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eHealth HUB Storybox | Investment Readiness Stories and cases from the European market

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eHealth HUB Storybox | Investment Readiness Stories and cases from the European market. Discover how eHealth HUB initiative can support digital health startups and SMEs in Europe.

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eHealth HUB Storybox | Investment Readiness Stories and cases from the European market

  1. 1. The project has received funding from the European Union’s Horizon 2020 Research and Innovation Programme under Grant Agreement No727683. Learning points “The lean startup strategy is the best move to start a project like this, it saves time on unnecessary aspects. And time is money! Quentin Pedron, social psychologist and CPO eHealth HUB services Lean Startup Academy The Lean Startup Academy provides eHealth SMEs with the opportunity to mature their business by systematically testing their ideas against the market. Business Model Clinic The Business Model Clinic supports the best promising entrepreneurs and startups offering personalized coaching on business proposition, customers and go-to-market strategies. The project has received funding from the European Union’s Horizon 2020 Research and Innovation Programme under Grant Agreement No727683. Learning points “The lean startup strategy is the best move to start a project like this, it saves time on unnecessary aspects. And time is money! Quentin Pedron, social psychologist and CPO eHealth HUB services Lean Startup Academy The Lean Startup Academy provides eHealth SMEs with the opportunity to mature their business by systematically testing their ideas against the market. Business Model Clinic The Business Model Clinic supports the best promising entrepreneurs and startups offering personalized coaching on business proposition, customers and go-to-market strategies.
  2. 2. Infermedica: finding new investors We had a unique opportunity to present in front of over twenty VCs. This allowed us to raise their interest and then continue conversations off stage. One of them even committed to invest in our latest round of funding. “ “ Infermedica Piotr Orzechowski, CEO https://infermedica.com/ Poland Investment Readiness (EC2VC) [May 2018]. “Our participation in the EC2VC Session in Sitges helped us in two ways. First of all, we had a unique opportunity to present in front of over twenty VCs. This allowed us to raise their interest and then continue conversations off stage. The EC2VC initiated in-depth discussions with several Venture Capital firms, one of which even committed to invest in our latest round of funding. Secondly, as a winner of that edition we’ve received a solid marketing coverage which also contributed to our fundraising efforts and promoted our company.” • Get to know investors that could be potentially interesting in our funding round • Network and build a relationship with the most active investors in Europe • Understand the key factors for success when pitching to an investor My challenges eHealth HUB support Infermedica addresses the problem of so-called “online diagnosis” based on subjective and often inaccurate web search results. Our mission is to help patients find the most accurate and high-quality information about symptoms and conditions, and to connect every patient with the right care. We’re a group of over 50 medical doctors, data scientists and software engineers building one of the most advanced AI platforms for patient triage and The company
  3. 3. The project has received funding from the European Union’s Horizon 2020 Research and Innovation Programme under Grant Agreement No727683. Learning points “Two founder traits that I believe are important in any fundraising effort are perseverance and honesty. Honesty, however, should never undermine your ability to sell the company’s vision in an exciting way. You need to realize that not every investor will find your idea attractive or even appealing. It will take a lot of time to find the right partner for you. When that happens don’t be tempted to present things in better shapes and colors than they really are. Be brutally honest about the challenges that are ahead of you, and I’m sure that every good investor will reward your approach. Piotr Orzechowski, CEO eHealth HUB services Investment Readiness A training program designed to prepare European early stage startups and SMEs within the eHealth sector to approach and collaborate with investors.
  4. 4. IOMED: connecting with investors Thanks to eHealth HUB we made contacts with investors who are currently very interested in IOMED as a potential investment opportunity. We are always very attentive to the activities organized by eHealth HUB. We try to attend, either as active participants or merely as listeners. “ “ IOMED Javier de Oca, CEO https://iomed.es/en/ Spain Investment Readiness (EC2VC) [May 2018]. “When we were preparing the Health 2.0 congress, we realized about the EC2VC opportunity. The objective was to add investors to the round we had open at that time. Thanks to eHealth HUB we made contacts with investors who are currently very interested and have analysed IOMED as a potential investment opportunity. After participating in EC2VC the main thing was to keep active the communication channels that we had opened in the forum with the most interesting investors. Therefore, there was a work to cultivate the relationship, continue talking with them, keep them aware of our changes, our growth and milestones met. There was no time to include them in the opened investment round, but once we start with a new round, we will take advantage of the relationship we already have with them.” • Looking for potential investors to be invited to the investment round we had open at that time. • Learn about how investment works, how we should approach investors and which are the key elements for success My challenges eHealth HUB support IOMED aim is putting into value the clinical information that hospital centres generate on a day-to-day basis. We are dedicated to reusing clinical information to boost clinical research in such hospitals. We develop our own solution that uses natural language processing to ensure that all the information that hospitals gather on a day-to-day basis is truly processable and treatable. The company
  5. 5. The project has received funding from the European Union’s Horizon 2020 Research and Innovation Programme under Grant Agreement No727683. Learning points “When you talk to an investor, the key is preparation. I would advice all entrepreneurs: do not even think about talking to an investor before having thoroughly reviewed everything you want to show them. All the details of your business model, your team, your company, business plan, etc. You should have reviewed everything with a consultant or someone you trust in your environment.” Javier de Oca, CEO IOMED eHealth HUB services Investment Readiness A training program designed to prepare European early stage startups and SMEs within the eHealth sector to approach and collaborate with investors.
  6. 6. StethoMe: making contacts in Finland We are glad that we took part in EC2VC. This positively affected our business relations, as well as enabled reaching potential partners more easily during the accompanying HIMMS conference. “ “ StethoMe Wojciech Radomski, CEO https://StethoMe.com/ Poland Investment Readiness (EC2VC) [May 2019]. “StethoMe got an access to the key stakeholders and mass media. We were appropriately promoted by eHealth HUB marketing materials and took advantage of their channels and network. During the EC2VC, the solution itself as well as the company have been strongly appreciated by the investment experts. We were winners of 2019 edition which gave as an opportunity to network and obtain visibility.” Our main challenges were getting feedback from investors and information about elements that need to be improved, Scandinavian market insight, and increasing brand awareness. StethoMe also looked for opportunities for long-term cooperations. The company aimed to gain new knowledge about the area in which we operate - artificial intelligence in the fields of healthcare and telemedicine. My challenges eHealth HUB support StethoMe is an AI company focussed on the world of healthcare and telemedicine. StethoMe product is the wireless stethoscope working with a dedicated app and AI algorithms. It enables auscultation of a patient’s lungs and heart, recording and sending sounds in order to be analysed by AI algorithms. The patient is informed if the device registered any abnormal sounds. The doctors have a preview for advanced analysis of sounds and The company
  7. 7. The project has received funding from the European Union’s Horizon 2020 Research and Innovation Programme under Grant Agreement No727683. Learning points “We have found potential business partners, who perfectly match our target market and requirements. In addition, we have better knowledge of the Finnish medical market.” Wojciech Radomski, CEO StethoMe eHealth HUB services Investment Readiness A training program designed to prepare European early stage startups and SMEs within the eHealth sector to approach and collaborate with investors.

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