I’ve reviewed the entire excellent post but have excerpted only the ten reasons but not the explanations to remind myself to reread the excellent article.
In addition to the article referenced in this post, please review MobiHealth News‘ article, The 53 digital health mergers and acquisitions we covered in 2019, By Jonah Comstock December 23, 2019.
Here is the introduction to the to the 10 reasons:
In our roles at MedTech Innovator, a global accelerator for medtech startups, we’ve worked with thousands of early-stage health care companies in cities around the world. We’re proud to play a role in helping new companies get their innovative technologies to the patients who need them.
Grounded in science and regulated by the government, health care is a challenging sector. In the life of any startup, there are plenty of opportunities for missteps. And pivoting isn’t as easy as it is for companies developing tech solutions, like a photo sharing app. Mistakes in a health care startup can be fatal.
Knowing the most frequent mistakes is the first step to avoiding them. With that in mind, here are 10 of the most common problems we’ve seen that can cause a health care startup to fail and some tips to solve them.
Here are the 10 reasons why health care startups fail:
- Failure to properly articulate your value proposition
- Not having an end-to-end evidence generation strategy
- Choosing the wrong CEO
- Staying in stealth too long
- Thinking the direct-to-consumer model will make life easier
- Choosing the wrong initial indication
- Product doesn’t fit into existing workflows
- Misunderstanding the payment and reimbursement dynamic
- Putting too much money and effort into pilot programs
- Staying in your echo chamber