WEBVTT

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Welcome to the Innovation Conversation, a podcast

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about innovators, both in business and real life.

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Hosted by myself, Ricardo Rescual and Harry McCona.

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This podcast is also sponsored by ODEV Tech.

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ODEV Tech is your premier software development

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partner. Make sure you check them out at odev

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.tech. The podcast is also sponsored by Notion

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.so. Notion is offering six months for free for

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new users. Make sure you check out our website,

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thestoreofevents .co .uk to read in the software.

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Hi, and welcome to another episode of the Innovation

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Conversation. Today we are joined by Dr. Georgia

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Fleet and Carla Southworth. Welcome to the podcast.

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Thank you. Thank you for having us. Should I

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say ladies? I'm not sure that's a bit pretentious.

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Would you like to please go and introduce yourself

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to the audience? So, yeah, my name is Georgia.

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I am the co -founder and CEO at Zonova. My background

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is primarily that I am a scientist. I've had

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a bit of a weird and wonderful background of,

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you know, different types of experiences. But

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yeah, we founded Cinova back in 2023. Yeah, we're

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really excited to be speaking with you about

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it today. Carla, what were you doing in Cinova?

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Sorry, and I'm Carla. I have backgrounds in NHS

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healthcare, 12 years working across various different

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sectors. met George a couple of years ago and

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then the rest is history. Interesting. So what

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does Sinova do? So we are a medtech startup and

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what we have developed is a novel antimicrobial

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technology that we incorporate into medical devices.

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So that's a bit of a mouthful but effectively

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what we do is we make medical devices that are

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used every day in hospitals so things like IV

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cannulas, catheters, endotracheal tubes, those

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types of medical devices that are associated

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with infections. We just reduce the risk of that

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by adding our novel antimicrobial technology

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into it. Isn't that already antimicrobial? I

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would assume you already have some protection

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in those things, or just plain plastic? No, these

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devices are all just polymers, so they're all

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just flexible plastic tubing. And, you know,

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these devices are used every day. They're really

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common, you know, into the billions used annually

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across all these different types of devices around

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the world. And, yeah, they have really high infection

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rates. You know, the surface of the device itself.

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provides a really nice environment for bacterial

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biofilms to grow. And basically, the longer they're

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in the body, the higher your chances are of that

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infection. So, you know, with long -term intubated

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patients, for example, you see that infection

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risk go up quite significantly. And urinary catheters

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as well, especially the indwelling ones. I think

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there was a CDC, part of the CDC website that

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says, you know, 75 % of catheterized patients

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will experience urinary tract infections, so

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UTI. That's horrible. 75 % is super high. Yeah.

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I think obviously in terms of the reporting and

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the data available, you know, those figures do

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vary and they vary across regions and different

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areas of the world as well. But yeah, it's a

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huge problem. And at the moment, the only solution

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is just to treat it with antibiotics. But, you

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know, obviously as the antimicrobial resistance

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crisis worsens, we have fewer and fewer options

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available effective. antibiotic. What prompted

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you to come up with the idea? Pardon? What made

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you come up with the idea? Oh, so this health,

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how long and far back do you want me to go with

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this one? Anytime. Okay, so this all really came

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about during my PhD. So I started my PhD in 2018.

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So pre COVID. And I was actually supposed to

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be doing my PhD something on like dental care

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or oral health care. but quickly found myself

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looking into hospital -acquired infections. So

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that is those types of infections that you get

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as a result of being in hospital. So, you know,

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a large portion of those are device -related.

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And the one that really struck me actually was

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ventilator -associated pneumonia. So those are

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the infections associated with being on a ventilator.

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So that specifically is the endotracheal tube.

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So when you're intubated and you have that tube

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kind of here accessing the lungs, That is the

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tube that often gets pretty disgusting over the

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course of intubation with bacterial biofilms.

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What I was reading was that because the nature

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of intubation provides this direct access into

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the lungs, you get really serious cases of pneumonia

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and actually a really significant portion of

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patients that are ventilated die from these secondary

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infections and not from what they were put on

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the ventilator in the first place for. And so

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for me that was really shocking and that's kind

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of what got me into this specific area of medical

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devices and the associated infections. And then

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that was confirmed when I'd spoken to a critical

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care consultant at a hospital nearby and he was

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saying that he thinks actually his leading cause

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of death in his unit were as a result of these

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secondary infections. Yeah, really huge problem

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and it just seemed really crazy to me and completely

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unnecessary that you have these really high mortality

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rates from just being in hospital and the devices

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that you have to use. Obviously not ventilating

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isn't an option either. If you're put on a ventilator,

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there's no other choice. So yeah, that's when

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I set out to make the tubing itself antimicrobial

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to try and reduce the risk of these infections

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and ultimately, hopefully, better patient outcomes.

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So yeah, that was what my entire PhD was focused

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on. And, you know, effectively I did it. You

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know, we made, I say we, the royal we, I made

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an antimicrobial endotracheal tube, the ventilator

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tube. But as with a lot of things that come out

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of academia, it was really expensive and difficult

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to make. It just was, it was never going to be

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commercially viable to make this. endotracheal

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tubes, all these types of medical devices are

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like one use, single use throwaway devices that

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they have to be cheap. And yeah, putting this

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technology in was just not going to be that and

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therefore you just wouldn't be able to commercialize

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it and scale it. So when I left my PhD, that

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was when I really focused on, okay, we're definitely

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onto something here in terms of like there's

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a need, but how do we make that affordable? So

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yeah, that was basically how Zonova was born.

