Amidst the global pandemic of 2020 and a strong recovery forecasted from a worldwide recession, there is a solid reason why Healthcare continues to see massive investments across the industry.
Amidst the global pandemic of 2020 and a strong recovery forecasted from a worldwide recession, there is a solid reason why Healthcare continues to see massive investments across the industry. According to Rock Health 2020 report, US digital health companies raised $14B in venture funding. Impact and the need for Healthcare innovation continue to accelerate, and product acceleration is vital to closing our complicated healthcare system gaps.
Healthcare Costs, Quality, and Access have been the three major trends in Healthcare for decades now. Improving patient outcomes to enable people to live healthier lives, reduce costs to take costs out of the system, and increase or improve the access, scale, and outcomes of healthcare delivery, to be precise. The need for Product Acceleration for Artificial intelligence (AI) in Healthcare is essential for optimizing the system and the migration towards keeping people healthy. We set out to define some goals for Product acceleration for AI in Healthcare. Where to apply AI in Healthcare, the simple answer is “Everywhere”. Healthcare is a too complicated system; AI's goal in Healthcare to state in a word is to “Simplify”. Massive areas where technologies and AI can play an essential role in achieving cost, quality, and access.
With the advancement of technology in other industries and the adoption of advanced technologies becoming more common, AI in Healthcare will become more amenable to Healthcare providers, regulators, and patients. The current portfolio of AI tools is grossly insufficient to solve all the issues facing the Healthcare industry. The remarkable growth in hardware and software sophistication and innovation speed must become an advantage to bring more AI to solve these systemic challenges in the healthcare industry.
At Product10x, we believe in product-led acceleration for startups that intend to disrupt the healthcare industry with innovative AI technology to address some of these market needs. Product10x offers three programs Build - “Concept to Product” path, Ignite - “Focused Product mentorship”, Disrupt - “Complete Product-led journey for success” to help companies, incubators, and VCs succeed. Here are some product acceleration goals that we recommend existing startups or aspiring startups to take advantage of.
According to Venturescanner.com, there are 957 companies in the AI in Healthcare startup space across these 13 categories, with a funding amount of $4.8 Billion. Skyrocketing healthcare costs are a concern, and the demand for AI technologies in Healthcare to disrupt this space is increasing every day across the spectrum of healthcare. Cloud-first companies with roots in AI technologies’ success in other industries will permeate the Healthcare industry over the next 12-24 months.
Here is our strategic view for every startup.
In summary, economic downturns lend themselves to times when excellent companies are born in the Cloud, Social, Mobile, IoT, AI, and Visualization technologies. Founder in search of growth partners to complement their team to address 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.
If you want to know more about how to accelerate your startup in the new year or like to learn more about the startup strategy, contact us at email@example.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.