Sunday, October 11, 2009

The Missing Medical Entrepreneurs

The Missing Medical Entrepreneurs: "Healthcare is a serious business with a lot at risk; hardly the place for inexperienced 20-somethings to volley far-fetched ideas? Yet this is exactly why they are needed.

There is no sure way to pull this group of people into the field, but here are some suggestions:

* Encourage Failure: The healthcare industry goes to great lengths to avoid failure, and with it increased exposure to lawsuits, regulation, and a pounding in the financial markets. Small startups need an environment where they are allowed to fail, and fail early if they must.
* Incubate: The cost of starting a healthcare technology company has dropped, but it has not plummeted as have costs in the broader technology field. However, there are fewer and fewer sources of funding in the gap between nothing and millions of dollars.
* Physicians cannot be the only gatekeepers: Doctors are obviously a key part of the system, but they are overworked and stretched to the breaking point.
* Form light and nimble partnerships: skip the heavy legal framework and lengthy due diligence. Avoid requiring financial deposits in the 6-8 figure range as a measurement of your commitment. Make collaborations easy to form and to tear down if need be."

This post explains exactly why I am so keen on encouraging clever young people to setup a health startup which I would like to provide seed funding for ! If you have a clever idea, please get in touch with me !

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