By Garima Ghale
On May 18, 2023, the OBIO® Women in Health Initiative (WiHI) ran its second Women Leaders in Health Breakfast Series. In partnership with the Canadian Women’s Newtork (CWN) and Mintz, we had the privilege of hosting the "How I Raised: Health Series," featuring esteemed panelists Geralyn Ochab and Ella Korets-Smith. The event brought together aspiring entrepreneurs and industry professionals eager to gain valuable insights into the world of funding in the healthtech sector. The panelists shared their experiences and provided key takeaways on how to successfully navigate the fundraising landscape, which include the following:
Building Solid Fundamentals: One of the event’s recurring theme was the importance of establishing strong fundamentals for your business, regardless of the funding route pursued. Geralyn and Ella emphasized that a solid foundation in terms of business strategy, market understanding, and product development is crucial to attracting investors and ensuring long-term success.
Choosing Angel Investors Strategically: When discussing fundraising from angel investors, the panelists highlighted the importance of selecting investors who strategically align with your company's vision and goals. Conducting thorough due diligence to ensure a mutual fit with angel investors can bring more than just capital to the table, including industry expertise, networks and guidance.
Addressing Funding Challenges in Biotech/Pharma: For early-stage biotech and pharmaceutical companies, generating revenue may not be feasible in the initial phases. Geralyn and Ella shed light on the unique funding challenges these companies face, and emphasized the need to provide investors with a clear understanding of the company's timeline, milestones and how funding will translate into value creation. Transparency in how funds are used and aligned with milestones is key to instilling confidence in potential investors.
Market Awareness and Timing: In today's dynamic market, staying informed and adaptable is essential. The panelists encouraged entrepreneurs to maintain a proactive approach by monitoring industry trends and market shifts. By holding their heads high and anticipating market developments, entrepreneurs can position themselves strategically to seize opportunities at the right time.
Nurturing Investor Relationships: Recognizing the value of strong investor relations, Geralyn and Ella emphasized the importance of cultivating and maintaining good rapport with investorsInvestors are not just providers of capital, but also key advocates for the company, the team and the technology. Building and nurturing these relationships can yield significant benefits beyond financial support.
Stay tuned for more exciting events and opportunities to gain industry insights and connect with experts in the ever-evolving field of healthtech.