Patientory's founder was rejected by 500 VCs before raising funding - Business Insider

McFarlane's background in health IT and healthcare consulting played a major role in her conviction about the need for her company's offerings. With over a decade of experience in the industry, including roles in telemedicine and health insurance, most recently leading a team for the digital health technology companyin New York City, the CEO learned the inner workings of the healthcare industry and the obstacles that both patients and physicians faced.

"[I]t actually ended up being the best thing to happen to Patientory," she said. "We decided to reach out to people who most resonated with the issue our company was trying to solve. Through our marketing and social media efforts we were able to curate a global community from different parts of the world."

To this end, she and her team crafted a whitepaper that demonstrated every detail of her proposed product to really bring its applications to life for potential investors and ensure that they understood Patientory's value. This ended up being a winning move. "These are two separate mindsets and types of consumers, and we were able to win over both," McFarlane said. "Remember, the business or idea is not about you. It's about your ability to provide a resolution to a common, or in some cases uncommon, issue."McFarlane said that she learned first hand that a successful crowdfund is based on the support of a solid community.

"We took our time to focus on this aspect of the company," McFarlane said. "You will find that some companies leverage this in the name of their business, logo, or slogan. A brand and clear value proposition is a means of building consumer loyalty against the competition." She added that overall, the company's brand and value proposition should be a reflection of the morals and values of its leadership.

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