Navigating the Startup Journey in Healthcare and Wellness

At the Health 2.0 Conference panel discussion, From Idea to Market: Navigating the Startup Journey in Healthcare and Wellness, industry leaders shared their insights on successfully launching and scaling a business in the healthcare space.

At the Health 2.0 Conference in Las Vegas, I joined a panel with four startup specialists to discuss the challenges and opportunities of bringing healthcare and wellness innovations to market. From identifying real-world problems to strategic branding, customer relationship management, funding, and building the right team, we explored the key elements that drive success in this competitive space.

For entrepreneurs looking to turn their ideas into thriving businesses, here are four essential lessons that can pave the way for sustainable growth and long-term impact in the healthcare industry.

1. Great Businesses Start by Solving Real Problems

Innovation often stems from personal experiences, challenges, or unexpected opportunities. Many entrepreneurs in the healthcare and wellness space launch their businesses to solve problems they or their loved ones have faced, turning their insights into impactful solutions. Others stumble upon an idea through a chance encounter or industry shift, leading them to pivot their careers in pursuit of meaningful change.

Here are three founders who built their startups around real-world problems. They share a common drive—to create solutions that improve lives.

• Jasmine Nelson, CEO of Umber By J. Lenay, created her business to address Polycystic Ovary Syndrome (PCOS), a condition that causes hormonal imbalances and unpleasant side effects. She developed solutions that could help other women facing the same challenges by turning her personal struggle into a business.
• Jennifer Cain, Co-founder of VivaValet, Inc., was inspired by her parents, who live thousands of miles away. She wanted to ensure they had access to essential services to help them stay in their home as they aged. Her personal experience shaped the mission of her company.
• Justin Zenanko, CEO & Co-Founder of SynerFuse, Inc., became interested in spinal pain solutions after a conversation with a pain doctor. He saw a gap in patient care and was inspired to push for change to improve patient care. Using his expertise in building teams, executing on vision, corporate finance, and startup development, he has successfully raised $23M to help innovate a treatment that combines spinal fusion with stimulation therapy to improve back pain.

Lesson: The best businesses solve real problems that founders are passionate about fixing.

2. The Power of Branding in Healthcare Startups

Howard Lim, Business and Brand Architect at HOW CREATIVE, emphasized that branding is the most important asset you will own, and it is happening whether founders realize it or not. As soon as you start talking about your business idea, you’re branding—so it’s crucial to do it early and successfully.

A strong brand has three key components:

1. Strategy
   • Differentiation: What makes your product or service unique?
   • Core Message: What you stand for and why it matters.
2. Brand Promise
   • Clearly states what customers should expect from working with you. For example, Medtronic’s brand promise is “Alleviate pain. Restore health. Extend life.”
3. Identity
   • Company name, website, tagline, and brand colors all play a role in shaping public perception.

Lesson: Branding should be intentional and strategic from the very beginning to establish credibility and cut through market clutter.

Related Reading:

• 5 Ways to Earn Serious Consideration for a Medical Device
• Targeted Medical Device Messaging That Accelerates Adoption

Building Relationships with a CRM

Krista Moon, President of Ascend Business Growth, a HubSpot partner sales and marketing agency, discussed how strong customer relationships are essential for business growth and how startups can manage those relationships effectively.

A Customer Relationship Management (CRM) tool like HubSpot streamlines sales and marketing efforts by consolidating multiple tools into one platform. Instead of managing five to ten different systems, startups can use a single tool to:

• Improve productivity.
• Track customer interactions seamlessly.
• Manage marketing activities like the website, social media, content, and email marketing.

Here are four signs it’s time to get a CRM:

1. Unorganized: The data about the people and companies you’re talking to is all over the place.
2. Can’t Keep Up: You struggle to maintain communication streams, and conversations slow or stall.
3. No Analytics: You have no visibility into how your communications translate into business growth.
4. Your Team is Growing: How you’ve managed your relationships is not conducive to scaling and bringing in new team members.

Lesson: A CRM system embedded at the core of your sales and marketing strategy increases efficiency, improves relationships, and fuels business growth.

Related Reading:

• What to Expect During and After a CRM Migration.

Funding: Finding the Right Financial Path

Securing funding is one of the biggest challenges for healthcare startups. The panelists discussed multiple pathways for raising capital, including:

• Self-funding and bootstrapping (tightening expenses and reinvesting revenue)
• Grants and pitch competitions to secure non-dilutive funding
• Friends and family investments
• Seed funding, common stock, and Series A investments
• Broker/dealers and franchise/license agreements
• Family offices (smaller investment firms offering $500K or less, often for purpose-driven businesses)

One of the key takeaways? Investors want to see founders have “skin in the game” before committing capital. Additionally, startups should be willing to walk away from deals that don’t align with their vision.

Lesson: Successful fundraising requires financial discipline, persistence, and alignment with investors who believe in your mission.

Related Reading:

• Comprehensive MedTech-Life Science Investor List
• Highlights from the Project MedTech Midwest Showcase Pitch Competition (This article is packed with good info.)

The Right People Make the Difference

Building the right team is critical to a startup’s success. Key hiring principles include:

• Networking and referrals to find quality talent.
• Ensuring cultural and mission alignment with new hires.
• Quickly fire if it isn’t a good fit.
• Mission-driven hiring, where employees truly believe in the company’s purpose. Startups thrive when they attract people passionate about their vision and willing to drive the company forward. Learn more at www.missionhires.com.
• For startups with limited resources, a fractional model—hiring specialized talent on a flexible basis—can help them get the expertise they need without committing to full-time salaries.

Lesson: The right people can make or break your startup—hire carefully and build a team that aligns with your vision.

Related Reading

• 7 Things to Expect from Any Outsourced Marketing Agency You Hire
• The Ultimate Guide to Hiring an Inbound Agency

Wrapping it Up

Launching a healthcare or wellness startup is a journey filled with challenges. However, focusing on real-world problems, strong branding, relationship management, innovative funding strategies, and the right team can set you up for long-term success.

For entrepreneurs looking to bring their ideas to market, embracing these lessons can pave the way for sustainable growth and a lasting impact in the healthcare industry.