- July 28, 2022
- Posted by: EBAN Team
- Category: News, Uncategorized
Push or Pull ?
It’s Friday afternoon, and the sand has settled after a whirlwind of startups pitches, investor meetings and workshops on this very theme. It is now time to reflect on questions raised and a good opportunity to go back to my tip “Should fundraising be painful” with its very first advice of having a powerful opening.
I love reading so allow me to indulge once more in my book analogy. Too many healthcare startups set the scene with a Patient case study that is facing a dire situation to which no obvious medical solution is available. The tone is dark and sadly one we can all relate to. It is a technique to make you jump with relief into the next scene which will, hopefully, detail how their company will bring sunshine back to those patients.
Is this enough to say that they are solving an unmet medical need that will serve millions?
I always have the question Push or Pull ? at the tip of my tongue.
To put it simply, or even a bit sarcastically, did the idea pop up at the dinner table with friends and was followed by excruciating efforts to push it to a market that didn’t really want it or wasn’t ready for it?
Or has years of experience in the sector and bullet-proof evidence brought on this innovation that no other competitor has, to solve the intended problem?
If such an innovative solution is in your hands, then do push it to the right customer but make sure that you think long term and also include a pull approach to your strategy.
So many stakeholders are involved in your journey towards success: the patient, the healthcare system, the payer, the care giver, the regulatory bodies, your manufacturer, distributors, competitors and your investors.
None can be forgotten as you build your business.
You need to listen to them all, understand their needs and what makes them tick. Though this takes time, people and money, it is ultimately the safest route to ensuring that you have a product market fit, with payers, advocates, adopters, users in a sufficiently large market to excite investors.
Can I be bold and add an extra wish? that your great solution is patient and user centric while saving money for our already indebted healthcare systems and time-saving for our overloaded medical staff ?
If you can wrap it up in a powerful introduction, I’m convinced ! Your claim is set now let’s move on to the evidence…
Part I of this article came out last month – you can read it here!
About the Contributor
Caroline Sai is the Head of the EIT Health Investor Network and Angels Santé (Angels4health) & EBAN Board Member. The EIT Health Investor Network is a European network of healthcare investors dedicated to supporting healthcare startups in their fundraising journey. It is a network managed by Angels Santé and co-financed by EIT Health . To learn more about how to join our program as an investor or a startup, click here