#WIB – Q&A With Shani Toledano Co-Founder & CEO Of HTVet
1. Can you please tell us more about your business?
HTVet is a company focused on ruling out cancer in dogs and eventually other pets. Through early cancer detection we can reduce the risk of disease and limit the obstacles of treatment in the long run. We created the first-to-market non-invasive medical device that allows veterinarians to rule out cancer of subcutaneous and dermal masses at the clinic in a fast and affordable way, utilizing Heat Diffusion Imaging (HDI) patented technology alongside artificial intelligence, computer vision, and signal analysis to detect and determine further investigation for cancer diagnosis in dogs.
Prior to our innovative proprietary technology hitting the market, the process for detecting cancer in dogs was long, uncomfortabel and inefficient. Our product, HT Vista, allows for the scan to be null of prodding or poking the dogs so their experience isn’t uncomfortable when it doesn’t have to be. HT Vista was not designed to replace cytology, but to be used as a first-line non-invasive screening test, that was designed for veterinarians, however if the clinic staff is trained to use the device, they can easily perform the test as well. The test can be conducted with no pain or stress on the dog and the owner can stay in the consultation room. HT Vista can increase the number of lumps that go through the diagnostic workup while decreasing the number of benign masses being invasively sampled.
Traditional invasive tests are costly and can take up to a week to receive results so our unique technology reduces the cost of testing and delivers a result on whether the dog should be examined further for cancer or if the lump is benign and no further testing is necessary. The device is currently distributed in the United States, Canada, The Netherlands, Australia, New Zealand, and Israel, but we hope to make the device available in clinics worldwide.
2. When, how and why did you start your business?
I started HTVet in 2017 after understanding a technology I had been working on with HT BioImaging, a venture I had started in 2015 focusing on early detection of cancer in humans, was relevant for dogs as well. I founded HT BioImaging following my father’s late-stage cancer diagnosis. I really wanted to find a way to detect cancer as early as possible as I understood early detection increases the chances of survival.
I conducted deep research in methods for early cancer detection and came across Heat Diffusion Imaging (HDI) as a technology that already existed however it was not being utilized by medical professionals. I wanted to deliver a way for medical professionals to evolve their current practices and for HTVet that meant veterinarians.
After understanding we could utilize this technology in a whole new way to detect cancer in humans and animals I had networked and emailed season entrepreneurs to find a partner who could make my proof of concept a reality to make a real impact by disrupting the medical and veterinery industries and came across Gideon Barak, HTVet co-founder and Chairman, and serial entrepreneur with over 25 years of experience in the software, communications and information technology industries.
3. What is your role in the business?
As co-founder and CEO of HTVet, I am in charge of overseeing the development of innovative, risk-free imaging methods of early cancer detection and diagnosis. I drive the development of the business and the technology. I oversee distribution partnerships, as well as advancements in our back end technology, such as our new developments for early detection in other household pets, like our current project for early cancer detection in cats. I also manage several departments in the company directly, the finance the administration, customer success departments and business development and marketing.
4. Where did you study and what did you study?
I studied at Afeka Tel Aviv Academic College of Engineering and I obtained an undergraduate degree in mechanical engineering focusing on Heat transfer, Thermodynamics, and Energy as well as a Master of Science in Artifical Inttelligence with a focus on medical imaging.
5. How did you finance your business?
Like any progression of a business, in the beginning it was a lot investment of mine and my business partner’s money from our own pockets and that went into writing the patent for the technology and to conduct the first trials of the device. Following this we received grants from several government organizations. In Israel, there is a special section of the government that grants money towards innovation so we received a grant from the Israel Innovation Authority alongside the European Commission. With these grants we also received private investments from a few angel investors and then raised money from venture capital investments. We have additional support from strategic partners. And today, we have a product out on the market generating profit.
