Healthcare professionals who develop medical solutions often fail to turn their research into a successful business due to a lack of business education. This gap in researchers’ knowledge is a well-documented problem, which adversely affects scientists by making it difficult for them to assess the validity of their ideas, to develop their ideas into successful products, and to receive funding for the development process.
For two years running (2012-2013) the Medicine 2.0 conference hosted a VC panel, composed of experienced investors and professionals from the VC industry. During those sessions, companies conceived inside or alongside academic institutions presented their products to panel members, and received feedback. Most of the feedback focused on the topic of business development, an educational “blind spot” for many of the researchers involved. This feedback included topics ranging from estimating the value of a costumer, to determining the potential markets.
This presentation brings the key lessons from the VC panels, to be put into practice by healthcare professionals who often have minimal business education. It highlights the critical issues which are often ignored by healthcare professionals seeking to develop their research and ideas into successful businesses. These lessons can therefore serve as guidelines for the development of future products, and increase the understanding of the business world by interested professionals working in medical fields.
