We’re still looking for submissions from healthcare startups for the pitching contest at the MedCity INVEST Digital Health conference in Minneapolis September 17. Finalists will get the opportunity to pitch their company’s technology to a group of investor judges. The winner will get a profile on the MedCity News website and newsletter. The deadline for submissions has been extended so register today.
Three judges will take part in the Pitch Perfect competition. They include:
Alyssa Jaffee, vice president with 7wire Ventures, a venture capital fund investing in Series A healthcare companies, driven by a thesis that future leaders of healthcare will empower an informed connected health consumer.
Blake Wu is a principal with NEA, one of the largest venture capital firms in the world. NEA has a diversified, one-fund model across both technology and healthcare. The firm invests across the spectrum, including company incubation, seed, venture and growth equity.
Pamela York is a co-founder and general partner of Capita3, an early stage venture capital group investing in diverse teams, with an emphasis on women-led startups at the seed and Series A level.
Each offered some pitching advice to healthcare startups. Wu advises entrepreneurs to create a clear ROI case and value-proposition for their products.
“Provide investors with a clear understanding of the customer / end-market and how that evolves (particularly in healthcare through various regulatory and implementation cycles). Offer clear messaging around the financing ask and the milestones that the company seeks to hit with the fundraise. Own any mistakes that have been made (e.g. missed timelines from the prior financing). Don’t sugarcoat it and explain what happened and how the company intends to address those mistakes.”
York recommended that startups be on point and authentic. “Avoid passion over substance —don’t act like you’re curing cancer if you’re not. Carefully listen to the questions asked, and then address powerfully and succinctly. Spend less time on build up and more time on substance. Within a minute or so, we should know the problem you’re solving, and why you are well positioned to solve it. Know your numbers and your plan, know customers and competition, be succinct. Do negative objection analysis and be prepared to address those objections.”
Jaffee agreed with York’s points on the need for startups to know their numbers and focus on substance. She added that she is a big believer in “founder-market fit” — entrepreneurs explaining why they are the right person to build this business.
To be considered for the Pitch Perfect competition, applicants must meet one of the following criteria:
- Raised at least $1 million
- Raised a Series A round
- Have one qualified institutional investor or a strategic investor that you can name.
Startups that have pitched at a MedCity event in the past 12 months are not eligible to participate in the contest and should not apply.
The deadline for submissions is July 19 so register today!