Getting inspired by others

How many times have you met a startup, which has claimed to be ‘Uber for X’, ‘AirBnb for Y’ or another version of something already in existence and hugely popular? Many times. And every time it has been cringeworthy.

But that doesn’t necessarily mean that it is all bad taking your cues from others, who have threaded the path before you and been successful at it. Far from it.

The difference is in how you do it.

You should NEVER do it in public. That’s the first lesson.

If you want to take inspiration and map your journey against someone who have done it before, do it in a war room of sorts; a place – physical or digital – where you can lay their playbook out, study it, plot your initiatives and try to follow their plan forward.

Pick the best, optimize it to your own reality so you get a feel for it and use it in your operations. By all means. If for no other reason because you have validation from those who have gone before you that the approach is effective.

Don’t talk about what you do. Just execute. Most people with even limited insight into the market will quickly spot the resemblance, but since your not being vocal about it, it will just seem like you have been inspired by the way others have done before you.

That’s happening all the time in the world of business, and it’s a perfectly cool way of executing your way to success.

(Photo by “My Life Through A Lens” on Unsplash)

Saboteurs

We’re so used to innovating and building products and businesses for people, who have a need for what we are looking to go to market with that we completely forget about the other people.

The saboteurs.

While I totally understand why we never think about those, who don’t wish us well – it’s not the kind of thing you want to spend a lot of time thinking about – thinking about them may actually hold some merit.

Let’s think of it this way:

What are the scenarios where someone would aggressively try to detract other people from using your product?

And more importantly:

What can and should you do about it to try and counter it?

Maybe the answer to the last question turns out to be “Nothing. Haters are gonna hate.”

But just maybe it could spur a couple of twists to your products and services that not only deter the saboteurs from going crazy on your product but actually also ends up delighting your loyal customers even more than they already are.

If that is an option, wouldn’t it be worth spending just a little time reflecting on who your potential saboteurs are, and what you could/should do to counter them?

(Photo: Pixabay.com)

”iHealth”: Challenge or opportunity?

Rumors have been rife for some time that Apple is working on including sensors for blood pressure, blood sugar and alcohol levels in an upcoming upgrade of the Apple Watch-series.

“iHealth” – for the lack of a better term – seems to be on the horizon. And while nothing is certain at this point – and never is for Apple – the rumors should give Health- and MedTech startups in the consumer space some pause. Because a crux time for monumental decisions may be coming up.

For those focusing on consumer hardware and software the basic question is this: Should we continue on our hardware path, or should we double down on software and let the likes of Apple take care of the hardware part?

The question is a valid one for everybody working in the personal health space, and if the rumors hold true there is no reason to believe Apple is going to stop there. The giant will be innovating full steam ahead and include more and more sensors and features in their wearable devices with battery life most likely being the main hurdle to success.

And why will they double down in this area? Two reasons.

First of all while there is great need for consumer-related Health- and MedTech devices, there is probably not much love lost for any of them, if they went away – from a pure customer experience point-of-view. Very few people get that emotionally attached to more clinical devices, but they do to Apples slick design, and the Cupertino-based company will likely in general hold a huge advantage in moving from consumer towards Health- and MedTech rather than the other way around.

The other reason for Apples focus in this area is one that I have mentioned before: They simply have to to drive shareholder value at their current valuation. A company as big as Apple needs super big new opportunities to grow, and the health sector is one of the only ones left with an opportunity that is big enough to make a difference to shareholders.

What may end up helping some Health- and MedTech companies looking at this enlarged competitive threat is the fact that not every consumer is into Apple. While the companies products and design is popular in many quarters a lot of the less well-off customer segments, who may also very well be overrepresented in the health statistics, simply can’t afford Apple products or don’t see the value to justify the price tag.

In order words there may be room for an Android like ecosystem of products and services that serves specific purposes at an affordable price. But is that juice enough for a Health- or MedTech startup looking to make it big in the consumer space?

That’s a really good question.

(Photo: Pixabay.com)

The battle for health care

One of the most interesting industries from a startup point-of-view is the health care industry.

Before the pandemic hit it was widely recognized that there are a lot of costly, structural issues afoot in the healthcare industry that technology can provide better and more cost efficient solutions for, but nonetheless newcomer struggled to really get inside the conservative system.

Covid-19 changed a lot of that for the sheer reason that suddenly the demand for telemedicine solutions and remote care skyrocketed. This meant that some of the old cultural barriers became if not irrelevant then at the very least less of a pain to startups.

I guess you could say that in a sense, digital health startups got their Covid-19 ‘vaccines’ early in terms of increased demand and opportunity to succeed in the market.

For startups operating in this space this is of course great news. And you could be forgiven for suggesting that we’re on the brink of a golden age for digital health to upend, uproot and improve our healthcare sector.

And you would probably be right. Because startups are not the only ones flocking to the health care sector to deliver new valuable solutions.

Big tech are there as well. Amazon is going in strong, and the same can be said about Google, Microsoft and Apple. And they have very good reasons to.

Forget for a second the market opportunity in itself. Big tech simply has to look this way. Why? Because the health care sector is among a very small group of sectors left, where big tech can drive the kind of top line growth they need to in order to sustain their hefty valuations.

Thus it is not as much an opportunity as a necessity for them to be in this space. And they need to win it.

This is not to say that startups shouldn’t look towards bringing new, exciting and value-driving digital health services and solutions to market. Of course they should. No doubt about it. They just need to be acutely aware that the battle for the market is going to be brutal, and that they are up against all the giants.

Realizing this before diving in and having the right frame of mind to take the competition on can make all the difference between success and failure.

No matter what it will be a super interesting space to watch.

(Photo: Pixabay.com)