Entering the market post-seed funding is an exhilarating yet daunting phase for any healthtech startup. The journey from securing initial funds to achieving market adoption is filled with potential pitfalls, but a well-crafted strategy can significantly increase the odds of success. Whether you’re a small business or startup, this guide can help clear a few doubts and maximize your opportunities.

• Create a group with diverse professional expertise: One of the key factors in increasing your chances of successful funding and market entry is surrounding yourself with the right advisors. This includes business experts, medical professionals, and industry veterans who can provide invaluable insights and guidance. Startups often falter in their market execution because they focus too much on the technical side and neglect the strategic aspects.
• The Importance of Evidence-Based Value: A common mistake is failing to provide evidence that clearly communicates the superiority and value of your product. Investors might see the potential, but without solid evidence, the long-term viability of your product is at risk. It’s essential to gather and present data that proves your product’s effectiveness, cost-efficiency, and patient benefits.
• From Market access to Market adoption: Market access is your starting point, not the finish line. The real objective is market adoption. Once your product is available, continue to be curious and gather evidence that demonstrates its benefits. This includes proving cost-effectiveness, comparing performance with existing products, and again showcasing patient outcomes.
• Designing an effective study strategy: Designing your study strategy efficiently is crucial. Consider your current budget and what the market is focusing on. As a new company, you might not have the funds for extensive studies, but you can still manage smaller, targeted studies to gather essential data.
• Don’t be afraid to go into detail: When discussing your financial requirements with investors, be prepared to go into detail. Explain why you need the funds, who will execute the plans, and how you will do it. This detailed breakdown helps investors understand the depth of your product and its potential impact.
• Key endpoints for Market adoption: Take into consideration what endpoints facilitate market adoption. For example, if your product can reduce surgery time, lower infection rates, and improve patient recovery, highlight these benefits. Short-term economic gains combined with long-term patient benefits make a compelling case for adoption.
• Understanding the problem you're solving: Identify why your product is attractive and what makes it different from what's already in the market. This understanding shapes your study design, execution strategy, and market communication. Focus on the workflow impact and how your product can streamline processes and improve the standard of care.
• Leveraging AI in healthcare: For novel technologies, especially AI, evidence is key. Implement a phased market release to collect real-world evidence and make wise changes with that information. As suggested in the beginning of this article, establishing different professional perspectives like a surgeon advisory can provide crucial feedback. As a CEO, leveraging the expertise around you can significantly enhance your product's impact.

We hope these tips will help you in your journey! If you have additional questions, don’t hesitate to contact us via LinkedIn at Softedge Technologies.