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Conversation
Highlights
Welcome to another episode of Category Visionaries, the show that explores the future of tech with innovative B2B founders. In today’s episode, we’re speaking with Trenor Williams, CEO and Co-Founder of Socially Determined, a social risk intelligence platform that has raised $34 million in funding.
- Trenor’s journey from working in his father’s bar at age 12 to becoming a family practice physician and eventually founding Socially Determined.
- The stark contrast between the 63 minutes per year that the average adult spends with a physician and the 525,537 minutes they spend outside of medical care.
- Socially Determined’s platform, which combines public data, business data, and person-level data to quantify social determinants of health like food insecurity, housing instability, and transportation risk.
- The value proposition for health plans, which can use the platform’s insights to make data-informed decisions about investments, interventions, and partnerships to drive down costs and improve member experiences.
- The challenges of selling into health plans, with long sales cycles and the need to build genuine relationships and partnerships over time.
- The process of creating a new market for social risk analytics and educating customers about the importance of integrating social determinants into their business operations and strategic decision-making.
- The importance of getting customers and partners to tell the story of the platform’s impact, as their voices resonate more strongly with peers in the market.
- The company’s growth, with 68-70% projected increase in contracted ARR year-over-year, driven by increased customer maturity and the ability to demonstrate real-world results.
- Trenor’s vision for Socially Determined to acquire point solutions across the social determinants ecosystem and become a one-stop-shop for health plans looking to address social risk.
Actionable
Takeaways
Focus on Establishing Use Cases and Value Propositions:
In the early stages of building a new market, prioritize testing and validating your product with customers to identify clear use cases and value propositions. Don't worry as much about generating revenue right away.
Invest in Infrastructure and Operations Early:
While it's tempting to delay investments in infrastructure and operations, doing so can hinder your company's growth and efficiency in the long run. Make these investments earlier than you think you need to.
Leverage Customer Stories to Drive Adoption:
As you mature your customer base, use their stories and results to demonstrate the real-world impact of your solution to potential new customers. Hearing from peers is often more compelling than a founder-led pitch.
Be Prepared for Long Sales Cycles in Healthcare:
Selling into health plans and health systems can be a lengthy and challenging process. Focus on building genuine relationships and partnerships, and be prepared for the "back-alley brawl" that comes with creating a new market.
Look for Opportunities to Integrate Across the Ecosystem:
As your company grows, consider acquiring or partnering with point solutions that complement your core offering. By becoming a one-stop-shop for your customers, you can increase your share of wallet and drive more value for all stakeholders.
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