On a whim, I asked the experienced health entrepreneurs in my Twitter network for the advice they’d give to newbies in the space:
Embattled health-tech execs/founders, what’s the one bit of (real/not corny) advice you’d give to new entrepreneurs?
— Christina Farr (@chrissyfarr) April 14, 2016
The responses were so spot-on that I decided to share them with you. Here are some of my favorites:
1) Don’t expect quick results (and make sure your investors don’t expect that either).
@chrissyfarr The sales cycle is longer and more convoluted than you think.
— Kyle Robertson (@KyleNDx) April 14, 2016
2) Embrace the boring stuff, like compliance.
@chrissyfarr Compliance is harder than you think and many things that are complicated in the system are complicated for a reason.
— Mark Olschesky (@markolschesky) April 14, 2016
3) Know thy (many) customers.
@chrissyfarr the people you’re selling to, the people writing the check, and the people using your product may all be different.
— Nisarg Patel (@nxpatel) April 14, 2016
4) Validate those big claims!
@chrissyfarr regardless of regulatory / compliance needs, you should validate your methods, period. That’s the minimum you owe your users.
— Siva Raj (@jaravis) April 14, 2016
5) Look outside of the U.S.
@chrissyfarr Focus on RoW opportunities in countries with less onerous regulatory environments—get data and volume without gov’t overhead.
— Joseph Flaherty (@josephflaherty) April 14, 2016