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I was just thinking about the stats and it's

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actually really crazy. 75 % of people intubated

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are going to get some type of infection. That's

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actually super high. I don't want to go to the

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hospital now anymore. Not that it's something

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that happens on a regular basis getting intubated,

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but still it's incredibly high. Yeah, so I don't

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know the figures for intubation off the top of

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my head and I think the figures for intubation

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are quite complicated and especially when COVID

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came along, we had significantly more people

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being intubated, and so the figures are debated

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for that one. But yeah, the 75 % figure was for

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the urinary catheters. And then for IV catheters,

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for example, you know, again, you've got a device

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that sits, you know, in the body, access to your

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bloodstream, and the infections that you get

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that are typically associated with IVs, you know,

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you can get like phlebitis and phlegm information,

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but also, you know, sepsis. another really big

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serious infection. And what the literature that

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I've read has shown is that off the top of my

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head from memory, I think it was about 25 % associated

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with infection in terms of your likelihood of

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getting an infection, sorry, but when you are

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immune compromised, so for example, if you are

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in critical care, and you have that IV in, then

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your likelihood goes up to more towards the 50

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% end. And obviously, you know, these are all

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like, you know, in literature, maybe I can put

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some sources or something below to add on to

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this. But yeah, so it's, yeah, it's, it's really

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problematic. And I think at the moment, you know,

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the doctors and vets, because this runs across

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both human and animal health care, the only kind

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of tool that they have is, you know, good, good

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clinical practice. And, you know, in terms of

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preventing infections, like washing your hands,

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x, y, z. But other than that, it's pretty much

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just antibiotics. And so, yeah, with antibiotics

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becoming less and less effective, we're going

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to end up in a really, really serious situation

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quite soon if the forecasts are correct. Yeah,

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that's quite scary, actually. It brings me back

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to before they just found germs, right? That

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was a big issue because I had no idea what was

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causing so much mortality. And then they all

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of a sudden realized, oh, there's a thing called

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germs. That's probably what's killing this many

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people. And to think that we still die from stuff

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like that, because there's not nothing like the

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stuff you guys are doing for the market. Actually,

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it's a bit crazy. So what you know, you came

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up with this with a system you found in academia,

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and then he decided to launch a startup. How

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was that journey? Like, all the journey to starting,

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starting the company, long and hard. So I, I've

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got notes going back on my phone from like 2021

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on terms of starting a company. So I think it

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was always back of mind, especially whilst I

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was doing my PhD. We didn't officially incorporate

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until the 8th of March 2023, which was also International

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Women's Day. So that was nice. And yeah, so the

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journey to getting there, it was basically a

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year and a half of me bootstrapping and trying

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to get what work I could done in my spare bedroom.

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So we did do a few experiments in the spare bedroom

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with what we could order off Amazon and, you

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know, what chemical companies would deliver to

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a residential. location. And then yeah, then

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we used that to get an initial US provisional

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patent filed and then go from there and do our

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fundraise. So we, it was a year and a half of

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bootstrapping and me working, you know, multiple

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part -time jobs on top of that. And then we closed

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our first pre -seed round last June. So that's

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June, 2024. And what was the market telling you

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so far? Pardon? What's the market telling you

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so far? So the feedback that we've had from,

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you know, doctors and veterinarians is that,

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you know, this, if it works, is their main concern,

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you know, if it works, would be, you know, completely

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revolutionary in terms of how we prevent infections

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and, you know, in general, just like infection

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control within hospitals. Yes, I think the pressures,

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particularly in the healthcare system at the

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moment are massive and with recent announcements

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of further cuts and reorganisations, which takes

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up so much capacity and kind of the focus away

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from delivering clinical service to patients.

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Any opportunity to try and reduce risk of infection,

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reduce hospital stays, reduce admissions in the

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first place is very much welcome at the moment.

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So, yeah, as George said, if it works is always

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kind of the first feedback we get. But I think

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once we can... or not even convinced, but once

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we can evidence that for them, I think the appetite

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is going to be huge and very much appreciated.

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And I think one of our concerns was whether people

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were really buying into how much AMR and the

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antimicrobial resistance crisis was kind of real

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and prevalent. I know a lot of people in frontline

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healthcare were just firefighting and having

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that kind of foresight further ahead to understand

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what's coming. they don't always have the capacity

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to see but I think we've really seen that people

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are becoming increasingly worried about the lack

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of availability of antibiotics and their efficacy

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and at the moment they can treat things and they

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can keep their patients alive and I think the

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threat that really really minor infections could

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now be the thing that means that they can't see

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that patient three to a kind of a good outcome

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is becoming very worrying so yeah it's been pretty

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well received so far. And I think as well, building

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on what Carla is saying is that I think AMR and

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our ability to treat infections and prevent infections

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in the first place has such a huge knock on effect

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to other diseases. So for example, anywhere,

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anything where you're immune compromised, such

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as, you know, cancer treatments, as one example,

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you are going to be at a significantly higher

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risk of infection. and therefore having complications

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as a result of those infections and so it's not

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just a case of you know antimicrobial resistance

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affecting you know one area of health care it

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really will affect everything from you know cancer

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treatments to you know surgeries even you know

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things like giving birth like things that we

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really take for granted now and have the potential

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to become really dangerous in the next um in

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the next literally 10 20 30 years. Yeah, the

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current projections, there was like a massive

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study or, you know, big projected figure that

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was put out that was that by 2050, antimicrobial

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resistance related mortality will be larger than

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cancer related mortality. So it's going to overtake

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and kind of be up there in terms of leading cause

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of death globally. And it also affects different

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parts of the world differently as well. So it's

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going to really ramp up healthcare inequality.

