Author: Kimberly Caro

Professionals in many fields rely on dress rehearsals and practice runs to hone their skills and ensure the best outcomes. Surgeons haven’t had that luxury. The only way for them to get meaningful, firsthand experience has been to operate on people, with all the uncertainties and risks that entails. Dr. Smriti Zaneveld was convinced there had to be a better way—and she made it a reality. Lazarus 3D, the company she co-founded and now heads as President, produces synthetic, 3D-printed models that promise to revolutionize surgery. Surgeons can now rehearse complex procedures on lifelike organs. For residents, this technology provides invaluable skills that can help reduce the learning curve.

Smriti recently told Samina Farid, Golden Seeds Managing Director and Lazarus 3D Deal Lead, about the journey that led to the birth of Lazarus 3D. Smriti discussed the challenges she faced and the progress the company has made and offered advice for other entrepreneurs seeking to make a difference.

SF: Tell us about the origins of your company.
SZ: It all started with a serendipitous conversation on a shuttle. When I was a Ph.D. student at Baylor College of Medicine in Houston, Texas, I overheard a resident telling colleagues that he was preparing for his first surgery by “operating” on a bell pepper. He wasn’t joking — residents actually practiced suturing on bananas and removing seeds from peppers to perfect their surgical techniques. I couldn’t believe such antiquated methods were still being used! I began brainstorming solutions with my friend and colleague, Dr. Jacques Zaneveld. We started tinkering in our kitchen and eventually developed a technology that can produce soft, synthetic replicas of organs, created directly from patients’ 2D imaging data, using 3D printing. In 2014, we co-founded Lazarus 3D and in 2016, we moved Lazarus 3D into our first real facility, a small production space near the Texas Medical Center. Our clinical pilot was already underway and the published results clinically validated our technology and showed us its positive impact on patients outcomes. It was really exciting for both Jacques and I to see such enthusiasm from so many surgeons in the medical community. I quickly finished my Ph.D. at Baylor so that I could work full time on Lazarus 3D. Jacques is now the CEO and I joined him in 2018 as the President.

SF: What market need are you solving, and how is your approach different from how others have addressed this need?
SZ: Surgeons have always had to tackle complex procedures without rehearsing, which can lead to mistakes and complications that negatively affect the outcome. Lazarus 3D reduces the risk with our unique patented technology. Lazarus 3D’s Pre-Sure® platform (PREoperative Surgical Rehearsal) provides hyper-realistic replicas of organs made of soft, synthetic materials that can be cut, sutured, and surgically operated on. They can even bleed! Pre-Sure®models are 3D-printed directly from patient MRI/CT data, so surgeons can fine-tune their approach on a replica of the patient ahead of the patient’s real surgery. They are also invaluable training tools for medical students as they are a significant upgrade from using fruits and vegetables, or even cadavers. More importantly, Pre-Sure® allows surgeons to rehearse surgeries anytime, anywhere, at their own convenience so they are prepared for any complications that may arise ahead of time.

The uniqueness of this technology lies in the soft, life-like polymers that give Lazarus 3D a competitive edge over other 3D printing platforms. Competitors use tough resins to produce hard plastic models that cannot be surgically operated on, making Pre-Sure® the only platform that allows hands-on surgical rehearsals.

Our business model is also different. With competing products, hospitals have to buy expensive 3D printers and software and hire in-house experts to manage the design, manufacturing, regulatory compliance, quality as well as other factors involved in the process. Lazarus 3D provides a turnkey solution. Hospitals can buy specific models, which can be covered by the patient’s insurance, and deliver them in a couple of days. It’s a very streamlined process which can yield cost-savings resulting from reduced time in the operating room, reduced hospital stay, minimized complication rates as well as reduction in liability/malpractice. Importantly, it can improve doctor-patient communication and surgical decision making. Doctors have told us their patients find it fascinating and are really appreciative that the surgical team went above and beyond the standard of care.

SF: What challenges have you encountered along the way? How have you overcome them?
SZ: Funding was a challenge. Initially, we were self-funded through sales to our initial customers who were mostly medical schools and some medical device companies. However, we had to quickly scale operations to meet a rapid increase in demand from the medical community. That wasn’t easy. Most investors we connected with at the time in Houston were focused on SaaS and oil and gas, not health tech and medical devices. Instead of fundraising, we continued to bootstrap through partnerships with our customers who really supported us and funded us through sales. Medical professionals became our biggest champions, paying for the development of customized solutions. Our collaborations with surgeons at Baylor College of Medicine, MD Anderson and Texas Children’s were instrumental in our early success. Now, we have expanded our customer base to dozens of hospitals all over the U.S. and are also working on international partnerships.

