Forget about flashy revenue projections or $100B market size, it’s all about the go to market strategy. Early stage healthcare investors need to understand how a company navigates the 0 to 1 phase of the commercialization journey. Otherwise, 0% of a $100B market...is still worth zero dollars. Here are some questions we at The Healthcare Syndicate like to ask founders: (h/t to Omar M. Khateeb for the excellent video on early market adopters) 1️⃣ Capturing 1% of the market? Why not 15%? Capturing 15% of the market, not just 1%, is critical for crossing the chasm from early adopters to the mainstream. Investors should evaluate the founder's ambition to capture a significant part of the market, and ask how they plan to get from early adopters --> mass market. 2️⃣ How will you [the founder] lead sales? In the early stages, emotional appeal and vision drive sales to market innovators. A corporate sales hire might scale later, but a founder’s passion resonates best with first movers. 3️⃣ Are you leveraging your early adopters properly? Innovators are essential for early traction, but they’re not the best advocates for the mainstream market. Startups must nurture innovators into credible key opinion leaders (KOLs) to gain mass-market acceptance. For more insights, check out the full article here: https://lnkd.in/gyfzfxjv #healthcareinnovation #venturecapital #angelinvesting
Energy Industry Analyst and Investor
8moWendell Su I didn't realize this at first, but the majority of all new products (~90%) are "refinements" over something that is already in the mainstream. And only "novel" innovations (~10%) create a chasm. Which means starting with innovators and early adopters is not very common. An easy example to understand is the iPhone which was simply based on combining digital devices that people were already carrying (hence a refinement). This is one of the biggest mistakes people make after reading the chasm book. Other common mistakes and areas of confusion are listed in this article: https://www.hightechstrategies.com/chasm-crossing-confusion/ The author of this article (Warren Schirtzinger) is the original creator of the "chasm concept" and he's trying to correct the mistakes that were created by the book.