The road to entrepreneurship- Week 17
Pavandeep Rai Ph.D
making a difference in the world of healthcare by harnessing the newest innovations
Hi! My name is Pavandeep, I am a Research Scientist turned Strategy Consultant, looking to make a difference in the world of healthcare. Join me as I chart my journey into the world of Venture Building at ZINC a mission driven venture builder that brings together 70 individuals from diverse backgrounds to innovate and build companies in areas of high global need. Cohort seven's mission: the effect of climate change on health.
Week 17: Deep Impact
As we near the end of the programme, the team and I are finalising our documents to pitch for investment. One thing I have heard repeatedly in the start-up world is, what is the impact of your company in the world? As someone who is new to the sector, this can be a confusing thought. One could say that, “I am working in the health or climate tech space, of course my company brings value and has impact!”. However, how you define your unique niche and articulate the value you bring is essential to gaining customers and investors alike. I have realised that it is an art in itself to define one’s unique value, and as understanding of your problem space and product vision grows, your companies’ values can shift and change. Here I outline some key definitions and rea world examples that you can use to start thinking about defining your unique value and articulating the impact of your company in the world.
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The first and arguably most important type of impact that startups under this category introduce are groundbreaking technologies or solutions to address pressing challenges. They may take on moonshots and disrupt traditional industries in a positive and transformative way. In the context of the 21st century, the digital transformation has been a major category in this sector and as a consequence, these companies have achieved valuations in the trillions. They may do this by creating new markets, Think of the internet or electric cars and as a consequence build a new ecosystems and industries. Tesla is a fantastic example of this. Whether you like Elon Musk or not, his company introduced electric vehicles into the mainstream to address environmental concerns, disrupted the traditional automotive industry, and contributed to technological advancements in sustainable transportation.
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Companies addressing social issues such as poverty, education, healthcare, or inequality fit most into this category and often fall into the social impact or CIC space. They create job opportunities in underserved communities, enhance access to essential services for marginalized populations and actively engage with and support local businesses. For these companies, impact on a community level is essential and a priority. The ability to do good for the local ecosystem while regenerating revenue. TOMS is a great example of this. With their ethos of "One for One”. TOMS provides a pair of shoes to a child in need for every pair sold. By addressing the social issue of inadequate footwear, TOMS creates positive community impact and engages consumers in a socially responsible business model. This is a fantastic way of touching into the emotion of the buyer. Let’s face it, humans like to buy things that make them feel good, this can come in the form of feeling like we as a consumer are putting our money towards something that will do good for others.
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The importance of this category is growing with pressures of climate change and global economic instability increasing. Indeed, large and small organisations alike are under pressure to become transparent about their impact on the environment and the ethical nature of their procurement practices. For dynamic startups, they can build their ethos on a commitment to implementing sustainable practices, reducing their carbon footprint, developing eco-friendly products or services or contributing to biodiversity conservation or engage in environmental restoration efforts. Additionally, ventures are prioritising and being more conscious of ethical business practices, including fair labour, diversity and inclusion.
Patagonia is the poster child for sustainable impact, reducing its environmental footprint, and producing eco-friendly outdoor clothing. This all fits well with its product category of developing outdoor clothing. The company prioritizes ethical business practices and actively engages in environmental activism, contributing to biodiversity conservation.
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This final category is one of the most trickiest to define. Indeed Health impact can be seen in the ability to improve health outcomes and education in the ability to provide educational opportunities or resources to underserved populations or preserving cultural artefacts. However, the practices by which this is achieved can have unintended consequences. For example, the impact of healthcare buildings or educational institutions on the environment is well documented. Digital disruption has placed a huge role in this sector and Khan Academy is a great example of a company that provides free educational resources to underserved populations globally. With a focus on enhancing access to quality education, Khan Academy contributes to educational outcomes, making a positive impact on health by fostering intellectual development and digital literacy.
Next time you are using a service or buying an object, think to yourself, how would this organisation demonstrate its value and show its impact? This will help you to hone and understand that every organisation from McDonalds to McMillan will have had to talk to their investors about their value to the world. The decision of whether they add value, is up to us.
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These are but a few of the ways that we at Zinc will be articulating the impact and value of our companies to mission driven investors. Having investors who’s investment these are well aligned to the value of your organisation and a clear understanding of the positives and limitations of each category are essential. Finally, when considering the value your organisation brings, consider the unintended consequences associated with the impact you are trying to have. Having a view of these early on and mitigating as many as early on as possible could be crucial once organisations start asking the tough questions.
Thanks for reading this week! As ever, the lovely members of my cohort have been hard at work and are documenting there own experiences. You can access their blogs and newsletters below:
If you would like to learn more about the process, mission and my journey, or your would like to help, please reach out, Follow me or subscribe to this newsletter.
Be sure to also follow our progress with Kuma Health on our new LinkedIn page!
Medical student (MBBS) | BSc (Hons) | Founder of CompassLondon
1 年It’s so great following and seeing the progress being made!
Co-Founder | Start-up Consultant | Helping big businesses think like start-ups, & start-ups become big businesses | Building something new
1 年What a mega week you have had!
Clinical Product | Digital Health | Healthcare Design
1 年What's this big wave coming? Is it the tremendous amount of support we've received from LUPUS UK, Crohn's & Colitis Foundation and Charlie Lees just to name a few? Or is it when you wake up, check your email and notice 55 persons sent a message to participate in one of our focus group in 24h and you wonder how you will manage to respond to each of them? Some people call it traction, for us it's a constant reminder of our mission and why we're full on building something that has the potential to transform the lives of millions of people living with an autoimmune disease!