Hamza Asumah, MD, MBA’s Post

🌱 Navigating Funding Myths in Healthcare Startups with Copperleaf Consulting Group! Hello LinkedIn network! Venturing into the healthcare startup scene? Understanding the funding landscape is crucial, and it's time to dispel some myths that might be holding you back. Let’s explore how Copperleaf Consulting Group can guide your healthcare-focused journey towards success. Myth 1: Healthcare startups need a fully developed product for funding. Truth: What matters more is demonstrating a clear understanding of market needs, regulatory pathways, and having a robust plan to address healthcare challenges. Early-stage funding often focuses on potential rather than perfection. Myth 2: Only venture capital can fund healthcare innovations. Truth: While VC is significant, non-dilutive funding like grants, government programs, and partnerships with existing healthcare institutions can also be vital, especially given the extended R&D cycles in healthcare. Myth 3: More funding guarantees healthcare breakthroughs. Truth: Strategic, well-managed funding aligned with clear milestones and regulatory plans is more effective. The right amount of funding, rather than the most funding, sets the foundation for sustainable innovation and growth. Why partner with Copperleaf Consulting Group? Specialized Healthcare Focus: We understand the intricacies of healthcare markets and regulatory environments, enabling us to provide specialized guidance. Tailored Funding Strategies: From venture capital to grants and partnerships, we help you navigate the diverse funding landscape to find the best fit for your stage and goals. Long-term Support: Our commitment extends from seed funding to scaling operations, ensuring you have expert advice as your healthcare solution evolves. Join forces with Copperleaf Consulting Group to transform healthcare challenges into impactful solutions. Visit us at https://lnkd.in/gquNiHnk and let’s create a healthier future together! #HealthcareInnovation #StartupFunding #MedicalStartups #VentureCapital #Entrepreneurship #BusinessGrowth #Innovation #CopperleafConsulting

🌟 𝐔𝐧𝐝𝐞𝐫𝐬𝐭𝐚𝐧𝐝𝐢𝐧𝐠 𝐭𝐡𝐞 𝐑𝐞𝐚𝐬𝐨𝐧𝐬 𝐁𝐞𝐡𝐢𝐧𝐝 𝐒𝐭𝐚𝐫𝐭𝐮𝐩 𝐅𝐚𝐢𝐥𝐮𝐫𝐞𝐬 🌟 Starting a new venture, especially in the healthcare sector, comes with its unique set of challenges. Based on my experience and research, here are some critical reasons why many startups fail: 👉𝑴𝒊𝒔𝒋𝒖𝒅𝒈𝒊𝒏𝒈 𝒕𝒉𝒆 𝑷𝒓𝒐𝒅𝒖𝒄𝒕/𝑺𝒆𝒓𝒗𝒊𝒄𝒆𝒔 𝑫𝒆𝒎𝒂𝒏𝒅: Understanding the market's needs is crucial. Misjudgments here can lead to a lack of traction and adoption. 👉𝑷𝒐𝒐𝒓 𝑭𝒊𝒏𝒂𝒏𝒄𝒊𝒂𝒍 𝑴𝒂𝒏𝒂𝒈𝒆𝒎𝒆𝒏𝒕: Startups often struggle with budgeting and managing their finances, leading to unsustainable operations. 👉𝑷𝒐𝒐𝒓 𝑩𝒖𝒔𝒊𝒏𝒆𝒔𝒔 𝑫𝒆𝒗𝒆𝒍𝒐𝒑𝒎𝒆𝒏𝒕: Effective business strategies and partnerships are essential for growth and sustainability. 👉𝑼𝒏𝒓𝒆𝒂𝒍𝒊𝒔𝒕𝒊𝒄 𝑮𝒐𝒂𝒍𝒔 𝒂𝒏𝒅 𝑩𝒂𝒅 𝑶𝒑𝒆𝒓𝒂𝒕𝒊𝒐𝒏𝒂𝒍 𝑷𝒍𝒂𝒏𝒔: Setting achievable goals and having a clear operational roadmap is key to navigating the startup journey successfully. 👉𝑷𝒐𝒐𝒓 𝑵𝒂𝒗𝒊𝒈𝒂𝒕𝒊𝒐𝒏 𝒐𝒇 𝑹𝒆𝒈𝒖𝒍𝒂𝒕𝒐𝒓𝒚 𝑷𝒂𝒕𝒉: The healthcare industry is heavily regulated. Not understanding or mismanaging regulatory requirements can stall or derail a startup. 👉𝑳𝒂𝒄𝒌 𝒐𝒇 𝑬𝒙𝒑𝒆𝒓𝒕𝒊𝒔𝒆: Having a team with the right mix of skills and knowledge is vital. Gaps in expertise can lead to poor decision-making and execution. Identifying and addressing these issues early on can significantly increase the chances of success for startups. Let's keep pushing boundaries and innovating in the healthcare space! 💡💪 #Startup #Healthcare #Innovation #Entrepreneurship #BusinessDevelopment #Leadership --------------------------------------------------------- I'm 𝐃𝐫 𝐊𝐡𝐮𝐬𝐡𝐛𝐮𝐤𝐡𝐚𝐭 𝐊𝐡𝐚𝐧, 𝐏𝐡𝐃. Did you find this post helpful? Repost 🔁 & Follow for more tips on healthcare innovations! ---------------------------------------------------------