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So it's a really huge problem. And then the last

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thing I wanted to say is because we made a big

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point about if it works, is that we have great

00:13:45.889 --> 00:13:48.929
lab data. But obviously getting this into the

00:13:48.929 --> 00:13:53.269
market specifically for human healthcare, it's

00:13:53.269 --> 00:13:56.250
a longer road. What we do have coming up actually

00:13:56.250 --> 00:14:01.309
though are two really exciting pilots with veterinary

00:14:01.309 --> 00:14:03.879
hospitals in the UK. So we've got one of those

00:14:03.879 --> 00:14:05.860
currently being set up for urinary catheters

00:14:05.860 --> 00:14:09.159
and another one for IV catheters. So we should

00:14:09.159 --> 00:14:11.240
have some real world data, you know, we think

00:14:11.240 --> 00:14:15.460
by next year to give us an indication and initial

00:14:15.460 --> 00:14:17.559
insights into how they're working in the real

00:14:17.559 --> 00:14:19.740
world outside of the lab. So how does it work?

00:14:19.879 --> 00:14:22.379
Do you manufacture yourself or do you, you pented

00:14:22.379 --> 00:14:24.840
the technology and then you give it to manufacturers

00:14:24.840 --> 00:14:26.740
to actually do it the way you think it should

00:14:26.740 --> 00:14:29.629
be done. So how does it work? I think. just going

00:14:29.629 --> 00:14:33.269
to say, can you move closer to the mic? And then

00:14:33.269 --> 00:14:35.830
I think you said something about manufacturing.

00:14:36.549 --> 00:14:39.070
Yes. So who does the manufacturing? So at the

00:14:39.070 --> 00:14:41.289
moment, we would be manufacturing small batches.

00:14:41.289 --> 00:14:44.409
And then, you know, licensing with external partners

00:14:44.409 --> 00:14:46.710
for sterilization and packaging. And, you know,

00:14:46.730 --> 00:14:49.769
that would be the case for the for the pilots.

00:14:50.370 --> 00:14:54.659
But ultimately, we in an ideal world don't actually

00:14:54.659 --> 00:14:56.799
want to manufacture these on a larger scale.

00:14:56.799 --> 00:14:58.720
We don't want to be the manufacturer. I think

00:14:58.720 --> 00:15:00.960
the thing with our technology is that it's a

00:15:00.960 --> 00:15:04.120
technology that can be incorporated into existing

00:15:04.120 --> 00:15:08.080
medical devices. We are not reinventing the wheel

00:15:08.080 --> 00:15:13.600
when it comes to catheters, for example. So in

00:15:13.600 --> 00:15:16.340
an ideal world, what we would love to do is work

00:15:16.340 --> 00:15:19.940
and partner with existing device manufacturers

00:15:19.940 --> 00:15:23.279
and just put our technology effectively. into

00:15:23.279 --> 00:15:26.139
their catheters to offer people an antimicrobial

00:15:26.139 --> 00:15:29.460
version of their favorite brands. And a huge

00:15:29.460 --> 00:15:31.179
reason for that is actually this is all about

00:15:31.179 --> 00:15:33.259
impact for us. We want to have the biggest impact

00:15:33.259 --> 00:15:36.519
possible. And so we think that, you know, rather

00:15:36.519 --> 00:15:39.580
than trying to fight against the giants of the

00:15:39.580 --> 00:15:43.539
world in terms of medical devices, we would much

00:15:43.539 --> 00:15:47.139
prefer to work with them and just provide an

00:15:47.139 --> 00:15:48.600
antimicrobial version of what they're already

00:15:48.600 --> 00:15:50.600
offering, which we think will then increase the

00:15:50.600 --> 00:15:53.129
end user uptake as well. I think in terms of

00:15:53.129 --> 00:15:55.389
what the end users are seeing, it will be much

00:15:55.389 --> 00:15:58.409
easier. For example, if they see from their existing

00:15:58.409 --> 00:16:00.690
brand that there's just an antimicrobial version

00:16:00.690 --> 00:16:03.509
of what we're already using. And we think that

00:16:03.509 --> 00:16:05.970
that will then lead to more impact if more people

00:16:05.970 --> 00:16:09.909
have easy access to them. And how complex is

00:16:09.909 --> 00:16:11.649
this actually? Do you need to go through a lot

00:16:11.649 --> 00:16:13.690
of regulation? Like do you need to get FDA approval,

00:16:13.710 --> 00:16:16.529
for example? Or how does it actually work? Yeah,

00:16:16.529 --> 00:16:19.169
so the regulatory pathway, and I'm not a regulatory

00:16:19.169 --> 00:16:20.409
expert, so you're just going to put that out

00:16:20.409 --> 00:16:22.730
there right now, but it will depend by the sector

00:16:22.730 --> 00:16:28.049
and the region. So the veterinary sector will

00:16:28.049 --> 00:16:29.950
be completely different to the human sector.

00:16:30.230 --> 00:16:32.370
And then for the human sector, my understanding

00:16:32.370 --> 00:16:34.190
is that it goes by region. So for example, it

00:16:34.190 --> 00:16:36.970
would have to pass MHRA regulations for the UK,

00:16:37.669 --> 00:16:41.870
FDA for the US, and so on for each different

00:16:41.870 --> 00:16:45.870
region that the device would be sold in. Yeah.

00:16:46.070 --> 00:16:48.230
And this isn't by you or then by the company

00:16:48.230 --> 00:16:50.929
that actually manufactures the devices? Pardon?

00:16:51.610 --> 00:16:53.450
Is this done by your company or then by the company

00:16:53.450 --> 00:16:55.710
that actually manufactures the devices? Yeah.

