FREQUENTLY ASKED QUESTIONS
Tell me how your platform works
Q: How does your matching algorithm work?
A: House of MedTech COMPASS intelligently matches advisors to companies or projects using a sophisticated matching algorithm that takes into account both healthcare advisor and company type attributes.
The algorithm was based on four years and tens of thousands of data points generated from the UCSF Health Hub Bad Ass Advisors project.
Attributes considered include advisor type requested, advisor skill and speciality types (rank-ordered), advisor and company physical location, internal department, and Profiles keywords matching.
The House of MedTech will continue to collaborate with UCSF Health Hub to continuously update the matching algorithm with additional data and project types.
For example, currently, the algorithm is only used to match investors, advisors, mentors, and luminaries with companies. Requests for 'COMPASS Briefs' are evaluated by our team and forwarded to the respective departments and groups within our Research Agencies. As we continue to add connectively across the Healthcare Research Institutes of Luxembourg and the rest of the European Union ecosystem, the matching system will be expanded.
Q: Can I search for other members in House of MedTech network?
A. The House of MedTech COMPASS is a private and curated network; therefore, member's profiles cannot be searched by fellow members. Matches are made solely through the creation of an advisory brief by company founders and a curated introduction from the Navigator team.
We are frequently asked this question by members so it is something we are considering for the future; however, we must balance this with a deep respect for our advisors' time and our companies' desire for privacy (profiles may contain sensitive information and advisors do not want to be inundated with requests). We also believe this differentiates us from other business connecting platforms like LinkedIn and Bumble for Business. A Mighty Network is in practice for all COHORT / ALUMNI companies.
Q: Why do I need to use LinkedIn to signup
A: We use LinkedIn's Sign In solution to verify our user’s professional identities. It also serves to manage our user's usernames and passwords securely. Unfortunately, that means that yes at this time you must have a LinkedIn account to sign into COMPASS. It also means that only one member of your team has access and ownership for your profile and submission.
Q: What does a typical financial arrangement look like with an advisor? Do you have any resources I can look at?
A: Our House of MedTech advisors are happy to support our community with one or two free office hours to help you accelerate. But for ongoing support, we recommend a Board Advisory or standard consulting agreement. You can visit an unaffiliated site https://www.badassadvisors.com/pages/advisor_agreement and http://www.kulpulator.com/. On this site, you can get a custom estimate for your advisor agreement and download free sample advisor agreements. We are also big fans of the standard Fast Agreement from the Founders Institute.
Q: How often do you approve applications?
A: We approve advisors and companies on a rolling monthly basis. Each application is individually reviewed and we review web-references; articles for reputation, your Compass profile (if applicable), your LinkedIn, Crunchbase, and Angellist (if applicable) profiles.
Q: I work across the international Healthcare Research ecosystem. How can I get involved as a Navigator in Compass for our Research Institution?
What is in it for you
Q: What is expected of me as an Advisor?
A: We expect you to be honest, open, and helpful to the founder you are matched with. Set clear expectations for the relationship and be respectful of each other’s time.
Advisors may help by giving advice, offering connections, investing capital, negotiating work, helping with study design, becoming a PI, etc. The key is to make sure to do your due diligence and be realistic about what you can and can’t commit to.
Advisors are expected to provide each founder with up to 2 office hours at no cost.
What is in it for you
Q: What is meant by “premium compensation”? Should I check this box in my advisor application?
A: Premium compensation refers to those advisors who work as career consultants and are paid a lot of money for their time, or have high expectations. Check this box if you think it applies to you, it will result in your not being matched to early-stage companies.
Q: Are there any rules or concerns about advisors investing in advisee companies?
A: Investment in any House of MedTech Compass company should take place via the R3i Deal Desk for good governance.
Q: Does the House of MedTech do any evaluation or validation of the companies? If so, what does it do?
A: Yes, all companies are screened against our key pillars and our proprietary R3i Scorecard. All companies are screened to make sure they have raised some amount of capital either through grants, Venture Capital, other dilutive funding, or in a few cases, from self-funding. We also check the team's pitch deck, their LinkedIn and company’s About page, the startup website, AngelList page, LinkedIn, and make sure their profile makes sense for our platform (healthcare company, and 'early-stage' startup with a clear point of view).
Q: What is a COMPASS Brief?
A: "Brief" refers to either an "Advisor Brief" or a "Compass Brief". The Briefs section is the last section on the company profile you complete, but arguably the most important because it describes what kind of match the company is seeking.
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