Are you trying to hit the target in your healthcare business? but failed? 🌟Do you know falling and failing is to raise again and try again! Let's come to the point, starting a healthcare business is tough and many don't last beyond two years. Here’s why: 🌱 Big Challenges in Healthcare ◾ Not Enough Demand - Sometimes, innovations don't meet a real need, which means they don’t solve actual problems. ◾ Tough Rules - The healthcare industry has strict regulations that can be hard to follow, causing delays or failures. ◾ Running Out of Money - Startups may not plan well for how much money they'll need before they start making a profit. This can run them out of funds sooner than expected. ◾ Growing Too Fast - Expanding too quickly can cause problems that make the business unstable. ◾ Poor Marketing - If a startup doesn’t have a good plan to introduce its product to the market, it might not reach the right people. 🌟 What Can Help? Startups need careful planning and a strong understanding of the healthcare market to succeed. Learning from others who have done well and failed can also help a lot. 💡 Let’s Talk Are you planning to launce your #Healthcare #Startup or running with troubles lets connect to find the solution. feel free to DM me on LinkedIn. 👉why do startups fail within two years? share your thoughts in the comments section. 👇 #HealthcareInnovation #StartupChallenges #MedicalMarketing #HealthcareStartup #HospitalSuccess #Startups #Funding

𝐓𝐞𝐚𝐦 𝐝𝐲𝐧𝐚𝐦𝐢𝐜𝐬 𝐢𝐬 𝐭𝐡𝐞 𝐝𝐨𝐦𝐢𝐧𝐚𝐧𝐭 𝐟𝐚𝐜𝐭𝐨𝐫 𝐢𝐧 𝐬𝐭𝐚𝐫𝐭𝐮𝐩 𝐬𝐮𝐜𝐜𝐞𝐬𝐬 𝐚𝐧𝐝 𝐟𝐚𝐢𝐥𝐮𝐫𝐞. This important insight comes from a survey of more than 500 venture capitalists on what makes startups succeed or fail. The top reasons given are: 👥 𝐓𝐞𝐚𝐦 𝐝𝐲𝐧𝐚𝐦𝐢𝐜𝐬 56% of VCs highlighted the team as the foundation of success, while 55% pointed out that it’s the primary reason for failure. This result emphasizes the critical impact of leadership abilities and team unity on the direction of a startup. All other factors were cited much less often. Here are the percentages for the next seven: ⏰ 𝐓𝐢𝐦𝐢𝐧𝐠 Success: 12% of VCs  Failure: 9%of VCs 💡 𝐓𝐞𝐜𝐡𝐧𝐨𝐥𝐨𝐠𝐲 Success: 9%  Failure: 8%.  💼 𝐁𝐮𝐬𝐢𝐧𝐞𝐬𝐬 𝐦𝐨𝐝𝐞𝐥 Success: 7%  Failure: 10%.  ⚙️ 𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐲 Success: 7%  Failure: 10%.  🍀 𝐋𝐮𝐜𝐤 Success: 6%  Failure: 3%.  📈 𝐌𝐚𝐫𝐤𝐞𝐭 Success: 2%  Failure: 3%.  👔 𝐁𝐨𝐚𝐫𝐝 𝐨𝐟 𝐝𝐢𝐫𝐞𝐜𝐭𝐨𝐫𝐬 Success: 1%  Failure: 3%.  Interestingly, none of the respondents considered their own contribution as a critical factor in success or failure, indicating a consensus on the importance of external and collaborative factors over individual contributions.     You can read the full paper at https://lnkd.in/gNMx3PyU Paul Gompers Will Gornall Steven Kaplan Ilya Strebulaev

