Key Points from Oscar Callejas' Talk on Entrepreneurship and Healthcare

Introduction and Exam Reminder

• Welcome back to class.
• Reminder about the exam deadline for exam two due tonight.

Speaker Introduction: Oscar Callejas

• Current Chief Operating Officer at Humana Health.
• Background includes undergraduate degree in International Finance and Marketing from the University of Miami and a graduate degree in Entrepreneurship from UF.
• Notable past experience includes the startup Volt, sold to Hill Rom for approximately $1.85 million.

Background and Early Life

• Grew up in Miami; family fled Cuba to escape communism.
• Family entrepreneurship background: grandparents owned grocery stores.
• Developed a strong work ethic, observing family business operations.

Education and Career Path

• Started working in hotels at 15 to afford a stereo for his car; eventually became a hotel manager by age 20.
• Initially believed he would work in hospitality for life but later shifted focus.

Journey to Entrepreneurship

• Pursued graduate school to explore new opportunities.
• In grad school, collaborated with a friend Trey on a consulting project for a health tech company, sparking an interest in healthcare.

Starting Volt

• Inspiration for starting Volt came from discussions with Trey about addressing healthcare challenges.
• Initially skeptical about the viability of their idea but eventually joined Trey to pursue it.
• Emphasized complementing skill sets with Trey: creative versus logical roles.

Business Planning and Structure

• Advocated for the importance of writing detailed business plans despite a trend toward simpler presentations.
• Formed Volt as a Delaware C Corporation to facilitate fundraising and rapid growth.

Developing the Product

• The product focused on communication (voice, alarm, text) for hospital settings, replacing outdated systems.
• Required innovative approaches to challenges due to the early days of smartphone technology.

Funding Journey

• Initial funding came from friends and family, followed by angel investments.
• Raised $100K to quit jobs and rent office space, then $600K from angel investors to fuel growth.
• Experienced traditional challenges in terms of timeline and costs exceeding expectations.

Overcoming Challenges in Sales

• Focused on hospitals with existing budgets for outdated pager systems to ease transition to their app.
• Needed to overcome perceptions that smartphones were toys rather than tools for productivity.

Company Growth and Exit

• Successfully grew Volt to serve multiple hospitals, gained traction, and positioned it for acquisition.
• Sold to Hill Rom, gaining valuable corporate experience.

Current Role at Humana Health

• Transition to Humana after selling Volt, focusing on automating the prior authorization process in healthcare.
• Emphasizes the value in addressing operational efficiency for both medical facilities and insurance companies.

Relationships and Networking

• Importance of maintaining relationships for future opportunities and networking.
• Personal credibility is emphasized as a crucial asset in entrepreneurship.

Advice for Aspiring Entrepreneurs

• Stay open to learning and critical thinking as keys to success.
• Creativity plays a strong role in problem-solving within entrepreneurship.

Recommended Reading

• "The Hard Thing About Hard Things" by Ben Horowitz, and "Barbarians to Bureaucrats" as useful resources for entrepreneurs.

Final Thoughts

• Entrepreneurship is about embracing challenges and leveraging relationships for support and growth.
• Ability to adapt and cultivate creativity is essential for overcoming obstacles in business ventures.