From Lawyer to Drug Discovery Entrepreneur with Christina Barbato
THE RICHARD DRI PODCAST
SP Nutraceuticals Co-founder, Christina Barbato, joins me on the podcast this week. Once a lawyer working in downtown Toronto, Christina left her job to work full-time with her company, SP Nutra, which takes scientific discovery and transforms it into consumable products that can treat disease. In her role, Christina takes these discoveries through patent and trademark protection, hires consultants to work through formulations, regulatory approvals and clinical trials, and finds well-suited partners with a shared vision to deliver these products to the world.
Today, Christina discusses her transition from law to the drug discovery business, relates the story of SP Nutraceuticals and its work, explains their product Metavo, and details her company’s funding and investors. She also delves into how a company like hers is valuated, how they market and grow their business, their biggest challenge these days, and her advice for those thinking of following her example. Our conversation concludes with Christina’s vision for the next 5 years, how she saves, invests, and protects her money, and an explanation of the ‘rule of 72’.
From Lawyer to Drug Discovery Entrepreneur with Christina Barbato
Download the full transcript here
Highlights:
- SP Nutra started with Christina’s partner discovering molecules derived from food and plants that had a very specific effect on disease.
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In June of last year, they launched their first product, Metavo, an avocado based supplement that targets blood sugar levels.
- Christina’s first advice to those thinking of leaving their profession to become an entrepreneur is ‘save your money’.
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Christina puts money into RESPs for the kids, RRSPs for herself, the tax-free savings account, and extra payments on their mortgage whenever possible.
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With the rule of 72, if you take the number 72 and you divide it by a rate of return, it’ll tell you how long it’ll take for that money to double.
Quotes:
“These are just natural products that work. How is there not a market, and a place, and a space for this?”
“What we thought was really targeted to pre-diabetics, is actually more to anybody who has blood sugar levels as one of their issues.”
“We knew there was going to be a day where I would have to leave my job to run this company. And I was the one at the time making more. And so, again, it was just putting funds away knowing that we would need them.”
“What I did when I was young and going into my twenties, was really based off reading The Wealthy Barber.”
“I love the idea of having a goal in mind. Not that you have to stop there, but that you have it. I find it motivating.”
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Listen to more podcasts by Richard Dri:
Guiding Growth in Business and Life with Jayson Schwarz
Raising a Successful Family Law Practice with Sarah Boulby
Construction Law and Real Estate Investing with Josh Strub