The startup ecosystem is undeniably more complex than traditional business models, presenting its own set of unique challenges. In my experience, one of the most effective ways to support startups is by fostering active communities that promote genuine collaboration among founders.

If you want to understand why it is super hard for digital health startups to actually get traction within the healthcare system, go through this list. It is absolutely spot on. Bulls eye! Having said that there are of course a ton of things you as a founder can do to be different. A lot of it is about doing your homework and understanding the exact nature and inner workings of the healthcare system, you're about to try and force yourself into. And making yourself and your company super playable to the system - on its own terms. Whether you have that ability or not is something, I always try to look for, when I meet new founders looking for an investment. Because that ability - at least to me - will be a big part of the deciding factor for whether you and your startup makes it or not. Am I being overly harsh? #digitalhealth #founder #strategy #businessmodel #venturecapital https://lnkd.in/djmTbrHa

Organizations Don’t Thrive on Innovation Alone—They also Thrive on Foot Soldiers Like Mahesh In the fast-paced world of startups, success often hinges on more than just innovative ideas and bold strategies. It is the relentless execution of daily tasks, attention to detail, and unwavering support from dedicated individuals that truly drive progress. At SSN iFound, we often celebrate the innovators, entrepreneurs, and visionaries who are driving change. But today, I want to recognize Mahesh, our office attendant, who epitomizes this essential support. Much like early-stage startup team members who wear multiple hats and hustle to get things done, Mahesh is our behind-the-scenes go-to man. Whether it is running errands between the admin office and stores, serving guests with a smile, or ensuring our events go off without a hitch, Mahesh is always there—ready, proactive, and committed. Every morning, he starts his day by checking in to see where he can assist, ensuring that no detail is overlooked. In the startup world, it is often said that "execution is everything," and Mahesh lives this mantra every day. His consistent efforts might not always be in the spotlight, but they are crucial to our success. Just as a startup needs a solid foundation to scale, SSN iFound relies on people like Mahesh, whose dedication and hard work keep everything running smoothly. Thank you, Mahesh, for being the dependable foot soldier in our journey. Your contributions are a reminder that every role, no matter how small it may seem, plays a significant part in achieving our larger goals. Let us take a moment to appreciate the unsung heroes in our organizations who make everything possible. Who are the foot soldiers in your team? At SSN iFound Elevate 2024 cohort, where we help startups from market opportunity discovery to fundraising, we also cover team building skills among other essential business skills. Apply now. Link in the comments. #Startups #Teamwork #Execution #Gratitude #Leadership #tnincubators

Why is it so many well funded startups still find it difficult to find business and financial success? 🎯 33 Million registered companies in the U.S. with 500 or less employees.... 👉 Only 7% of those companies ever achieve $1Million in annual revenue.... 👉 Only 4% of the 7% of those companies ever achieve $10 Million in annual revenue.... 💥 There are only 3,007 companies worldwide that achieves $1 billion in annual revenue 💥 38-41% are ever profitable in a given year.... 💣 50-55% of companies shut their doors within 5 years of commercialization.... ❓ "Are you still confident you don't need a partner like International Commercialization Growth Partners to refine your medical or healthcare technology company's commercialization strategy? Our expertise can help identify and address gaps and deficiencies in your plan, ultimately leading to more paying customers and greater financial success." #failure #success #startup #scarystatistics #entrepreneuers #medtech #digitalhealth #himss #startup #vc #ceo #healthcareinnovation

