Student Entrepreneur Spotlight: Ethan Steininger

Thu, 10 Jul 2014 10:20:57 -0400
abce, cbic, comparedcare, happ, is, steininger, techstartups, umbcentrs

In addition to being one of the winners of the first annual CBIC Competition, a senior with majors in Health & Public Policy and Information Systems, Ethan Steininger, Compared Care CEO, has been getting a lot of attention.

Compared Care was a featured presenter at this week's Tech Breakfast in Columbia and was just highlighted in a Technical.ly Baltimore article.

Recently, we sat down to discuss his company and to get some words of wisdom from Steininger.

1. Tell us a little about your company, and what makes your business

unique?

High medical bills are the leading cause of personal bankruptcy in the U.S. A primary cause of this is the lack of price and quality transparency in the medical industry. Two providers in Maryland can charge significantly different prices for the same procedure with the same quality of care. Patients typically do not know the cost or quality of a procedure until after they receive the bill.

A better, more transparent way to shop for healthcare is clearly needed.

With Compared Care, you can research your procedures before committing, in order to make more intelligent medical decisions. We take into account the user's required: proximity, budget and quality of care to find the most suitable procedures conducted by the best providers.

2. Are there classes on campus that have helped you the most?

Compared Care is a coalition of many experiences throughout my academic career. From the managerial aspect learned from IS 300, to the user interface and user experience concepts learned from IS 303, there hasn't been a single most important class.

Many of my Health Administration courses have made me more aware of this price/quality disparity, and the need for my proposed solution.

My Entrepreneurship class gave me the push to pursue my idea, as was facilitated by my professor's insight.

3. What are some resources that have helped you the most?

(Magazines, Books, Websites…)

The 4-Hour Work Week is a must read for any aspiring entrepreneur, it teaches you how to efficiently use your time in order to work on the most important things.

Dale Carnegie's classic: How to Win Friends and Influence People should be read by anyone who seeks to communicate with anyone on a professional level. When showcasing and presenting my start up, the skills learned from this book are essential in order to draw my audience's attention.

4. What is the toughest decision you have had to make in the last 6

months?

Whether or not to delay my graduation.
I decided I would not cram my final course into this last semester because it is arguably the most time consuming.

5. What advice would you give other student entrepreneurs?

Don't be afraid to share your idea. Too many aspiring entrepreneurs are so afraid of sharing their idea for fear of somebody stealing it, but their are many myths to this.

1. Anyone your sharing with probably has more important things to do.

2. Idea is arguably the least important component of a successful business. Execution is all that matters (Look at the Snuggie and Pet Rock)

3. Getting your idea out there allows for more expansive critique, which is your most valuable asset at the start up stages.

4. Marketing is essentially sharing your business (which is imperative), so you have to start somewhere which brings me to the next and easiest starting point:

Get a Landing Page now!!
Have an idea? Register a domain, get a landing page up, collect emails, start an email list, and survey your list, but do not spam.

Reach out to Ethan & Visit the Compared Care Website to learn more.