Digital Health Investing Trends with Steve Krein, co-founder of StartUp Health
Hali Cronin • December 14, 2022
Digital health investment has more than doubled since 2020, to the tune of $29.1 billion. However, the process to attract investors to cutting edge innovation is often opaque leaving many founders as well as key investment sources disconnected from each other. As a result, many do not get the chance to learn about the amazing new startups and innovations popping up around the world. Despite this, Steve Krein, co-founder of StartUp Health, is seeking to change that.
For StartUp Health, its mission to collaborate, inspire, educate, and invest in entrepreneurs and innovators to solve the biggest health challenges are key for unlocking success in any technology or start-up. At HITLAB’s Innovator’s Summit, Krein introduced two very memorable points around his company’s mission. First, he stressed was the importance of “batteries included” relationships. In business, when relationships are “battery included” Krein explained, means that they are energizing and supportive. Whereas a batteries not included relationship, may leave someone drained and lacking motivation. Therefore, and secondly, when “batteries are included,” drive from inspiration to ideate, create, and innovate flow more naturally. Thus, the continued evolution within healthcare innovation continues to be impactful.
StartUp Health’s evaluative criteria, which Krein called the “health transformer core values scorecard,” is a transformative tool for identifying ideas or opportunities that may solve or address needs within the healthcare space. Supported by four core values, which include being antifragile, batteries included relationships, unique ability collaboration, and double bottom line impact give a distinctive edge for investors and start-ups. The first core value, Krein noted, represents the ability to think in a revolutionary and transformational way. The second brings up the reality of having a business and being able to survive the ups and downs of the industry. Third, and most important to Krein, is creating and maintaining energizing connections that will allow your business to grow. Additionally, the unique ability for multidisciplinary collaboration approaches toward innovation remains crucial because it allows for the creation of a “3D” understanding around ideas and technology. Lastly, the double bottom line impact means that a business can reach the goals it sets, such as bringing in the amount of revenue they predict and creating and delivering the solutions for the problems that they set out to solve for their consumers. All this, according to Krein, is what creates the impact and profit.
Overall, these values really could become foundational for innovative success. StartUp’s approach toward mentorship in the start-up space may increase the success for new age technologies that want to come to market. Often, founders and investors need a hands-on approach to help navigate the opaque process that exists. Nurturing relationships that foster creative energy will drive more success as well over the long run.
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