From Startup Failure to $1.2B Success: Erica Rogers on Culture, Resilience and Failing Fast
In Season 1, episode #2 of No Spotlight Needed, host Sheetal Prasad sits down with Erica Rogers, board director and former CEO, to unpack the real story behind building and leading in MedTech, from her early career at Boston Scientific, to founding startups, navigating a company failure, and scaling Silk Road Medical through the public markets.
Erica shares what it’s actually like when a clinical trial fails, how to lead a board to the hard decision to shut the doors, and why culture is not a poster on the wall, it’s a daily practice. She also explains the CEO reality nobody trains you for: making big calls with imperfect information, managing strong board personalities, and staying focused on building value.
You’ll also hear the origin story of “Cartwheel Culture”, the framework Erica used to build a team people loved waking up to be a part of.
Timestamps:
Early Career and Upbringing (00:01:01) Erica’s childhood in San Diego, artistic background, and early influences.
Big Company Training at Boston Scientific (00:03:12) Value of large company experience and cross-functional training.
Transition to Entrepreneurship (00:04:51) Leaving Boston Scientific, being recruited, and the decision to pursue more impactful work.
Entrepreneur in Residence and VizioJen (00:06:36) Role as entrepreneur in residence, partnering with Reza, and founding VizioJen in ophthalmology.
Starting from Scratch and Early Startup Roles (00:08:08) Challenges of starting a company, learning new fields, and handling all responsibilities in a small team.
VizioJen’s Exit and Personal Decisions (00:10:35) VizioJen’s $400M exit, personal reasons for leaving, and desire to start again.
Founding Alex Medical and the Challenge of Failure (00:11:24) Formation of Alex Medical, novel ENT devices, and the excitement of new interventional procedures.
Clinical Trial Failure and Company Closure (00:13:41) Failed clinical trial, economic downturn, and the difficult decision to shut down Alex Medical.
Aftermath of Failure and Lessons Learned (00:16:40) Emotional impact of failure, value of company culture, and support from the team during wind-down.
Navigating Doubt and Nonprofit Work (00:17:41) Dealing with founder doubt, working at Medicine360, and redefining success after failure.
Joining Silk Road Medical (00:20:17) Recruitment to Silk Road, initial reluctance, and the principle of failing fast.
Silk Road’s Early Culture and Team Rebuilding (00:22:36) Poor initial company culture, tough decisions, and rebuilding the team with a new vision.
Hiring Strategy and Paradigm Shifts (00:25:16) Prioritizing talent, bringing in new perspectives, and the importance of domain expertise in key roles.
Managing a Hands-On Board (00:29:14) Challenges of a strong, involved board, and learning that the company belongs to shareholders.
IPO vs. Acquisition Decision (00:32:31) Weighing public offering against selling, emotional and practical considerations, and the drive to change medicine.
Life as a Public Company CEO (00:37:10) Shifting responsibilities post-IPO, increased focus on investor relations, and reliance on a strong team.
Reimbursement Challenges and Market Uncertainty (00:38:40) CMS reimbursement changes, market confusion, and the impact on Silk Road’s growth outlook.
Retirement Decision and Succession (00:41:28) Achieving full coverage, planning retirement, and the optics of CEO transition amid business uncertainty.
Reflecting on Silk Road’s Success (00:45:27) Boston Scientific’s acquisition, public perception of her exit, and pride in the company’s achievements.
Cartwheel Culture and Company Values (00:46:22) Origin and meaning of “cartwheel culture,” its impact on team spirit, and embedding values in daily work.
Next Chapter: Board Work and Personal Goals (00:50:23) Life after Silk Road, board roles, mentoring, community building, and pursuing personal passions like piano.
Closing Remarks (00:52:14) Final thanks, reflections on impact, and advice for future entrepreneurs.