One way that the Massachusetts Founders Network (MFN) supports entrepreneurs is with a sector-specific informal monthly roundtable discussion. Founders describe their startup journey while receiving peer support, guidance, and problem-solving strategies. This helps ensure that founders stay on track and keep moving forward.
MFN had the opportunity to sit in on one of these discussions, featuring a diverse group of four health tech founders. Each brought their unique business model and background to the table, fostering a collaborative environment based on mutual support.
In the healthcare technology sector, there are several moving parts when launching a startup. In the early stages, founders not only must hone in on their product or service but also network and develop connections to raise awareness about the company. A common marketing tactic for boosting visibility is tabling at networking events and conferences.
In their discussion, the founders exchanged tips on garnering visibility and making connections. “Bring someone else with you,” suggested one, emphasizing the importance of being able to engage with multiple visitors at the company’s table. This helps promote one-on-one interactions and decreases the amount of missed conversations and potential leads. Candy bowls, marketing materials, and interactive displays were deemed essential tools for leaving a lasting impression.
The conversation pivoted to the intricacies of launching Minimum Viable Product (MVP) kits. Participants grappled with the delicate balance of soliciting feedback without overwhelming potential users. “Separate the couples,” advised one founder, sharing an effective approach to ensure honest feedback from both parties. Another suggestion involved making initial user inquiries after the product is shipped and following up when results are received. The discussion delved into the art of crafting open-ended questions, followed by more quantitative inquiries to extract meaningful insights.
Amidst the anecdotes, the founders spoke of the trials of working with attorneys and the search for compatible co-founders. The conversation touched on the ideas of unfounded optimism and the delicate dance of maintaining relentless confidence in the face of uncertainty. “Momentum is our best friend,” one founder commented, highlighting the crucial link between confidence and progress.
One founder shared her success story about a marketing campaign that gained virality on TikTok and led to 25,000 pre-orders for an innovative and earth-friendly self-care brand. The discussion unfurled the intricacies of manufacturing connections, specifically in thermoplastics for femtech. For this founder, the need for expertise in materials led to a shared journey of discovering liquid injection molding and forging relationships with contract manufacturers. Furthermore, as the product gained momentum, the founder expressed the need to manage consumer and team member expectations while simultaneously meeting an investment goal.
The narrative transitioned to the complexities of engaging with hospitals, customers, and beta testers. The founders underscored the importance of regular scheduling to keep the momentum alive. “Show something positive,” advised one founder, emphasizing the role of innovation and sparking interest to overcome potential resistance.
Fostering beneficial relationships with well-positioned individuals and leaders in healthcare can be challenging. The founders delved into the bureaucratic hurdles of gaining approval within healthcare institutions. From navigating the labyrinth of institutional hierarchy to addressing legal and HIPAA concerns, the discussion touched upon the intricacies of tokenizing human information and the challenges of storing audit logs for 90 days or more.
Overall, the roundtable served not only as a forum to discuss challenges but also as a collective narrative of resilience, innovation, and the shared pursuit of transforming healthcare through technology. The founders forged a sense of camaraderie through shared struggles and triumphs in the realm of health technology entrepreneurship.
