Chase Adam at Startup School NY 2014

TL;DR

Watsi enables global crowdfunding for individual healthcare needs.

Transcript

• Chase Adams, the founder of Watsi. Watsi is the crowdfunding platform for healthcare that lets anyone donate as little as $5 to fund medical care for people in need. So before starting Wasti, Chase traveled, worked and studied in more than 20 countries. He spent time in private sector intelligence in Washington, launched a national health progra... Read More

Key Insights

• Chase Adam founded Watsi after realizing the slow pace of non-profit work compared to innovative for-profit companies in San Francisco.
• The idea for Watsi was sparked by a woman on a bus in Central America who gained trust by sharing her son's medical records.
• Watsi was the first non-profit funded by Y Combinator, highlighting its unique approach to healthcare crowdfunding.
• The organization initially operated with a team of volunteers, which allowed them to take risks without financial pressure.
• Watsi's core principles include transparency, efficiency, and ensuring 100% of donations fund medical care directly.
• The team faced challenges in scaling operations, such as managing unsustainable growth and dealing with limited internet access in partner hospitals.
• Fundraising as a non-profit proved difficult due to the lack of urgency and the need to secure numerous small donations.
• Watsi's mission is driven by the belief that every person matters, aiming to create a global community where healthcare is accessible to all.

Questions & Answers

Q: What inspired Chase Adam to start Watsi?

Chase Adam was inspired to start Watsi after witnessing a woman on a bus in Central America successfully raise funds for her son's medical treatment by sharing his medical records. This experience made him realize the potential for a global crowdfunding platform dedicated to healthcare, leading to the creation of Watsi.

Q: How did Watsi initially operate and grow?

Watsi initially operated with a team of volunteers, allowing them to take risks without financial pressure. This approach enabled them to focus on their core values of transparency and efficiency. The team worked remotely across different continents and time zones, which helped them grow organically until they were ready to launch publicly.

Q: What challenges did Watsi face in fundraising as a non-profit?

Watsi faced several challenges in fundraising as a non-profit, including the difficulty of securing initial funding since potential donors were hesitant to be the first to contribute. Additionally, unlike for-profits that can secure large investments from a few sources, Watsi had to rely on numerous smaller donations, making the process time-consuming and complex.

Q: What role did Y Combinator play in Watsi's development?

Y Combinator played a crucial role in Watsi's development by providing initial funding and support. As the first non-profit to be accepted into Y Combinator, Watsi benefited from the accelerator's resources, mentorship, and community, which helped them refine their model and approach to scaling operations and fundraising.

Q: How did Watsi manage its operations with limited internet access in partner hospitals?

Watsi faced challenges with limited internet access in partner hospitals, which impacted their ability to collect and disseminate information efficiently. They worked on finding the most effective ways to manage these communication barriers, ensuring that they could continue to support patients and maintain their platform's operations despite these limitations.

Q: What is Watsi's approach to ensuring donations directly fund medical care?

Watsi ensures that 100% of donations directly fund medical care by committing to never take a cut from donations. They maintain transparency by publishing their financials and operations on their website, allowing donors to see exactly how their contributions are used to support patients in need.

Q: Why does Watsi focus on a small, efficient team?

Watsi focuses on maintaining a small, efficient team to ensure that they can operate sustainably and remain true to their core values. By not over-hiring, they force themselves to be creative and efficient, focusing on what's most important and avoiding the pitfalls of rapid, unsustainable expansion.

Q: What is Watsi's long-term vision for its impact on global healthcare?

Watsi's long-term vision is to contribute to a global community where healthcare is accessible to everyone. They believe in the importance of every individual and aim to play a role in transitioning from a world divided by countries to a connected global society, where every person matters and has access to necessary medical care.

Summary & Key Takeaways

• Chase Adam founded Watsi to address the slow pace of non-profit solutions by creating a crowdfunding platform for healthcare. Inspired by a woman's story on a bus, he envisioned a global platform to fund medical treatments for individuals in need.

• Watsi's initial growth was fueled by a volunteer team, allowing them to take risks and focus on core values like transparency and efficiency. Their unique model attracted support from Y Combinator, making them the first non-profit to be funded by the accelerator.

• Despite challenges in fundraising and scaling operations, Watsi remains committed to its mission of ensuring everyone has access to healthcare. The team believes in the importance of every individual and aims to contribute to a connected global community.