6. Describe your average workday, if such a thing exists.
It doesn’t exist. I wear many many hats in my day to day and no day looks the same. I start my day in the office with meetings with each of my teams. At the beginning of the week I love to set goals with my teams about what should be achieved by the end of the week. We reflect on the KPIs we’ve achieved and look at our customer base to see if they need any support in these meetings. Throughout the week I am in strategic meetings and dealing with the bureaucracy of the company, uplifting my employees making sure they are progressing in their individual development, I am attending management and board meetings. I am looking at budgets often and working on customer acquisition, marketing and business development of the company.
Since we are a company of about 40 people, I really am hands on in every aspect of the company so absolutely no day looks the same. And these are just the days in the office. I travel a lot for trade shows and conferences, meetings with distributors and even just checking in on customers on location. And in my evenings I go home to my personal life with my husband and my newborn baby, but when the baby goes to sleep, like most entrepreneurs, I continue my work day.
7. How do you balance your home life and your work life?
I really make an effort to stay active, I don’t sleep much with the baby and I typically wake up really early to workout which gives me an energy boost to go throughout my day so I have some time to dedicate to my home life, but its really sparingly. I really try to find a balance to have time for my kid but the real secret behind my balancing act is my incredible support system. Thankfully my amazing husband is incredibly supportive in maintaining and balancing the home life and I have extended family around me, both of my baby’s grandmothers are a huge support for me.
In reality, an entrepreneurial lifestyle is a choice and there are definite pros and cons, one major con being time away from my family. One thing that keeps me sane in understanding I don’t have as much time in my home life as my work life is the impact I can make on the world that will help many people, and pets.
8. What drives you and inspires you?
The vision of the company to save lives and help people and pets experiencing oncological issues to get the best targeted treatment is what ultimately drives and inspires me. After all, the formation of the company came from being inspired by my own father’s late-stage cancer diagnosis and his memory is what drives me to succeed in this venture, to help as many people as possible so they do not have to go through what he went through.
The DNA embedded in the company is that everyone comes to work with a common mission to make a difference and this piece of the puzzle is a huge driver in my motivation to and not only makes me feel there is a purpose in my success to the outside world but also to the people I see in the office everyday and really in the end it the success doesn’t just belong to me it belongs to everyone at HT BioImaging and HTVet.
9. Where and when do you have your best ideas?
Outside the office. When I am at work I am focused on what needs to be done, however in my personal time when I am working out or running I find I am coming up with my best ideas. I feel this is common for entrepreneurs an extra chance outside of work, our minds are free to explore, even if its 5 minutes in the shower, those are the moments I feel I come up with my best ideas.
10. Where and how do you market/advertise your business for sales leads?
We really focus on getting our device in the hands of the veterinarian clinics as that is where it can make a lasting impact. Not only hearing the benefits of the device through distributors, but hearing dog owners who want the device placed in their local veterinary clinics is a huge driver in getting the device placed in the clinics. For that reason we target sales leads via social media. We also visit trade shows to demonstrate the technology live so people in the field can see it for their own eyes just how much of an impact early cancer detection and diagnosis for furry family members can really have not only on the patient but also dog owners peace of mind.
11. What is next for your business?
At HTVet we hope to continue to develop our technology and the product to be available for early cancer detection in pets other than dogs. We are now working to develop our technology to have an accessible scan available for cats and we hope one day the technology will evolve to be available for all animals.
12. What advice would you give to female entrepreneurs hoping to start their own business?
Never be afraid to fail, and when you do fail, embrace that failure, learn from it and move forward. I think this goes for men and women as I subscribe to the philosophy that a woman can do anything a man can do. Being confident and understanding your capabilities is integral to being an entrepreneur and never let anyone deter you from following your goals. One person’s opinion is only one person’s opinion and even if that opinion is coming from an industry leader or a potential investor, you need to stick to your goals. It is important to listen and embrace advice and maintain an open mind, but never let anyone kick you off the tracks to your ultimate goal.
For more visit: www.ht-vet.com