Tag Archive for: emerging industries

3 Things Startups Focus On as VC Funding Shifts

, , , , , ,

As uncertainty rises, funding falls. At least that’s what the news would have you believe. But according to Inc. magazine, seed and angel deals are still trending upward, and early-stage companies with proven product are still getting most of the deals. In fact, 64% of venture funding is early stage, and seed deals through Q2 of 2022 were on par with the entirety of 2019 (Q2 NVCA/PitchBook). That means for hyper-growth or ambitious companies and challenger brands, there is still an opportunity for you. So what should you do when VC funding is down and inflation is still driving uncertainty? I’ve been through every recession since 9/11 and I’ve been working with ambitious brands and companies since then as well. So I’ve seen what successful businesses do during recessions to position themselves for competitive advantage, survival and growth, despite the economic hurdles. Over the years I’ve noticed, startups who focus on looking ahead while being laser-focused, and tend to survive tumultuous times, regardless of whether your a consumer brand or a B2B company.

Focus Your Energies and Budget

“Everything you do, do exceptionally well, and if you aren’t exceptional at it, then get rid of it or outsource it.”

Look at everything you’re doing and cut out the things you aren’t doing well. For example, let’s say your internal biz development team is excellent, but your event marketing isn’t producing the results you’d hoped for, take that event marketing budget and focus it on one thing your biz dev team says they need to get to the next level.

Everything you do, do exceptionally well, and if you aren’t exceptional at it, then get rid of it or outsource it. Outsourcing is just more nimble. What you outsource, be exceptionally clear about your goals, so you can maximize your reduced budget. Focusing your time and budget has the additional advantage of clearing out the cobwebs and giving you new insight into operational efficiencies too. Who knows? You might decide that outsourcing certain strategies, like PR, simply works better than doing it in-house, anyway.

Startups should also focus on the long term. Think about ways you can increase efficiencies with agency partners, and where you can maximize the partners you have on board.

 

Bullish on the Future

“Deals are still happening, but they’re more happening on industries and trends which are moving ahead full steam, no matter what happens to the economy,”

What should a startup focus on when thinking about funding? No matter what happens to the economy, innovation rolls forward, and VCs know this. The money isn’t on solving today’s problems, it’s on solving tomorrow’s problems. According to Pitchbook, in Q1 of 2022, VC’s raised more money than in the entirety of 2019. So are coming down? Oh, absolutely, but VC’s know – the future is now.

Even when funding is down, deals are still happening, but they’re more happening on industries and trends which are moving ahead full steam. So do your homework on where your product fits into the biggest challenges or opportunities in the next 5, 10, 15 years. Look at all the challenges the pandemic brought to light – those challenges are still top of mind, and the companies solving those problems will have a head start. Your corporate storytelling should also lean into the future and purpose driven initiatives. These two aspects will allow you to lead against your peers.

FinTech is another area where the gloom and doom may be over-reported – through Q2, FinTech funding was still more than in 2019, but it’s definitely not as frothy as 2021. FinTech founders may wish to focus on thought leadership and tie it into purpose-driven points of view in order to tap into future trends.

And although the cannabis industry has been experiencing its share of disruptions as of late, no one thinks that industry is disappearing, the growth is only projected to increase as more states move to legalize cannabis, and states create interstate sales as California has, and many expect the east coast to do. Experts predict the cannabis industry will be $100 billion by the end of the decade. You can learn a lot about the future of cannabis by reviewing the pitch decks from startups that recently secured funding.

Plan For Success

“Companies that survive this time focus… on problem-solving,”

Now is the time to think out loud and do your due diligence for tomorrow. Companies that survive this time focus their operations team on problem-solving. For example, if  VC funding doesn’t seem likely for you right now, turn your attention to policy initiatives at the federal and local levels. For example, the last infrastructure project had a lot of opportunities for climate-related startups. And the 2021 infrastructure package held lots of tidbits for infrastructure tech programs, that emerging industries like drones and UOV could take advantage of.