00:16:55.909 --> 00:16:59.889
So if we end up finding a partner to partner

00:16:59.889 --> 00:17:02.950
with prior to regulatory pathways, then great.

00:17:03.070 --> 00:17:04.809
And then we'd be more than happy for obviously

00:17:04.809 --> 00:17:06.529
the other company to take that forward with all

00:17:06.529 --> 00:17:09.309
of their expertise. Failing that, if we were

00:17:09.309 --> 00:17:11.529
going to be taking it to market, we would definitely

00:17:11.529 --> 00:17:14.230
have to get an external help. in terms of going

00:17:14.230 --> 00:17:17.450
through those regulatory pathways. But yeah,

00:17:17.549 --> 00:17:19.609
so it definitely wouldn't be just us to try to

00:17:19.609 --> 00:17:23.589
get through MHRA and FDA regulatory pathways.

00:17:23.750 --> 00:17:25.329
And they are constantly evolving and changing

00:17:25.329 --> 00:17:28.809
at the moment as well with governments at the

00:17:28.809 --> 00:17:31.849
moment. And how hard was it to explain this whole

00:17:31.849 --> 00:17:37.450
idea to investors? responses. I think it depends

00:17:37.450 --> 00:17:40.509
on people's kind of previous knowledge of AMR

00:17:40.509 --> 00:17:43.190
and understanding what that is if they're not

00:17:43.190 --> 00:17:47.009
from a medical background. It can be quite difficult

00:17:47.009 --> 00:17:49.450
to kind of explain the gravity of the problem

00:17:49.450 --> 00:17:52.009
and how huge it can be and how impactful this

00:17:52.009 --> 00:17:56.789
kind of technology can be globally. I think once

00:17:56.789 --> 00:17:59.349
you're kind of over that first hurdle of understanding

00:17:59.349 --> 00:18:05.029
how big it is, people have been kind of really

00:18:05.029 --> 00:18:10.049
involved with the idea and very keen to be part

00:18:10.049 --> 00:18:12.369
of understanding it and kind of getting it to

00:18:12.369 --> 00:18:15.569
market. A lot of kind of common question we get

00:18:15.569 --> 00:18:19.029
is if it's so amazing how has nobody invented

00:18:19.029 --> 00:18:22.150
it already? Which just makes me laugh every time

00:18:22.150 --> 00:18:23.829
because I think you could say that about any

00:18:23.829 --> 00:18:28.970
venture ever. But yeah, it's been difficult but

00:18:29.160 --> 00:18:31.559
I think once you get past that initial kind of

00:18:31.559 --> 00:18:33.759
understanding, people are so keen to kind of

00:18:33.759 --> 00:18:35.819
learn more and be part of it. And I think we're

00:18:35.819 --> 00:18:40.960
improving as well. We have a great set of angel

00:18:40.960 --> 00:18:44.799
investors and advisors, you know, a growing advisory

00:18:44.799 --> 00:18:48.559
board and each of them coming from very different

00:18:48.559 --> 00:18:50.579
backgrounds as well. And I think having their

00:18:50.579 --> 00:18:52.940
input in kind of what got them initially interested

00:18:52.940 --> 00:18:55.900
has been really valuable for us. So, yeah, I'd

00:18:55.900 --> 00:18:57.579
like to think I've definitely improved since

00:18:57.660 --> 00:19:00.259
uh you know two years ago coming straight off

00:19:00.259 --> 00:19:03.720
the back of a PhD um but yeah I think as Carla

00:19:03.720 --> 00:19:06.000
said I think I think one of the problems is that

00:19:06.000 --> 00:19:08.539
you know as we've kind of discussed is that AMR

00:19:08.539 --> 00:19:13.259
is so big it's such a huge problem and it affects

00:19:13.259 --> 00:19:16.160
so many different you know it affects humans

00:19:16.160 --> 00:19:19.680
animals the environment you know it it's almost

00:19:19.680 --> 00:19:21.960
like too big for its own good and so I think

00:19:21.960 --> 00:19:24.019
for us it's been really trying to like make our

00:19:24.019 --> 00:19:27.549
messaging more like concise and to the point

00:19:27.549 --> 00:19:31.990
because I think, yeah, it's a bit of an unwieldy.

00:19:34.509 --> 00:19:37.250
And I think because our solution is so simple

00:19:37.250 --> 00:19:39.349
as well, so because the problem is so massive,

00:19:39.630 --> 00:19:42.329
but then our technology and solution is so simple,

00:19:42.710 --> 00:19:44.230
that can be quite difficult for people to get

00:19:44.230 --> 00:19:45.950
their head around, I think, as well. Would you

00:19:45.950 --> 00:19:48.089
have other applications apart from medical devices?

00:19:48.910 --> 00:19:51.829
Like you can put it on surfaces so there's not

00:19:51.829 --> 00:19:54.029
any bacteria growing there or stuff like that.

00:19:54.250 --> 00:19:57.230
Is that a possibility or even a need? There are

00:19:57.230 --> 00:19:59.150
a ton of other applications and that actually

00:19:59.150 --> 00:20:02.869
forms part of our pitch deck. But yeah, so I

00:20:02.869 --> 00:20:05.450
think medical devices for me, obviously, that's

00:20:05.450 --> 00:20:06.809
kind of what got me into all of this. And I think

00:20:06.809 --> 00:20:08.849
that's where the most one of the most significant

00:20:08.849 --> 00:20:13.089
impacts will be. You know, these, you know, catheters

