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Success Stories: Nano PharmaSolutions

Dr. Kay Olmstead founded her drug delivery technology company in 2019 with her 30 years of experience as a pharmaceutical scientist. “I put everything I learned into this one company, and due to COVID I had to pivot and move our company to San Diego from South Korea where I started.” The doctor says she didn’t know much about running a business: “I was a good scientist but not much of a businesswoman.” That’s when she cried out for help, she adds. The SBDC came to the rescue with advisor Jennifer Garvey, who became Kay’s coach, advocate, and friend. “I could not be here today without her,” Kay summarizes.

When the scientist first came to the SBDC, she didn’t have accounting books and was using an Excel spreadsheet. Jenn encouraged her to get professional, affordable help. Kay’s team is now using QuickBooks and is streamlined for tax filings. The company also didn’t have a website. Jenn persuaded Kay to have a professional site, “so that we will have a face to the world,” Kay shares. Kay was proud to add they now have a content-rich site with well over 1,000 hits.

From webinars on cybersecurity and marketing to weekly advising, the Nano PharmaSolutions team is learning and growing. Jenn meets with Kay to track progress as well as encourage and challenge the businesswoman. The company also became a competition finalist recently and worked toward a large pitch with the San Diego Angel Conference as well as other avenues to strive for gaining millions in seed funding.

The founder encourages entrepreneurs to not hesitate in reaching out to the SBDC. “You’re wasting your precious time and your company’s chance. Ask for help, and the people in SBDC are there for us entrepreneurs, and they love to help us, and they get such joy out of seeing us grow and being better.”

Watch the video success story!