GTM Planning for Health Tech Startups
This past Thursday, I had the opportunity to be the keynote speaker at the Plexus Healthcare Innovation Hub in Philly. What an amazing place for health tech startups, especially medical device companies to get started – the space, equipment, people and networking at Plexus are incredible!
I was lucky enough to follow two amazing demonstrations that kept everyone glued to their seats and fully engaged – the first from Dr. Alan Flake of CHOP, who demonstrated an artificial womb that has the potential to significantly decrease the mortality and birth defects that can arise with premature births, and the second from Dr. Johann deSa, founder of Instadiagnostics, which is innovating healthcare at the point of care. Both companies have the potential to have a tremendous impact for patients.
My presentation was focused on how to develop a GTM plan for these types of startups that can stand up to the scrutiny of seed or first round funding. I was excited to present because not only do I love to see what’s coming next, I want to help what’s coming next get funded, get to market and get adopted.
My presentation followed the steps of the Zer0 to 5ive Roadmap™ – what you need to do to get to the point where you can develop a defensible GTM plan, especially necessary when you are looking for funding. These steps are:
2. Positioning and Messaging
3. Brand Strategy
4. Brand Identity
5. GTM Plan
As part of the presentation I also gave out this handout, which includes tips for conducting research. Basic competitive, industry and prospect research is within any entrepreneur’s grasp – you just need to know where to look and what to look for. My Tip Sheet will help!
One thing that I emphasized throughout the presentation was setting realistic and measurable goals. Too often entrepreneurs, in an attempt to impress investors, are unrealistic as to how hard it is, and how long it takes, to actually get your product market-ready, launch and acquire customers. Your objectives need to reflect your reality of time, money and resources, as well as market readiness and competition. Seasoned investors will appreciate that you understand the road ahead.