[ad_1]
Lauren Schafer, Venture Director at StartUp Health, reviews the materials and virtual data rooms of health innovation companies daily. Here are her 5 reasons why startups are excited about her application, and her 5 reasons for making it a takedown hit.
As Venture Director at StartUp Health, Lauren Schafer has reviewed the decks and virtual data rooms of over 3,000 health innovation companies. She has made over 1,500 founder introduction calls of hers. Over time, a pattern emerged that helped her keep up with the amazing pace of her StartUp Health, where she invests in about one digital health company a week. Here she shares her 5 things that get her excited about her startup application and her 5 things that make her delete a hit.
Do… Help Google understand what you are doing within 60 seconds of viewing the material. The first thing to do is a simple, detailed overview of the product. Don’t use buzzwords. Instead, provide real examples or personal stories to tie everything together.
Help me understand DO… WHY right away. I love seeing a founder’s passion displayed in the founder introduction video (where the founder introduces herself to her StartUp Health). This is much more powerful than just writing it out in your bio. Early stage healthcare bets most of the decisions on you as the founder. So please indicate why you are a good fit for the job.
DO… Show clear validation of your product. This doesn’t have to be revenue, but it’s important to share both quantitative and qualitative data/metrics that prove you’re on the right track.
Please… indicate that you have done research on StartUp Health. Understand who we are and what we do (our website has a lot of information and YouTube has about a million videos). Ask specific questions so you can get the most out of your short intro call.
Please… ask for feedback when ending the call. It shows that you are teachable and open to learning. You can also take advantage of moments when conversations are fresh to provide real-time, honest feedback.
Don’t… say there is no competitor and nothing like your product on the market. There are always other players in the space, even if no one is doing exactly the same thing. I want to know that you understand the market and that you are deliberately thinking about competitiveness.
Don’t…be vague about your traction. Numbers and metrics matter. Do not add fluff or extra detail. Please provide a brief phone number and a simple phone number in your presentation in advance so that we can investigate the situation further by phone.
Don’t… Spend 20 minutes out of your 30 minute call briefing the company. Do not speak for more than 2-3 minutes at a time. Focus the dialogue to build trust and ensure questions are answered.
Don’t… just focus on fundraising/evaluation/exit. We are looking for impact-driven founders and companies that are focused on financial exits over the next three to five years. Early in our relationship, we should be more focused on the vision of the business and how it fits into StartUp Health’s mission.
Don’t… skimp on the overview material before you call. While you don’t need to check every secret sauce, it’s essential to have an up-front overview of your team, products, and company traction. I don’t want to spend time gathering basic information.
Conclusion: Send clear and concise information in advance to make preparation easier. On the phone, be prepared to have a dialogue to share your passions and provide context on the information/data you previously submitted.
[ad_2]
Source link
