He Owns his Own Venture Capital Company
Today’s “Side Hustler Interview” is with Dr Navin Goyal from Columbus, Ohio.
Navin is the quintessential entrepreneur. After co-founding a mobile anesthesiology service called SmileMD, he’s also found the time to co-found a venture capital firm called LOUD Capital. Oh yeah, he also spends 40 hours a week practicing as an anesthesiologist.
In this interview you’ll learn how:
- SmileMD began by fixing a small dental problem
- he discovered the world of venture capital while pitching for investors
- growth is better with a team behind you
- we should think big and think global
Tell us about your side hustle
My side hustle consists of two things. One is a mobile anesthesia company that I co-founded in 2014 with two very close friends. We are all anesthesiologists who practice in the US and this specific journey is what awakened my passion to entrepreneurship.
My other side hustle which has essentially taken the lead for my main gig, is LOUD Capital. We invest in early-stage companies, provide global venture services, and offer investors a variety of alternative investments.
What is your medical background?
I went to the University of Chicago for my anesthesiology training and have been in private practice for 12 years. I have been Medical Director of Anesthesiology for 6 years at Dublin Methodist Hospital here in Columbus, OH.
Where did the idea for your side hustle come from and what gave you the confidence to start?
The idea for SmileMD was from a couple dentists who were asking for our anesthesia services at their dental practice. As we explored the opportunity and saw the need for it but lacking a more standardized solution on a larger scale, we moved forward to address the above.
Confidence for a few reasons. I believe having my two close friends as co-founders brought a level of trust that is hard to find. Also, all being anesthesiologists, we knew how to take care of patients but didn’t know the business aspect. It seemed less intimidating since we know the core competency of the service we were providing!
For LOUD Capital I was looking for help growing SmileMD, I met a bunch of great entrepreneurs and companies looking for help. We raised a small fund from my physician network and it opened a whole new level of gratification as well as opportunities on both the investment and investor side. If you overthink these things you won’t start or move forward. I think we have been pretty good at moving forward and not letting the unknown stop us.
What have been your biggest wins? What have been the biggest challenges you’ve faced?
Biggest wins- continuing to move forward. Some days are fantastic with new things happening and plenty of days there is no movement or just overall setbacks. This has happened in both my ventures but if you believe in your passion, keep moving forward. This is a daily test and I’ve come to embrace the unknown and the grit needed to continue.
How much time do you spend in clinical medicine and how do you keep things in balance?
I spend about 40 hours a week in clinical medicine and as much as 40 hours on LOUD Capital. Time is a precious thing and I look forward to shifting my time and efforts all on LOUD. I’m fortunate to have a large team and so we are able to continue growing aggressively
If you were starting back at the beginning what would you do differently?
What I would do differently-I would just keep my ears/eyes open earlier. Meaning when I went to college, I had laser focus on going into medicine. But I feel like If I was intentional about learning what other majors/subjects were going on I would at least appreciate the differences and what excited people about going down their pathway. So, keep my eyes open as well as ask more questions about their “why”
Finally, what is your best tips that you have for doctors who are pursuing a side hustle?
1. Everything takes longer and usually takes more effort or capital than anticipated-that is a different mindset than medicine where we know the long pathway/structure to follow.
2. I would say if you can do it with a team or another person it’s more ideal since you have a person/team to go through the obstacles with. There are many obstacles and it never hurts to constantly motivate each other and remind you of the why you started in the first place.
3. Think bigger/globally. When things aren’t going your way, realize there is a whole world of different economies/customers/people outside of your borders that may help accelerate your idea/business/thought process. We are doing this at LOUD and the global economy is exciting.
About Dr Navin Goyal
Navin is an anesthesiologist who has been practicing for over 10 years in a large hospital and ambulatory-based practice. He is a co-founder of SmileMD, a mobile anesthesia company that is providing more access to care as well as the co-founder of LOUD Capital. He brings his leadership abilities with optimism, passion, and is always seeking opportunities with win-win scenarios. His family, his yoga, and his outlook on life is what amplifies him.
Find out more about Navin here:
Website: www.loud.vc & www.smilemdsedation.com
Facebook: www.facebook.com/LOUDCap
LinkedIn: LOUD Capital and Personal
