Five questions entrepreneurs must answer to get an investment from West Health
The West Wireless Health Institute has more than $100 million to invest in healthcare startups. To be specific, the organization's West Health Investment Fund was created specifically "to lower health care costs by providing risk capital for companies with cutting–edge health care technologies and services."
The fund has made six investments so far on everything from medical device companies to Web-based e-health solutions. They invest anywhere from $500,000 to $10 million.
Want a good shot at getting an investment in your startup? Donald Casey, the CEO of West Wireless Health Institute and manager of the West Health Investment Fund, told an audience at the mHealth Summit in Washington, D.C. that every entrepreneur who hopes to get investment from West needs to be ready to answer the following five questions:
- What problem are you solving?
- Who is going to pay for that problem?
- Is there something unique about your offering?
- How does this lower the cost of healthcare?
- Why should we be involved in this?
Which question is the hardest for entrepreneurs to answer? Casey said entrepreneurs struggle most with question No. 2: both who will pay and how to reach those people.