Meet Niko Skievaski, Co-Founder & CEO at Althea:

Niko is the co-founder and CEO of Althea PBC, a software company supporting the regulated rollout of psychedelics. He is a serial entrepreneur and previous founded Redox, a healthcare technology company that raised $95M. His education is in economics where he focused on healthcare and entrepreneurship. He lives in Boulder, CO with his wife, two children, and family of mountain bikes.

Listen Up: Niko Skievaski, Co-Founder & CEO at Althea — Full Podcast Episode on Spotify

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Quick Read: Niko Skievaski, Co-Founder & CEO at Althea, Interview Highlight

I kicked off the episode with Niko Skievaski, delving into his new venture, Althea, which focuses on making psychedelic treatments for mental health more accessible and manageable through innovative software solutions. Niko explained how Althea aims to operate in the states of Colorado and Oregon, working closely with regulators to ensure the efficacy and safety of these treatments.

“We are hoping to push policy and drug discovery forward,”

he shared, highlighting the broader public health implications.

Market Potential and Expansion Prospects

Curious about the commercial viability, I inquired about the market size for regulated psychedelics in the U.S. Niko clarified that while the current market is small, with about 4,000 to 5,000 patient interactions in Oregon, there’s immense potential for growth.

“It’s not a very big market, but we’re hoping it grows. Psychedelics are a bright light in the space, showing far more effectiveness in clinical trials,”

he noted, emphasizing the need for real-world evidence to expand.

Building Althea and Early Milestones

Discussing Althea’s progress, Niko recounted how the company’s conception was unexpected, driven by dialogues with investors and collaborations with the University of Colorado. He revealed the organic development of their funding round, forming a team with past colleagues and emphasizing market penetration.

“We hope to learn a lot from the experiences people are having in Colorado and Oregon,”

he said, expressing optimism for future expansion.

Comparing Fundraising Journeys: Redux vs. Althea

Niko detailed the contrasts between fundraising for Redux, a healthcare infrastructure company, and Althea. Redux had a clear market model, while Althea navigates unknowns in the psychedelic space.

“I don’t know who my customers are or even if software is necessary,”

he admitted, highlighting the experimental nature of Althea’s journey. This underscores the importance of adaptability and a strong founding narrative to gain investor trust.

Leveraging Industry Experience and Building Investor Trust

I probed into Niko’s extensive healthcare tech background and its role in fundraising. He acknowledged that his experience in the industry was crucial, with investors placing confidence in his ability to navigate new ventures.

“It’s about 60% entrepreneurial trust and 40% industry knowledge,”

he explained, underscoring the significance of a strong track record.

Remote Work and Company Culture

Niko staunchly supports remote work, a principle he upheld both at Redux and now at Althea.

He advocated:

“It allows more work-life balance; hire people who don’t need micromanaging,”

He stressed the importance of periodic in-person meetings to build trust, likening them to filling a “trust bank” that sustains remote operations.

Advice for Aspiring Founders in a Challenging Climate

Concluding the conversation, I sought Niko’s counsel for founders navigating today’s fundraising landscape.

His advice was candid:

“If it feels really hard for a really long time, give yourself a break. Don’t spend years struggling; if it’s not working, it’s okay to move on.”

His words serve as a reminder that persistence should be balanced with personal wellbeing and market realities.

The dialogue with Niko Skievaski offered profound insights into the evolving landscape of mental health treatment and the intricacies of startup growth, reminding us that innovation and adaptability go hand in hand.