health tech Archives - Page 3 of 5 - Public Relations, Advertising & Social Media

How to Create a Pitch Deck for Angel Investors

Posted on November 15, 2017June 8, 2018 by Taylor Kennedy

INTRODUCTION

Presentation Acquiring investments in your company from angel investors can help your health tech startup take its first steps.

According to TechCrunch, investors spend just 3 minutes and 44 seconds on pitch decks. That’s not a lot of time to tell a compelling story.

Here are some tips on how to create the best angel investor presentation.

KNOW YOUR AUDIENCE

Unlike a venture capitalist, an angel investor is investing their own personal funds into a business opportunity, so they typically fund companies that appeal to them individually. This audience is more willing to invest in early-stage, pre-revenue companies, specifically during the last stage of technical development and early market entry.

Be prepared to answer questions such as risks your company faces, what milestones will this round of financing help achieve and how your company plans to scale in the next year. Plan to show angel investors a demonstration of your product or service as it will help answer lingering questions. Although some angel investors may not be as formal as VCs, you should still have a formal pitch deck. After you find out what they specifically want, you can tailor the presentation to their requirements and timeline.

One of the biggest differences in pitching to angel investors vs. venture capitalists is that you as the entrepreneur don’t need to know everything, but you do have to build trust with investors.

REMEMBER: LESS IS MORE

Avoid the minutia and other irrelevant details in your deck, as too many slides can make your pitch long-winded, and your audience may forget the most important information. Be simple and to the point and limit your pitch deck to 10-15 slides, as follows:

The first 1-5 slides should explain your company overview, mission, team, problem and solution. For example, how will IDNs benefit from your product or service, and what is the technical expertise of your staff?
Tailor slides 6-10 to your market opportunity and how you differentiate from competitors (e.g. use the beacon approach). Be sure to explain why healthcare systems would buy your product or service, show calculations and mention any competitive advantages, such as your IP.
The final 11-15 slides should go over your business model, financials and marketing efforts. Make sure you state what the angel investors will get with their investment (e.g. ROI). Although they will be relevant at some point, don’t worry too much about investment provisions such as liquidation preference, drag-along rights and vesting of incentive equity.

FOR MORE INFORMATION

Revelation PR, Advertising & Social Media offers healthcare IT companies and startups services related to media relations, email marketing, investor relations, tradeshow marketing, content marketing and social media management. Please contact Brian Lee, brian [at] experiencerevelation.com or 608-622-7767.

Staying on Message in Your Healthcare IT Investor Pitch

Posted on August 23, 2017January 9, 2020 by Taylor Kennedy

INTRODUCTION

According to TechRepublic, health tech venture funding deals increased 200 percent between 2010 and 2014.

To increase your likelihood of securing seed or venture funding, it’s important to drive home themes or assertions while selling your idea.

Here are tips to help stay on message in your healthcare IT investor pitch. Continue reading “Staying on Message in Your Healthcare IT Investor Pitch” →

How to Market a New Solution to an Old Problem

Posted on June 28, 2017 by Brian Lee

INTRODUCTION

mouse trap Disruption, according to Wikipedia, is innovation that creates a new market and value network that eventually disrupts an existing market and displaces established market-leading firms and products. It seems these days that tech startups, especially in healthcare IT, have to be the next Uber or AirBNB of their world to experience success, when in fact, they don’t.

In the slow-moving industry of healthcare, often times building a builder mousetrap–in other words, developing a new solution to an old problem–is the key to seeing your product or service get adopted. Let’s take a look at how you can market them.

HOW TO POSITION YOUR SOLUTION

One of your primary objectives should be to identify healthcare systems that have purchased a product or service to satisfy their problem, but that product or service has been insufficient. These prospective customers are likely to re-enter the marketplace for a new product or service since their problem remains unsolved.

When contacting these healthcare systems, use a “beacon” approach to describe your product or service. This means you compare your product or service to a competitor’s, but then explain why yours is better. For example, “We’re like (a competing product) but easier to integrate into your EHR and maintain.” This approach gives your prospective customers a frame of reference (beacon) along with the value proposition.

Also, don’t feel like you have to undercut your competitors. A Forbes magazine article cited a study that consumers will spend more when switching to a new solution that solves their (healthcare) problems.

REACH THE DECISION-MAKERS

It comes down to two general marketing principles: you need to build brand awareness, and you need to stay top of mind. To accomplish these tasks, you will need a sustained effort of PR, marketing and/or advertising. This means don’t just pitch one publication or run online ads for two weeks.

Why? In marketing, there’s the “Rule of Seven,” which says that someone needs to see your marketing message at least seven times before they take action. Even then, the hospital CIO, for example, may not be in the buying mode or cycle. So you have to maintain your brand’s presence in front of them so when they are ready to buy, you’re the first company they think of.