A Founder's Diary: Takeover from Saumik of Tenomix ??

Welcome to A Founder’s Diary! Every night, I grab a cup of peppermint tea, light a candle, and journal about my day. This newsletter is a summary of those thoughts and pages.

In this edition, we have a takeover from Saumik Biswas, PhD , the CEO and co-founder of Tenomix Inc. Keep reading to learn about:

• His innovative medical technology focused on improving cancer care
• What he's working on including R&D, manufacturing, collaborating with clinical partners, preparing for the AdvaMed MedTech Conference, and more
• Embracing uncertainty and taking accountability for your decisions
• Achieving goals and priorities through the Entrepreneurial Operating System and Level 10 (L10) meetings
• His top tips for balancing founder life and mental health
• His hobbies and how he likes to find time outside of work to go traveling, hiking, breakdancing, and more

Let's dive in!

Hi everyone!

I'm Saumik Biswas, the CEO and co-founder of an innovative medical technology startup called Tenomix . Now, you're probably wondering how do I pronounce that name? Well, I've got a trick that has served me well during my 29 years growing up in Canada.

Have any of you seen Jerry Maguire? If so, you might remember the scene where Tom Cruise shouts, "Show me the money!" Coincidentally, my name is pronounced "Show-meek," so I like to say, "Show-meek the money!" This little phrase worked quite well with investors during our first financing round.

Fun aside, my team and I at Tenomix are on a mission to develop novel medical technologies that address inefficiencies in the pathology workflow, reduce healthcare costs, and optimize cancer care for patients. We're currently building an automated, AI-driven robotic solution designed to streamline the manual lymph node detection process in excised cancer tissues. Our goal is to automate these manual processes and make them more reliable, less expensive, and less labor-intensive for hospitals and pathology labs, ultimately bettering cancer care for patients.

Our technology is currently code-named "The Lymphonator," and we're actively seeking its official name. If anyone has suggestions, please don't hesitate to reach out to me at [email protected] !

What We’ve Been Working On:

As with most entrepreneurs building their own ventures, the last week—and honestly, the last several months—have been incredibly busy. The medical technology space is particularly exciting, and there's no shortage of work. We often find ourselves juggling multiple areas simultaneously, depending on the stage of our business: research and development, regulatory compliance, intellectual property, go-to-market strategies, business models and pricing, clinical validation and testing, manufacturing, quality management systems, financing—you name it. My team and I genuinely enjoy learning something new every day, so while it can seem overwhelming at times, we thrive in this environment!

Here are a few highlights from this past week:

• Engaged with a U.S. manufacturer: We recently partnered with an outstanding manufacturer in the U.S. who is building our pre-commercial unit. I must say, this new unit looks incredible compared to the initial prototypes we've developed in the past. We're scheduled to receive the upgraded unit in Q4 of this year. Considering Tenomix is only three years old, it's mind-boggling how quickly we've progressed in the medical space, where things typically take a bit longer.

• Onboarded our Director of Software: We just welcomed our new Director of Software, a serial entrepreneur with experience in about seven startups and an exceptionally talented AI/ML software engineer. This is a significant addition for us, as he'll be advancing the AI components of our technology and exploring alternative clinical applications of our platform. We're excited about the possibilities!

• Preparing for the AdvaMed MedTech Conference: My team and I are attending the AdvaMed MedTech Conference in Toronto this week. We've been actively preparing our itineraries to make the most of it, which includes setting up meetings with relevant stakeholders and selecting workshops and seminars that are most beneficial to our company and professional growth.

• Collaborated with clinical partners: I had several calls with two of our clinical collaborators in Canada and the U.S this past week. Maintaining regular communication with our clinical partners ensures that projects stay on track and milestones are met. It also allows us to strengthen these relationships, laying the groundwork for future collaborations.

• Completed Q4 planning: We just finished our week-long Q4 planning with the entire team and have an exciting quarter ahead. Our milestones range from regulatory work to de-risking the company for a future financing event. These planning sessions are crucial because they align the whole team with our overall timeline, one-year goals, and quarterly objectives. We also spent time collaborating to define our KPIs and milestones for this quarter, ensuring clear communication and support among team members.

• Engaged in mentorship and governance: Beyond that, we had meetings with mentors to discuss specific areas of the business, engaged with new stakeholders, and handled company governance and administrative tasks. I’ve also participated in 2 panels to educate young students about entrepreneurship and pursuing the STEM fields.

It has been a whirlwind, but we're enthusiastic about the progress we're making and the opportunities ahead!

