As a biotechnologist, I like the fact that we can use this science to our advantage in whatever manner we can. I adore it when bacteria come to our aid. I never imagined somebody could earn a living out of biotechnology, but here is Naveen Jain, the man who did it with Viome, and we're going to talk about just that. Naveen Jain, the CEO of Viome, is a charismatic figure who can teach you a lot about business and biotechnology, as well as how they work together.
His Viome Secret Sauce is simple but really effective, and you'll learn about it today.
Let's get started without further ado.
Viome CEO and Founder Naveen Jain
Viome, the serial entrepreneur's at-home gut microbiome test, will soon extend to include testing for chronic illnesses and diseases such as cancer. The corporation has recently launched a new health sciences branch that will focus on early detection and treatment, medicines, and the application of artificial intelligence to forecast early warning indications.
After Moon Express, a private space flight firm that has yet to complete its maiden mission, and Infospace, an internet company that was briefly one of the largest in the Northwest before the dot-com bust, Viome is Jain's seventh venture. The Indian-born American billionaire's interest in major issues such as cancer research and attempting to launch a robotic spacecraft to the moon has prompted comparisons to Elon Musk. And, like Musk, he has ignited debate and amassed a sizable following.
Jain has a lot of advise for ambitious people. He advises entrepreneurs to assess their business ideas by determining their market potential and impact. Consider whether your company could make a difference in the lives of a billion people. In other words, how many lives will be enhanced as a result of your firm resolving the issue it was created to address?
"If a billion people's lives are improved, you have a significant market, and once you understand the market, you can develop a business around it," he says.
Three questions that Naveen Jain asked himself before he established Viome can simply explain the preceding sentences.
• Why only this?
• Why only now? These three questions, or his secret sauce of success, are:
• Why me?
The CEO of Viome and the 'Why This' Aspect of the Question
In the instance of Viome, the "why this" part was straightforward. Viome's inventor, Naveen Jain, was well aware that chronic diseases are one of the leading causes of death, affecting billions of people globally. Some researchers believe that the gut microbiome—the trillions of microorganisms that dwell inside each human—plays a role in these disorders. The things you consume can help your microbiota. But, because everyone's microbiome is different, how can you choose the right meals for you? This is when Viome enters the picture. The company's at-home gut health screening assesses your microbiome's health using 20 different parameters.
The following was Jain's reasoning: "What if we could eliminate and prevent chronic disease? Would it make a difference in a billion people's lives?" The entrepreneur's instinct was correct: there was a significant market for people who wanted to learn about their microbiome in order to avoid cancer, diabetes, gastrointestinal disorders, and other chronic ailments.
Aspect Why Me
"Why me?" you could ask yourself. According to Jain, entrepreneurs should guarantee that they are prepared to give a unique solution to the problem. "Does your query stand out from the rest of the market?" Jain inquires.
According to Jain, entrepreneurs must anticipate the future to assess whether it is the proper time to start a business. Consider what will change in the next two to five years that will make the problem easier to tackle.
Aspect, why now?
The "then" or "why now" in Viome's instance was purely coincidental. Viome was an early player in the then-burgeoning home diagnostics business, which featured testing behemoths like Quest Diagnostics and Abbott Diagnostics, as well as relatively new at-home testing biotech startups like 23andMe and EverlyWell. The cost of testing a blood or stool sample has reduced as lab technology has improved. When Viome originally launched, a lab specimen processing cost around $43. Analyzing a sample now costs $2. "Advanced, futuristic technology have untold power," Jain explains. "Whenever anything is in the exponential growth period, and you think you're being five to ten times more optimistic, you're actually seven to ten times less optimistic because technology advances so quickly." According to Brand Essence Market Research, the Covid-19 epidemic accelerated the growth of the at-home diagnostics market, which is expected to grow by 14% in 2020.
The pandemic, according to Jain, caused many people to put their health first. People's ideas of how their behaviours affect their health varied when daily routines such as social isolation and mask-wearing changed. This was noted by Viome. "We realised that by providing individuals with simple tools, we can actually urge everyone to take responsibility of their health and lives," he says.
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viome founder, viome ceo, naveen jain viome, naveen jain companies
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