Written by: Tiina Lemmetyinen
During her business studies, Betina found herself captivated by the field of medicine. Her interest in healthcare intensified significantly when her mother fell ill, prompting her to devote substantial time in hospitals. This experience not only fueled her passion for healthcare but also shaped her perspective, eventually guiding her toward a career where business and healthcare converged.
Life first steered Betina into the world of investment banking and management consultancy, but eventually, she found herself in the pharmaceutical industry, where she could combine her passion for the medical field with her robust commercial and business acumen.
Over her 15 years in the industry, she navigated the complexities of the entire pharmaceutical value chain. However, while she felt natural in the corporate world in her suits and high heels, there were times she was frustrated about the limitations of the world of big pharma.
“I thought the world doesn’t really need new cancer drugs to extend life for another three months, or more obesity medicines…I thought what will really change the world, is MedTech and big data, our ability to measure what’s wrong with us before we get really sick,” she explains.
The leap into Medtech and revolutionizing patient care
In 2019, a chance encounter introduced Betina to the clinical founders of Ward 24/7, an innovative venture born through a clinical research project and responding to a real, unmet medical need. Being armed with her years of corporate experience and some reasonable financial security made it the perfect moment to leave the safe and stable corporate environment and make the leap into the startup arena.
“With my professional background I understood, that you need to start with an unmet medical need. Because 99% of what’s out there, starts with the solution, and then we think, how can that fit. What they had created at Ward24/7 was based on an actual unmet need. And it was a fantastic idea,” she describes her excitement of joining forces with Ward 24/7.
In the realm of healthcare innovation, Ward 24/7 stands as a pioneer. The company has developed an advanced AI algorithm that emulates a doctor’s diagnostic process. Through partnering with companies creating wireless sensors, this innovation allows real-time interpretation of vital signs at hospital general wards, ensuring timely responses to patients’ needs. Rather than inundating healthcare providers with constant data, Ward 24/7’s system intelligently alerts nurses only when a patient’s condition deteriorates, optimizing interventions.
“Today, patients don’t die on the surgery board or during recovery in the ICU ward – 70% of deaths happen at the general ward because it’s not possible to monitor those patients. Around 25- 30% of patients get adverse events – and we know, if you could observe the vital signs, we could reduce this – but until now there has not been a technology to do this,” Betina describes the critical problem her company is solving.
As a spinout from a public research project, the ward technology has been tested in extensive trials and used in observations studies with more 2300 patients. Through this collaboration, Ward 24/7 is born with invaluable clinical insights, and a robust academic network allowing international collaborations in clinical settings, spanning Cleveland, Norway, Hamburg, Netherlands, and Switzerland. In late October 2023, as one of the first companies in Denmark, Ward 24/7’s first product WARD-CSS, received the CE marking for a class IIa device. And on the same day the actual certificate landed in the in-box, the first commercial contract was signed. 2024 is set to be a remarkable year for the evolution of patient care technology.
“We are not only changing the world for patients and nurses, but also enabling the sensor companies to get in to the general ward. It’s a big strength of having a business model that not only changes reality for patients or for nurses, which is where our hearts are, but we also enable the industry to play along,” Betina describes the wider impact of their solution.
Key triumphs: building the dream team and securing the right investors
Taking the leap from the secure corporate world aside, one of Betina’s key milestones was realizing the power of the team she had assembled. It was a team of 15 people, all experts in their respective fields.
“I sat with my team, we had grown from 3 to 15, and I was in awe of the individuals I had collected. I had to pinch my arm. Everyone was so intelligent and so nice, I had never had this experience in my corporate life,” she describes her feeling of pride.
Betina credits this accomplishment most importantly to everyone’s attraction to the product and belief in its potential – but perhaps also to her transparent way of communicating opportunities and challenges & her inspirational co-founders. The key, she emphasizes, is being mission-driven, especially since startups often find it challenging to compete with established salaries.
Securing the right investors, particularly during a significant funding round, marked another pivotal success for Betina and Ward 24/7. As with her team members, she attributes this achievement to the investors’ genuine belief in the company’s important mission.
Navigating male-dominant industry and regulatory complexities
The transition into the startup realm, while rewarding, came with its own unique set of challenges for Betina. One of the main hurdles arose from enduring belittlement and clear underestimation, particularly from some male business relations, amplifying the difficulties women may still face within a male-dominated industry.
Being a part of a supportive startup founder group with the Health Tech Copenhagen proved instrumental here. In this safe space, Betina was able to openly discuss her frustrations, finding support and guidance from peers who encouraged her to confront issues directly, which is what she eventually did. Through having these conversations, Betina felt empowered and more determined than ever to foster a healthy, respectful work environment.
“We are in a male dominated culture in both the hospital and the investment world and it takes time and effort to change this. Be brave enough to stand up for yourself and address any issues openly. You have so much responsibility on your shoulders as a startup founder, you should not waste energy on conflict. Instead, focus on building an open and respectful environment,” she advises others in her position.
Another key challenge Betina faced as a founder was the intricate regulatory landscape of Medtech, which she initially underestimated. To address this, she strategically engaged a regulatory expert early on, ensuring a thorough understanding and dedication to her business.
“I gave 10% of my company to a highly regarded Danish regulatory software expert. This ensured that someone else would handle and genuinely care about the complex regulatory challenges and I don’t need to worry,” she explains her somewhat unconventional decision.
Betina’s insights infusion to other founders
In her closing advice to fellow founders, Betina shares some valuable insights from her own entrepreneurial journey:
- Strategic Commercial Focus:Prioritize front-loading on commercial activities if financial resources allow. Acknowledge the challenges of simultaneously being the CEO and managing commercial aspects, and consider allocating commercial investment upon securing investors.
- Emotional Well-being: Address emotional frustrations seriously. Don’t internalize these challenges as personal problems. Create a safe space for open discussions to identify and confront these issues directly.
- Regulatory Vigilance in Life Science: In the life science sector, prioritize concern for regulatory aspects. Regardless of proficiency, acknowledge that regulatory challenges are inevitable and demand careful attention.
- Holistic Work-Life Balance: Emphasize the importance of balancing family and well-being. Strive to maintain a clear boundary between work and personal life, particularly when spending time with children.
Wrapping up, a big thank you to Betina for the great interview. Wishing her and the Ward 24/7 team ongoing success, we’re thrilled to be part of their journey!