Learning:

Over the past three years of building Tenomix, I've had countless learning experiences. Here are some key takeaways:

• The power of a great team: Creating something remarkable truly requires an exceptional team. I'm incredibly fortunate to be surrounded by amazing founders—Eveline, Mike, and Sherif—along with our dedicated employees, interns, advisors, and mentors. They not only believe in our vision of leading innovation in pathology but are also thoughtful, innovative, and kind individuals. They're always ready to collaborate and tackle complex challenges. Building a team where everyone's skills complement each other bridges gaps and propels us further in our entrepreneurial journey.

• Embracing uncertainty: In a startup, you'll often operate amid uncertainty. No one has all the answers, and sometimes you have to make decisions with limited information and learn from the outcomes. A significant lesson I've learned is the importance of accountability. When you or someone on your team makes a decision, it's crucial to take responsibility for it. Whether the decision turns out to be right or wrong, the experience contributes to developing better judgment. Making no decision is also a decision, and understanding its ramifications—like loss of time, increased burn rate, or lack of progress—is essential.

• Customers as the ‘North Star’: Earlier this year, my team and I closed our first financing round, securing an oversubscribed, all-Canadian round of over $2.1 million in March 2024. Raising funds throughout 2023 was challenging due to the tough market landscape. The biggest lesson from this experience was that our customers and end-users should always be our North Star. Despite investors being cautious, we persevered by focusing on our product and the enthusiasm shared by top hospitals in the U.S. and Canada. Their excitement and support through paid pilots reaffirmed the significance of the problem we're solving in cancer tissue processing. This support boosted our confidence substantially, which helped us close our round. Interestingly, after closing our round, several investors reached out recently, ready to invest substantial amounts. While we had to decline these investments since we had just closed our round, we're hopeful about welcoming new (and strategic) investors in our next financing event, likely late next year. If you're an investor interested in learning more about what we're doing at Tenomix, please feel free to connect with me, and I can add you to our monthly mailing list!

• Effective planning and execution: Taking time to plan each quarter and then executing on those plans has been invaluable. Earlier this year, my team and I started implementing a meeting structure based on EOS Level 10 (L10) meetings, customized to suit our company. We hold these strictly timed 90-minute meetings twice a week—one for the tech team and another for the executive team. These sessions ensure everyone is aligned on key priorities and accountable for them. Within these meetings, we allocate 60 minutes to collaboratively solve core challenges, harnessing the collective intelligence of our team. Furthermore, at the start of each quarter, we spend the first two weeks planning specific milestones and how they'll help us achieve our one-year and overall goals. These discussions promote responsibility and alignment with the company's trajectory. I'd highly recommend other startup entrepreneurs give this approach a try. A special shoutout to Dr. Eveline Pasman, our COO and fellow founder, who goes above and beyond to make our planning sessions productive.

It's been an intense but rewarding journey, and I'm excited about the future as we continue to innovate and make meaningful strides in the medical technology space.

Mental Health and Wellness:

Mental health and wellness are incredibly important, especially for entrepreneurs navigating the startup ecosystem. The journey can often feel lonely, filled with challenges and frequent rejections. Over the years, I've found several practices that have helped me maintain balance and stay resilient.

1) Surrounding yourself with like-minded people: Working alongside individuals who are passionate about solving global challenges and leaving the world a better place has been invaluable. Collaborating with such people puts you in a proactive, problem-solving mindset rather than a reactive one. It transforms the way you perceive challenges, making them seem like opportunities rather than setbacks. This positive environment helps prevent feelings of discouragement and keeps the momentum going.

2) Personal experiences and mental reframing: My personal experiences have significantly shaped my perspective and motivation:

• Family inspiration: I lost my aunt due to improper cancer staging, which serves as a powerful reminder of why I do what I do. Her passing is a primary motivator behind Tenomix and our mission to improve cancer care.

• Brother's medical journey: My younger brother was born missing his tibia bone—a complex leg condition known as fibrous dysplasia. Thanks to ground-breaking surgical techniques and medical innovation, he had a new tibia bone ‘grow’ over many years and now leads a normal life. He's taller than me and quite the avid athlete, which, I'll admit, makes me a bit jealous! Explaining complex medical procedures to my parents—immigrants to Canada—when I was just seven or eight years old inspired me to pursue a Ph.D. in Pathology and Laboratory Medicine at Western University. Being the first in my family to earn not only a bachelor's degree but also a Ph.D., I've committed my life to medical innovation. My goal is to contribute meaningfully to society, helping others benefit as my brother did and preventing situations like what happened to my aunt.

