For health or medicine startups getting investors is very crucial as it can be the determining factor in whether a product or service gets to help people., more so since it’s startups that are actively coming up with innovative solutions to problems that plague our healthcare systems as humans.
That is why it’s important to know what to do if you want your pitch to captivate investors, make them trust you, and fund your venture. We’ve compiled a few tips that you can use. Check them out here.
Define a problem propose a solution
To get your health or medical startup funded, you must let your investors know what problem your offering will address to give them a feel of its profit potential. Secondly, you need to let investors know how your offering will meet this need and what it’ll require to develop it. Startup experts recommend being very specific with this.
You can click here for more info on how you can cut costs by using scientific lab equipment from Excedr. Doing that will show the investors that cost-effectiveness is important to you. Excedr has worked extensively in the medical and health sectors leasing, maintaining and repairing scientific equipment.
Don’t hype your solution
While being enthusiastic about what your startup does is good and making investors curious about learning more about your solution is excellent, don’t overdo it. The healthcare and medicine sector is rife with companies that compensate for their product’s or service’s lack of usefulness with dodgy marketing tactics promising what they can’t deliver.
Unscrupulous companies usually can not prove the science behind their offerings or rely on unreliable sources mostly. If you have too many hyperboles and potentials in your pitch, you may come across as one of these and lose investor interest quickly. To avoid this outcome, don’t be afraid of working on your product or service a little bit more if you feel a need to hype it.
Prove the benefits of your products
Once your potential investors know what your product or service does, you need to show them what benefits it will offer to the market. If you have made a scientific breakthrough, that will be a great point to bring out but keep something in mind. The health and medicine market is not only benefited by breakthroughs.
If your startup focuses on lowering costs in some areas of medicine or improving accessibility, focus on explaining how it can happen to investors. Don’t forget to show investors the data and facts that support your solution.
Factor in the medical regulation impact
Being honest with your investors is very important and that means letting them know how regulatory bodies can affect the business. For example, if you refrain from telling investors about how these organizations can impact market readiness, they will feel cheated when their investment won’t pay off in their expected timeframe.
You may even pitch to investors familiar with the healthcare industry who might call you out if you fail to mention how regulatory bodies can affect rollout. This could affect how potential investors may view you.
Map out your journey to success
In your pitch, investors will be equally interested in gauging your business savvy as they are in the science behind the product or service. That’s because, ultimately, investors want to get a return from their investment and want to put their money on a business with a clear vision.
You can show investors that you have a clear plan of action by pitching operational methods, marketing strategies, and industry-relevant milestones. Most importantly, your investors need to know your endgame. This means you need to know if you intend to sell the company or get it listed on the stock exchange beforehand.