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Top 3 Mistakes I See Healthtech Startups Make & How to Fix Them
⚠️ Warning: Unless you're a Healthtech Growth Pro or you've worked 1: 1 with me to develop your GTM plan, you're likely making at least 1 of these 3 mistakes with your healthtech business and it's costing you hundreds of thousands of dollars in funding or revenue due to sheer ignorance. To save the day, this post reveals just how simple it can be to raise more capital and earn more revenue with your healthtech business by fixing a few common mistakes. For context: My business broke the million-dollar ceiling because I've fixed the 3 mistakes I’m sharing with you here. Mistake #1: The Target Audience is Too Broad & Too Diverse Most healthtech startups’ targeting strategy is like this: Me: “Who are you selling your healthtech innovation to?” Healthtech Startup: “I’m selling my [fill in the blank solution] to self-insured employer groups and consumers that use [fill in the blank solution].” Or, even worse, “I’m selling to health systems, the equine industry, the agriculture industry, and the hospitality industry. They all struggle with the same problem that we solve.” Me: “Your pitch deck would be more powerful and compelling if it was more specific and narrow.” Healthtech Startup: “Roxie, we cannot get more specific than this.” Really? C’mon. We've got to be more specific than that! 💸 It’s very expensive to pursue multiple markets at the same time and as a startup, you have to protect your cash reserves. 🚰 The competitive landscape is different among multiple markets and blending it all together dilutes your competitive position. 🔨 It’s impossible to nail your irresistible offer when you’re trying to appeal to a lot of different people. 📉 You lose the most powerful growth strategy you have: word of mouth. Different markets don’t speak to each other. They don’t hang out at the same conferences, the same watering holes. That makes it very difficult for adoption to spread. Here’s how to fix mistake #1: Think of markets like individual bowling pins.
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New comment Feb 28
FREE Investor Matchup
Hello everyone, If you're fundraising, check out this free investor matchup: https://sosv.com/sosv-health-tech-matchup-2024. I've heard great things about it.
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New comment Feb 7
Introduce Yourself! (Start Here - Please Read 👀 )
Welcome to the free Health Innovators community. You are now entering an oasis on the internet for healthtech startups who want to achieve more and grow faster Here's EXACTLY what to do first: >> Step 1: Introduce yourself HERE using this copy/paste template: What's your name? What city and state do you live in? What health innovation are you bringing to market? What are you looking to achieve in the next 90 days? What's your biggest obstacle? What's your goal inside this community? What triggered you to sign up? (Was it an email, social post, or referral?) >> Step 2: Learn how to unlock everything by reading this. >> Step 3: Vote in the poll below letting us know where you are in the commercialization process. ------ Best practices in this community: • Try to level up quickly by commenting and posting your insights in the community. • Hit 'Like' 👍 on every helpful post or comment you see to help others level up. • When you write a post, break up your paragraphs into single sentences like I am doing now - this way more people will read what you write and actually reply. • Make sure your profile picture is a photo of you. • Be cool. • If you ever get stuck, feel overwhelmed, or are not sure what 'next step' to take, just ask the community. ------ Group Rules: 1) No Self Promotion 2) No Selling in the DM's 3) No Spamming the Community Feed
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New comment Feb 2
What’s Your Billion Dollar Story? Moving to Thursdays at Noon E/T
Hello innovators! Beginning Thursday, November 30, you can get eyes & feedback on your Billion Dollar Story. Log in each Thursday at noon sharp E/T (USA) for a power hour of storytelling refinement!
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New comment Nov '23
Virtual Program 11/15 - Situational Awareness
I want to pass on a complimentary virtual event next week that is very relevant to many who own a business or a practice - ⚠ Situational Awareness ⚠ This event and the services P3 provide are VERY relevant in 🏥 healthcare – a space I have spent over 20 years in. Did you know that there are over 75,000 incidents of workplace violence every year, and a staggering 25% of them occur in healthcare settings? · According to OSHA, a staggering 75% of approximately 25,000 workplace assaults occurred within healthcare and social service settings · An eye-opening 25% of nurses reported being physically assaulted by patients or their family members, with nearly half experiencing bullying, as per ANA. · Workers in healthcare settings are 4 times more likely to fall victim to violence compared to those in private sectors, according to SIA and IAHSSF ✅ Learn how to recognize unsafe situations before they escalate. ✅ Gain the skills to assess your surroundings and respond effectively. ✅ Be equipped with the knowledge that could potentially save lives! Do you have an office or facility that sees patients or a lot of customers? Is it a stressful environment?Dental Office- Veterinarian- Hospital - Urgent care -Vision Care and more...... ➡ Click here to register for the program on November 14th - https://lnkd.in/gXN5uacN
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New comment Nov '23
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Earn your 1st Million using our evidence-based system for healthtech startups. This community is free to join.
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