The startup ecosystem saw radical changes, most of which were driven by the adoption of new technologies. While most startups are small in size and limited in terms of financial capacity, they have their advantages against their larger competitors. One such significant advantage they have against their larger competitors is innovation and new business models for ever-changing market conditions. Many companies are inclining toward adapting the latest technologies like Artificial Intelligence (AI), which is no longer just a concept. AI has already made its mark in multiple verticals, and now even healthcare startups have adopted it in their marketing tools and customer service platform.
GreyBird Ventures is an early-stage venture capital firm focused on investing in companies with technology for precision medicine diagnosis. In other words, we don’t cover the entire world of med-tech but only a part of it. When I say diagnosis’ diseases, it includes anything from the imaging system to IT to devices used in in-depth diagnosis. The technologies that we invest in include elements of high specificity that help the startups to make the right choice concerning optimum therapy at a reduced cost.
Challenges Faced by Tech Startups
Startups go through multiple phases of challenges. Primarily, tests that work well in the lab fail to produce the same result in the real world. There are regulatory issues prevalent among startups. It is essential to identify the efficiency of the products presented to ensure its application in the market place. We cannot just depend on the notion of a product working in the market without ensuring its productivity.
Optimism is the current business trend that is gaining popularity concerning the challenges that have just been outlined; which is not applicable in all cases. Furthermore, the speed with which the startups gain commercial success is also questionable as you have to raise money along the way, which is not easy for anyone.
“There are very few startups which are truly unique, specifically which has something that no one else has, or doing something that no one has tried to call it before”
Points to Remember
Presenting your startup as the best is not sufficient; being the first to market is what matters. The startups, which are first to market, get higher valuation compared to the other in the industry. Currently, we have five companies under our belt, out of which two are based in the USA, two in Germany, and one in China, all of which have gained a lot of popularity. This popularity is the result of being first among the radiologists.
Technology is one of the most crucial aspects for startups we predominantly invest in an early-stage company, especially the ones with a team of experts. We ensure that we hire the best technical experts by collaborating with our funded company. Additionally, our company stresses on establishing clinical collaboration rather than technological partnership. The third category is strategic partnerships; the ultimate goal of most of the companies is to be acquired since the IPO rote is uncertain and difficult to predict. Hence identifying potential acquirers is a tricky decision.
Developments in the Medical Technology Space
Artificial Intelligence (AI) is turning out to be a game-changer in healthcare. For example, Jeff Healthcare is a company among the top radiologists in the world in diagnosing chest x-ray without any human intervention. When we talk about oncology, several permutations of both genetic and other biomarker classes combined with an increasing array of drugs that are in the trial but have to be considered to help clinicians make a decision, this process being hectic exceeds any physician ability to remember it; AI can do that work for them, saving time and augmenting the process. We use this technique in China, where the number of radiologists is limited, and this option fits perfectly as well as increases the efficiency of the physicians. We will see more of AI in the healthcare domain, and within ten years, not using computer systems in healthcare might be considered malpractice. Another technology, Liquid Biopsy, is starting to live up to its promise. A lot of capital is invested, and numerous startups are trying to explore classes of biomarkers for diseases like a tumor, the DNA, micro RNA protein, tabular mix, and even multi analyzed panel will predict the risk of diseases and also allow screening with minimal invasiveness by using a blood panel. The entire healthcare industry is changing, specifically the area of liquid biopsy.
A piece of Advice
Healthcare is a very competitive industry; right now, there are two crucial areas like liquid biopsy in the realm of oncology and testing in the domain of identifying species. The first thing to acknowledge is that the competition level is high, and there are several companies that already exist even before you start. To get the upper hand, one needs to think of a matrix of different cancers like lung, liver, breast, kidney, bladder, and so on to surpass the competitors. It is a long journey with lots of competition.