Consumer tech VC funding has taken a sharp nose-dive. Storytelling PR campaigns may not be as attractive as they once were for consumer tech. Now is the time to look at product-based programs which increase awareness but not the budget.

Mental health is still top of mind, that’s part of the reason emerging industries like healthtech, cannabis, and psychedelic treatments remain in the sights of investors. But these industries are not without their challenges and competitors. So brands in these emerging industries need to double down on trust to build more acceptance for the communities they serve.

Direct to Consumer (DTC) funding has radically pulled back, because simply having a DTC company isn’t in itself enough to attract investment – today, a DTC strategy is an expectation. But startups can take this time to develop something that can’t easily be replicated, like technology. Or, as investor Caitlin Strandberg said, don’t even ask for investment unless you have an Amazon strategy, because social media isn’t where they see buyers, “if you’re going to be where people buy—people are buying more and more on Amazon—you can expect they’ll search your brand name on Amazon, and you want to be on that search page,” so be looking your sales channels along with SEO and digital PR so your startup is poised for growth.

One of the best ways to stay focused on success is to lay the groundwork for a successful IPO. There is a lot to do, both internally and externally, and getting started earlier will save you money and time as the exit gets closer.

You should take this opportunity to do some scenario planning as well. Now is a great time to plan for a crisis, and create plans for things like cyber breaches ,which will help you secure your future.

 

Tomorrow’s greatest companies and emerging industries aren’t going to allow this uncertainty to derail them. This is where the rubber meets the road, and strategy makes a difference.

by

What is Healthtech PR?

, , ,

The emerging healthtech industry has increased in recent years due to several factors, including an aging population, increasing demand for personalized care, and the rising cost of healthcare facilities. However, the increasing competition has made it more challenging for healthtech firms to gain the desired attention for their products and services; this is where Healthtech PR can help.

What is Healthtech PR?

Healthtech PR refers to the activities focused on building and maintaining a favorable reputation for emerging technologies in healthcare. More precisely, it increases the visibility and credibility of technological innovations in the healthcare industry among healthcare providers, patients, investors, and media.

Some examples of Health tech PR activities include:

  • Developing communication strategies for business objectives such as attracting funding, acquiring competitive advantages, and creating marketplace trust for new technologies.
  • Creating thought leadership content like blog posts and white papers
  • Handling social media accounts
  • Securing media coverage for new product launches
  • Organizing events and webinars
  • Arranging collaborations with key influencers in the healthcare technology space

What Is The Need for Healthtech PR?

Although PR plays a vital role in the success of all kinds of businesses, it is significantly more crucial for the healthtech industry due to its complex and evolving nature. The challenges below illustrate why PR matters to the healthtech industry so much.

Technical Language in HealthTech

One of the primary jobs of HealthTech PR is to translate technical language in a way the general public and other stakeholders can understand. The healthcare industry is a complex and highly specialized field. It involves various technical terms and concepts specific to the industry. Meeting stakeholders where they are is vital, so using healthtech PR is essential.

Healthtech PR professionals are adept at simplifying the complex medical language used to describe various medical conditions, treatments, and procedures. They can convey the correct meaning to their target audience in clear, concise, and understandable terms.
Remember, your target audience can only trust a healthtech product or service if they fully understand its features, functions, and benefits.

Regulatory Hurdles

 

The healthcare industry is highly regulated; numerous laws and regulations govern the developing, testing, and marketing of healthcare products and services. Such regulatory hurdles can be difficult for healthtech companies to navigate. Plus, they can become a massive barrier to entry for new companies wanting to enter the industry.
Healthtech PR professionals are knowledgeable about the regulatory landscape of the healthcare industry. They can effectively understand and convey a product’s compliance with relevant laws, expediting the approval process and increasing the chances of acceptance by the public.
Conclusively, PR strategies are a great tool to build support for healthtech products and services amongst regulators and the public.

