This year’s Life Science innovation Northwest conference included a chance for ten entrepreneurs in the digital health space to give their best “elevator pitch” to a panel of distinguished venture capitalists and leaders in the industry.
The participants were vying for a check for $5,000, but they also got the chance to hone their pitches in front of an audience of more than 200 people from the life sciences community and receive constructive feedback from the panel.
There was a lot packed into one hour. The panelists started by sharing what attracts them to new opportunities for investment:
- Can I accelerate innovation?
- Is this an investment in a better future?
- Is there a market opportunity?
As the hour progressed, some of the feedback was as simple as making sure you introduce yourself, but there was also other practical advice for anyone working on building a successful business. How do you leave the elevator pitch with your audience wanting to learn more?
- What’s your ask?
- Who’s the customer?
- How competitive is the market?
- Are you already connected to leaders in the market you’re entering?
- Are there multiple audiences you can target?
It is definitely a lot to fit in one elevator ride, but the digital health space is crowded and newcomers must be ready to show better outcomes, lower costs or to increased efficiency – possibly all three – to secure investment.
The winner was a company called Shift Health which is focused on improving healthcare through “Patient Reported Data,” which helps providers and healthcare organizations deliver the most relevant care to each individual. CEO Daniel Penn delivered a clear presentation that the panelists thought could have potential to solve a real problem in a unique way. Congrats Daniel!
Photo by: https://twitter.com/shifthealth