Dr. Roxie Mooney of Legacy DNA shares how innovative healthcare startups can position themselves for success.
Roxie has a doctorate in business administration and helps health tech innovators unlock their path to profit. She transformed 20 years of business practice, 7 years of researching over 500+ peer-reviewed articles, and 200+ interviews with health innovators into a repeatable method to go from an idea to full-scale adoption. She advises startups and emerging healthcare brands and has been involved in three successful exits. She is the international best-selling author of How Health Innovators Maximize Market Success: Strategies to Launch and Commercialize Healthcare Innovations. She also shares this ebook on how healthcare entrepreneurs can make successful business pivots during disruptive times.
3:54 – RM: “The first (myth) that really comes to mind is a lot of folks believe that if they have, if they innovate, or invent a technology that is superior to what else is in the market, that that automatically means that they’re going to reach commercial success.”
6:10 – RM: “As startup innovators, we have limited resources to work with. And so we can perceive that doing a lot of this upfront customer discovery can be very expensive. And so, you know, we might pour millions of dollars into the technology but not really want to spend $30,000 or $50,000 on customer discovery research to really find out what they want.”
7:12 – RM: “The number one reason why a health innovation fails is because there’s no market need for it.”
24:50 – RM: “You have a lot of organizations that I think tried to pivot to be PPE firms over the last year. Wanting to sell that equipment. And it wasn’t really true to who they were and, you know, you had some of them that really weren’t successful. It wasn’t the right pivot strategy for them. But you have other ones that have stayed true to who they are as an organization and been able to find really successful pivots, even during some of the most craziest times that we’ve been living in, in this last year and a half.”
Leading with Health is hosted by Jennifer Michelle. Jennifer has a Master’s in Public Health and Epidemiology and is a former EMT. As President of Michelle Marketing Strategies, Jennifer specializes in healthcare marketing. She is on a mission to create a healthcare system that actually cares about the patients and the providers.