Hello and Welcome to Medstartr!
MedStartr is a crowdfunding platform designed specifically for healthcare. It grew out of the Health 2.0 NYC meetup group organized by our founder, Alex Fair. After trying to list a healthcare project on Kickstarter he learned that they did not allow healthcare projects. A little more research showed that while other sites did allow healthcare projects, they had a dismal track record with an apparent successful funding rate somewhere between 5 and 10 percent. So he partnered up with his friend and previous co-founder Mike Pence, who also happened to be the former lead developer at KickStarter. About a week later they launched an Alpha and sent it out to 71 friends.
Then What Happened?
Would you believe that six of them funded the project? This first video shows how passion trumps perfection in crowdfunding videos! Of the original “crowd” of 71, 22 shared it with thousands more and suddenly there was a groundswell of support, interviews, press, new team members, and applicants. Needless to say, Mike and Alex were enthused and kept at it, launching the private beta on the 4th of July, 2012. Since then we have learned a great deal, gotten tons of press, helped dozens of great ideas get found and funded, and developed our Crowd Challenge and Open Innovation Services to not just help Startups, but to enable great companies become even greater through innovation driven by crowd sourcing and crowd funding. In 2015 we did our first MedStartr Momentum (#MedMo15) Conference in NYC. In July 2016 we relaunched the MedStartr crowd funding platform as a Healthcare Crowd Engagement Platform – designed to facilitate and automate everything healthcare innovators need to do to get to market faster and more sustainably in healthcare.
It's Just Not About the Money
MedStartr isn’t just a Crowdfunding solution, it is an Acceleration and Validation Platform that enables companies to get up to speed faster than ever. No more are healthcare innovators alone, caught on the reef between prototype and adoption or adoption and profitability. MedStartr helps companies create a Wave that begins with patients and doctors, continues to hospitals, and ends with the perfect partners, VC funding, and sometimes an outright acquisition. We crowd funded ourselves with the above video so we eat our own dog food too. But don’t listen to us, hear it directly from our first successful client, Dave Chase of Avado interviewed for the March 2013 issue of Entrepreneur Magazine.
The Best Term Sheet is a Bill of Sale
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.
How Does it Work?
When we apply the full Crowdfunding Optimization model, a package of marketing, PR, strategic, investor relations, and partnership development services, we find we can help over 80% of projects succeed. Overall our success rate is about 62%, about six times the industry average for healthcare projects. Recently, our projects have been showing up on IndieGogo and Angellist too, reaching a broader, more consumer-focused or investor audience. Since first and foremost, we want our clients to succeed, indeed sometimes that does mean cross-listing projects for broader audience. Our Mission is to drive innovation forward and to this end we will work with clients and collaborate with competitors to make sure that maximal funding is achieved. If you look at projects on our competitors, you can see that many of them started on MedStartr. This works well and our clients are raising millions online, as well as in private conference rooms with VCs, Angels, and giant corporations. All told, our first clients have raised over 6 Million dollars, online and off, and started over 50 partnerships. This is just the beginning though.
We crowdsource everything, including our logo, bug testing, and even our business plan. Our Corporate Innovation Services and Challenge Platform were created at the behest of great companies that want to drive innovation faster and better. We think Equity crowdfunding is our next creation once the SEC passes the rules, but we would love to hear from you. What would YOU like to see? Call us or use the contact form or just email TellUsWhatToDo@MedStartr.com. We actually answer our phone and you will most likely get a founder.