298 | Building Socially Beneficial Companies Leveraging AI with Prashant Samant
Our guest this week on the pod is Prashant Samant. Prashant is the Co-founder and CEO Of Akido Labs, an AI based platform that addresses the systemic inequalities that lead to chronic illness through early intervention designed around the social determinants of health. Akido Labs currently serves 250,000+ patients a year and has 750+ employees.
This episode is sponsored by the coaching company of our host, Zelizer Consulting Services.
Resources mentioned in this episode include:
Building Socially Beneficial Companies Leveraging AI - an interview with Prashant Samant
NOTE: While it’s not perfect, we offer a transcript and the below summaries by Castmagic for those who are hearing impaired or who don’t find listening to a podcast enjoyable or possible.
You can read the full transcript of this episode here.
Timestamped Overview
[00:01:53] Founder's experience with service and social entrepreneurship, including building non-profit give change and company Crew. Started USC Digital Health Lab to address systemic issues in healthcare using data.
[00:08:55] Wealth gap persists despite massive investment in safety net; potential for data to address challenges.
[00:15:13] YC is valuable and intelligent community building meaningful companies. Skepticism before but valuable experience.
[00:17:25] The author learned more about venture capital through Y Combinator and realized their previous knowledge was limited. Showing evidence of a working thesis, such as early traction, is crucial when pitching a business.
[00:20:29] Aikido Labs developed a complex business model involving multiple phases, starting with organizing scattered data on vulnerable populations to enable predictive analytics and preventative healthcare.
[00:24:25] A platform called Akido can help homeless populations by identifying hotspots and sending teams to offer medical care, which is ultimately more cost-effective and efficient than traditional emergency services.
[00:31:29] Akido Labs helps homeless people with urgent mental healthcare needs, and there are multiple touchpoints throughout the year. They are expanding and have revenue streams.
[00:33:36] Akido has 1/4 million patients, 750 employees, and plans to reach 1 million patients by next year and 5 million by 2025. Starting in Los Angeles, they are expanding to be bicoastal by the end of the year.
[00:38:03] Akido Labs mission inspires talented people to leave other jobs. Their work seeks to change how healthcare is provided & attract those who value meaningful work.
[00:41:12] Companies focused on positive impact have a competitive advantage in attracting customers and talent. Listeners are encouraged to lean into this advantage and share their dedication to positive impact.
[00:44:50] The advice is to start solving meaningful problems and understand the root causes, while also validating the market need. There is abundant infrastructure and capital for entrepreneurship. Addressing systemic issues and market demand simultaneously is ideal for investors and impactful solutions.
[00:50:40] Customer traction is what attracts investors, as evidenced by Tesla's early roadster sales. The first domino is important in starting a movement. Real product managers wear sneakers according to Steve Blank.
[00:54:21] Connect with Aikido Labs through job section, LinkedIn, or email. Spread the word and amplify their impact. Thanks to Sean for being on the show.
Key Quotes
Social Impact and Technology: "I think just at a very early age was, you know, inspired by people in our family, particularly women that were working in service and usually in service towards helping people thrive in ways that were meaningful to them."— Prashant Samant
The Potential of Data to Address Social Disparities: "Data can be used as a force to either deal with things in a more pressured manner or change dramatically change the cost structure around things."— Prashant Samant
"Is Y Combinator overhyped?": "It is one of the most incredibly intelligent communities that I've had the pleasure of being a part of."— Prashant Samant
Lessons for Every Entrepreneur: "I think a lot of people still think about creating a business or their first pitch as articulating this pitch. And if the pitch is good, then I'll get funded. But it you know, what it what I I I think it really comes down to is showcasing really concrete evidence that your thesis is working."— Prashant Samant
Homelessness and Healthcare: "Their life on the, you know, once become once someone becomes chronically homeless, their life expectancy, I think, got something like forty one years old. That's without a keto."— Prashant Samant
On Scaling Akido Labs: "Akido's goal is to get to over a million patients by the end of next year and 5,000,000 patients by the end of 2025."— Prashant Samant
The Importance of Mission: "If you don't have a mission, it's difficult to attract talent anymore. I think that there's particularly this new generation of grads. They really want to feel like they're time is being spent on something that matters."— Prashant Samant
Entrepreneurship Advice: "There's no reason why you can't drop what it is that you're doing right now and start working on solving a problem that you find meaningful in the world. There is the best time ever to be an entrepreneur."— Prashant Samant
The Importance of Traction for Early Stage Investors: Real product managers wear sneakers."— Prashant Samant