Mission-Driven Entrepreneurship

When it comes to contraception, the burden has historically fallen on women. However, thanks to L.R. Fox (aka Fox) and his team at NEXT Life Sciences, a paradigm shift is gradually taking root. 

Fox isn’t your average entrepreneur. While many leave footprints in one or two different fields, his resume spans a wide range of tightly regulated industries, including cybersecurity, defense, and aerospace. On top of that, he was featured in Forbes' list of 30 under 30 in 2019 and founded WhiteFox Defense Technologies, a trailblazer in drone airspace security. Most recently, he dove into the world of medtech head-first, and the prospects are no less promising than in any of his previous ventures.

Around 50% of pregnancies in the U.S. are unplanned, a statistic that isn't just alarming but calls for immediate and cogent action. Fox's current endeavor, NEXT Life Sciences, started off in 2020. As a child who grew up in the foster care system, his epiphany regarding family planning struck him "like a brick in the face" when he realized that a fundamental human right had been grossly overlooked: the right to choose when and whether to have a child. 

As for NEXT’s flagship product, Plan A is a long-lasting — but reversible — male contraceptive. It’s a quick, simple, and pain-free contraceptive procedure that utilizes a proprietary hydrogel. The gel is injected into the vas deferens, where it solidifies into a microfilter, allowing all fluids to pass through — except sperm. A subsequent quick injection of sodium bicarbonate can dissolve the hydrogel matrix, turning it back into a liquid that is easily flushed from the body for those who wish to reverse the procedure completely.

The core technology behind this innovative male contraceptive had its origins in the 1970s, thanks to the pioneering work of Professor Guha in India. Backed by decades of research, including an incredibly comprehensive 13-year-long study, the technology was scrutinized and refined.

Around 2010, the study crossed over to the United States, taken up by a nonprofit called the Parsemus Foundation under the name Vasalgel. Here, it underwent another decade of preclinical testing in animal models that helped solidify its promise and efficacy.

Interestingly, Fox was aware of the studies and knew he wanted Plan A for himself long before it became his venture. "I signed up even as a teenager. I was like, 'This just makes sense,'" he recalls. 

Recognizing its potential, NEXT Life Science partnered with the Parsemus Foundation to bring this innovation to market and is now preparing for clinical trials.

NEXT Life Sciences recently announced that they have raised $1.55 million, and the studies are set to launch in late 2023 or early 2024.

Key Learnings From Fox’s Experience

• In emerging markets, there is often room for multiple players to thrive. Fostering collaboration often yields greater results than intense competition. That’s why taking a human-centric approach to resource management can often be more effective than merely relying on financial incentives. 
• The adoption of a product hinges on the complete understanding of your target market, which includes stakeholders beyond your immediate end-users like care partners, payers, and even skeptics. Engaging with these groups will allow you to capture patient insights across the lifecycle of your technology – from development to commercialization.
• Fundraising is more about finding investors aligned with your mission than it is about securing money. Here, authenticity is key, and rejection can be a stepping stone to better opportunities. Working on a technology with a broader social impact can also further enhance investor appeal.

Mission-Driven Collaboration Over Competition

Let's start with what many would consider unconventional wisdom. Rather than seeing others in your market as competition, think about how you can partner up to create something bigger, especially in the context of emerging opportunities.

When you look at other companies as collaborators rather than competitors vying for a slice of the pie, we can expand the pie altogether so there’ll be enough for everyone at the table. Fox's perspective is incisive: "We can nibble on crumbs here, or we can actually do what's needed.” 

This collaborative mindset also brings a fresh perspective to how you run your own company. When you're just starting off and are early in the development process, the resources are almost always limited, and it's easy to think that money is the fastest way to get things done. 

Fox's, however, turns this notion on its head, suggesting that "money is by far the easiest, cheapest, and laziest way to compel people to join in your mission." He goes further to emphasize, "Everybody is human, and everybody has something that matters to them and a reason that drives them. And by far, for most people, it is not money."