• Parents' work ethic and values: My parents are a significant reason behind my mindset. As immigrants to Canada 30 years ago, they worked tirelessly to ensure my brother and I had a roof over our heads and fresh food on the table. They owned a restaurant in the Niagara region for over 16 years before retiring recently. While they're not academics or physicians, they instilled in me a strong work ethic. I remember them saying to me at a young age, "Saumik, whatever you do in this life, make sure you contribute back to Canada and society because Canada took us in and helped us." This advice continues to guide me deeply in my entrepreneurial journey.

3) Staying active

Maintaining physical activity has been crucial for my mental (and physical) well-being. My co-founder and CTO, Mike, is always ready to play sports or hit the gym, which I greatly appreciate. Whether it's golf, pickleball, tennis, squash, or a gym session, spending time to keep your mind and body active is so important. I highly recommend finding people—or a fellow founder—like Mike who encourage you to stay active.

I also had the pleasure of learning how to paddleboard from our COO and fellow founder, Eveline. I love water activities, although I must admit I'm not the best swimmer!

4) Enjoying the entrepreneurial journey and being easy-going when appropriate

The startup journey is filled with highs and lows. It's essential to have people around who can inject fun and humor into challenging situations. Our Chief Business Officer and fellow founder, Sherif, embodies this when we catch up on the weekends. Not only do we discuss cash flows, company governance, and other Tenomix-related matters, but we also spend the first 10-15 minutes catching up on life and what's new with his family and kids. While our ventures can be all-consuming, it's important to remember and celebrate other exciting aspects of life. Taking time to relax and enjoy these moments helps maintain a healthy balance.

By focusing on these areas, I've been able to navigate the entrepreneurial landscape with a more balanced mindset. Mental health and wellness are not just personal priorities but essential components of sustainable success.

Personal Life

Balancing my personal life while being deeply involved with Tenomix can be challenging, but I genuinely enjoy what I do, so it often feels like an extension of my personal life. My family and girlfriend understand my dedication. That said, I make it a point to cherish the time I have outside of work, knowing how precious life is—especially given my experiences in the clinical world.

Over the past few weeks, I've managed to squeeze in some memorable moments:

• Trip to Seville, Spain: My partner and I took a whirlwind 3-4 day trip to Seville—the only time we both had available, given her busy schedule as an OB/GYN doctor. Seville is incredibly romantic with stunning architecture. I highly recommend it to anyone looking for a quick getaway.

• Hiking in Colorado: I completed a 26 km hike in a single day at Rocky Mountain National Park in Colorado. My legs are still feeling the effects even after a week and a half, but the breathtaking scenery made it absolutely worth it—a solid 10/10 experience.

• Staying active: To keep both mind and body in check, I've been playing tennis, going for casual walks and hikes, and hitting the gym whenever I can.

• Musical endeavors: In my downtime, I enjoy singing, though my voice doesn't quite match up to my mother's, who was a professional singer at one point in her life.

• Breakdancing comeback: I'm a retired breakdancer who used to compete seriously and won several medals back in the day. While I'm a bit rusty now, I've found myself coming out of retirement at the weddings of close friends over the past two months. Anything for friends and family, right?

These activities help me maintain a balance and keep me grounded, reminding me of the importance of taking time to enjoy life outside of work.

What I've been reading/listening to:

I've been participating in some engaging reading sessions with the Creative Destruction Lab, and the books below have provided me with significant insights into where AI is heading. Since our technology heavily involves AI, understanding its trajectory on a global scale is crucial. If you're interested, here are a couple of reads I highly recommend:

• "Situation Awareness: The Decade Ahead" by Leopold Aschenbrenner: This is a fascinating exploration of Artificial General Intelligence (AGI) and its potential future directions. | Learn more

• "Why Machines Learn" by Anil Ananthaswamy: Artificial Intelligence is progressively becoming an integral part of everything around us—currently in the digital realm and soon extending into the physical world. Given its growing ubiquity, it's more important than ever to understand how AI functions beneath the surface. This involves delving into specific disciplines like statistics, calculus, and logic. I'm currently halfway through this book, and it's fascinating to see how Anil makes complex topics like AI accessible to a broad audience. | Learn more

Resources:

I wanted to share some resources that I've found helpful:

• L10 Meeting Framework: For more information about the Level 10 (L10) meeting framework and how it can benefit startups, check out this article | Read more
• Grant Opportunity - Intellectual Property Ontario (IPON): IPON provides IP support and is now assisting cleantech, agriculture technology, and mining technology sectors | Learn more
• ElevateIP: For additional IP and legal support, ElevateIP is a great resource | Learn more

Thank you for reading more about my life as a founder and what we're working on at Tenomix, reach out if you'd like to connect or have any thoughts about what I shared throughout this newsletter!

~ Saumik

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