Investment time for your new product?
“Focusing is about saying no.” Steve Jobs
The most successful Heath Tech companies take time to focus, commute clearly and have a simple set of objectives that support their product, people and patients.
Focus can be extremely difficult when starting a new tech business.
The original idea can be simple, yet the execution becomes complex as systems and processes are applied to the development. Also spending time "selling the idea" can often be overlooked when busy making the product work. The economic case or commercial risk models are also difficult to define in cross sector ecosystems.
Healthcare is a risk adverse market with lengthy and unhelpful business practices.
New technology often encounters a range of implementation obstacles including, hardware, software and networking compatibilities particularly in the NHS. Also import to factor, is the time for the application to be tested for e-saftey and data governance arrangements.
A one minute test.
Below a simple set of questions that your business should consider about it’s new product.
Does the product?
Improve Quality of Life
Improve Service Efficiency
Organisational Cost Benefit
If the answer is YES to all of the above, move forward with your plans. If any of these are a NO….maybe time for a refocus, or to ask for some support to ensure that it does.
The Tech Nation 2017 report advised “the UK is the digital capital of Europe - a clear leader when it comes to tech investment, digital skills and collaboration with ecosystems.”
So good news you are in the best place to make your digital health product a success!
Other useful sites for more information or investment;
Enterprise Investment Scheme (EIS) to raise money for your company, ahead of this financial year end in April 2019.
Invention-for-innovation - https://www.nihr.ac.uk - opening 24th April 2019
MedCity - www.medcityhq.com - grants and funding opportunities from £2,000 to <£500,000 available in “grow your business”.
DigitalHealthLondon - www.digitalhealth.london - applications open until Wednesday 30 January 2019 12:00pm
Healthy London Partnership - www.good-thinking-digital-wellbeing - Mental Health digital tools
NICE evaluation of applications - www.gov.uk - criteria-for-health-app-assessment