Healthcare: Don't Make These Fund Raising Mistakes

Healthcare: Don't Make These Fund Raising Mistakes

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Raising money is hard, whether it be for a for profit or not for profit. You will need a plan and the right people to do it. For most entrepreneurs, it is a full time consideration.

If you plan to raise money, here are some mistakes to avoid:

  1. Not having a capital raising plan.

  2. Not learning how to tell your story or finding someone who can.

  3. Focusing on features and not benefits.

  4. A product or service that is not ready for investor prime time.

  5. A product or service that is not ready for health system prime time.

  6. Wrong people on your team.

  7. You suffer from Founder's Syndrome.

  8. You suffer from Craniorectal Inversion Syndrome.

  9. You make too many rookie mindset mistakes.

  10. You don't have a VAST business model that is evidence based.

  11. You have not mastered the fundamentals of entrepreneurship.

  12. You haven't navigated the bumps in the road.

  13. Not paying attention to new trends in financing ventures.

  14. You are Linkedout and have limited networks.

  15. Your website is all about you. I'll bet you think this article is about you, don't you.

Here is why your startup will fail, and, more specifically, why your digital health startup will fail.

Despite what people say, failing fast is not the idea. Learning from your mistakes is. Otherwise. you have just wasted time.

Raising money, like all business, is about developing relationships with the right people at the right time. Re-read How to Win Friends and Influence People.

Better yet, I know you won't take my advice since that will take more time than watching a 3 minute You Tube video, so here is a summary. OK. Here's the You Tube video too. 

Arlen Meyers, MD, MBA is the President and CEO of the Society of Physician Entrepreneurs.

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  • Paul Knowles

    Spending too much money without having a strong sales plan is a dangerous move.

  • Ashleigh Howard

    Been doing fundraising for years, and have never had it put down on paper. Very succinct and clearly explained. Appreciate this article very much.

  • Steven Duffield

    The core information is good.

  • Mark Thomas

    I work with nonprofits sickcare everyday and your tips are simple, clear and to the point.

  • Dean Chapman

    Great ideas and very well articulated insights. Thanks

  • Michael Lloyd

    Amazing information

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Arlen Meyers, MD, MBA

Healthcare Guru

Arlen Meyers, MD, MBA is a professor emeritus of otolaryngology, dentistry, and engineering at the University of Colorado School of Medicine and the Colorado School of Public Health and President and CEO of the Society of Physician Entrepreneurs at www.sopenet.org. He has created several medical device and digital health companies. His primary research centers around biomedical and health innovation and entrepreneurship and life science technology commercialization. He consults for and speaks to companies, governments, colleges and universities around the world who need his expertise and contacts in the areas of bio entrepreneurship, bioscience, healthcare, healthcare IT, medical tourism -- nationally and internationally, new product development, product design, and financing new ventures. He is a former Harvard-Macy fellow and In 2010, he completed a Fulbright at Kings Business, the commercialization office of technology transfer at Kings College in London. He recently published "Building the Case for Biotechnology." "Optical Detection of Cancer", and " The Life Science Innovation Roadmap". He is also an associate editor of the Journal of Commercial Biotechnology and Technology Transfer and Entrepreneurship and Editor-in-Chief of Medscape. In addition, He is a faculty member at the University of Colorado Denver Graduate School where he teaches Biomedical Entrepreneurship and is an iCorps participant, trainer and industry mentor. He is the Chief Medical Officer at www.bridgehealth.com and www.cliexa.com and Chairman of the Board at GlobalMindED at www.globalminded.org, a non-profit at risk student success network. He is honored to be named by Modern Healthcare as one of the 50 Most Influential Physician Executives of 2011 and nominated in 2012 and Best Doctors 2013.

   

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