Navigating the Healthcare Start-Up World: Keep At It! The past few months have been a whirlwind of activity. From maintaining a rigorous workout regimen and daily devotionals to strategizing about my professional future and connecting with passionate individuals in the healthcare space, my days have been anything but ordinary. As a healthcare professional, my dedication extends beyond mere care delivery. It encompasses a deep fascination with the entire system - the operational flow, the financial intricacies, and the unwavering commitment to ensuring access, quality, and affordability for all. Recent conversations with a new wave of healthcare startup founders have been incredibly refreshing. Armed with diverse skillsets and a profound understanding of the system's complexities, these individuals are stepping up to address some of healthcare's most pressing challenges. Their drive and determination are truly inspiring. However, the path for early-stage founders, particularly in the current climate, is peppered with challenges. Securing funding is an uphill battle, and competition is fierce. I've witnessed promising startups fizzle under financial strain while others, fueled by passion and resilience, have thrived against all odds. My advice to aspiring healthcare innovators: 👢 Bootstrap: Leverage your own resources to fuel your venture. This might involve taking on additional work or seeking creative solutions to fund your operations, but self-reliance will be crucial in this market at these early stages. 🤝 Partner Strategically: Seek partnerships that offer tangible benefits, whether it's access to resources, user data, or distribution channels. The right partner can accelerate your growth and help you achieve the traction needed to attract investors. But it’s critical that you identify your actual needs so the decision to partner with a group remains beneficial to your growth metrics and is not made in haste just for a bullet point on the pitch deck. 📼 Stick with It: The entrepreneurial journey is a rollercoaster for me. There will be setbacks and moments of doubt, but maintaining clarity, focusing on your customers, and adapting to the ever-changing market will be critical to your success. Do what is required to make it through another year; understanding each milestone you cross today gets you closer to the benchmarks of success later. Remember, #founders, change takes time, especially in an industry as complex as healthcare. But progress is being made, and new opportunities are emerging. As consolidation reshapes the landscape, there's room for innovative startups to make their mark. So keep going, stay focused, stay passionate, and don’t give up on your vision. #HealthcareInnovation #StartupLife #HealthcareEntrepreneurship #HealthcareLeadership #DigitalHealth

Knowing whose advice to take - on which issues - is invaluable if you’re a healthtech founder.   Here are two common and opposite problems:   1. Some advisors will go along with whatever you do. They will seldom, if ever, critique or push back on your plans. They’re more of enablers than advisors, cheerleaders than coaches.   For instance, they may be accustomed to the limitations of legacy products in hospitals. They don’t know what else is out there. So from their vantage point, what you’re doing is innovative - even if it’s a marginal improvement over the status quo.   Or they only know their part of the organization. They see the world through that lens. But what they view as a burning platform may not even make the health system’s top 10 priorities.   Furthermore, many clinicians don’t feel comfortable giving input outside their function and specialty. That doesn’t mean they enthusiastically support your decision; they just don’t know enough to form a counterargument. As a founder, you need the humility to tell the difference.   2. Other advisors will be naysayers and pessimists. They will push you down specific paths. “That will never work.” “This is just the way things are.” “Patients will never pay for that.” You certainly want to be careful with clinical, legal, and security issues. But when it comes to everyday business decisions, there aren’t such clear-cut rules.   Surbhi Sarna of YC writes: “Sometimes… ‘experts’ in a certain field tend to be the most jaded about it: they’ve seen the most failures. I would listen carefully to what they have to say… but use your optimism and fresh eyes as a strength. Just because they couldn’t figure out a solution doesn’t mean that you will not.” On the other hand, they may have been successful. But that doesn’t mean their approach is right for you. Branding advice from a Fortune 500 CMO probably doesn’t apply to your startup. Ultimately, you know your business better than anyone. Seek wise counsel and listen with a teachable heart. Consider what your advisors have to say. But you must discern which advice to heed and which to tune out. That judgment call is yours alone.   #healthtech #startups #healthcareinnovation