10 thoughts that could kill your idea

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I’ve seen hundreds of healthcare ideas in the last years. I keep a database with all of them. I’ve been going though it this weekend, and while doing so this decalogue came to my mind. These are mistakes healthcare entrepreneurs make very often. Hope it helps!

#1 If my idea is great, I will find money very quickly
False, your idea is worth nothing… if you execute it, it may be worth a lot, but its value comes from its execution. Without an outstanding team to execute it you won’t get very far, even if your idea is a phenomenal breakthrough.

#2 Scientific founders should continue as CEOs forever
False, healthcare entrepreneurs with a scientific background should be aware at some point in the future it is in their best interest to bring experienced management to the company.

#3 Dilution is a bad thing
False, it is indeed better to have 20% of a company that has €10m profits than 95% of a company that is still losing money. Growth needs capital. Success comes in hand with great investors and shareholders. You need to be prepared to dilute in order to grow.

#4 My success in the market is totally based upon the quality of my product/service
False, false, false… there are many other issues around. Is there a market in the first place?

#5 Everybody will love me when coming to the marketplace
False, some incumbents will try to crush you totally, you better be prepared. There is no such thing as a “neutral” arrival to the marketplace. You need to know who will be your friend, who will be your enemy. Study the healthcare value chain very thoroughly.

#6 I will be all things to all people
False, a big niche, does not mean a greater chance of dominance. Quite on the contrary, a small niche is usually synonymous of success.

#7 It is not the right time to launch my start-up
False, there is never a perfect timing to launch. You don’t need the perfect product or service to start… Every idea has a window of opportunity, waiting for too long could kill your idea.

#8 It is important not to tell my idea to anyone, they could copy it
False, there is much more to gain—feedback, connections, opened doors—by freely discussing your idea than there is to lose. If simply discussing your idea makes it indefensible, you don’t have much of an idea in the first place. No matter what you think, don't be paranoid, trust me on that one.

#9 I will negotiate an “I win, you lose” deal with VCs
Wrong. Negotiation with VCs is always a cooperative negotiation, never a competitive one. You will have them around for a long time, you better have a great relationship with them and allow them to help you.

#10 if I build it, they will come
False. Never bring to the marketplace a solution in search of a problem. The best start-ups I know are always built by entrepreneurs that identified first the problem and then offered a solution to it

+1 (extra one) I prefer to aim low, I am afraid to fail
That's the worst one... Wrong, wrong, wrong. You can always learn from your failure and finally succeed if you persist. We tend to stigmatize mistakes. Most potential healthcare entrepreneurs are too frightened of being wrong. And if they are not prepared to be wrong, they will never come up with anything original. I like people that aim high and miss, they usually learn and succeed. Aim high!