Tablescell Autofill Summing Up

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But medical knowledge is not everything. The team must include people who understand how to create a working business model. Thus, one of the main reasons for the failure of the MedTech startup Babylon was that the founders were unable to effectively build business processes. Related: 20 Most Successful Entrepreneurs in MedTech Understanding the competitive landscape If a team launches a startup in the EdTech or FinTech niche, it doesn’t really matter whether a similar solution exists in another market.

For example, if a team has come up with a FinTech product for China, it may not be in demand in the US. Firstly, the regulations may be different. Secondly, a lot depends on the mentality of the audience, which may look at the same solution differently.

With MedTech, the situation is the opposite. People all over the world suffer from the same diseases. If, for example, a cure for cancer is invented somewhere, it will be used in other countries. At the same time, there are many global corporations in medicine that regularly test and implement innovations.

They have enough resources to scale their solutions in uruguay telegram number database other markets. That's why it's important for the team to conduct a competitive analysis before launching. It's also useful for the investor to research whether venture capital firms have invested in similar products. Availability of specialized investors and advisors Before investing in any solution, it is important to understand the composition of investors.

It must include specialized business angels or venture funds with experience in investing in MedTech projects. If a startup does not have such investors, this is a reason to be wary. There may be several options: The project is still in its early stages, and investing in such a solution in medicine is risky.

The founders have failed to find investors who understand how the technology works. Unfortunately, there is a chance that the startup is passing off a broken product as a technological miracle (at this point, I say hello to Elizabeth Holmes and Theranos). Another important figure is the adviser.

In other niches, experts with non-core skills can be invited as consultants. For example, in a technology AI startup, these could be B2B sales specialists. But medicine is a broad field. Therefore, two people with medical qualifications may have different knowledge. For example, if a startup is related to neurosurgery, and the expert worked as an orthodontist for 30 years, he is unlikely to be suitable for the role of a consultant.