Where can I find money?

Young entrepreneurs are defined by their fresh, exciting ideas and passionate drive to succeed. Most, however, lack money and the experience and connections to turn their concepts into viable businesses. So how do young startups land funding? The answer seems to be: any which way they can.

Kauffmann has published a series of ebooks featuring practical advice from healthcare entrepreneurs. The one posted bellow includes insights on early-stage fundraising based on the pitfalls, options and the feedback of experienced entrepreneurs in the field.

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Digital tools for early-stage startups

The right tools can make a huge difference to your ability to run your startup and life. There used to be a time that great software cost more than most entrepreneurs could afford. No more. A highly competitive and innovative market has led to many companies using “freemium” strategies to recruit customers, resulting in a proliferation of fantastic free tools.

This post contains 10 of the best that we have come across but there are many other useful tools out there. Steve Blank, godfather of the lean start-up movement, has a great list of other resources that we drew from in putting together this post: Startup Tools. Are there any that you have found invaluable to your company? Please share them in the comments!

Lean LaunchLab: An easy way for any team to go lean.

Validation Board: Test your startup idea without wasting time or money

Validately: An easy way to turn designs or wireframes into a clickable prototype.

Strategyzer: Your toolbox to build better Business Models.

Lean Stack Canvas: The faster, more effective way to communicate your business model with internal and external stakeholders.

Unassumer: A simple web-based software that helps you learn quickly what your customers really want, so you can focus on delivering the best products and services.

Survey.io: A great tool for testing product/market fit through a customer development survey.

Unbounce: It lets you create simple landing page design and do A/B split testing. It takes the pain out of creating landing pages (no HTML knowledge needed) and enables you to quickly test the market for your product idea.

Usertesting: Not a replacement for face to face usability tests but a good way of pinpointing any usability issues at an early stage.

Balsamiq Mockups: A great tool for creating interactive wireframes. It helps them to visualize their product ideas without the need for lots of documentation.

 

The Global Health Innovation Guidebook

If you are interested in developing products or services to address global health needs, congratulations! A great adventure awaits you. Most people who commit themselves to a path in global health find the work inspiring and rewarding, especially when they help bring about real, lasting impact. However, they also report that their quest can be frustrating and all-consuming, with no guarantee of a successful passage.

Last week, Stanford University published, online and free, the Global Health Innovation Guidebook, a bright, easy-to-read and substantive guide for students working on health problems. It includes insights and lessons to help innovators succeed on their journey from an idea to the implementation of a health solution.

You can download this must read book for anyone pursuing the process of entrepreneurship in healthcare just clicking on the file below.

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7 very useful videos for every entrepreneur

In 2013 the Lean Startup movement has continued growing and created a very visible community interested in using its principles. In the conference held in San Francisco December 9-11 about the Lean methodology, some of its best practitioners spoke about emerging strategies that maturing companies have tested to keep innovation at the core of their businesses, unexpected challenges faced by entrepreneurs implementing Lean Startup practices around the world and the particular opportunities for Lean Impact among non-profit and mission-driven organizations. Here are 7 video-highlights collected by The Fetch Blog of the conference and very useful for every entrepreneur.

Learning to be an organization that pivots (by @keyajay)

Frame Before You Build, Measure, Learn (by @zachnies)

Using Kickstarter to Run an MVP (by @VelezAlejandro)

The Medium Is the Message (by @pv)

Risk, Information, Time and Money (by @danmil)

Acquiring Your First Users Out of Thin Air (by @kmin)

Evidence-based Entrepreneurship (by @sgblank)

mHealth in a mWorld

Mobile technologies are one of the fastest growing markets in the world. The latest and greatest in mobile technology was displayed last February at Barcelona’s Mobile World Congress. Healthcare, education, urban planning and other sectors can greatly benefit from mobile technology and a recent report out from the GSMA and PricewaterhouseCoopers gives a snapshot of how mobile technology could save money, increase opportunities and enhance health and safety in the coming years.

