We just got back from a week in Boston where we presented at the Health 2.0 and Mad-Pow sponsored HXRefactored Conference. They did a great job with the conference, and we had a good time and met some very cool folks on the cutting edge of health and design. I was honored to be able to present with Matt Holt, Google Ventures, & Henry Ford Innovations at Dollars & Sense: The Business of Healthcare. We each gave perspectives on building healthcare businesses.
My talk focused on three simple rules for building healthcare businesses. In brief, they are:
1. Make sure your business model has applicability to all parts of the healthcare ecosystem. WHY? Building healthcare business models require understanding the dynamics of the ecosystem. It is very hard to disrupt the players. Make sure you know how your stuff helps their stuff.
2. Make sure your business model speaks to all parts of the healthcare canvas. WHY? Building healthcare business models require understanding the moving parts and then showing how they interact. We think there are more of moving parts that Alex Osterwalder’s 9 (although we love his 9 dearly). That is why we built modelH – a business model canvas designed specifically for healthcare companies to develop and explain their business models.
1. Make sure you business model is more than just a canvas. WHY? Building business model canvases is part of building businesses – but you are a long way from viability with just a canvas. Building healthcare businesses also require more than LEAN & your MVP (but please start with this). This is why our model for building businesses is focused on commercialization from the go.
In summary, know how your model will apply to the healthcare ecosystem, explain how your business model serves all constituents in the multi-sided market (and is believable), and show how you will operationalize your business based on sound decisions.
Here is the deck. Enjoy and let us know how we can make it better. And if you need help launching your company, contact us.
To your health,
The Team at imagine.GO