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°Global Entrepreneurship Week (GEW) is Nov. 14-20. Leading up to that week, the Hudson Hub-Times is featuring the story of one of our own Hudson entrepreneurs each week. A summary of the other GEW events in Hudson can be found at www.hudsonlibrary.org/global-entrepreneurship-week.
This week the Hudson entrepreneur is Tim Hopkins, a partner of MedApproved which provides a very niche service within healthcare. In layman's terms, anytime anyone at a hospital requests something new, such as a new heart stent for the OR, there is a very detailed form to be filled out and then taken to the Materials Management/Supply Chain where it goes on a stack of other requests and taken to their monthly committee meeting.°At the meeting, there's a combination of doctors, nurses, supply chain people, value analysis professionals, executive leadership, etc.°They go through one by one and discuss each while someone documents the meeting minutes (notes). MedApproved is a web-based software system that eliminates all the paperwork and allows everyone involved to interact online, much streamlining the new product review and value analysis.
Hopkins was living in Raleigh NC working as a sales manager for a local company called ForTec Medical. °Here he became familiar with the industry and challenges that hospitals faced with effectively reviewing all their product requests.° His business partner, John Wills, also worked at ForTec and together they decided to start MedApproved.
What inspired you to own your own business?°
I've always admired people who started businesses from scratch so it was something I've always wanted to try.°I was fortunate that the timing and idea intersected in 2009.
What is your biggest challenge as an entrepreneur?°
My biggest challenge now is keeping the technology ahead of a rapidly growing niche in the industry that we helped create.
What do you find most rewarding?°
Watching an idea come to life.°Like most start-ups, the first few years were a struggle getting the business off the ground but was also very rewarding.
Describe your typical day.°
Assuming I'm not traveling to see a customer, my typical day is going to our Hudson office where I wear several hats including conducting our sales demonstrations.°°
What is your favorite aspect of being an entrepreneur?°
The responsibility of navigating the evolution of the business.
Your advice to budding entrepreneurs?°
Know your strengths and more importantly your weaknesses.°I have an awesome team around me that makes me look good because their strengths are different but complementary to my own.°
What one word would describe your life as an entrepreneur?°