We’re chatting with Novy Partner, David Tominsky, to learn about his role as a venture studio co-founder and area entrepreneur. 

David leads the first two stages of Novy’s six-stage process to rapidly (and effectively) build healthcare software companies, Ideation and Validation. He’s also incredibly active in his local community serving as Entrepreneur-in-Residence for his alma mater, Coe College, teaching at area universities as a visiting professor, and holding a leadership seat on the Cedar Rapids school board.

In this interview, we’ll be covering what inspired him to launch Novy alongside Eric Engelmann and Krista Martin, his advice for entrepreneurs considering creating their own studio or startup, and the ways he’s fostering innovation in students and leaders throughout the region.

Ready to hear more? Let’s jump right in.

What drove you to build a venture studio like Novy?

Eric and I had talked about the venture studio model a few years ago, but it was our trip to Morrow’s annual conference in San Diego that really put us on the path to figure out what a Midwest venture studio could be. Krista was getting dialed back into the entrepreneurial community and she was the catalyst that gave this idea a real chance to work.

The gap in the market exists between educational support and venture capital. Back in 2014, there were no accelerator programs in Iowa. Today, there are too many to count. But the leap from those programs to venture backing can be insurmountable for many and we believe a venture studio can start to solve for that.

What has been the most unique thing you’ve noticed about being at a venture studio vs. a traditional startup?

Novy thinks and acts like a co-founder from day one. We’ve designed our company with a process that delivers value along the entire lifecycle with the opportunity to vet Idea Generators all along the way. It’s definitely an all-hands-on-deck approach.

How would you describe the team and culture at Novy?

When we worked as a team to define our culture, the words curious, driven, collaborative, innovative, and authentic all resonated with us. Our work requires us to dig deeper to make sure we are solving a meaningful problem in a new, innovative way and it’s extremely important that we trust each other to put in the hard work every day to achieve that outcome. 

What’s one insight worth sharing from the early days of Novy?

When you surround yourself with extremely talented people with complementary skillsets, it really feels like you can conquer the world. Having a clearly defined goal and the right people on the team that believe 100% in the mission, there’s really no limit to our potential.

What’s the best part of your role?

I’m the luckiest guy in the world to be doing what I love. Leading a team and setting the direction for how Novy approaches the first two stages of our process is critical to our success. To be trusted with that work speaks volumes. 

Any advice for someone just getting started in the entrepreneurial / startup space?

Vulnerability early on is hard, but essential. A lot of entrepreneurs are seeking some form of validation for their idea but the most important thing you can learn is how your idea needs to change to achieve market success. If everyone around you is telling you how awesome your idea is, it might feel great, but it’s usually a sign you need more critical people in your network.

What are you most excited for over the next 6 to 12 months of the studio?

I’d have to say that I’m most excited for Novy’s first portfolio company to launch. We’ve received 100+ interesting healthcare ideas in a variety of focus areas from Idea Generators all over the U.S. A select subset have progressed onto Novy Ideation and Validation as we narrow in on which may be the right fit for our studio.

What are your hobbies and interests outside of work?

Anyone that spends much time around me knows I love music and experiencing live music is high on my list. I also enjoy cooking and experimenting with ingredients. I’ve been messing around with super hot peppers lately.

Do you have a favorite book or album you’d recommend?

Too many to list but I’ll give you a couple. A book that really helped frame my mindset early on was The Power Of Nice: How To Negotiate So Everyone Wins by Ronald Shapiro. An album I found about a month ago driving back from Alabama was White Lighter by Typhoon. I bought the vinyl off Discogs when I got home.