Digital Health is breaking barriers through Product Led growth!
Digital Health startups have ended 2020 with a record fundraising, with US digital health companies raising a whopping $14B in investments according to Rock Health 2020 Market Insights Report.
Product Led Growth in Digital Health SaaS Startups
Digital Health startups have ended 2020 with a record fundraising, with US digital health companies raising a whopping $14B in investments according to Rock Health 2020 Market Insights Report. Most if not all of these startups are getting an influx of liquidity from very high profile Venture capital firms with strong commitments, acceptance from the spectrum of enterprises, and a high return on their investments. We tried to summarize the key for these startups to be successful now and in the future. Digital Health Startups improve with PLG.
Innovation Strategy: Startups in the Digital Health space have a tremendous opportunity to apply Design thinking to alleviate the pressures that the overall Healthcare spectrum faces in the post-COVID19 world. Design Thinking in Healthcare could enhance innovation, efficiency, and effectiveness by increasing focus on patient and provider needs.
Product Strategy: Startups must focus on the user needs and wants of their economic buyers. Product focus is a #1 important decision to drive deeper into the business opportunity, and always focusing & measuring Time to Value delivers on the value proposition.
AI/ML-powered Technology Strategy: Meaningful and actionable real-time insights are critical to driving transparency into the Healthcare ecosystem. Predictivity and prescriptive analytics need to push the value proposition from the data generated from Healthcare systems.
Go To Market Strategy: Digital health market is maturing rapidly, and Healthcare Enterprises have started using outside-in thinking to deliver services across the board. They are investing, deploying their investments towards the right technologies to thrive in the post COVID19 world. And we are grateful for the opportunity to inhabit the space between today’s new entrepreneurs and enterprise healthcare companies who choose to reach for that attacker’s advantage. We will continue to meet you all in that space where tomorrow starts now.
Skyrocketing healthcare costs are a concern, and the demand for Digital Health technologies to disrupt this space is increasing every day across the spectrum of healthcare. Cloud-first companies’ success in other industries will permeate the Healthcare industry over the next 12-24 months.
How can Product-Led Growth help Digital Health startups? Here at Product10x, our strategic view for every startup founder intending to build Digital Health products is listed below.
Focus on the problem space and build a long term strategy and roadmap for the product. Product-led scaling and growth would be the first-class citizen.
Invest in an AI and Data-driven product strategy; it is necessary to capitalize on market opportunities with target customer segments and attract investments.
Look for a robust Product-market fit to enable strong product growth and low cost of service.
Enable Go-to-market plans that leverage Healthcare industry experts, strategic advisors in the industry.
As a founder, if you are looking for growth partners that would like a complementing team for their Innovation Strategy, Product Strategy, AI/ML-powered Technology Strategy, Pricing Analysis, and Technology Strategy, Product10x has three Product acceleration programs that might be right for you. And, you can now see how Digital Health startups improve with PLG.
If you want to know more about how to accelerate your startup in the new year or want to learn more about the startup strategy, contact us at hello@product10x.com
About the Author: Suresh Madhuvarsu is a serial entrepreneur and investor. He is the Managing Partner of Product10x Accelerator, a SaaS accelerator that helps founders build and launch successful startups. He is also the Co-Founder and CEO of Salestable, a purpose-built sales readiness platform for SMBs.
Suresh has over 20 years of experience in the technology/SaaS industry. He is a 4x founder with 2 exits. He is also an active angel investor and mentor to early-stage startups. Suresh is passionate about helping entrepreneurs build successful businesses. He believes that technology can be used to solve real-world problems and improve people's lives.
About Product10x: Product10x is a SaaS accelerator that helps founders build and launch successful startups. The accelerator is run by experienced operating partners who have "been there and done that." Product10x provides founders with mentorship, advisory, and access to a network of investors and partners. The accelerator focuses on Product Led Growth (PLG), Sales readiness, and Fundraise readiness, helping founders all the way from product to go-to-market.