We also faced regulatory hurdles in getting FDA clearance, which we received in 2021. It was the first-ever FDA clearance of 3D printing technology that allows for soft-tissue surgical rehearsals.

Convincing insurance companies to cover our models is going to be the next challenge. Early evidence indicates that 3D models can reduce healthcare costs by improving outcomes, minimizing errors and follow-on care. Some major health insurance plans have covered Pre-Sure®, which is very promising.

SF: What’s coming up next for your company? Any big milestones on the horizon?
SZ: Pre-Sure® is now on the market in the U.S., which was a culmination of years of work. Our next major challenge is getting the word out about our new technology and scaling our infrastructure to handle an influx of demand. To fuel this growth, Lazarus 3D is currently fundraising. It’s also important to build and develop strong partnerships with top hospitals and physicians who will see the benefits of Pre-Sure®.

Patients are also excited about how this technology will change their lives. We encourage patients to be their own advocates and ask their doctor about surgical rehearsals.

SF: What advice do you have for early-stage founders about raising money, growing a team, fostering company culture, or other issues you’ve had to address?
SZ: Just do it! It’s easy to spend a lot of time thinking about goals and finding reasons not to act, such as the lack of funding or expertise, but just get past it. The sooner you do, the faster you will learn how to address your shortcomings, who you need to partner with and how to overcome barriers to make it happen. Don’t underestimate yourself—but don’t overpromise, either.

SF: Tell us about your experience with Golden Seeds. How has the Golden Seeds network been helpful to you?
SZ: Golden Seeds is such an impressive organization of successful women who are empowering other women to succeed and giving them the opportunity to do so. We are so fortunate to have the unconditional support of Golden Seeds investors. They mentored us early on, trusted us and their incredible network has opened many doors. This kind of support can be critical for founders who are mission driven and unstoppable but need exceptional guidance and support to help them along the way.

For more wisdom like this from other incredible female leaders, read more on Golden Seeds’ blog.

Imagine having to decide whether to pay the rent or save your eyesight. That’s the dilemma countless people are facing, who need expensive medications to treat eye diseases such as glaucoma. Current eyedrop bottles dispense three to five times as much liquid as the eye can absorb. The excess spills out of the eye and much of the medication goes to waste. Concerned by this situation, a young lab researcher and M.D. candidate at Mayo Clinic named Allisa Song vowed to change it.

Allisa envisioned a simple but effective fix: an adaptor that could fit most eyedrop applicators, reducing droplet size and eliminating waste. She teamed up with a mechanical engineer to develop prototypes, and Nanodropper was born. Allisa, who is co-founder and CEO of the company, recently spoke with Kathy Lynn-Cullotta and Ulya Khan, Managing Directors of Golden Seeds and deal leads, about Nanodropper’s mission to improve vision care and reduce costs.

KLC and UK: Tell us about the origins of your company.
AS: It all started in October 2017, when I read an investigative piece by ProPublica that was reposted by NPR. The title says it all: “Drug companies make eyedrops too big and you pay for the waste.” The article focused on glaucoma, which mostly affects older people, especially women and people of color. As many as one in four patients run out of eyedrops before the month is up because much of the medication is wasted when the eye can’t absorb it all. Every missed drop contributes to irreversible blindness. But it’s a struggle for someone on a fixed income to pay as much as $500 a month for eyedrops. Even with insurance, a 20% copay is a lot. I came up with the idea for an adaptor that would fit onto eyedrop bottles and designed a prototype with Elias Baker, an industry mechanical engineer and a co-founder of Nanodropper. We built a team, won a number of design competitions and in July 2018, incorporated. Over the next two years, we filed a patent and lined up manufacturing, and then launched the product in the summer of 2020.

KLC and UK: What market need are you solving, and how is your approach different from how others have addressed this need?
AS: Our number one goal is to help patients who run out of medication before insurance will pay for the next refill, forcing them to go without or pay out of pocket. There’s no incentive for a drug manufacturer to use a container that dispenses less medication, so we knew this had to be an aftermarket product. Other solutions on the market require a completely new container with narrow, pointy tips, which pose a hazard to the eye. Our product is an aftermarket adaptor that fits most eyedrop applicators. The elongated and flexible silicone tip helps the user aim the drops precisely, and the drops themselves are small enough to be fully absorbed.

Though our focus is on helping patients, we can add value at every level of the industry. By reducing waste, we can improve patient adherence, helping optometrists and ophthalmologists ensure quality care. Fewer early-refill requests mean less administrative work for clinics, insurers, and pharmacies. This supports the healthcare system’s goal to optimize value-based care, improving patient outcomes and reducing costs.

