Purpose-Driven Building: Insights from MedTech Founder Sharmila Sriram

In a recent session hosted by Altitude Accelerator, Sharmila Sriram, founder of Spectrum Medical Diagnostics and Results+, shared valuable lessons on the principles of authentic connections, strategic scaling, and entrepreneurial resilience in navigating the startup landscape. Sriram founded Spectrum Medical Diagnostics in 2008 with a mission to enhance patient care through technology, driven by her personal experiences with health challenges.

Sriram’s journey began with a life-altering diagnosis of a rare autoimmune disease, which deepened her understanding of the healthcare industry's gaps and needs. This motivated her to develop solutions aimed at making patient care faster, more accessible, and personalized. Spectrum Medical Diagnostics specializes in Point of Care (POC) testing solutions, including products for rapid HBA1c, Vitamin D, and various infectious diseases. Sriram's personal struggles equipped her with the empathy needed to identify unmet needs in the diagnostic sector.

While many may wait for the "perfect time" to launch a business, Sriram took a proactive approach by starting Spectrum during her maternity leave while still employed full-time. She leveraged her existing relationships and reconnected with former clients to secure initial contracts, emphasizing the importance of personal connections in business. Her conservative growth strategy included careful hiring, outsourcing warehousing, and minimizing overhead costs, thus reducing risk as she scaled the company.

Sriram's methodology underscores the significance of intentional scaling. By prioritizing a small, efficient team and using independent contractors, she managed to maintain high functionality while recognizing the necessity of delegation for sustained growth. Additionally, her representation of Canada in global trade missions led to partnerships in markets like Taiwan and Vietnam, further extending Spectrum’s reach.

Listening to customers is paramount for Sriram. Through her experiences, she realized that many clients were still managing test results manually. This insight led to the development of Results+, a patient management platform launched in 2024 to streamline data management in healthcare. The platform focuses on improving patient empowerment and efficiency in diagnostics, particularly in the light of challenges highlighted during the COVID-19 pandemic.

Partnerships are essential in the startup ecosystem, and Sriram is a proponent of a people-first approach. She utilizes Customer Relationship Management (CRM) systems to remember client interactions, fostering loyalty through honesty and transparency. She acknowledges that telling the truth—even when it’s not favorable—strengthens client relationships, a vital aspect of retention in an industry where trust is crucial.

Sriram advises early-stage entrepreneurs to leverage available resources, such as advisory services from organizations like Altitude Accelerator, for strategic insights and guidance. Reflecting on her journey, she wished she had sought help sooner, underlining the value of mentorship and support systems for navigating the complexities of the startup landscape.

Looking ahead, Spectrum Medical Diagnostics continues to innovate with AI integration into Results+, enhancing predictive diagnostics and data-driven workflows. Sriram envisions collaboration across various healthcare sectors—pharmacies, clinics, hospitals, and beyond—to create a proactive future in health management that alleviates system burdens and improves outcomes.

Ultimately, Sriram inspires aspiring entrepreneurs by demonstrating resilience and the need for meaningful connections, reflective problem-solving, and the continuous pursuit of improvement in service delivery within healthcare. As startups like Spectrum Medical Diagnostics illustrate, the fusion of passion, experience, and collaboration fosters significant advancements in patient care and public health.