Health is something that everyone has to take an interest in at some point in their lives. Digital health start-ups, however, are another ball game altogether. So many begin with pomp and fanfare, but not all of them manage to stick it out and/or eventually turn profitable. So why do some hit the bull’s eye, while others miss it by a wide margin?
My experience in the field has taught me the ways to succeed in the health sector around the world.
Whether you are the founder, funder, or any other user, here are a few pointers you’ll most likely find useful:
A Strong Leader
“A leader is one who knows the way, goes the way, and shows the way.” - John C. Maxwell
Almost every successful company has been made possible by a great leader. Likewise, when it comes to health-tech start-ups, there are many factors to consider. One example is the countless choices a leader needs to make, i.e., what fields will they focus on, how will they convey their message, who they will hire, and so on. In making these tough decisions, a leader must be decisive, driven, and most of all, strong. He or she must have a clear vision and must move towards it with precision while motivating other team members to do the same. An idea is only as good as its execution. Therefore, a leader should lead from ideation and execution to completion - through and through - with both efficiency and good planning.
...Followed by a Passionate Team
If the team is not as enthused as the leader, the entire equation will not balance. It’s just as important to have a passionate team just as a strong leader. This especially applies to health-tech startups, where personal health is always on every employee’s mind.
Constantly Adapt to New Trends
The health-tech atmosphere is an everlasting stage of changes and new innovations. If you still think weight-loss pills are the trending solution, you have a lot of work to do. Make sure to follow the latest and greatest news publications, influencers, and other trends on health data. Also, recognize your competition and what they are doing, as it’s vital to pay attention to what’s going on in your space. Stay in the know, or your product will eventually go.
Stand Out, Be a Shining Star
What makes your startup so different? In the world of health, there are thousands of tips thrown around every hour. If you don’t have a unique selling point, you’re bound to fall into a trap like the rest. If you want to be recognized globally for the hard work you’ve put into your start-up, customization is critical. Even more specific to global startups, cultural customization is a key player in standing out. It’s not necessarily about whether you follow the leader or not, rather than you’re adapting to the needs of your market.
Know Your Audience
If you want to go global, your audience needs to spread far beyond your current location. Know what kind of people you want to target, then figure out where they are and what they are lacking. For example, targeting all-natural vegan dieters in California is very different from targeting CrossFit fanatics in New Jersey.
Embrace Artificial Intelligence
Artificial intelligence (AI) seems to be a buzzword in today’s tech-savvy world. Yet, it’s more than just a fad, it’s one of the most useful avenues for targeting the right audience globally. If your audience spreads across multiple cities, countries, and continents, it’s quite difficult to pinpoint their needs. Whether it’s important for you to appeal to a variety of interests or have one powerful product that excites a large audience, AI will help you meet your global goals.
Check Your Facts
In the health business, it’s crucial to check your facts. You wouldn’t want to provide false health information because not only would it completely ruin your reputation, but it could put your customers’ health at risk too. Therefore, checking your facts and getting advice from experts are both smart solutions to making sure you’re providing your customers with the truth.
Lastly, Cash in on the Fact of Originating From One of the Most Health Conscious Countries Ever
Coming from a country that preaches holistic health and natural remedies, you already have an edge in the global market. Take advantage of this, and market yourself as an India-based startup. Trust me, including this important feature in branding, will do wonders for your global goals.
At the end of the day, health is one aspect that isn’t going anywhere. Your body will remain with you ‘till the end, and the growing realization of the importance of taking care of oneself can only help your startup. Get healthy, get going!