KLC and UK: What challenges have you encountered along the way? How have you overcome them?
AS: One of our biggest challenges was finding manufacturers that would take a chance on us. We’re a very small company in an industry that hasn’t had many startups and no one was interested in small-scale volume production – from creating the injection molds and fabricating the actual parts down to the packaging, labeling and sterilization. We must have called every single manufacturer in a number of states. It took a lot of persistence, due diligence and networking, but we finally found the right partner, and we’re proud that we manufacture everything in the U.S.

Fundraising was another challenge. Although our management team is unique in terms of age and gender, our track record spoke for itself and we’re grateful to have had our initial investors vouch for the pace of our work and our stewardship of the funds they’d invested. At the end of the day, we accomplished a lot as a brand-new medical device company, getting a product on the market in less than two years, with minimal funding.

KLC and UK: How did COVID affect your company?
AS: Like everyone, we had plans for 2020. It should have been a big year for us. We wanted to launch at the beginning of the year and we were timing our funding round to support a marketing push. But then COVID hit, funding got delayed, all the clinics closed, and we took a backseat to the emergent need for other medical devices. It was a difficult time for us, not knowing how and when we would be able to recover, but local support helped us get through this period. As soon as things eased up, we were able to begin manufacturing because we’d chosen to keep production in the U.S. and didn’t have to deal with international supply chain issues. In some ways, our entry into the market was timely, because we helped patients avoid unnecessary expenses and trips to the pharmacy at a time when finances were tight and they wanted to shelter at home.

KLC and UK: What’s coming up next for your company? Any big milestones on the horizon?
AS: This funding round was a big turning point for us, allowing us to think about what’s next in terms of scaling. We’re now partnered with more than 100 clinic locations in the U.S. and plan to increase marketing efforts and sales support to add more clinics and hospital systems. We are in the beginning stages of our clinical trial and have more trials in the works, and we presented at our first academic conference at the American Glaucoma Society in March.

KLC and UK: What advice do you have for early-stage founders?
AS: I attribute a lot of our success and ability to execute to the team dynamic among our four co-founders. The biggest lesson I’ve learned is that picking the right people early on can make or break your company. I believe that character traits are more important than concrete skills. You can acquire skills, but you either have certain traits or you don’t. As we were building our team, the most important things to us were trust, an alignment in values, the ability to be a team player, and self-accountability. We have an amazing team and we’re very deliberate in creating a culture of encouragement in which everyone feels they can contribute ideas and be heard.

KLC and UK: Tell us about your experience with Golden Seeds. How has the Golden Seeds network been helpful to you?
AS: It is an honor to join the list of incredible companies that Golden Seeds has invested in and to be mentored by other women. You have both been wonderful to work with throughout the due diligence process, helping us with connections and introductions. We’re in awe of the depth and breadth of the network of groundbreaking women who have had such impressive careers and are willing to help us succeed to their ranks. We’ve faced difficulties getting started, but we know it’s nothing in comparison to what the pioneering women experienced breaking into new fields as the “firsts”. We’re so grateful for what they’ve done and for their support.

For more wisdom like this from other incredible female leaders, read more on Golden Seeds’ blog.

Life without ice cream? Unthinkable! But that’s the sad reality for millions of lactose-intolerant Americans forced to settle for dairy-free alternatives that don’t hold a candle to the real thing. Refusing to compromise on something as delicious and enjoyable as ice cream, two young entrepreneurs teamed up to make premium, no-compromises, dairy-based ice cream that anyone can enjoy – even if they can’t digest lactose. Beckon was born.

Gwen Burlingame, who cofounded the company with Katy Flannery, told Golden Seeds Managing Director Carolyn Fikke how they grew from a business selling small batches at local farmers’ markets to one with distribution in 1,600 retail outlets nationwide. Their success story offers inspiration for other entrepreneurs pursuing their own passions.

CF: Tell us about the origins of your company.
GB: It all started with a college friendship. My cofounder Katy Flannery and I were both lifelong ice cream lovers, but she became severely lactose intolerant and had to settle for sorbet, medicinal-tasting economy brands or nondairy desserts made with soy, coconut or almonds and none of them stacked up in terms of taste and texture. After college, Katy became a pediatric ICU nurse and I worked with L’Oréal in consumer-packaged goods marketing. On her days off, Katy experimented making dairy-based ice cream that was lactose-free. She started with fresh milk and cream – the same ingredients used in traditional ice cream – and then added in lactase, a natural enzyme our bodies produce to digest lactose, which is the sugar found in milk. We started looking at the market, and we were shocked that there wasn’t a premium lactose-free ice cream made from dairy, given that so many people are lactose intolerant. So, we created that premium lactose-free ice cream category.