Privacy Concerns

Healthcare companies handle sensitive information about patients. Such data has to be protected to maintain regulatory compliance and patient trust. When developing and implementing new healthtech technologies, these companies must address all privacy concerns to earn the trust of patients and other stakeholders involved.
Healthtech PR strategies can help healthtech firms communicate how their innovations protect patient privacy. If a privacy breach occurs, these strategies also help healthcare firms transparently and effectively share how the incident happened and what steps they take to resolve the issue.

Building Trust

Healthtech firms may need help to build trust among their target audience for several reasons.
Patients often deal with life-changing health conditions, and they need to feel that they can trust the companies providing their care. Healthtech firms must demonstrate that they have the expertise, experience, and resources to provide high-quality care that meets the needs of patients.

The healthcare industry is highly complex. Besides patients, it involves many other stakeholders, like healthcare providers, regulators, insurers, and investors. This complexity makes it challenging for healthtech firms to navigate the industry and establish themselves as credible and trustworthy players.

The healthtech landscape has become significantly crowded, with numerous firms entering. Every firm has to work hard to obtain its target audience’s trust and stay ahead of the curve.
Healthtech PR can help firms build trust with their target audience by providing accurate information, demonstrating thought leadership, and showing a commitment to patient outcomes.

Rapid Innovation

The healthcare industry is evolving rapidly – new technologies and innovations continue to emerge. Rapid innovation makes it critical for healthtech firms to predict and follow recent trends and developments in the industry to promote their products and services effectively.
Healthtech PR strategies involving social media, networking events, and content creation can help firms gain and share quick insights about the latest developments in the industry.
The Core Benefits of Healthtech PR

Increased Brand Awareness

Implementing PR strategies can boost a healthtech firm’s visibility and increase awareness of their technological innovations among their target audience. These strategies focus on driving traffic to a company’s website, enhancing social media engagement, and generating more leads and sales.

Thought leadership Opportunities

Healthtech PR can also help healthtech companies establish themselves as thought leaders. Healthtech PR includes exploring valuable healthtech insights, posting thought leadership content and leading industry events.
Establishing their position as experts in the field allows healthtech firms to build credibility among key stakeholders. Increased credibility makes more people willingly try out your healthtech products or services.

Strong Investor Relations

Healthtech PR can help companies attract investors and build and maintain lucrative relationships. PR professionals in the healthcare industry know how to effectively communicate their vision, strategy, and progress to investors. They can help healthtech firms gather the funding required to grow and succeed through creating social media buzz, posting thought-provoking content on websites, and other techniques.

Reputation Management

Reputation management is one of the most critical functions of PR strategies. It is to promote the firm’s strengths, achievements, and contributions to the healthcare industry. It primarily involves creating a positive image of the healthtech firms via various channels, like social media, content marketing, media relations, etc.
In the event of negative publicity, a strong PR plan can help healthtech firms quickly address the issue, transparently interact with stakeholders, and take appropriate measures to mitigate the effects on the company’s reputation.
Healthtech PR also involves monitoring and analyzing the online presence and media coverage. It helps companies identify incorrect or damaging information that could harm their reputation. Moreover, it allows firms to make informed decisions about their PR strategy and identify opportunities to improve their standing.

Patient Engagement

Healthtech PR allows healthtech companies to build a loyal customer base by engaging with patients meaningfully. A good healthtech PR plan includes techniques like providing patients access to their medical records, creating patient-centric content, and leveraging social media to connect with patients.
It also involves enabling patients to schedule appointments online, building relationships with patient advocacy groups, offering telehealth and remote monitoring services, and providing educational resources to help them better understand their condition and treatment options. These techniques also allow companies to demonstrate their commitment to improving patient outcomes.

