Fridays in the Idea Accelerator with UIF: Frank Minella with PainQx

This past Friday, the ICE Institute partnered with the Uncommon Individual Foundation to feature serial entrepreneur Frank Minella, CEO of PainQx, for Fridays in the Idea Accelerator. Frank spoke to his current experience in leading a life sciences startup and shared with the audience his startup perspective gained from over 20 years’ experience as an entrepreneur.

Nearly one-third of all Americans suffer from chronic pain and medical professionals currently rely on the archaic, subjective system of patient self-report to determine to what degree a patient is suffering. PainQx, a neural-analytics SaaS platform, seeks to solve this issue through providing medical professionals with an objective measurement of a patient’s pain state.

An EEG device is initially used to scan a patient’s brain, and this information is then sent to PainQx where the data is passed through the platform’s algorithms to arrive at an objective pain score. PainQx is currently used in clinical research to reduce clinical trial costs and risks and to increase the reliability of clinical data. Once the platform receives FDA approval, it will reach the physician market where it will be used in hospitals and pain centers to help physicians accurately prescribe treatment and prevent opioid abuse.

Through his experience at PainQx, Frank demonstrated what he shared with the audience as his startup perspective. According to Frank, successful startups must identify a unique, big problem that addresses an unmet need that is of deep significance. The startup then needs to develop a best-in-class solution and prove to investors how this solution is going to be profitable. Frank stated that startups need to first embrace the risk inherent in starting a new venture, identify a strong leader and core team, plan, execute and then persevere. His advice to budding entrepreneurs is to jump out the door and just start doing. He stated that there is no substitute for action.

Frank is part of UIF’s Entrepreneur Mentoring Program, which provides entrepreneurs with business development assistance and mentorship, enabling them to better assess opportunities and challenges. UIF also sponsors the Entrepreneur Associate Program where undergraduate students work directly with entrepreneurs to grow their businesses. For additional information on how to apply for their spring internships, check out this page. Be on the lookout for additional programs with UIF coming up in the spring.