John Huley, CEO of Novoject, wants to make your next dental experience pain free. His company holds patents to and manufactures the Numbee, a device that quickly and effectively delivers dental anesthesia without the pain caused by needles and eliminates numbness of the face. Huley is an experienced executive and serial entrepreneur in the medical device space, previously helping launch OnPharma and serving executive roles with medical device firms in the dental, imaging, and cardiology sectors.
This time around, he's leading up Novoject's successful launch in the dental arena. "We have about 500 dental practices already using the product," he said. "And we have done zero paid advertising. This has all been from word of mouth." Huley's strategy is to educate key thought leaders on the benefits of his product and leverage their industry influence. "We're building infrastructure with key opinion leaders now and attend about two dental conferences each month," he said. “We’re generating enough monthly sales revenue to pay our bills”
Novoject 3D prints all its proprietary NumBee tips and sells it only online and at dental conferences. "We're very lean right now," Huley said. Though Novoject is lean, that doesn't mean it is any less successful. The company is raising money now to grow. They are offering 3 year convertible notes at 9.5% in six, as needed, traunches of $500,000 each. The minimum investment is $25,000.
This serial entrepreneur urges others not to underestimate the value of time. "It always takes two to three times the amount of time to get where you want to go and overcome the hurdles in your way," Huley said. "Don't skimp on the money you're asking for because you don't always want to be looking for money. Be reasonable, forecast effectively and make sure that you have your key milestones outlined. Finally, seek the advice of the people you've engaged along the way."