According to it, in Sub-Saharan Africa, one million lives could be saved over the next five years with mobile health initiatives that help patients stick to their treatment plans and access information, as well as aid workers in monitoring the availability of medication and follow treatment guidelines. For example the Mobile Alliance for Maternal Action enables health care workers and pregnant women to share health information via SMS in South Africa helps HIV patients and healthcare workers comply with Antiretroviral Therapy programs, cutting missed appointment rates from 27% to 4%.

In developed countries, mobile health or mHealth could also lead to positive outcomes. In 2017, it could cut health care costs by more than $400 billion in four ways:

As telemedicine grows mobile-based services could become more common in helping with immediate care. The GSMA-PwC report estimates that mobile-based care for patients with sudden health incidents could reduce primary and emergency care visits by 10%. Already, companies like Sherpaa and Ringadoc let patients reach physicians 24/7 by phone, text or email.

In non-emergency situations, mobile technology could also play a role in helping doctors keep tabs on elderly or recently discharged patients remotely. With Sotera Wireless, for example, physicians can monitor patients’ blood pressure, heart rate and other indicators through a flip-phone-sized device worn on a patient’s wrist. GSMA-PwC’s report estimates that remote monitoring technology could lead to elderly care savings of up to 25% and improve patients’ quality of life.

As more hospitals use the electronic medical records (EMR), patient information will increasingly be captured and accessed from mobile devices. PatientSafe, for example, lets doctors and nurses log patient data and manage other workflow tasks from an iPod Touch. Mobile access to EMRs could lower the administrative burden on hospitals by 20 to 30% the report says.

Finally, the old SMS could also play a major role in saving money and improving patient care. Appointment reminder services, like that offered by Kaiser Permanente, have been shown to reduce costs and boost patient attendance. Companies like AllazoHealth and AdhereTech use SMS to remind patients to take their medication after sensors or algorithms note when a patient hasn’t taken medication or is likely to skip it.

There is a mobile healthcare revolution taking place around the world. A number of organizations and mobile technology industries are now sponsoring projects to explore new mHealth, applications.

If you are an entrepreneur already developing (or expect to develop) a mHealth app and intend to sell it in the US market you should have a look to the report FDA 101: A Digital Guide to the FDA for Digital Health Entrepreneurs. Released on March 25 by the digital health accelerator Rock Health, the report helps digital innovators to navigate the Food and Drug Agency’s regulations and premarket requirements around medical devices. It also explains when a mobile health app would be classified as a medical device by the FDA and would require a clearance.

According to the FDA 101 report, mobile health apps will be considered medical devices if they serve as implants, implements, instruments or in vitro reagents used in the diagnosis of a disease, or in the cure, mitigation, treatment or prevention of a disease or serve as an accessory in one of those functions.

The report also recommends entrepreneurs to hire an advisor to make their company’s methods more appropriate and fitted to FDA’s guidelines. Finally, it includes quotes of digital health entrepreneurs that have successfully navigated the process offering pointers and best practices to startups.

The mobile health space is booming thanks to an unstoppable flow of money into it. In 2013 first quarter 37 deals valued at $365M have been signed. That is 35% higher than the same period of last year, showing that 2013 will be another record year for the digital health industry.

Lessons Learned:

  • Over the past few years mHealth has transitioned from novel startups to a global industry.
  • Among the many factors that are affecting the transformation of the health industry, the growing ubiquity of cell phones, smartphones and mobile devices is at the top.
  • Technology is bringing change to every piece of the health industry: wellness, fitness, healthcare and medicine.
  • Many entrepreneurs and startups are seeing the opportunity in mobile health technologies and want to get in on the game, but many are not aware of how to develop their apps, devices or services so that they are in line with the FDA’s regulations. A recent report from Rock Health startup incubator provides them the guidelines to succeed.