No pun intended, but dreams really do come true. That’s Priya Bhutani’s motto right now and she’s sticking to it.
Her startup, RegDesk, which aims to connect life sciences companies with in-country regulatory consultants, was recently accepted into the DreamIt Health Philadelphia program. The program provides funding and mentorship to health IT companies tackling real-world healthcare problems.
Bhutani — who moved to Bear, Del., a few years ago by way of Chicago — is the CEO of the four-person startup, which is currently based out of the University City Science Center at 3401 Market St., Philadelphia.
She, along with two developers and a business partner, founded the organization in March after taking the idea to Startup Weekend Health Philadelphia.
“It’s the first time I tried something this large in scope,” Bhutani said. “I’ve always been an entrepreneur, but I’ve never been part of an accelerator. It’s turning our consulting industry upside down.”
After presenting at Startup Weekend, Bhutani met with potential RegDesk users to learn more about what clients and customers actually needed in the marketplace.
Bhutani and her team received positive feedback about RegDesk. The result: an ecommerce platform marketplace for a regulatory niche — and the courage to apply to the DreamIt program. RegDesk was selected for the 2014 class earlier this summer.
RegDesk, which launched in beta just last week, provides a platform for healthcare organizations and professionals across the globe to acquire newly created medical devices and pharmaceutical supplies.
Here’s how it works:
Users fill out a form outlining their expectations and needs. Within 24 hours, experienced consultants, both in the U.S. and abroad, respond with information and options. RegDesk also tracks each project and only pays consultants once the project is completed. The platform also handles the payment process, which can be complex when dealing with foreign currencies. Bhutani said consultants are paid in their local currency.
Since the official launch, RegDesk has acquired four clients and about 50 users, Bhutani said. The organization will likely look to hire additional staff in the future, but hasn’t set its sights yet on a permanent location.
“It truly depends where we receive additional funding. I’m not aware of all the funding accessible in Delaware yet,” Bhutani said. “I know Delaware is really growing and really supporting the startup community and we’ve seen progress in the last few years.”
RegDesk is now working toward Demo Day on Oct. 30 — a session where DreamIt companies present their work to hundreds of investors, some of whom have mentored the nine participating organizations along the way.
“The mentorship has been incredible,” Bhutani said. “Very few programs have VCs available to you. We can go to them for anything from petty discussions to full-fledged topics. They go above and beyond, answering emails in the middle of the night. It’s been extremely valuable.”