Effective Healthtech PR Strategies

Public relations strategies for healthtech companies are essential for building brand awareness, establishing credibility, and engaging with key stakeholders. Here are some PR strategies you can use to promote a healthtech brand.
Convey a Strong Brand Narrative
Healthtech PR helps brands convey their story that effectively explains their mission, values, products, and services. This story becomes a foundational pillar for further marketing efforts, including media pitches, content marketing, and press releases.
Collaborate with Industry Influencers
Collaborating with industry influencers enables healthtech companies to raise their credibility and exposure. Influencers may include patient advocates, industry analysts, healthcare professionals, etc. Such collaborations can lead to increased media coverage, social media exposure, and word-of-mouth recommendations.
Create Educational and Thought-Leadership Content
Creating educational content is another PR technique that helps healthtech firms provide value to their target audience. It involves blog posts, white papers, and e-books that highlight the benefits of their technology and provide unique perspectives on industry trends. Firms can share and promote content through various channels, like emails, social media, websites, etc.
Manage Social Media
Social media is a powerful tool for healthtech companies to connect with their audience and share their message. They can use social media to share educational content, engage with their audience, and promote the credibility of their brand.
Host Networking Events
Healthtech businesses can also host events to introduce and display their technology as a part of their PR strategy. Some examples of events include webinars, conferences, and networking events. Hosting such events presents an excellent opportunity to educate guests on the benefits of the technology and build relationships with key stakeholders.
Secure Media Coverage
Healthtech companies can also benefit by securing media coverage by pitching stories to relevant media outlets. They can approach industry publications, business publications, and mainstream media to build a strong narrative and tailor pitches to the interests of each media outlet.
Engage with Patient Communities
Healthtech companies can engage with patient communities to understand and anticipate their needs and develop practical solutions. They can do this through social media outreach, surveys, and patient focus groups.

Why Outsource Healthtech PR?

While healthtech firms may be able to handle some aspects of their PR themselves, there are several reasons hiring a PR agency can be beneficial.
PR Agencies Have Both Expertise and Experience
PR agencies are teams of professionals specializing in public relations with years of experience dealing with various industries. They deeply understand the media landscape and know how to build and execute successful PR campaigns.
Healthtech is a fast-paced industry, and you need a PR agency that can adapt to changing circumstances and respond quickly to emerging opportunities. When hiring a PR agency, look for one with a proven record of success in working with healthtech companies. Ensure they know the regulatory environment and vital healthcare industry stakeholders.
They Have an Extensive Network
PR agencies working with healthtech companies have strong connections with prime media outlets, influencers, and industry experts. They can help healthtech firms build relationships with the right people, opening doors that might be difficult for that firm to access otherwise. They can also secure media coverage to build a brand and drive business results.
They Offer An Objective, Unbiased Perspective
PR agencies can objectively evaluate a healthtech firm’s messaging and branding. They can help companies identify strengths and weaknesses and create a PR strategy that aligns with their goals.
They Save Time and Resources
Healthtech firms may need more time or resources for a comprehensive PR campaign. Hiring a PR agency allows them to focus on their core business activities while the agency handles their PR efforts.
They Help You Manage Crisis Effectively
In a crisis, a PR agency can provide guidance and support to help manage the situation. They have experience handling crises and can help healthtech firms navigate difficult situations with their reputation intact.
PR Agencies Provide Strategic Guidance
A good healthtech PR agency can provide strategic guidance to help you develop a comprehensive PR plan that perfectly fits your business objectives and is creative enough to stand out in a crowded industry. Look for an agency that has successfully captured the attention of a similar target audience in the past.
Metrics-Driven Approach
A good healthtech PR agency prioritizes driving and delivering fruitful results that align with your business goals. Look for an agency with a strong track record of delivering ROI for its clients.
In Conclusion
Effective PR strategies are essential for healthtech firms to succeed in today’s competitive market. By building solid relationships with key stakeholders, sharing compelling stories about their products and services, and leveraging the power of social media and digital marketing, healthtech firms can build a strong brand and reputation that will help them attract customers, investors, and talent.
However, handling public relations on top of other crucial tasks involved in a healthtech business can be overwhelming. An experienced healthtech PR agency can help healthtech firms make a real difference in the lives of patients and healthcare providers, driving innovation and growth in the industry without any hassle.

by