Class of 2015 alumnus Jeremy Bronen returned to campus to speak with Carole Bird’s American Economy class about how he started his business, SedMed, and the advice he would give to future entrepreneurs.
Jeremy was a senior in college when he met his future business partner/co-founder Timothy Krupski during his capstone project. The two worked together on the product pitch, which was a toilet lift with the intention of helping the elderly and disabled to use the bathroom without risk of injury. The two finalized the concept and began the pitching process to investors with the intent of taking the product to hospitals and nursing homes.
“I was more interested in the business aspect of product-making as opposed to the actual mechanics,” said Jeremy. “It’s very exciting to be about to translate an idea into an actual product that can be used to help others.”
Jeremy noted how breaking into the healthcare market was crucial and said he knew the product has a space there as it is a necessary product for niche clientele. The next step is to find investors to aid with funding; but before reaching out, it’s important to have a well-constructed pitch, he said. The pitch must show your knowledge of the market and how the product will benefit the intended client. It is also important to research the investors you intend to approach to know what they have previously invested in and the pros and cons of aligning on a business venture together.
Jeremy and Tim pitched to angel investors, who are wealthy private investors using their own net worth to fund a small business or start-up. Through countless meetings, the two raised a generous amount in fundraising and grants. As the business continues to succeed, Jeremy and Tim have built their team to include a medical sales practitioner and chief information officer. Jeremy and Tim focus on the day-to-day responsibilities and investor opportunities.
Jeremy noted that he and Tim work best as a team as he has the business vision while Tim has the mechanics and manufacturing mindset. It is important to be aligned on the business vision to succeed. Also, there is the responsibility they have to investors, partners, and the team to remain open on all business dealings.
Jeremy’s advice to students and potential entrepreneurs is to take the opportunities that come, and internships are a great way to get your foot in the door and learns the ins and outs of a business. According to Jeremy, the most important advice is to network as “it is one of the most important tools as it’s mutually beneficial and every conservation can lead to an opening.”
Jeremy graduated from the University of Connecticut in 2020 with a bachelor’s degree in mechanical engineering. With SedMed continuing to gain funding, the product will hopefully soon be in the public market space.