00:20:13.089 --> 00:20:16.549
and endotracheal tubes, orthopedic implants as

00:20:16.549 --> 00:20:19.049
well, huge problems with infections there as

00:20:19.049 --> 00:20:21.740
well. um you know we think there are potential

00:20:21.740 --> 00:20:24.220
in dental applications one that keeps coming

00:20:24.220 --> 00:20:29.240
up is also kids toys or like kids like um makes

00:20:29.240 --> 00:20:32.059
sense yeah they get quite grimy though don't

00:20:32.059 --> 00:20:37.319
they so yeah yeah yeah i was thinking like things

00:20:37.319 --> 00:20:39.420
like um you know when you go on the tube and

00:20:39.420 --> 00:20:40.900
then you grab the handle because you need to

00:20:40.900 --> 00:20:42.599
grab the handle otherwise you're gonna fall i'm

00:20:42.599 --> 00:20:44.940
just thinking is there any way that it looks

00:20:44.940 --> 00:20:48.019
like scrammy feels that scrammy uh because that's

00:20:48.019 --> 00:20:49.700
like for me what's the most disgusting things

00:20:49.700 --> 00:20:51.420
on the planet like oh no i need to touch this

00:20:51.420 --> 00:20:54.559
but uh so i don't know i always end up washing

00:20:54.559 --> 00:20:57.759
my hands um a lot um but yeah okay i can see

00:20:57.759 --> 00:20:59.819
the cube is particularly disgusting i have noticed

00:20:59.819 --> 00:21:01.819
actually that some of the um i think it was during

00:21:01.819 --> 00:21:05.740
covid actually that some of the escalator files

00:21:05.740 --> 00:21:07.940
that you hold onto they have like this uv thing

00:21:07.940 --> 00:21:10.359
now where it kind of goes through like a uv light

00:21:10.359 --> 00:21:13.519
sterilization um but yeah that would be an interesting

00:21:13.519 --> 00:21:16.839
one for sure Interesting. So literally, the world

00:21:16.839 --> 00:21:19.559
is yours. I mean, the future is bright. You have

00:21:19.559 --> 00:21:21.700
multiple applications for this. And I was just

00:21:21.700 --> 00:21:23.519
thinking, if I'm running in a hospital and you

00:21:23.519 --> 00:21:25.400
come come over and say, actually, you know, I

00:21:25.400 --> 00:21:28.000
can reduce your immortality rate by this much

00:21:28.000 --> 00:21:30.200
percent. Like, oh, wow, that's that's quite impressive.

00:21:30.359 --> 00:21:32.579
And it's just by changing this little tiny thing.

00:21:32.779 --> 00:21:35.640
That's that's huge. It's actually going to be

00:21:35.640 --> 00:21:39.059
a massive. Yeah. Well, yeah, I think I'm definitely

00:21:39.059 --> 00:21:42.579
all about kind of like small relatively easy

00:21:42.579 --> 00:21:45.299
to implement changes that could have the potential

00:21:45.299 --> 00:21:47.619
for a significant impact. I think, you know,

00:21:47.660 --> 00:21:49.720
I think research and startups and innovation

00:21:49.720 --> 00:21:52.700
in general needs innovation from all different

00:21:52.700 --> 00:21:55.039
aspects. But for me personally, I've never been

00:21:55.039 --> 00:21:58.579
about wanting to, you know, create the next antibiotic

00:21:58.579 --> 00:22:01.039
or like develop the next antibiotic. For example,

00:22:01.079 --> 00:22:04.460
I am much more on the end of this is, you know,

00:22:04.519 --> 00:22:06.960
an area that we could have significant impact

00:22:06.960 --> 00:22:08.759
on, but it's a relatively small change, therefore

00:22:08.759 --> 00:22:11.569
easier to implement. Um, so for me, I think that's

00:22:11.569 --> 00:22:13.349
definitely what, what it's all about. And that's

00:22:13.349 --> 00:22:15.650
where kind of my focus is directed at rather

00:22:15.650 --> 00:22:20.769
than the kind of massive, uh, kind of more big,

00:22:21.930 --> 00:22:24.690
much wider, uh, targets. And what was, you know,

00:22:25.069 --> 00:22:27.769
what was the worst day for you? You know, growing

00:22:27.769 --> 00:22:30.190
the company, um, for both of you, obviously,

00:22:30.349 --> 00:22:32.369
uh, Carl and Georgia, um, what was the worst

00:22:32.369 --> 00:22:34.970
day? How was that like? How did you manage to

00:22:34.970 --> 00:22:36.730
overcome the worst that you ever had in the company?

00:22:37.069 --> 00:22:38.670
I'd say one of the biggest challenges we had

00:22:38.670 --> 00:22:43.569
when we went through our first raise was accepting

00:22:43.569 --> 00:22:47.130
so many no's before you get to a yes. I think

00:22:47.130 --> 00:22:48.789
they say something like it's you have to get

00:22:48.789 --> 00:22:51.309
through your first hundred no's before you'll

00:22:51.309 --> 00:22:53.789
get to a yes investment. And I think when you've

00:22:53.789 --> 00:22:55.910
put your heart and soul into a company and obviously

00:22:55.910 --> 00:22:57.710
you think it's the greatest idea in the world

00:22:57.710 --> 00:23:00.349
and you get so many no's, it's really hard not

00:23:00.349 --> 00:23:05.240
to take that personally. and I think every time

00:23:05.240 --> 00:23:07.119
you get a no you get feedback and people give

00:23:07.119 --> 00:23:09.220
feedback every time and you're not ever going

00:23:09.220 --> 00:23:11.539
to be able to kind of have the perfect model

00:23:11.539 --> 00:23:14.279
that fits every person that you pitch it to.

