QuantuMDx is a life sciences tools and diagnostics developer founded in the North East in 2008. Jonathan O’Halloran, Founder and CEO, explains what prompted him to start the business and shares advice for other entrepreneurs.
What are the circumstances that prompted you to start your own business?
I had been working in a pathology lab and was given the responsibility to set up an Allergy and Immunology lab under the umbrella of the main laboratory. I took it from an empty room, through accreditation and onto winning national and NHS contracts in under a year. I guess the business bug bit me then, as I saw our lab make a ton of money for the hospital group, but my salary negotiations always left me feeling unfulfilled. I decided I was ready to set up a company on my own and researched and researched it to death. I eventually set up my first company and am now onto my second, QuantuMDx.
What are the benefits to being your own boss?
Well like everything in life, there are both pros and cons. However, having freedom is the best aspect. I also love the responsibility to drive the company forward and perversely I thrive on knowledge that my decisions ultimately decide the success of the company and its technology. I am sure it’s not for everyone, but for me it’s the best bit of the job.
How did you manage risk and what business support did you access to get up and running?
As an entrepreneur I am more adept at dealing with the negative aspects of risk, but I always weigh them up carefully to ensure any decision is based on solid research and good data. However, sometimes you just have to go with your gut and the experience you have amassed in the industry over decades.
What would you say to others considering a new business launch right now?
You need to know your industry inside and out. You need to have researched your market segment thoroughly and KNOW that your approach is right. Just having a good idea is not enough. There are going to be hundreds of people to tell you that you are wrong and that it’s not going to work, so in the face of all that negativity, if you KNOW, then you will get through the hard times and will succeed. Also, bring on people you trust, those who share your passion and are willing to put in the hard hours that successful execution will demand. It’s not easy, but it’s extremely rewarding with hard work and total dedication.