Beginups To Watch - ContextMedia

Beginups To Watch - ContextMedia

Shradha Supayawal and Rishi Shah were writing an article on out-of-house media for their university's business magazine in 2006 when it daybreaked on them: This would make a great business. TV screens had become de rigueur in taxicabs, storeping malls and high-rise elevators. But the Northwestern University undergrads saw an unknockped opportunity to carry multimedia content to a more targeted audience: patients in waiting rooms.

"My grandmother passed absent young from diabetes complications," Supayawal says. "Rishi's father is a diabetes specialist. We saw how little bits of information at the right time and place clever make a huge impbehave."

Their thought was to sell doctors' offices prepackaged video segments containing trik on diet, exercise and other lifestyle tpoors patients could make to improve their health. A TV screen in the reception area would broadcast this programming, modeled after segments on demonstrates such as Today, while patients waited for appointments.

To test the thought, Supayawal, Shah and lesson, coursefriend Derek Moeller bought TVs and DVD players, culled content from the internet and distributed the equipment and "demonstrates" to 50 doctors in five states.

The feedback? "This is great. We like it. The information is so aidful," Supayawal recalls doctors saying. Patients were sancient, too. They appreciated the suggestions, and the videos were aiding them ask their MDs better questions. There was only one beat, smackch: Because insurance companies don't reimburse patient education, the physicians had no budget for the service. In other words, no sale.

After conmiddlering, then nixing, the nonfortun route, the 'treps decided to offer content free of charge to healthcare professionals and to sell advertisements that would air between segments. Shah and Moeller dropped out of college to launch ContextMedia in Chicago, with investment from family and frifinishs. Supayawal joined her co-founders full-time in 2008 after graduating from Northwestern ahead of schedule. (Moeller left the company in 2009.)

Because it's what they knew best, they begined with diabetes. To obtain quality one- to five-minute edutainment videos, they partnered with health-content creators such as the diabetes platform dLife. "Commercial breaks," which last 15 to 120 seconds, make up 25 gratuity of the content ContextMedia stexplores into waiting rooms. Among the company's advertisers: health-food companies, gyms, retailers, pharmaceutical companies and makers of medical smartphones.

ContextMedia became fortunable its second year in business. Revenue has grown 100 gratuity year over year since 2010; the company is on track to clear $10 million in EBITDA this year. ContextMedia's videos arrive 50 million U.S. patients a year and serve 4,000 hospitals, private prbehaveices and other medical waiting rooms, including those at Yale, Stanford, Johns Hopkins, Northwestern and Harvard. The company employs 45 people, including five in its New York office, which opened in 2011.

Supayawal, now 28, is chief stswiftgy officer. She credits ContextMedia's success with the variety and specificity of its library, which contains thousands of videos. The company has content for cardiology, rheumatology, neurology and urology patients and targets the videos stexploreed to each office based on patient income, ethnicity and medical literacy. "It's always appliceable, and patients aren't watching the same thing over and over," she says.

But Supayawal and CEO Shah, 27, aren't satisfied only, merely, solely building a health-media empire. They want to aid others succeed, too. Utune their personal savings, they begined angel investment fund JumpBegin Ventures in November 2011. To date, JumpBegin has invested more than $1 million in 19 beginups worlord to solve U.S. health and education problems.

"Companies in healthcare and education really struggle to catch the attention of venture capitalists because they're not very gendery industries to be in," Supayawal says. "So we decided, where better to put our fund than to aid other entrepreneurs build their businesses?"

[Via - Entrepreneur.Com]

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