00:23:14.559 --> 00:23:16.660
So I think it feels really hard at first and

00:23:16.660 --> 00:23:18.819
you take that quite personally at the beginning

00:23:18.819 --> 00:23:21.640
and then you kind of go on a journey where you

00:23:21.640 --> 00:23:23.380
start to understand that you know not every no

00:23:23.380 --> 00:23:25.319
is a personal no and that it's not going to be

00:23:25.319 --> 00:23:27.200
right for a video and sometimes it's right place

00:23:27.200 --> 00:23:29.380
right time and you grow and learn on that journey

00:23:29.380 --> 00:23:32.509
and and kind of adapt and then once you do get

00:23:32.509 --> 00:23:34.609
your first yes and somebody sort of starts to

00:23:34.609 --> 00:23:36.490
believe in you, it feels like the best feeling

00:23:36.490 --> 00:23:38.589
ever. So yeah, that was that was quite a journey

00:23:38.589 --> 00:23:43.930
to go on. Yeah, I think as well in the same breath

00:23:43.930 --> 00:23:47.809
as that, keeping it real is that that bootstrapping

00:23:47.809 --> 00:23:50.329
journey, I maybe made the mistake of trying to

00:23:50.329 --> 00:23:52.650
do this right off the back of my PhD with absolutely

00:23:52.650 --> 00:23:56.710
no savings. And so just that period where, you

00:23:56.710 --> 00:23:59.759
know, it was like a year and a half of very,

00:23:59.759 --> 00:24:02.299
very minimal income because I was working, you

00:24:02.299 --> 00:24:04.740
know, part -time jobs, but it was, you know,

00:24:04.799 --> 00:24:06.579
I was obviously working on turnover at the same

00:24:06.579 --> 00:24:09.059
time. There's only so many hours in the day.

00:24:09.480 --> 00:24:11.539
So there was a lot of, you know, not being able

00:24:11.539 --> 00:24:13.440
to go out with friends, not being able to go

00:24:13.440 --> 00:24:16.299
out with my partner. And, you know, it was a

00:24:16.299 --> 00:24:18.480
year and a half of, you know, I'm sure my partner

00:24:18.480 --> 00:24:22.019
would echo this as well. A really, really hard

00:24:22.019 --> 00:24:24.960
year because you've got mentally, you know, all

00:24:24.960 --> 00:24:29.859
the millions of no's. And then, just from a life

00:24:29.859 --> 00:24:32.420
perspective as well, you know, just not really

00:24:32.420 --> 00:24:34.319
being able to do anything but kind of sit in

00:24:34.319 --> 00:24:37.839
it. That was really tough. And so maybe that's

00:24:37.839 --> 00:24:39.339
advice for everybody else. Don't be so silly

00:24:39.339 --> 00:24:41.579
to do it with no savings off the back of your

00:24:41.579 --> 00:24:47.279
lowly paid PhD. Would not recommend. So yeah,

00:24:47.400 --> 00:24:49.319
I think that personally was really, really hard.

00:24:51.019 --> 00:24:52.779
post -precede round, I've obviously been able

00:24:52.779 --> 00:24:55.440
to pay myself like a basic salary, which has

00:24:55.440 --> 00:24:57.319
changed everything. And that was, you know, we

00:24:57.319 --> 00:24:58.759
were really thankful that actually that was something

00:24:58.759 --> 00:25:00.700
that our investors brought up as well, because,

00:25:00.980 --> 00:25:03.720
you know, ultimately they want us to be in this

00:25:03.720 --> 00:25:06.799
and focused and not, you know, fighting for scraps.

00:25:07.480 --> 00:25:10.799
So yeah, that I think was a big, big challenge

00:25:10.799 --> 00:25:14.559
for me as well in starting this. So what advice

00:25:14.559 --> 00:25:17.160
would you give to people just starting out, especially,

00:25:17.460 --> 00:25:22.369
especially in your area? The best advice I would

00:25:22.369 --> 00:25:27.049
have liked to put back then was, you'll never

00:25:27.049 --> 00:25:28.809
know the answer to everything and that's okay.

00:25:29.049 --> 00:25:31.250
So surround yourself with the best team of people

00:25:31.250 --> 00:25:33.230
and advisors and people who've done it before,

00:25:33.349 --> 00:25:36.650
people who've made mistakes, people who are willing

00:25:36.650 --> 00:25:38.789
to share their experiences and their journeys

00:25:38.789 --> 00:25:42.589
and people that you can trust in that essentially.

00:25:43.710 --> 00:25:46.250
So keep your kind of ears open to all the advice

00:25:46.250 --> 00:25:47.829
you can take. Some of it will be with a pinch

00:25:47.829 --> 00:25:51.789
of salt and some of it will be Some people will

00:25:51.789 --> 00:25:53.430
have a motive behind that, so you've kind of

00:25:53.430 --> 00:25:54.950
got to be a bit savvy about where it's coming

00:25:54.950 --> 00:25:58.609
from, but to try and surround yourself with people

00:25:58.609 --> 00:26:01.130
who have experience, because every single day

00:26:01.130 --> 00:26:02.869
in a startup, you'll be doing something that

00:26:02.869 --> 00:26:05.049
you haven't done before, that you have no experience

00:26:05.049 --> 00:26:07.009
in, and having people around you that you can

00:26:07.009 --> 00:26:09.710
reach out to, ask for advice from, and learn

00:26:09.710 --> 00:26:12.329
from, has been absolutely invaluable for us.

