April 3, 2023: The Only First-Time Founders Guide You'll Ever Need
plus: more on tonight's Best of Event, meet another Founder taking the TechTO stage, and more
Profile: Sarah Jenna and MIMs
What is MIMs?
MIMs (My Intelligent Machines) is selling open-source software to accelerate Data/ML operationalization & SaaS Delivery.
What was the insight/inspiration that led you to launch it?
Initially, MIMs was selling Augmented Intelligence software for drug discovery. Along this path, we realized that we would have a stronger positioning in the market selling the platform that allowed us to develop and commercialize our algorithms than the algorithm themselves.
So after 7 years, we pivoted.
How has it been received by the market? Why do you think it has been so well received?
The first life of MIMs in the Pharma was an amazing roller coaster, with more than 5M$ in revenue generated with commercialization in North America, Europe, and Asia. The market was very competitive, and difficult and a lot of competitors have been able to raise 100M$ investment. While we had great results, we realized, we would not be able to make it.
We realized one of our strengths was in engineering, and that the massive amount of companies in the AI space, which were our competitors, could actually be our clients.
So recently, we pivoted.
To date, there has been a great response to our new proposition, and we are looking forward to seeing what happens next.
How did you know you were ready to found a company?
I just came up with a problem that I wanted to resolve.
When I arrived at founder fuel in 2017, I knew I was not ready, but I loved it and knew I wanted to do it.
A few months later I began my journey.
How did you meet your founders/know they were the right people to start a company with?
They were collaborators when I was a Prof.
I had a lot of respect for them and we had huge complementary expertise and a desire to work together on this.
Who is the unsung hero on the team? Why?
Aurelien, our product director.
Leading and orchestrating the transformation of our product to launch our first off-the-shelf version of our software in 6 months, is insane. And it worked!
It also allowed us to sign our first client in Asia, one month later. I would found a company with him, anytime!
What are you trying to achieve over the next 12 months?
Validation of our new business model and having MIMs technology deployed in as many companies as possible.
What advice do you wish you had been given prior to launching?
Keep your tech in the early stage as long as possible, and be sure to have a more mature product before you start talking to VCs.
Who are the 5 Canadian startups you like in your market?
I love these entrepreneurs and their companies:
Learn more about Sarah and her journey here
Sarah will be taking the stage at our upcoming Montreal event on April 25!
Best of TechTO is tonight!
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Meet candidates running in the upcoming Toronto Mayoral election, and learn from some of the top Founders in the country. BenchSci, Super, DMZ, and more will be in attendance! You never know who you'll meet!
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Headlines and Content
#ICYMI - Catch up on past newsletters if you hadn't yet subscribed!
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The First-Time Founders Guide for EVERYTHING >> READ MORE
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Events and Links
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Best of TechTO IS TONIGHT! April 3, 2023 >> REGISTER HERE - LIMITED TICKETS AVAILABLE! Your ticket also includes a free drink and access to our After Party!
*EXCLUSIVE TECHTO INSIDERS SOCIAL: April 13, 2023 >> Learn more about how to attend on our website >> LEARN MORE
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