Your work in clinical medicine has given you a unique perspective and insight. You have asked the right questions and identified an important opportunity for improving care. You want to bring this innovation to the world.
You have the fortitude, ambition and grit required become the founder your own health technology startup. In fact, many of these qualities are what gave you the drive to succeed in your medical career.
You have researched your market and your competitors. You have developed your innovation from idea to a minimum viable product (MVP). The signal from potential customers is positive.
You are aware of the skills, knowledge and qualities that are needed to take the project forward. Your first key team members, advisors and mentors are in place.
You are ready to move forward, but something is missing. People, materials, equipment, stock, marketing… These things are going to cost MONEY.
Where will you find the funding to take things forward?
Welcome back to part ⅘ of my series of posts about the world of health innovation and startup culture. This series was inspired by the excellent Doctorpreneurs day conference that I attended in November last year (2016). If you have missed any earlier posts then please do catch up.
- Anatomy of a Doctorpreneur ⅕ – The Founder – Read here!
- Anatomy of a Doctorpreneur ⅖ – The Idea – Read here!
- Anatomy of a Doctorpreneur ⅗ – The Team – Read here!
- Anatomy of a Doctorpreneur ⅘ – The Funding – Read here!
- Anatomy of a Doctorpreneur 5/5 – The Pitch – Read here!
Why do health technology companies need investment?
Many companies have business models that require early investment in order to become viable:
- A new medical device may be fantastic but require investment in further research & development to bring it to eagerly awaiting market.