Strength in Numbers: 5 Reasons Why Networks Are Essential to Healthcare Entrepreneurs
There’s no question that building connections and creating strong industry networks are both extremely valuable to the success of an entrepreneur’s business. In fact, networking and building connections contribute to the success stories of about 78% of most startups. However, for entrepreneurs in healthcare, growing a network is practically essential. Given that healthcare is an industry historically resistant to change, it can not only be extremely challenging to get in front of the right decision makers that could pay for your product or service but also convincing them your solution is necessary is another hurdle you most likely will have to overcome.
Having a strong network that can connect you to potential sales opportunities or simply provide guidance and advice can be the driving force behind the success of your company, and help you navigate the complex world of healthcare.
If you still need some convincing on why you might need to grow your professional healthcare connections, we’ve pulled together 5 reasons why networks are essential to the success of healthcare entrepreneurs.
1. Collaborate With Like-Minded People
Being an entrepreneur can be a lonely business. Connecting with others in your industry that are going through the same ups and downs you are experiencing can be so helpful. Whether someone is further along on their entrepreneurial journey than you are or walking alongside you at the same stage, there is so much you learn so much from your peers, and it can even be nice to just know you are not alone.
2. Grow Your Industry Knowledge
While you may be the first person who has developed a product or solution like yours, you can bet someone has come before you, and has experienced and solved the same business or industry-related problems you are running into as you launch your company. Having access to valuable resources created by industry experts can be crucial – especially in the early stages of your business. Don’t waste precious time trying to navigate a problem that someone has already figured out for you. Lean in on resources that cover the most common issues in launching a business like marketing, legal and HR advice so you can focus on what you’re truly good at.
3. Establish Mentor Relationships
We’ve said it before, and we’ll say it again – healthcare is a complex. Having a dedicated person who can guide you through the challenges you will inevitably face as you grow your business is essential as a healthcare founder. Mentors can be an essential part of achieving startup success, and it’s crucial to tap into the right networks that can help you identify mentors ready and willing to help you out.
4. Unlock Business Opportunities
In order for your business to ultimately succeed, you have to have sales. However, when you’re just getting started, it can be challenging to get in front of the right decision makers who could purchase your product or solution. In healthcare, it can be even more difficult as most buyers will want to see evidence that your product can deliver what you promise it will, yet these are the exact people you need to pilot your product with to prove your solution. Having access to the right network that can help make impactful introductions can break down those barriers and provide access to crucial business opportunities that would be inaccessible on your own. In addition, you’ll want to be sure you’re engaging in networks that your target audience also participates in order to increase your chances of being found in case they are seeking a solution like yours.
5. Identify Fundraising Sources
As a founder, you are probably no stranger to the challenges of raising capital to run your healthcare company. One of the biggest challenges being identifying the right investor that can not only provide capital but also long-term strategic value to your company. By developing a deep industry network, you have an increased likelihood of finding investors that are more likely to be invested in your company both financially and strategically, and it increases your opportunities to find investors interested in investing in your particular industry and maybe even your specific solution.
Harness the Power of Industry Based Connections – Meet the Jumpstart Refinery
Making impactful connections has never been an easy task, however with options like conferences, events or even simple coffee meetings, you at least had the opportunity to sit face-to-face with someone to start building new relationships. Since the outbreak of COVID-19, the challenges to grow your network have only increased and many entrepreneurs have sought possible alternatives to expand their connections. While everyone is becoming more and more familiar with Zoom meetings and social networking platforms like LinkedIn, these options aren’t industry-specific, offering little scalability, and simply don’t provide the all of the support necessary to help grow your healthcare business.
At Jumpstart, we believe in providing valuable resources to both our portfolio companies and other healthcare entrepreneurs to support all innovations driving change in health. That’s why we’re excited to announce the launch of our new online healthcare networking community, The Jumpstart Refinery!
Not a JSF portfolio company yet? No problem! You still can join the JS Refinery and gain instant access to valuable resources and connections that can help drive significant change for your healthcare business.
Create your JS Refinery account today to access:
- Industry and Topic Specific Discussion Groups
- Educational Resources
- Industry Events
- Job Opportunities
Start Making Powerful Connections Today!
Join the Jumpstart Refinery to grow, connect and learn from other entrepreneurs and healthcare professionals just like you.