Will This High-Tech Device Improve the Health of 18 Million Americans?

When I spoke to Len Liptak, founder of ProSomnus Sleep Technologies, about his company’s work and accomplishments, he was bristling with confidence.

There was no hint of arrogance or superiority, but rather a firm belief in his team’s abilities and the positive contributions they have made in manufacturing devices to combat Obstructive Sleep Apnea.

From the outside, this confidence is well-founded. ProSomnus has been recognized by INC. 5000 every year since 2019, which they accomplished within three years of the company’s creation in 2016.

Liptak was confident that the market would support a thriving business, his people had the talent and drive to succeed, and that his business model could garner outside interest and investment.

Happiness Consists of Getting Enough Sleep

With roughly 18 million Americans diagnosed with some form of Sleep Apnea, nearly 1 in 15 people directly suffer reduced quality of life from this disorder. This doesn’t mention the countless friends and family members that are also affected secondhand.

It is a problem that is personal and prevalent throughout society. I myself, have family members that are dealing with sleep apnea. This fact led Liptak and the health industry at large to accept sleep disorder treatment as a reliable and untapped market.

Now, the question was, did Liptak have the means to capitalize on it? After a quick look into his background, I found so many accomplishments, I could make a list. Just to show that’s not hyperbole, here it is.

He was named a top executive by ExecRank in 2012 and 2013 while president of the very successful MicroDental Laboratories, scaling the company at three times the industry average.

While working at the 3M Company, he earned the Golden Step Award, The Circle of Technical Excellence Team Award, and the Global Sales and Marketing Leadership Award.

In every position he’s held, his ability to develop new, award-winning products and his capacity to market and sell these products made him exceptionally fit to jump into the treatment of sleep apnea via the medical appliance.

The environment and his power to weld it gave Liptak the confidence to sell MicroDental Laboratories to the Modern Dental Group and start a new journey with ProSomnus.

“Talent wins games, but teamwork and intelligence win championships.” - Michael Jordan

When I asked Liptak what his secret to success was, he said, “Having people that understand the science.”  He elaborated on the topic, referring to the science of sleep apnea, the science of material construction, and the science of information technology, just to name a few.

Everyone on his team is intimately knowledgeable of their field and their contribution to the company and its mission of helping people.

When talking with subject matter experts at this level, statements and hypotheses are grounded in data and historical evidence to the extent that confidence is absolute.

Liptak had no doubts that his people would develop and field a superior device, and they would get their product into the hands of the people that need it most.

Their skills and determination continue to innovate new solutions for disorder management, which is a major gap in the industry. Patients are not static, and their sleep appliances shouldn’t be either.

If someone catches a cold or loses a little weight, the treatment should accommodate their new situation. Patients could suffer improper treatment for months between check-ups, but Liptak and his team are pushing new technologies that will cover this shortfall.

Programs such as remote monitoring and home sleep testing will enable healthcare providers to quickly determine if adjustments are needed. Again, their confidence in understanding and wielding the science behind sleep apnea and entrepreneurship has paved the way for innovation.

“Action breeds confidence and courage.” -Dale Carnegie

Despite the lucrative market and his staff’s knowledge and skills, there have been significant obstacles to overcome. Currently, investor skepticism is high for two reasons. First, the volatile markets have made people risk averse, causing capital to become a rare commodity.

The second is the negative stigma against sleep appliances due to a flood of well-meaning, but ineffective dental devices hitting the market over the past several years. As Liptak said, “It’s a bad time to start a business, but there’s no better time than now to solve sleep apnea.”

Even when confronted with these major hurdles, Liptak’s focus is still on combating this disorder. He knew that his team’s knowledge and confidence would give credibility to their proposals. Also, he was confident that most investors want their money to go towards good causes.

By utilizing logical proposals that hold up against scrutiny, and appealing to the business world’s Humanitarian Mandate of making the world a better place, ProSomnus has successfully charted the instability of the past few years.

A third obstacle that Liptak has acknowledged is new patient fear. Some people actively avoid getting a prognosis because they fear they will need either painful, expensive surgery or have to use a CPAP for the rest of their lives.

Through education and cooperation with healthcare providers, Liptak is confident that ProSomnus appliances can become the preferred therapy for sleep apnea, and assuage the fear that keeps many people from receiving the help they need.

“If everyone is moving forward together, the success takes care of itself” -Henry Ford

When I asked Liptak for his final words of wisdom, he said, “Love what you’re doing. There is nothing rational about starting a business. The commitment and demands are intense. Everyone on the team is passionate about solving sleep apnea, with many having felt personal impact from the disorder.”

As I’ve mentioned before, the level of dedication and knowledge that Liptak and his team possess is so paramount, that confidence and reliability are natural byproducts. He also mentioned that the key to building a successful company is to apply the flywheel concept.

No matter how small the improvements are, incremental progress will add up and carry a business through the tough times. Growing confidence must be done in the same way.

By continuously learning and developing better products or services, consumers and investors will be attracted to the businesses that exude confidence with a proven track record of success.