HealthXN, Selling to Health Markets in Australia for Peak15 & StartupHealthtech
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1 [email protected] “Many new health initiatives fail because they fail to address a problem that anyone really cares about…..and even if they do, they completely underestimate how they will reach the market and who will pay” [email protected] @niemesm
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Transcript of HealthXN, Selling to Health Markets in Australia for Peak15 & StartupHealthtech
“Many new health initiatives fail because they fail to address a problem that anyone really cares about…..and
even if they do, they completely underestimate how they will reach the
market and who will pay”
[email protected]@niemesm
• Introductions
• This will be a successful session if…..
• Key Health Stats
• Health ®evolutions
• Models for High Growth Ventures
• Value Selling to Health
Workshop Format
@niemesmExercise
Our Purpose
“To improve patient care and support the healthcare industry and its suppliers by assuring access to the right knowledge in the right place at the right time”….50% faster, 30% better.
[email protected]@niemesm
Who we are:
Sector Credability
High Growth,
Scientific
Health & Private
Equity Knowledge
CTO, Dev
IP & Agreements
Impact Investing
and Philanthropy
Corporate Systems
and USA
????????
• I work with or my idea is…..
• The top three things I want to be able to walk out with today are……
• 1
• 2
• 3
http://padlet.com/marc14/ sellingtohealth
Hi my name is…..
@niemesm
• ~10% of Australian GDP (Is that the right level?
• ~15% of Workforce
• Workforce Decreasing, Demands increasing
• Time to competence ~7+ years (postgrad)
• Balance with “Unqualified Labour”
• Hospitals 80% same workload
• Allied Health
• Only Starting its Digital Journey
Some Key Health Statistics
@niemesm
“Money is on getting sick not on getting well, its not HealthCare its not Wellness, its SickCare” miniMD.net
[email protected]@niemesm
1. Interoperability, Like a Bank
2. Workflow Guide/Streamline Logistics, like Hong Kong Harbour
3. Health Knowledge Transfer & Aggregation,
4. Engagement, Personalised Healthcare & Biometrics
5. Predictive Health, Big Data
6. Leadership & Mentorship
5+1 Necessary Health (R)evolutions
@niemesm
[email protected]@niemesm
1. What is the problem?
– Remember: People buy into Why you are doing it, not just how….
2. Who is impacted/will pay?
– Clinicians (Say yes or no but no $$$)
– Operations (Loose/Loose or Win/Win)
– Executives
3. Who/How will your team demonstrate this service?
4. Improving access to a service through better affordability/efficiency will trump an increase in clinical accuracy
Top 3+1 (contentious) Health Tech Start-up Tips
• Fact/Story
• I work with or my idea is…..
• Problem: To solve the problem of…..
• Benefit#1: To enable XXXXX
• Benefit#2: That also supports XXXX
• How: We achieve this by….
• Channel:
http://padlet.com/marc14/ sellingtohealth
Hi my name is…..
@niemesm
[email protected]@niemesm
“Excuse me for writing a long letter, I
didn't have time to write a short one.” (George Bernard Shaw).
• Dr Tom McKaskill, “Dr Exit”
Model for high growth Ventures
@niemesm
1. Right Place, Right Time– New product, new way, new time (Health Hack Example)
Growth Ventures: The Market
@niemesm
Exercise
Growth Ventures: The Market
@niemesm
2. The Compelling Need to Buy– The Health Problem you are solving and who is buying.
Exercise
Growth Ventures: The Market
@niemesm
3. The Right Customer– What is the “tight” definition of your customer
– Easily identified
– Easy to approach
– Willing and Able?
Exercise
Growth Ventures: The Market
@niemesm
4. Channels to Market– B2B, B2C, B2B2C
– Wholesale
– Retail/Direct
– Partners
– Willing and Able?
– Conflict/Margin
• Work out channel first before product dev
– Crowd Sourcing
• Regulatory Environment
Exercise
Growth Ventures: Realising the opportunity
@niemesm
5. Innovation as the driver– Create more value by reducing costs
– Enhancing customer Utility/Experience
Exercise
Growth Ventures: Realising the opportunity
@niemesm
6. A competitive Advantage– Unlikely to be alone
– Dimensions of Utility, user experience
– Focal market
Exercise
Growth Ventures: Realising the opportunity
@niemesm
7. Sustainability– More than an initial single advantage
– Whole supply chain
Exercise
Growth Ventures: Realising the opportunity
@niemesm
8. Scalability– Easy Repetition
– Shortage of skilled labour?
– Knowledge codeafied
– What org structure
Exercise
Growth Ventures: Making it Work
@niemesm
9. A Clear Vision– What are you doing, where are you going
– Know what business you are not in.
• As a leader it is about the first follower….
Exercise
Growth Ventures: Making it Work
@niemesm
10. A long term strategy (what is the end/exit)– Set the objectives (realistic or unrealistic)
– You then see the limitations
– Investments can be made to overcome
• Acquire or be acquired
– Its about why they are buying you not why you are selling
Exercise
Growth Ventures: Making it Work
@niemesm
11. Robust margins– Burn Rate/Market Cap
– Loss Leader
– Profit or Growth? Mix.
– Freemium
Exercise
Growth Ventures: Making it Work
@niemesm
12. Management of Risk– ½ sales, 2*the costs
– Involve partners
– Things will go wrong, so allow for it.
Exercise
Growth Ventures: Turning the Wheel
@niemesm
13. A capable Management Team– Know what you are good and not good it
– Collective skills
– Entrepreneurial mix
– What is their sense of purpose and does it align to yours
– Close but not too close
Exercise
Growth Ventures: Turning the Wheel
@niemesm
14. Profitable– When and How
– What can we commercialise early
Exercise
• Start-ups often are “on a mission”
• Growth rates above 15% often require external investment
• Is the value your system or the customers “any” system could get
Growth Ventures: Some Points
@niemesm
• Sell to or buy from?
– You, Free, Sex, Money
• Frame of Reference
–Time
–Money
–Family
–Health
–Actualisation
Value Selling to Health
@niemesmExercise
• Fact/Story
• I work with or my idea is…..
• Problem: To solve the problem of…..
• Benefit#1: To enable XXXXX
• Benefit#2: That also supports XXXX
• How: We achieve this by….
• Channel:
http://padlet.com/marc14/ sellingtohealth
Hi my name is…..
@niemesm
[email protected]@niemesm
“The reasonable person adapts them
self to the world; the unreasonable
one persists in trying to adapt the
world to themselves. Therefore all
progress depends on the
unreasonable person.” (George Bernard Shaw).
