Health talk: Dr. Iman Abuzeid Has Saddled A Distinctive Unicorn

CEO, Dr. Abuzeid is one of only a handful of Black female founders to run a company valued at more than a billion dollars.

Dr. Iman Abuzeid and Rome Portlock 2017, created a LinkedIn-like platform for nurses. Nwanji (August 18, 2022) reports that after earning her medical degree, she co-founded Incredible Health, a platform that used an algorithm to match hospitals to nurses in 2017. CEO, Dr. Abuzeid is one of only a handful of Black female founders to run a company valued at more than a billion dollars.

Dr. Iman Abuzeid, courtesy of Forbes.

She is an immigrant born to Sudanese parents who were at the time living in Saudi Arabia. McGrath (August 17, 2022) reports that since 2017, roughly 60% of the nation’s top-ranked hospital systems have signed on to the platform, “paying the company to list their open jobs while the company Incredible Health’s proprietary algorithm matches the best candidates to the open roles.”

McGrath (August 17, 2022) reports that “a monumental step accomplished a few weeks ago when the startup announced that it has raised an $80 million Series B round of funding a cash infusion good enough to lift its valuation to $1.65 billion.” This valuation of over $1B uniquely categorizes this company as a unicorn. Miller (November 18, 2020) explains that a unicorn is a private company with a valuation of $1 billion or more in the business world. It’s a rare and challenging term to achieve. As of August 2020, there have only been over 400 unicorn companies (Miller, November 18, 2020).

 McGrath (August 17, 2022) adds that “a series Base 10 Partners led B round as part of its Advancement Initiative, a program that donates 50% of the fund’s carried interest to historically Black colleges and universities.” McGrath also reports that the American healthcare system has a critical shortage of nurses, and approximately 500,000 registered nurses are expected to retire by the end of 2022 alone. To keep up with patient demand, hospital executives have utilized temporary workers due to disruptions caused by the pandemic. In some cases, the prices have tripled by placement firms since early 2020 (McGrath, August 17, 2022).

What sets Incredible Health apart from its competition is that it can capture value for its customers. Unlike temporary staffing marketplaces, Incredible Health focuses on filling

permanent positions. In addition, Dr. Abuzeid says, “her platform efficiency adds to the hiring process to create an appealing win-win for all parties.” As a result, health system executives save $2 million per hospital per year that would otherwise spend on temporary workers and HR costs. She adds that her company’s software ensures that skilled nurses match jobs they might have overlooked under traditional hiring practices.

Nwanji (August 18, 2022) notes, “Dr. Abuzeid’s company status as a unicorn marks a tiny step forward in what can be a prohibitively inequitable entrepreneurial environment.” Unfortunately, “less than 2% of all venture funding went to female founders last year, and less than 1% went to female founders of color.” Incredible Health is another notable story to be followed as the company grows. The Narrative Matters!

References:

McGrath, M. (August 17, 2022). Dr. Iman Abuzeid Leads Incredible Health To Unicorn Status With $80 Million Series B. Forbes. https://www.forbes.com/sites/maggiemcgrath/2022/08/17/dr-iman-abuzeid-leads-incredible-health-to-unicorn-status-with-80-million-series-b/

Miller, R. (November 18, 2020). The Anatomy of a Unicorn Business (and How You Can Become One) 3 Common Traits of a Unicorn Business | Salesforce

Nwanji, N. (August 18, 2022). Dr. Iman Abuzeid Is Now One Of A Few Black Women Founders To Lead A Billion-Dollar Company After Incredible Health’s $80M Series B . Dr. Iman Abuzeid Is Now One Of A Few Black Women Founders To Lead A Billion-Dollar Company After Incredible Health’s $80M Series B – AfroTech

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