It was an ABC “Shark Tank” lover’s dream: At this pediatric Innovation Tank moderated by Daymond John, venture capitalists and clinicians fielded pitches from innovators looking to advance their care solution before a packed audience. The contenders:
If you’ve ever watched Shark Tank, you’ve gotten a taste of venture capitalists’ (VC) innate skepticism and hard-nosed ability to triage ideas. A recent webinar hosted by Cambridge Healthtech Associates offered a good practical “101” for scientists, inventors and clinical innovators—which we’ve distilled into the six tips below.
1. Find the pain.
VCs will want to know what “pain points” you are solving—the burning need or unpleasant thing a customer wants to avoid or fix right now. In health care, this could be the need for a more definitive diagnostic test or a cost-saving option, or, for the pharmaceutical industry, the need to reduce R&D costs by finding a better way to pick compounds to take to clinical trial. …