If you have a healthcare innovation that can solve a problem, improve outcomes, or reduce costs, you might want to pitch it to investors who can help you scale it up. But how do you convince them that your idea is worth their time and money? Here are some effective ways to pitch your healthcare innovation to investors.
Before you prepare your pitch, research the investors you are targeting. What are their interests, goals, and criteria? What kind of healthcare innovations have they funded before? How do they evaluate the market potential, clinical evidence, and regulatory risks of your solution? Tailor your pitch to address their specific questions and concerns, and show them how your innovation aligns with their vision and values.
The best investors in Healthcare in the long term are strategic investors and not financial investors. A lot of times founders make a mistake in pitching to financial investors but then find it extremely difficult to disseminate information to a wider audience. Therefore, through experience I recommend to go with payers, provider groups (ACOs) and large hospital chains as the best early stage investors. They give you connects and keep the ship running as they're your clients too. You may not make a lot in valuation but have a sustainable business model.
The best investors in healthcare are the decision-makers who understand your value proposition so it’s as much about finding the right people to pitch to as having the right message to pitch to them.
Investors want to see that you have identified a clear and compelling problem that affects a large and growing market, and that you have a unique and viable solution that can solve it better than the existing alternatives. Use data, stories, and testimonials to illustrate the pain points of your target customers, and how your innovation can relieve them. Explain how your solution works, what benefits it provides, and how it differs from the competition. Demonstrate your value proposition and your competitive advantage.
Investors also want to see that you have validated your innovation with real-world evidence and feedback. Show them how you have tested your solution with your target customers, partners, and stakeholders, and what results you have achieved. Share your key metrics, such as revenue, growth, retention, engagement, satisfaction, and impact. Highlight any endorsements, awards, or recognition you have received from reputable sources. Prove that you have a product-market fit and a scalable business model.
Investors are not only investing in your innovation, but also in you and your team. They want to see that you have the skills, experience, and passion to execute your idea and overcome the challenges. Introduce your team members and their roles, and showcase their relevant expertise and achievements. Explain why you are passionate about your innovation and your mission, and what drives you to pursue it. Share your vision for the future, and how you plan to grow and scale your innovation.
Investors are busy and have limited attention spans. They don't want to hear a long and complicated pitch that makes them lose interest or confuse them. Be clear and concise in your communication, and avoid jargon, acronyms, or technical details that are not essential. Use simple and engaging language, and focus on the key points that matter most to your audience. Use visuals, such as slides, charts, graphs, or videos, to support your pitch and make it more memorable. Keep your pitch short and sweet, and leave some time for questions and feedback.