3. Don’t let regulatory kill you.
I have seen a large number of start-ups fail between seed and alpha (typically around 12 to 18 months), primarily trying to get past the regulatory burden and long and expensive clinical trials. The cash simply runs out before they can build enough clinical validation for their great idea to reach the next fundable milestone. At HealthWorks, we challenge our start-ups to find ways to evolve their solution and business model, to accelerate time-to-revenue, get proof of value and de-risk earlier. Can the claims be softened so that, whilst still delivering commercial value, we can reduce regulatory requirements? As a result, can we push medical-grade capability (and the investment that goes with it) to a later point? Regulatory is not the enemy — it is there for a good reason, but you need to carefully balance your claims with the investments necessary to comply, whilst building a compelling MVP right from the start.