Podcast Summary: The Unshakeables – Episode: Bionic Breakthrough: Psyonic
Introduction
In this compelling episode of The Unshakeables, hosted by Ben Walter of Chase for Business and featuring co-host Kathleen, listeners are taken on an inspiring journey with Dr. Adil Akhtar, a PhD student turned entrepreneur. The episode delves into the creation and evolution of Psyonic, a groundbreaking company dedicated to developing affordable and durable prosthetic hands. Through a series of unexpected challenges and breakthrough moments, Adil's story exemplifies the resilience and innovation that define The Unshakeables.
Background: Adil’s Early Inspiration
The episode begins with Adil Akhtar's early life experiences shaping his career path. As a seven-year-old during a family trip to Pakistan in 1994, Adil encountered Juan, a young girl who had lost her leg and was using a tree branch as a crutch. This profound experience ignited his passion for medicine and prosthetics.
Adil Akhtar [03:22]: “I wanted to become a medical doctor to work with patients with limb differences and get them prosthetics.”
His dedication persisted through college, initially focused on medical school until a serendipitous computer science class piqued his interest in engineering and prosthetic design.
Encounter in Ecuador: Testing the Prototype
Adil’s journey took a pivotal turn when he was invited to Quito, Ecuador, to test a prosthetic hand prototype in collaboration with the US Embassy and the nonprofit Range of Motion Project. Accompanied by Ben Walter, Adil faced immediate technical hurdles.
Ben Walter [00:27]: “We don't have anything working, but we figure we're going to be there for two weeks. We'll figure it out when we get there.”
Upon arrival, they received unexpected attention from the US Embassy, leading to a high-stakes demonstration for international media. Despite a week of intensive preparation, the initial demo was fraught with technical failures, including malfunctioning algorithms and a burnt-out battery.
Ben Walter [01:32]: “Oh my goodness, what else could go wrong?”
Challenges and Unexpected Hurdles
The morning of the demo was tense. A critical software bug was identified just minutes before the presentation, saving the demonstration at the last second. However, another setback occurred when their patient, Juan Sukiyo, failed to appear on time, jeopardizing the live demo. Upon finally meeting Juan, they encountered a severe hardware issue with the prosthetic's power supply.
Ben Walter [10:56]: “We go through this two-minute training procedure with Juan, he holds a pinch for 15 seconds, fist for 15 seconds... and nothing happens.”
In a moment of resilience and perhaps divine intervention, Ben’s swift action to replace the faulty battery allowed the prosthetic hand to function correctly during the live demonstration.
Ben Walter [12:15]: “I hit the reset button on the system, and this time I ask him to close it. And it actually closes. I take a step back. A huge sigh of relief.”
Juan’s emotional response underscored the profound impact of their work, transforming what could have been just another technical failure into a life-changing success.
Founding of Psyonic: From Academic Pursuit to Commercial Venture
Moved by Juan’s experience, Adil realized the necessity of commercializing the technology to make it widely accessible. This epiphany led to the birth of Psyonic, transitioning from an academic project to a mission-driven company.
Ben Walter [13:11]: “I realized that if I stay in academia... if we want everyone to feel the same way that Juan did, we had to commercialize this technology.”
Development and Innovation: The Ability Hand
Psyonic’s journey was marked by both triumphs and tribulations. After winning initial seed funding and facing fundraising challenges, they secured a crucial grant from the National Science Foundation, providing a lifeline to continue their work.
Relocating to San Diego, a burgeoning health tech hub, Psyonic focused on customer discovery and intensive research and development. Their perseverance led to the creation of the Ability Hand, a five-fingered prosthetic with six motors, capable of rapid and precise movements.
Ben Walter [19:04]: “This is the fastest bionic hand. They close in 200 milliseconds. And to put that in context, we blink our eyes in about 300 milliseconds. So the fingers are actually closing in like faster than the blink of an eye, which is just crazy.”