We started the company in 2015, making the product ourselves in commercial kitchens and selling it at farmers’ markets. In 2017, we got our ice cream into a few local retailers around the Boston area and into several Whole Foods Market stores. As interest from retailers grew, we decided to rebrand and repackage for growth as Beckon – a name that suggests an invitation to join in. In May 2019, we were authorized for national distribution with Whole Foods Market. That was our big growth moment.

CF: What market need are you solving, and how is your approach different from how others have addressed this need?
GB: About 25% of Americans are lactose intolerant to some degree, and that number climbs to 65 to 90% among Asians, Hispanics and African-Americans. Those are huge numbers, and the incidence of this problem is growing.

We saw a white space in the frozen dessert category for a premium dairy ice cream that was completely lactose-free. We believed a product filling this void would have longevity, because it addresses a real, growing medical issue. Non-dairy alternatives can be gritty and have undertones of coconut or almonds. Also, they’re often full of additives used to try to mimic the taste and texture of real ice cream. Our proprietary, patented formula has the same taste and texture as regular dairy ice cream without using gums or other stabilizers. So, we can offer a premium taste experience that everyone, whether they’re lactose-intolerant or not, can enjoy.

CF: What challenges have you encountered along the way? How have you overcome them?
GB: Getting off the ground was a challenge, as it is for most small businesses. Distributors aren’t interested unless you have retailers signed up, but retailers don’t want to take a chance on you if you’re not signed up with distributors. We were fortunate to start out with a commercial kitchen in Boston with an amazing executive board that does a lot to support small businesses. We met UNFI, the preferred natural foods distributor for Whole Foods, which was starting the Next Program for emerging brands. That enabled us to get in the door with distributors and grow with Whole Foods and other retailers. Thanks to the generosity and support of those groups, our ice cream is now sold in about 1,600 stores, including nationwide in Whole Foods and chainwide in Sprouts.

The rebrand of Beckon was another challenge. When we started out, we were a homespun, farmers’ market brand, but as we grew, we had to make a hard decision. We felt that optimizations and improvements could make the brand shelf-ready for grocery stores but switching over a brand while it is out in retail – we were in 100 stores at the time – is extremely difficult. The Whole Foods buyer and the UNFI team and our other partners supported us, so we ripped the Band-Aid off and rebranded in 2018. It was difficult, but it laid the foundation for future growth.

CF: What advice do you have for early-stage founders?
GB: Early on, we got some great advice that Katy and I come back to often: Begin with the end in mind. Basically, if you have an idea of where you want to go, even if it is way in the future, use that goal to guide your decisions. As your business gets going, you’ll face many decision points that could be forks in the road taking you in one direction or another, and many opportunities will come your way. Keeping the endpoint in mind will ensure that you don’t stray from your path too much.

CF: What’s coming up next for your company? Any big milestones on the horizon?
GB: We’re coming out with two brand new flavors in pint size, Peanut Butter Cup and Dark Chocolate Brownie. The Peanut Butter Cup flavor will also be available in quart size, extending the quart-sized line we launched last year with Sprouts and a few regions of Whole Foods.

Peanut Butter Cup is a highly requested flavor, but it took a while to find a company to partner with that shares our values. We’re excited to be partnering with Unreal, a candy company that uses high-quality, clean ingredients that meet our guidelines. We’re using their broken or misshapen peanut butter cups that are otherwise perfect for this flavor. This approach fits in with one of Whole Foods’ 2021 trends: upcycling excess natural food ingredients to help reduce food waste.

We’re also launching a novelty product exclusively with Whole Foods in May. Taking inspiration from the yogurt aisle, our new 4-ounce Beckon snack cups have lids filled with toppings – vanilla with rainbow sprinkles, mint chip with crushed chocolate cream cookies and dark chocolate brownie with chocolate cookie gems. The smaller size makes it a permissible, snackable indulgence. This will be the first of its kind within the frozen set, so we’re excited to get that out into the market, and we hope to expand distribution later in the year.

On the business front, we have expanded our team with two key hires: a supply chain manager and a brand marketing manager. This year, we’re focusing on growing brand awareness and preparing for distribution growth into more conventional channels in 2022.

CF: Tell us about your experience with Golden Seeds. How has the Golden Seeds network been helpful to you?
GB: I can’t say enough good things! We’ve been very fortunate to have you as our main contact at Golden Seeds. You and all the other members we’ve connected with have been wonderful throughout the entire fundraising process. You’ve all provided great support and helped us with pitches and meetings. You’ve also been very generous in helping us extend out network outside of Golden Seeds. As female founders, Katy and I see incredible value in having a group of supportive investors who are successful female executives and leaders. Golden Seeds has been a natural fit for us.

For more wisdom like this from other incredible female leaders, read more on Golden Seeds’ blog.