Health and wellbeing startups’ needs - Key insights

In 2021, Health Capital Helsinki commissioned Upgraded to conduct research into health and wellbeing startups’ needs. With 57 survey responses and 10 semi-structured interviews, we present to you here our key insights from the study.

Upgraded found that in 2021, AI is the domineering technology in startup innovation. Europe and Northern America are the most attractive markets for health and wellbeing startups, with Germany, the USA, and the UK being primary target countries. In terms of recruitment, the startups in question are mostly looking to hire salespeople and R&D specialists.

As for startups’ needs, funding, as ever, remains the hottest topic. Most require it right now or within a year. Based on respondents’ replies, training and support that players like Health Capital Helsinki and Upgraded could provide are concentrated around three topics: funding, sales and marketing, and reference and pilot customers. Notably, although finding research partners has not been considered an urgent need by the respondents, they still think of it as important. In terms of the ways this support can be delivered, companies are mostly looking for introductions and connections.

Although some strong opinions were voiced, we observed that innovative businesses are well-supported in Finland. A lot of crucial information needed for their operations, for instance, on regulatory compliance, is easily accessible and well laid out. Various grants and loans from Business Finland, as well as targeted activities in the Uusimaa region are also strongly appreciated by the companies we have interviewed. Sensitive areas, on the other hand, include the timeline and lack of transparency in public procurement, as well as the limited and, for the most part, industry-agnostic network of investors in Finland. As for what more can be done, bringing together the local network and making introductions seems to be the way to go.