Posted: January 18, 2021
Edmonton-based RxStat has grown dramatically throughout the pandemic. The company went from working with 10 pharmacies to now working with more than 30 pharmacies in Edmonton and recently expanded into Vancouver.
As part of the TEC Coach program, RxStat’s advisor assisted with the expansion by advising in all areas of the business including:
- What was working in Edmonton
- The types of pharmacies RxStat should be working with
- Culling pharmacies that were not adding value
- RxStat’s value proposition and refining it
- Why Vancouver would be a good market to test expansion
- Attracting potential advisors with experience in the pharmacy space
The company’s success can also be significantly attributed to the hard work and dedication of the entrepreneur, who, with the mentorship of the TEC coach did all of the heavy lifting. RxStat founder, Hasnain Raza, raised an investment from a local angel while the TEC Coach helped him understand and negotiate the deal terms. The TEC Coach helped him understand what VC investors would be looking for in the future should he decide to go down that path.
“TEC Edmonton’s support program has helped me a great deal as an entrepreneur, both personally and professionally, growing my business skills and decision making, seeing things from a different perspective. Our TEC Coach is a great mentor, with tons of knowledge and expertise. The expert advice and suggestions provided by TEC Edmonton helped us secure funding, new contracts and expansion in different markets. I would highly recommend the TEC Edmonton TEC Coach program to all entrepreneurs and startups in Edmonton.”
– Hasnain Raza, Founder, RxStat