Ideas and Validation December 23, 2019

What if your idea needs funding to launch in the first place?

Samarth Karia @samkaria

I have an idea that has the potential to change millions of lives, at least. I come from a country (India) where the infrastructure surrounding the health industry is chaotic, resource deficient, and even corrupt to some extent.

My idea could help solve some of the issue if not all, but it definitely helps the doctors and hospitals provide a better service to the patients. The only issue is, to implement it correctly and get the initial traction, it requires quite a bit of funding.

I doubt if any investor would just fund a startup with only a pitch deck. How do I go about this?

  1. 2

    The typical way in healthcare to resolve this catch 22 problem is pilots projects and partnerships. Go to one healthcare provider and sell them a smaller scope project with a large discount (even free) than go to the investors to get money for scale it up.

  2. 1

    Now, based on your answers I am 100 % sure that the investor would not invest. Go to your friends, etc for some cash. But think how do you plan to spend it

    1. 1

      Alright, that's some sound advice.

  3. 1

    You mean there is no way to test your idea against the reality with MVP or you dont know how to do it? The truth is that on the initial stages investors do not invest in the idea itself but in to founders, their experience and knowledge. Usually the idea means an MVP.

    1. 1

      I really have no resources to make the MVP. As stated, if I don't find the right technical co-founder I am learning to code myself and hence I would make the MVP. The only thing is that it will take a lot lot lot longer without having a technical cofounder on board right at the initial stages of product development.

      1. 1

        MVP - it is not a software itself. You can go to your target audience with presentation and proposal to pay for it. If they dont want to pay- think again. If they are - say that it is under dev and will be ready soon. No need to go to everyone, just 2-3 decision makers.

  4. 1

    What's your founder-market or founder-product fit? Why are you the right person to tackle this problem?

    What do you bring to the table beyond the idea?

    I'd be happy to look at your doc; you can find my email in my profile.

    1. 2

      I come from a business and marketing background. I don't think there is a founder-market or founder-product fit. I will email you the doc and will really appreciate your feedback on the same!

  5. 1

    Why do you need funding for it?

    1. 1

      Well there are more than a few reasons but the most important ones are as follows -

      • The software will be interacting with the patient's health data and medical history, so the engineering for the same needs to be robust. Although I understand code, I am no way a programmer and nor do I have a formal education for the same. I am a business graduate. So the money will be to build a small engineering team, also I don't have a technical co-founder yet.

      • The marketing and approach problem could be defined as a chicken and egg problem, I need more hospitals on board to get more users on board and I need more users on board to get more hospitals on board. The funding would help me provide incentives to the hospitals and help them get on board first.

      • More than just the funding, it's the network and connections that the VCs would provide that would help get the initial traction and make deals with the larger, organized players of the industry.

      I have created a 2 page doc defining the idea and the scope of the same, if you have the time I can mail you the same and you can give me some ideas :)

      1. 3

        You won't get funding with just an idea, unless you're a seasoned founder.

        1. Find a co-founder
        2. Pilot programs
        3. Get advisers

        All 3 can be done without funding, many founders have done just that.

        Being candid instead of making excuses just execute, sign up hospitals to pilot programs that will get you a co-founder and an adviser.

        If the program pilot goes well you can get investment if needed.

        1. 1
          • Well I am not making excuses, in lieu of a technical co-founder I have started to learn to code myself, I have begun learning python as I see it as the language that is most fit to create the software.

          • I can't run a pilot program without the software but I have been going around hospitals, doctors, and imaging centres and talking to them in order to generate interest and see if they think the idea is feasible or not.

          • Yes, that I can do to help me better, need to get students who have recently graduated in the medical field as they would be the most up to date in terms of technology already incorporated in the industry.

Recommended Posts