Should your healthcare startup even exist?

Over the past year and a half, I have had the opportunity to look at many relatively new companies or startups. In fact, I've been overwhelmed by the number of companies creating products and services across the health care continuum. With the advent of AI people can develop a product in no time at all. And of course, AI is all the rage today, so it will sell for sure. For sure?

Sadly, I have begun to realize that it is difficult to be truthful with these companies as I seek to balance what I may be able to assist them with, with the idea of whether they should even exist.

When I am completely honest, I really need to burst their bubble. Tell them, it’s too late, that their product isn’t going to make it. That they have not asked a fundamental question:

Why did they choose to create that?

Did they identify an unmet need? Have they created a new efficiency in an area? Is it a wide-open space, or did they believe they could sell against 100 others? Is it something that the over-burdened system will even spend time or resources to focus on and implement? Was it because they had a cheerleading section making them feel good about the idea?

There are some similarities among these founders, several came from outside health care (no idea of the difficulties, organizations, structure, funding, differences from other industries, etc.), others are young and very talented (they can do anything, the world is their oyster), and some have had success with another product at a larger company (that company built this place off an idea, I made some money there, so I can do that too).

All of them believe they have something ready to go to market, a few may have a pilot or two.

Everyone has said, “I just need one sale.”

But even with a product that’s been around a while, meets a need and works (I have seen a few of those), the health care market is difficult to sell into. For these start-ups it takes time and resources.  Did they think of that, do they even have any time or resources left?

To those who are thinking of starting up in healthcare or have begun, ask why.  Look at the market, be sure you have adequate resources, build something that works, watch out for cheerleaders and give me a call.  It may save you several years of heartache, money and opportunity before your bubble becomes big and someone punctures it. Because maybe with a few tweaks and some better information, I’ll help you create the next great thing.

Post written by me, Image by AI.