The overarching advice for medtech entrepreneurs here is to dig deep and understand what really motivates the people you’re working with. This attitude leads to a team that is collaborative and fully engaged, resulting in extreme operational efficiency. 

Fox concludes: "What can we do that's so obvious that needs to exist that future generations will look back and say, ‘Hasn't it always been this way?’"

Your Stakeholders’ Stakeholders

If you're a medtech entrepreneur, you already know that innovation isn't just about creating a groundbreaking product; it's also about understanding your audience. And that audience isn't homogenous.

In other words, you should consider the ripple effect your product has, extending beyond the immediate end-user who undergoes the procedure. There's a whole network of individuals who influence and are influenced by your product. In Fox's case, these stakeholders are not only the men who are interested in contraception but also their partners who have a say in health decisions and family planning. Of course, there are also the healthcare providers who will actually administer the treatment.

Taking the time to consider the distinct needs and concerns of your various stakeholders not only broadens your understanding of the market but can also turn skeptics into advocates. As Fox says: "When you really get down to it, we've been able to get every single person on board once they see what it is."

Fox also adds that healthcare providers are crucial in the adoption curve. When you disrupt a market, there’s always the risk of resistance from those who are comfortable with the status quo. However, Fox and his team have been able to overcome this challenge by meeting face-to-face with skeptical doctors to address their concerns. Engaging directly with these key influencers was definitely fruitful – thanks to his collaborative mindset, the world's foremost vasectomists have joined their medical advisory board in support of the company’s mission. 

When asked about his remarkable ability to create a top-tier medical advisory board, Fox states: "Networking, the ability to be able to find the right people to support you, is everything." Medtech is a cross-disciplinary industry by nature, and it necessitates connecting with professionals ranging from doctors and researchers to engineers and entrepreneurs.

He identifies influencers and thought leaders in his domain and doesn’t hesitate to make the initial contact to build a bridge. He adds: "When you make yourself available to people, the whole world opens up." The willingness to offer help, even when you're seeking it, is mutually beneficial. Reciprocity fosters relationships that can evolve into partnerships, sponsorships, or collaborations.

After all: "One of the keys to your success and building out a really deep and broad network is really just not being afraid to ask," says Fox. "

Desperation Forces You to Settle 

Fundraising can often be a daunting experience for entrepreneurs, riddled with its own set of myths, stigmas, and challenges. In such an environment, it’s easy to think of money as the first essential component of your venture.

However, as Fox, who has successfully raised over $40 million, astutely points out, your mindset matters. If you walk into investor meetings acting out of desperation, you’re likely to accept deals that don't serve your long-term mission. Fundraising shouldn’t just be about filling your coffers but about aligning with people who believe in your vision as fervently as you do.

In a challenging economic environment, it's natural to get disheartened, but that perspective only perpetuates the stigma associated with raising capital. "When you enter in with that desperation mindset, you end up taking deals you shouldn't take," says Fox. 

Consider instead that money, in the grand scheme of things, is the easy part. The challenge lies in finding the right people — those who are not only willing to invest but are aligned with your mission and care about you as a person. In this sense, fundraising becomes less of a transaction and more like dating. You're looking to form a meaningful, long-lasting relationship, one where both parties can contribute value far beyond the financials.

While there's a myriad of investment advice suggesting how to alter your personality to win over investors, Fox argues that authenticity carries the day. Investors are savvy enough to see through inauthenticity, and they are investing as much in you as they are in your business. Therefore, it's not about having the perfect answers to their questions but about revealing how you respond, how you think, and how passionate you are about your venture.

Another crucial advice on fundraising to remember is that rejection isn't the end of the world. In fact, sometimes it's just the beginning. A large portion of the $40 million that Fox raised came from investors who were introduced to him by investors who said no. Don't be afraid of hearing ‘no’; instead, use it as an opportunity to expand your network and refine your pitch to turn it into a better-suited 'yes' tomorrow.