Gadgets and their associated apps have been around for awhile now, but the real movement in the field lies in a place most would never suspect: HealthCare. Some astute individuals (and readers of our blog) are aware of the big changes at the intersection of health and tech. Everything from software to manage private practices to apps that connect doctors to remote patients have been revolutionizing how healthcare is delivered.
More than that, the rise in popular wearable gadgets that track health and fitness point to just how useful technology can be in improving not just healthcare delivery but the effectiveness of Doctors in general. Devices like microscopic robots that can clear arterial plaque and reduce the risk of heart attacks are now saving lives every day. Other robots can literally examine a GI tract from inside a human body.
Look, as a tech company, we love science fiction. It’s kind of in the blood of most tech developers – after all we got into this biz because we love out of this world technology like transporters and warp speed. But here’s a secret: it’s barely fiction anymore. We are living in an age of rapid technological development, one that is changing the world around us faster than most of us can even track.
While we love technology, we are an enterprise oriented small business. So we are always looking for the business opportunity in any situation. In the world of Gadgets, it’s in Health Care. And while we don’t personally build hardware like the aforementioned microscopic robots, we do build the interfaces – and, more importantly to most startups, we know how to build a pitch deck for Venture Capitalists.
Step One: Identify the Problem and Provide the Winning Solution
All businesses need a problem to solve. That is the basic premise of any enterprise: here’s a problem, here is the solution. The medical field is no different. That being said, there are generally more than one fix to any given issue. So Venture Capitalists look for the solution and the money making startup.So the first thing any startup is to nail down exactly what solution is provided – and why it’s better than other solution out there. This requires extensive research into what the problem is, but more importantly it requires data to back up the assertion that the solution presented is the best.
Of course, ‘best’ is an exceptionally subjective term. Depending on what metrics are being used and what questions are being asked, the term best can be applied to multiple businesses. Luckily, the subject today is achieving investment, which means there is a identified target audience, with known preferences.
Step Two: Cultivating Your Audience
To be crystal clear, we are not advocating lying to attract Venture Capitalists. What we mean by saying that there is a target audience with known preferences is that a pitch can be tailored to fit their needs. Specifically, this means highlighting data that supports the hypothesis that the provided solution will generate revenue.
VCs want to make money. There is nothing wrong with this, and it’s usually inline with the thinking of most startup founders. In other words, a winning VC pitch deck focuses on numbers pointing to the sustainability and money making potential of a given startup. Worried about what are the right numbers on which to focus? Don’t – just contact SDI. and we can help you establish the right metrics to attract the VC investment needed.
Step Three: Presentation
Here’s the hard cold truth: when it comes to a pitch deck, the numbers can point to potential billions to be made. But if it is presented in an unattractive way, attracting investment will be nigh impossible. Design is more than just making a pitch deck look pretty, it’s about communicating a point effectively.
Design, whether it is UI/UX design or designing the perfect automobile, always boils down to clear and effective communication. The whole purpose behind design is to convey a message, to tell an audience what they need to take away from a particular experience. VCs are no different.
The trick to creating a perfect VC pitch deck is to display the problem, the best solution (i.e. what the startup is offering), and why that solution is not just effective, but sustainable and revenue generating. The last piece of advice we have to offer is that dishonesty and data manipulation are always a bad idea.
Most VCs are exceptionally smart – and far more worldly than the 20 something startup founder. They can smell a liar from a mile away – in fact, it’s kind of the job of a VC to ferret out those startups with potential and those who are just making crap up. Plus, bad data hasn’t slowed down too many startups in this day and age. The money lies in the number of users and the rate of engagement. Most VCs are willing to forgive some poor estimates (occasionally!), as long as there is god potential for user engagement.
Want to know more about attracting Venture Capitalist firms? Give us a call at 408.802.2885/408.621.8481 – or click to contact us!