The Magic Wand Initiative (MWI) is an academic initiative designed by clinicians for clinicians to solve medical problems through innovation. Established by Lilit Garibyan, MD, PhD, and R. Rox Anderson, MD, from Mass General’s Wellman Center for Photomedicine, the goal of the MWI and its virtual counterpart, the Virtual Magic Wand Program (VMW), is to empower and educate clinicians to become leaders in biomedical innovation around the world.
On Oct. 17 , during a special combined session of the VMW Program, the scholars heard from three previous participants about their success in co-founding companies since going through the program. The session was attended by 48 participants from US and Europe.
The session opened with Dr. Garibyan, the Director of the Magic Wand Initiative, welcoming everyone and giving a brief overview of the program’s history and accomplishments.
This was followed by a presentation of our past Virtual Magic Wand alumni and a Q&A session moderated by our current US VMW co-chairs Dr. Kachiu Lee and Dr. Yakir Levin.
Dr. Tim Durso- Dermatologist & Co-Founder of VeraDermics
After the scholars from both the US and Europe introduced themselves to one another and the other attendees, Dr. Tim Durso, a board-certified dermatologist currently practicing in the Washington D.C. area, spoke about his company, VeraDermics. VeraDermics is working on a patch to deliver wart treatment in a painless, easy way.
One of our current scholars, Dr. Morgan Murphrey, is currently an Extern at VeraDermics and presented her top five takeaways from the past five months she has worked there.
Dr. Durso then went on to reveal the biggest lessons he has learned through his experience co-founding a company.
Dr. Durso’s Top Five Lessons from Co-Founding a Company:
Your Core Team is the Key to Everything
With them, you can do things you never imagined doing on your own. Get to know them in depth & make sure there’s synergy—you cannot execute your plans without them.
Practice Makes Perfect
Doctors can be uncomfortable with certain parts of the business process. Attend pitch competitions to refine your messaging and get feedback. Get good at presenting to a non-physician audience, because it requires a different approach.
Build a Network That Multiplies Your Impact
Align your strategic vision.
Fundraising Takes Forever
Start to raise money before you need it to avoid sounding desperate. Know that the work that goes into raising money is almost equal to the effort required to start the company.
Don't Forget The Important Stuff
It’s easy to forget about what you’re doing and who you’re doing it for. Remember the people who have gotten you to this place and allow you to continue doing this work.
Co-Founder and Program Director,
The Magic Wand Initiative at Mass General
Rebekah Davis
Administrative Research Assistant
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