00:26:12.769 --> 00:26:14.910
Yeah, completely. You completely agree. You completely

00:26:14.910 --> 00:26:16.490
echo that. And I think actually that's probably

00:26:16.490 --> 00:26:18.910
when it started to all change, is when we had

00:26:19.900 --> 00:26:23.539
a few different advisors or people that are either

00:26:23.539 --> 00:26:25.720
in startups or, you know, we had legal advice

00:26:25.720 --> 00:26:29.480
as well. And that really began to kind of change

00:26:29.480 --> 00:26:32.940
the change the tides for us. And I think as well,

00:26:33.140 --> 00:26:37.519
it's it's hard if you are a medical, sciencey

00:26:37.519 --> 00:26:40.559
focused company, because what we were finding

00:26:40.559 --> 00:26:43.119
was that it would be, you know, we're too early,

00:26:43.279 --> 00:26:45.849
too early, we're too early. Obviously, we're

00:26:45.849 --> 00:26:47.670
not an app. I can't just sit on my computer and

00:26:47.670 --> 00:26:50.289
release a product. Obviously, that's oversimplifying

00:26:50.289 --> 00:26:53.230
it. I don't want to be insulting to people developing

00:26:53.230 --> 00:26:57.609
software, but there's a lot more front -end costs.

00:26:57.670 --> 00:27:00.990
We need to set up a lab and we need to hire people

00:27:00.990 --> 00:27:05.109
and we need a lot of legal advice. That all costs

00:27:05.109 --> 00:27:11.009
a lot of money upfront. It's hard because you

00:27:11.009 --> 00:27:13.029
are going to be too early for a lot of people

00:27:13.029 --> 00:27:14.960
that you know, especially when you're looking

00:27:14.960 --> 00:27:18.019
at an app that might be generating millions in

00:27:18.019 --> 00:27:21.319
revenue, compared to your kind of like idea for

00:27:21.319 --> 00:27:23.220
a medical device that is going to take investors

00:27:23.220 --> 00:27:25.240
like 10 years to get their money back, it's,

00:27:25.240 --> 00:27:26.920
you know, it's quite clear which one's looking

00:27:26.920 --> 00:27:30.380
the better options for investors. And so, yeah,

00:27:30.380 --> 00:27:33.019
I think for us, it was, you know, communicating

00:27:33.019 --> 00:27:36.619
the impact, getting to know us personally as

00:27:36.619 --> 00:27:38.500
well. I think we've heard from invest, especially

00:27:38.500 --> 00:27:40.339
early stage investors that they're investing

00:27:40.339 --> 00:27:43.390
in the people. as much as they are like the company

00:27:43.390 --> 00:27:45.589
and the science and the idea. So yeah, I think

00:27:45.589 --> 00:27:51.509
those two are probably the biggest things. And

00:27:51.509 --> 00:27:52.809
that everything takes longer than you think.

00:27:53.009 --> 00:27:56.670
So much longer than you think it will. Triple

00:27:56.670 --> 00:28:00.029
your time. Yeah, I don't think most people realize

00:28:00.029 --> 00:28:01.670
that it's actually going to take a long, long

00:28:01.670 --> 00:28:03.230
time to get funding and to actually get started,

00:28:03.349 --> 00:28:06.269
isn't it? It was so funny. I remember us literally

00:28:06.269 --> 00:28:08.349
sitting, registering the company, having a glass

00:28:08.349 --> 00:28:10.779
of prosecco. celebrating being like, this is

00:28:10.779 --> 00:28:13.299
going to be great. And we were like, yes, it

00:28:13.299 --> 00:28:14.960
will probably just plays around in like a couple

00:28:14.960 --> 00:28:21.180
months. Obviously, and that's a really funny

00:28:21.180 --> 00:28:24.039
graph. And it's basically kind of like the founders

00:28:24.039 --> 00:28:25.940
start up journey where it's like, you're super

00:28:25.940 --> 00:28:27.519
optimistic, and everything seems like it's going

00:28:27.519 --> 00:28:29.940
well. And then it all kind of crashes and burns.

00:28:29.940 --> 00:28:31.920
And for us, it was like March, we were like,

00:28:31.920 --> 00:28:34.200
this is amazing. But you know, it's exciting.

00:28:34.319 --> 00:28:37.720
We were doing like accelerators. And then basically

00:28:37.720 --> 00:28:40.680
we got like a really big no towards the end of

00:28:40.680 --> 00:28:43.900
the year. And we had other potential angels that

00:28:43.900 --> 00:28:45.220
were going to potentially invest off the back

00:28:45.220 --> 00:28:47.779
of this big no. Basically we got the big no.

00:28:48.400 --> 00:28:50.519
Everything else fell apart. And then I spent

00:28:50.519 --> 00:28:55.339
three weeks in bed on the sofa feeling like,

00:28:55.460 --> 00:28:58.619
what? Like, no, had a bit of a crisis about it.

00:28:58.740 --> 00:29:00.799
And then January came around. Carla was like,

00:29:01.140 --> 00:29:04.519
get up, what are you doing? And we got started

00:29:04.519 --> 00:29:06.960
again. And actually it was, I had to say it was

00:29:06.960 --> 00:29:08.579
probably March again, where everything really

00:29:08.579 --> 00:29:10.720
started kicking off seriously. We spent time

00:29:10.720 --> 00:29:12.900
reformulating the business plan, reformulating

00:29:12.900 --> 00:29:15.380
the deck, completely kind of changing everything,

00:29:16.160 --> 00:29:17.799
getting back on our feet and then out we go again.

00:29:18.920 --> 00:29:21.039
So yeah, it was a journey. And then we got our

00:29:21.039 --> 00:29:24.960
first big yes. And how important was it to actually

00:29:24.960 --> 00:29:27.140
be able to bounce back ideas from one another?