The Ability Hand's durability was a significant advancement, capable of withstanding physical impacts and everyday wear, addressing a primary concern among prosthetic users.
Mission-Driven Success and Market Impact
Psyonic's commitment to accessibility is evident in their business model. By pricing the prosthetic hands affordably and ensuring compatibility with Medicare, they created a sustainable and impactful solution for users.
Ben Walter [21:34]: “Medicare will usually pay something around like $31,000 for a hand like this. And so we sell the hand to the clinicians for about 15k to 20k and they're able then get reimbursed for Medicare and make a margin on that.”
The Ability Hand has been successfully deployed in over 200 patients and integrated by major organizations, including NASA and Mercedes, showcasing its versatility and reliability.
Technological Advancements and Future Prospects
Looking ahead, Psyonic is pioneering advanced prosthetics with features like osseointegration and microwire electrodes, enabling individual finger control and sensory feedback. These innovations aim to create a more natural and intuitive user experience, further bridging the gap between human and machine.
Ben Walter [22:08]: “What we're doing is we have a titanium implant that would go inside of the two bones in your arm and it comes out of your body... touch sensors, it can stimulate your nerves and make it actually feel like your hand that's no longer there.”
Resilience in Entrepreneurship: Overcoming Financial Struggles
The path to success was not without financial struggles. Psyonic faced near-bankruptcy after a failed crowdfunding campaign but rebounded with pivotal NSF grant funding.
Adil Akhtar [16:11]: “That summer, Sionic also applied for a National Science foundation grant and never heard back. The fall of 2017 was Psionic's lowest moment.”
This turnaround exemplifies the resilience and unshakeable determination central to the podcast’s theme.
Advice for Small Business Owners: Navigating Rapid Change
The latter part of the episode shifts focus to broader business insights, emphasizing the importance of adaptability in the face of technological and societal changes. Both Ben and Kathleen discuss the critical need for specialization, continuous skill development, and leveraging emerging technologies like AI.
Ben Walter [26:16]: “...small businesses can’t afford not to have the level of person that you really need.”
Kathleen [27:43]: “We are operating in uncertain times. And that is only going to likely accelerate and continue to take a bit.”
Embracing Technology and Future Opportunities
AI and data architecture are highlighted as key areas for small businesses to harness, offering opportunities for efficiency and innovation without the burden of legacy systems.
Ben Walter [28:02]: “Any AI is only as good as the data that it can consume. And one of the advantages small firms have is they don't have a bunch of legacy data around...”
Conclusion: Grit, Gratitude, and Purpose
Ben concludes the episode with heartfelt advice, emphasizing grit and gratitude as essential traits for overcoming challenges and maintaining a sense of purpose.
Ben Walter [32:31]: “To make it through a lot of the rough times, it takes a lot of grit and a lot of gratitude. I am incredibly grateful that I get to do what my dream was to do when I was seven years old.”
Final Thoughts
Adil Akhtar’s story with Psyonic is a testament to how passion, innovation, and resilience can transform personal experiences into impactful solutions. This episode of The Unshakeables not only showcases a remarkable entrepreneurial journey but also provides valuable insights for small business owners navigating the complexities of a rapidly changing world.
Key Takeaways:
- The importance of mission-driven entrepreneurship.
- Overcoming technical and financial challenges through resilience.
- The impact of accessible and durable prosthetic technology on users’ lives.
- Strategic adaptation and specialization in small businesses to stay competitive.
- Leveraging AI and modern technologies to drive business growth and efficiency.
Notable Quotes:
- Ben Walter [19:04]: “This is the fastest bionic hand. They close in 200 milliseconds...”
- Ben Walter [32:31]: “To make it through a lot of the rough times, it takes a lot of grit and a lot of gratitude...”
For more inspiring stories of The Unshakeables, stay tuned to future episodes where real small business owners share their unshakeable journeys.