How to find success as a Medtech startup
Posted May 8, 2022 from mobihealthnews.com
The size of the healthcare industry is attractive to entrepreneurs, but the highly regulated field can be a challenge for startups.
For entrepreneurs, especially those working in technology, the healthcare system might seem like an endless city of gold.
"The allure of the healthcare industry can be hard to resist," said Shannan Epps, president and CEO of Brightwork Health IT.
And having been in healthcare IT for more than 20 years, both in-house and as a consultant, Epps has an industry insider's perspective on startups.
"The reality is that most medtech startups fail," Epps said.
One thing that makes the healthcare market more difficult for tech entrepreneurs is that it's extremely rigid.
"When you enter the healthcare market with a product, you have to put your best foot forward," Epps said.
Despite the healthcare industry's massive size and robust growth prospects, only a small number of players serve its software needs.
Alphabet, Amazon and Apple are also quickly accelerating their pursuit of the healthcare market.
"The first priority for medtech startups should be learning how to navigate the healthcare industry's complex maze of interconnected players and regulations," Epps said.
Optio3 is one of the eight companies accepted to the accelerator's recent class and serves as a good example of the types of medtech startups health systems are considering.
In addition to understanding the complex healthcare landscape, medtech startups also need to know how to manage their capital wisely.
So, if you're an innovator eager to go prospecting for healthcare gold, three things you should definitely do are study and fully understand the industry, join a healthcare IT accelerator and make sure you manage your funds wisely.
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