How To Avoid These 5 Mistakes Healthcare Startups Make
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Examining five ways to reduce the risk of entrepreneurial failure in American healthcare. getty At least 90% of startups fail. And in the healthcare strategy course I teach at Stanford’s Graduate School of Business, I caution students that the odds of failure in medicine are even greater. Failures in health innovation rarely stem from flawed products. Almost always, they’re the result of mistakes founders make early in the journey, long before the first sale or clinical deployment. Entrepreneurs drawn to the $5-trillion U.S. healthcare market often assume their success in other industries will carry over. But the system’s distinct structures, cultural norms and unwritten rules trip them up. The results catch them by surprise. Here are five ways to reduce the risk of entrepreneurial failure: 1. Approach Healthcare Like A Novice, Not An Expert When President Donald Trump met with governors in 2017 to discuss replacing the Affordable Care Act, he famously remarked, “Nobody knew that healthcare could be so complicated.” His surprise wasn’t unique. Many outsiders assume the industry’s problems can be solved with the same tools and tactics that worked elsewhere. But medicine is personal and highly variable. What succeeds in a lab often fails in clinical practice. Here’s one example. Five years ago, I received a dozen calls from CEOs who had paired voice recognition with traditional AI to auto-generate medical records from doctor-patient interactions. Each executive claimed their tool could save physicians two to three hours per day. None could understand why sales lagged. They diagnosed the issue as a lack of clinician awareness and asked me to connect their sales teams with doctors. I told them the truth: If your tools actually saved physicians that much time, you wouldn’t need help selling. Your biggest problem would be managing the line out the door. I urged…
