Let’s say you have a great discovery or have developed a great product in healthcare, what is the best way for a startup to get supporters or customers in healthcare? Pitching to investors, cold calling, taking doctors to lunch, pitching partners, advertising? Honestly, all of these methods are very time consuming and have low success rates. Furthermore, you need to develop your products, forge partnerships, drive awareness, get customers, test and get feedback, and so much more all in the same 20 hours a day, so you need to find efficient methods to suceed. Talking to 37 investors to get a 2% success rate is very risky if you have no traction yet. This creates the classic catch 22 situation where the VC says,
“we would fund you if you had more traction or results“
and of course, you can’t show results without spending more money on R & D or Sales. This is the “Valley of Death” for most startups – but we now know that there is a way out.