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Scaling Healthcare Startups: Insights from Our Annual HealthTech Conference

On October 10th, we held the second edition of HealthTech Ignite, our annual conference focused on scaling Canadian health tech companies. With over 200 attendees, the day was a great success, and the speaker lineup was a hit, with fireside chats from the founders of Augmedix and Jane, data rich presentations from McKinsey and Klas, and several high impact panels. In this post, we highlight two sessions that focused on commercialization, which is the overall theme of the conference. We hope you enjoy the recap.

Landing Whales in Healthcare
Panelists: Lexi Kaplan, Molly Moore, Tara McCarville
Moderator: Kenndal McArdle

Photo: Josh Stuart
Photo: Josh Stuart

Landing a major contract with a large organization can be transformative for a health tech startup. In this lively panel, our speakers shared hard learned lessons on closing big accounts.

According to our speakers, the path to a contract with a hospital, big pharma or other enterprise starts with three key questions:

  • What is the customer ROI?
  • How does this product improve patient outcomes?
  • How does it enhance provider experiences?

Companies with good answers to these three questions are in the best position to close. If you’re still working out your responses, you’re likely to face an uphill battle. While every sale starts with value propositions, they often move forward based on human factors. All of our panelists stressed the importance of understanding the people inside the target customer. Special attention should be paid to finding and cultivating a champion who has enough clout to advance the project. Understanding your champion’s personal goals and aligning those goals with a contract can be key to landing the deal.

The panelists also dug in on the double-edged sword of partnerships. While partners can open doors thanks to their customer relationships, ill-conceived partnerships can spread a startup too thin. The key is selectivity and ensuring mutual benefit. For those companies that are newer to the healthcare space, industry experts can be sought out for advisory or consulting support to help navigate the sector’s complexities.

As in many markets, timing is everything in healthcare, so panelists advised being mindful of budget cycles, because missing your window could mean a long wait for another one. On the flipside, our experts emphasized the need for patience and persistence. Healthcare moves slowly, but for those who stick with it, solve real problems, and demonstrate clear value, the rewards can be substantial.

Crossing Borders: Lessons from Canadian Healthtech CEOs
Panelists: Duncan Weatherston, Karl Otto, Tom Ross
Moderator: Jason Robertson

Photo: Josh Stuart

For many health tech startups, going global is not just an ambition but a necessity. Our second panel offered a master class in cross-border expansion.

Regulatory knowledge emerged as a surprising competitive advantage. While red tape can be hard to navigate, it can also serve to keep competitors at bay, especially if you can beat them to the punch. One panelist shared an eye-opening story about turning prescient regulatory timing into a significant competitive moat in Europe. Another one talked about how they rode the wave of regulatory changes to fuel growth in the US.

The question of direct sales vs. distribution partnerships came up in this panel as well. Again, the message was that it’s not one-size-fits-all. Some startups found success with distributors while others swore by direct sales. All panelists recommended approaching this question from first principles based on the nature of your product, the dynamics of your market and the type of partners on offer.

Our panelists also spent time on the importance of culture. One angle was around the question of local credibility. When entering the U.S., Canadian success stories often don’t carry the same weight. Building credibility through U.S.-based references and strategic partnerships can be crucial to gaining traction. All three speakers also stressed the importance of cultural adaptation. Regional differences in business culture can be significant across the US and Europe. Successful expansion requires more than just translation; it demands a deep understanding and adaptation to local business practices.

Throughout this panel, a common theme emerged: the need for continuous evolution. Product-market fit isn’t a one-time achievement but an ongoing process. Successful startups constantly refine their offerings and strategies to stay ahead of the curve.

Looking ahead

As we reflect on these insights, it’s clear that while healthcare presents unique challenges, it’s also an industry ripe with opportunities for forward thinking companies that can execute. Whether aiming to land major contracts or expand globally, success hinges on strategic thinking, adaptability, and an unwavering commitment to solving real problems.

The energy and ideas shared at this year’s conference left us excited about the future of healthcare innovation. A big thank you to our speakers, partners and attendees for making this event such a success. A huge thank as well to our fantastic sponsors and supporters: Nimbus Synergies, Fasken, HealWellAIAlleyCorp NordOsler, Well Health , KPMG, CIBC and National Bank. We are already planning our 2025 conference. If you’re interested to get involved as a speaker or sponsor, we would love to chat.

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