sensor technologies and form factors with an advanced health care platform will improve understanding of pelvic floor disorders, and it may eventually reduce the costs of long-term care for patients.
Renovia: Leadership in Innovation
Renovia is based in Boston, Massachusetts. Designed to improve the quality of life for pelvic floor disorder patients, the biotechnology company started in 2016. The company’s use of special sensor technologies that it has in its digital health platform give it the ability to help health professionals visualize and treat pelvic floor disorders while they collect important data at the same time. With this data, health professionals have a better understanding of a patient’s current status and can make more accurate prognostic predictions.
Although Renovia’s focus is on treating pelvic floor disorders, it does not overshadow the importance of addressing underlying issues that cause problems that may lead to pelvic floor muscle weakness. The company’s products are designed to blend with full treatment plans that help patients gain and keep strength.
Today, Renovia is working on fusing special app-based technologies and data systems with FDA-approved medical devices to give patients more control over the health of their pelvic floor muscles. Renovia’s special Apple mobile app works with the company’s patented sensors and other technologies to communicate important information to care providers that enhance performance, show progress and nurture value-based care.
Mr. Beer is the CEO of Renovia, and his leadership team thrives on helping one another. The team consists of talented individuals from a wide range of disciplines in the medical field. With their combined experience and talent, they work hard to understand the needs of their market and to develop products with compliance, safety, regulatory and financial aspects in mind. The team believes that products should meet every critical requirement to be useful to patients, health care professionals and caregivers at the same time.
From social issues to material sourcing, the company is committed to responsibility in every aspect. On the site, it lists its core values, which are important in understanding the company’s culture. These values include:
- Show passion and determination for customers and patients.
- Maintain strict accountability.
- Promote a sense of urgency.
- Use the highest levels of integrity and ethics at all times.
- Approach life with a humble, fun and purpose-driven attitude.
- Make creativity and innovation top priorities to deliver the best results.
Marc Beer’s Commitment to Helping Women
With the help of Yolanda Lorie and Ramon Iglesias, Marc Beer started Renovia. Mr. Beer graduated from Miami University in 1987 with a bachelor’s degree in business. During the next decade, he served in several marketing and directing roles. Mr. Beer advanced into the medical field and was active in several biotechnology startups. He has more than 25 years of experience in commercialization and development in biotechnology, diagnostics, medical devices and pharmaceuticals. In one of his ventures, he helped grow a startup to more than 300 employees.
In addition to his many entrepreneurial successes, Mr. Beer enjoys taking part in other committees that promote the advancement of medical technologies. As a founding member, he serves as the chairman for the Good Start Genetics Compensation Committee. He is also the chairman of the organization’s board of directors. Mr. Beer was a founding member of the Minerva Neurosciences Inc. Audit Committee, and he also serves as the chairman for it. To help promote education and research, Mr. Beer is a member of Notre Dame’s Graduate Studies Research and Miami University’s Business Advisory Council.
Renovia: Changing the Future of Pelvic Floor Disorder Treatment
Renovia’s recent investment has the potential to change the lives of many women. More than 50 percent of women under the age of 60 may have weakened pelvic floor muscles. The pelvic floor consists of several individual but connected muscles that work together to support the bladder and other pelvic organs.
In many cases, women who now have a weakened pelvic floor had children in the past. However, other factors can contribute to weakening of the muscles in that area. One of the common results of weakened pelvic floor muscles is bladder leakage. With special exercises and treatment, women can strengthen their pelvic floor muscles and reduce leakage or incontinence.
Pelvic floor exercises are usually the first treatment solution for women with weakened muscles, and surgery is reserved for more severe cases since it comes with risks and complications. Some women may be treated with medication, which can also come with side effects. Renovia designed Leva to enhance exercise programs and to help women maximize their effectiveness. Leva is Renovia’s first product. It gained FDA approval in April last year and grew in popularity after it went on the market.
Leva is designed to serve as a digital trainer for women who need to strengthen their pelvic floor muscles. It is a non-surgical solution that includes a wireless vaginal probe, which works with an app. When the probe is inserted, it detects movements and transmits real-time information about how the user is exercising. With this data, health professionals can analyze patterns to determine the effectiveness of exercise movements. Leva is designed to help women who have moderate or mild urinary incontinence.
One of the reasons why women do not see positive results after doing exercises for some time is because they do them incorrectly. They may do them correctly at first but may alter them after a while. It may be hard to tell if the muscles are moving upward or downward for some people. When women have a visual representation of what they are doing, they can see which muscles are being targeted and which way they are moving. There are clear visual images for when the user is at rest or in motion. Also, some women do not follow their exercise regimens strictly. The app includes other features that help women stay on track and measure their progress. Leva’s exercise routine takes about five minutes to complete.
Renovia’s leadership team is excited to see how the investment will help Leva advance and new programs develop in the future. The company recently announced the launch of a program called REDUCE, which is a multi-center randomized controlled trial to study the effects of the Leva device and app. Vice President Jessica McKinney said that the gap between urinary incontinence and care access is too big. She also mentioned the large gap between pelvic floor physical therapy and surgical alternatives. With the new REDUCE study and the continual improvement efforts of Renovia’s team, the company hopes to help close those gaps to reduce the amount of unnecessary surgeries and to help women regain long-term control of their pelvic floor muscles.
Mr. Beer is confident that his team will make great progress after this investment. One of his philosophies is to create a workforce of enthusiastic professionals who meet the company’s complete needs together. He believes in bringing in the absolute best people for each role to achieve success.