Teleskin Ltd. is a producer of hardware and software solutions for biophysical skin diagnosis. Such products are applied especially for early diagnosis of skin cancer. The relevance of early stage diagnosis in this area has increased sharply during the last 50 years. Early-stage diagnosis helps to reduce skin cancer risk. Teleskin was founded in 2007 and employs 8 people. It now plans to establish a network of early diagnosis centers in Serbia. Teleskin was incubated at the Business Technology Incubator of Technical Faculties in Belgrade, Serbia.

This interview was carried out with Sava Marinkovich, Director of Teleskin, in June 2009.

Is this the first company that you have started, and what drove you towards it?
This is the first company and it was really a unique opportunity to make a positive impact in peoples' lives and build an entrepreneurial startup. I had participated in a number of entrepreneurial contests previously, and had learned greatly from the process.  I was fortunate to know some great co-founders and I also had a very supporting mentor (and boss) from my previous job who encouraged me by saying, “if you don’t give it a try, you’ll never know and always ask yourself, ‘what if?’”.

How did you finance your start-up operations and how long did it take for the company to become self-sustainable?
We initially started with angel investors and then moved to professional investors.  We're still in our equity phase of financing, but plan to go to market shortly.  We hope to become self-sustainable by mid-2010.

What are your major products and services and how are they unique? What is your competition?
Teleskin develops hardware and software for medical practitioners to improve patient outcomes around melanoma and other skin cancers and concerns. Melanoma is one of the fastest growing cancers in the world and is the #1 cancer among women 25-29 years olds and the #1 cancer killer of women from 30-34 years old. Melanoma is also one of the deadliest, yet one of the most preventable cancers if diagnosed early enough. We have a highly accurate system with a unique approach to providing highly accurate diagnosis.

How did you first launch the product?
Through a Ministry of Science project in Serbia. As part of our research, we partnered with several major clinics across Serbia to give medical practitioners the tools for a fast and accurate analysis of their patients. We were happy that the Ministry saw the potential of our project and gave us the means to pilot our systems.

How do you measure the success of the company?
In three major ways:  First, we measure whether and how we are creating value for our customers - in other words, do we provide a useful tool to help detect Melanoma early. Second, we measure the impact that we create for all our stakeholders, including the shareholders, community, and customers. Finally, we measure whether Teleskin as a company provides a place to learn and grow for its employees.

Who are your clients and how many do you have? How are you focusing on expanding your user community?
There are currently 7 public and private medical centers in Serbia who have installed our systems, as part of the Ministry of Science. We already have strong interest once the project is underway and have a solid word-of-mouth within potential end-users.

Are you planning to patent your product and do you see any obstacles in doing so?
We are constantly looking at intellectual property protection and are in the process of filing several patents.

What was the biggest challenge in starting an innovative business in your country and how did you overcome that?
For Serbia, the main challenge was in convincing people that we could actually make a difference.  Serbia, at the time, was still coming from a period of sanctions, bombing, and limited investment. Moreover, the concept of a high-tech startup was very foreign, especially around risk-capital, cost-management, and focus on specific deliverables. Our challenge was to recruit people who believed in the vision and who had the wherewithal to accomplish it.

Who are the shareholders in your company?
Our founders and investors are from both Serbia and the USA, and span a wide range of experiences. We initially bootstrapped ourselves, then gradually sought angels and other founders.

How have you benefited from business incubation?
Our incubator has really helped us navigate the local Serbian funding and government dynamic.  There are many nuances to the Serbian market and regulatory environment and the staff has been extremely helpful in gaining visibility into activities. Additionally, there has been very good visibility in spreading our message that we could make a difference.

Do you have some specific lessons that you know now and wish you would have known when you started your business, and which you would like to share with fellow entrepreneurs?
Focus milestone by milestone on small wins.  You can gain momentum very quickly.

How do you plan to internationalize your product and if so, how?
We’ll first look towards making an impact in the Serbian market. We’d like to look at other markets eventually, but for now, we’re focused on making an impact here.

With hindsight, are there any particular lessons or messages that you wish you would have known when you started up your company?
Things always take longer that you expect in the beginning. Development timelines always have unseen risks, so plan for worst case timelines and manage expectations.

Do you feel that you had the necessary advisory and support network when you started your company?
Yes,  we’ve built a solid board of advisors and are continuing to expand it as the company and needs grow. It’s one of the most important elements in helping guide us towards success.

What is your message to funders/supporters and what is your message to the users of your product?
To our funders/supporters, we really appreciate the confidence and opportunity to make Teleskin a success. To our users, melanoma is one of the most preventable cancers if diagnosed early.