00:29:27.539 --> 00:29:31.369
Definitely. I do not know. how I would, you know,

00:29:31.430 --> 00:29:34.450
I don't know how you would do it alone. Even

00:29:34.450 --> 00:29:36.910
just from a sanity point of view. Obviously,

00:29:36.910 --> 00:29:39.609
it really helps to have co -founders that are

00:29:39.609 --> 00:29:41.190
different in background, coming from different

00:29:41.190 --> 00:29:44.529
perspectives. You don't just want two people

00:29:44.529 --> 00:29:48.450
saying yes to each other. So yeah, really important.

00:29:49.289 --> 00:29:51.230
I always like to ask you this question, which

00:29:51.230 --> 00:29:53.769
is the last book you read or the most impactful

00:29:53.769 --> 00:29:58.019
book you read for both of you. What was it? I'm

00:29:58.019 --> 00:30:00.859
not gonna lie, Ricardo, I am not a reader. This

00:30:00.859 --> 00:30:03.799
is gonna be really controversial. I am a podcast

00:30:03.799 --> 00:30:08.779
listener, and I am a Real Housewives watcher.

00:30:09.480 --> 00:30:11.019
Interesting. Which one? Because there's different

00:30:11.019 --> 00:30:13.039
ones, right? There's one in Belver Hills, there's

00:30:13.039 --> 00:30:14.359
another one in London, or something like that?

00:30:14.680 --> 00:30:19.160
Everywhere. Beverly Hills, Atlanta, Orange County.

00:30:19.480 --> 00:30:24.539
I could talk about this. The important takeaway

00:30:24.539 --> 00:30:27.329
from that is... Do your taxes correctly. Do not

00:30:27.329 --> 00:30:32.710
commit taxes. Unexpected. And what about yourself?

00:30:32.829 --> 00:30:35.569
I know what I'm talking about. And Carla, you

00:30:35.569 --> 00:30:39.710
also watch the same show? I do, but I'm also

00:30:39.710 --> 00:30:44.690
not an avid reader. Which is not a great answer,

00:30:44.789 --> 00:30:47.630
I know. I read a lot, and then when I did university

00:30:47.630 --> 00:30:50.509
and when you're forced to read a lot of what

00:30:50.509 --> 00:30:53.630
you've got to do for your studying, I lost the

00:30:53.630 --> 00:30:57.970
love for reading. And then I think when you're

00:30:57.970 --> 00:31:00.809
kind of at a laptop all day, kind of plugging

00:31:00.809 --> 00:31:04.230
away, just getting your business off the ground.

00:31:04.599 --> 00:31:07.079
I just want to like zone out when I go home.

00:31:07.680 --> 00:31:10.160
So I listen to a podcast, I call it a podcast

00:31:10.160 --> 00:31:12.380
and stomp, which I do most of the time. So I'll

00:31:12.380 --> 00:31:14.339
go for a long walk and put a podcast on. But

00:31:14.339 --> 00:31:16.400
yeah, it's been a while since I read an actual

00:31:16.400 --> 00:31:19.180
physical book. I mean, the answer I should have

00:31:19.180 --> 00:31:21.740
said is that I've been actually recommended lots

00:31:21.740 --> 00:31:27.119
of different books recently. There's one about

00:31:27.119 --> 00:31:28.819
spin selling. I've been trying to learn more

00:31:28.819 --> 00:31:32.619
about deal negotiations. You can always pick

00:31:32.619 --> 00:31:34.480
up The Art of the Deal by Donald Trump. Apparently

00:31:34.480 --> 00:31:36.539
that's quite famous or quite popular right now.

00:31:38.680 --> 00:31:40.859
There's a book called The Art of the Deal by

00:31:40.859 --> 00:31:43.039
Donald Trump. I think it was released in the

00:31:43.039 --> 00:31:45.579
90s or something like that. Very good book apparently,

00:31:45.680 --> 00:31:50.160
very effective. So now as we get closer to the

00:31:50.160 --> 00:31:52.079
end of the podcast, if people want to reach out

00:31:52.079 --> 00:31:53.819
and find out more about the wonderful things

00:31:53.819 --> 00:31:55.619
you're doing. What's the best way of doing so?

00:31:56.220 --> 00:31:59.339
You can find us on LinkedIn. I think we're under

00:31:59.339 --> 00:32:01.519
Zonova Tech, or you can find me personally on

00:32:01.519 --> 00:32:04.980
LinkedIn, or Carla on LinkedIn. And you can also

00:32:04.980 --> 00:32:07.319
get in touch through our website as well, www

00:32:07.319 --> 00:32:10.119
.zonovatech .com. And we also have Instagram,

00:32:10.579 --> 00:32:13.779
also at Zonova Tech. So yeah, I'd say those three

00:32:13.779 --> 00:32:16.519
are our main channels. Carla and Georgia, it's

00:32:16.519 --> 00:32:18.079
been an absolute pleasure having you here. Thank

00:32:18.079 --> 00:32:19.859
you so much for your time. Thank you for having

00:32:19.859 --> 00:32:23.660
us. Thanks very much. The podcast is also sponsored

00:32:23.660 --> 00:32:26.339
by Notion .so. Notion is offering six months

00:32:26.339 --> 00:32:28.920
for free for new users. Make sure you check out

00:32:28.920 --> 00:32:31.700
our website, the startupevents .co .uk to read

00:32:31.700 --> 00:32:34.259
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00:32:37.880 --> 00:32:40.339
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00:32:40.339 --> 00:32:42.619
resources you need to run your startup, from

00:32:42.619 --> 00:32:44.920
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00:32:44.920 --> 00:32:47.220
to be successful in your startup. This podcast

00:32:47.220 --> 00:32:51.259
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00:32:51.259 --> 00:32:53.559
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00:32:53.559 --> 00:32:56.779
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