In a crowded market, a leader who lives and breathes the business, acting as a charismatic ambassador, can be the deciding factor in its success. Visionary leadership that inspires the team and the market is crucial. A technically superior product can fail under a flat, uninspiring leader.
Gaining access to key stakeholders like insurers is incredibly difficult because they are constantly bombarded. The key to breaking through is not just having a good product, but positioning it with a message tailored specifically to that stakeholder's problems. Generic pitches are met with 'deathly silence'.
The path to market is unpredictable. For startup Equal, the private market was initially sluggish while NHS contracts provided early revenue. Later, the private market accelerated. Pursuing different verticals with varying sales cycles creates a more stable, 'continual drip' of revenue.
Rushing to market without validation is a recipe for failure. Instead, engage potential buyers and proposition leads as 'critical friends' in focus groups. Use their feedback to build a white paper, refine messaging, and create a product they actually need, even if it takes a year.
Two dominant strategies are winning. Companies can either be the absolute best at one specific thing (e.g., musculoskeletal care, women's health) or build a platform that aggregates these best-in-class solutions into a seamless 'digital front door' for insurers and corporations.
During the pandemic, companies adopted digital health solutions to make employees happy. Now, the focus has returned to fundamentals. Buyers demand solutions that demonstrably reduce costs, like insurance claims or sickness absenteeism, rather than just offering 'added value' perks.
Many UK startups fail by immediately targeting the complex and competitive US market. A more effective strategy is to expand into Commonwealth countries like Australia or Canada first. These markets have similar healthcare systems, speak the same language, and may have faster decision-making processes.
Landing a major client in the B2B health tech space requires extreme persistence. Sales cycles can last for years, and success often depends on the long-term effort of 'chipping away' at barriers and objections. Resilience is more critical than having the perfect initial pitch.