3 Tips For A Successful Healthcare Startup

There is no doubt that the National Health Service is facing a turbulent time. But, facing an uncertain future due to inadequate funds, the NHS has now chosen to embrace public-private partnerships in the recognition that technology helps boost preventive measures, empowers patients, and helps with the delivery of care.

With the healthcare industry due for a major revitalisation, startups with the innovative, creative and technological ability are on to a good thing. With more and more consumers entrusting in wearable tech, fitness trackers, healthcare apps and expecting more and more of the like, there needs to be more companies ready and willing to accept the resulting technology and infrastructure challenges.

So, if you’re a startup looking into how you can go about becoming a trusted healthcare partner, here are 3 useful tips:

1. Join or build a community/accelerator group

It’s a really good idea to join up with accelerator communities, who can provide your startup with mentorship opportunities, in addition to possibly assisting with your seed-funding requirements. These communities will provide you with the chance to pool your own resources with startups in a similar situation to your own.

You will gain insight, learn from otherss experiences and, most importantly, be able to network and build up your connections in the health sector. But also remember, if you don’t want to join a pre-existing community, you can always build your own!

2. Keep an eye on venture capitalist funding patterns and adapt to suit

With investment in the healthcare sector increasing on a yearly basis, it is increasingly important for startups to make sure they are following VC patterns and adapting business strategies to suit. Keep an eye on startups that are successfully securing funding: How are they doing it? How are these startups different?

Keep in mind also, that this sector is extremely varied, from wearable technology and big data analytics to cost transparency, and that as a result your route to success may well have to be through collaboration with other companies.

3. Identify a challenge and solve it

When you enter the market, you need to have a unique selling point. What makes your company special? You have to identify where there is a gap in the market and then fill it. Identify what people need and give them it. Identify where there is a challenge and solve it. Only then will you have something that people will want to invest in.

With an increasing number of opportunities popping up in the UK’s healthcare sector, there is no doubt that this is an exciting place for startups to be. A new wave of entrepreneurs and startups are taking on the challenges presented by the UK’s heathcare industry and in turn, developing and selling life-saving products and technologies to the NHS.