The global healthtech market has been predicted to reach a value of $1303.9 billion by 2033, with a CAGR of 13.53%.
The industry is growing at such a fast rate due to the increasing burden of chronic diseases like cancer, diabetes, and heart disease. In fact, statistics show that 6 in 10 adults in the US currently live with one or more of these diseases, which accounts for 38% of all deaths.
This is forcing companies to become more and more innovative, chasing new solutions like artificial intelligence and wearable devices that make healthcare more convenient for, and accessible to, larger populations.
But with such huge innovation, in such a huge industry, also comes huge risk. We’ll explain why risk mitigation is important, and how Kilo Health is helping other healthcare startups tackle these risks head on.
What Does Risk Mitigation Involve?
Risk mitigation strategies are designed to reduce the impact of potential risks. This involves preparing for threats that could cause the business to fail, therefore lessening the adverse effects that they bring in future.
For instance, since healthcare startups deal directly with the well-being of their consumers, it can take months of research and testing to come up with an idea that is truly trustworthy and effective.
This requires significant financial, operational, and technological investment. As a result, it’s estimated that 98% of digital health startups face severe problems that leave them dead before they’ve even properly launched.
A startup could mitigate the risk of failure by ensuring that they know:
- Whether the product or service presents a good enough solution to the problem that it is trying to fix
- What other digital healthcare solutions are already out there, including how they operate, how much they cost, and how they are effectively helping consumers
- If their team has the right skills, knowledge, and expertise required to successfully launch, run, and scale a digital healthcare business
In the event that any of these questions can’t be answered, startup companies may need to outsource their risk mitigation planning.
Mitigating Risk Through the Co-found Program
As a global leader in digital health and wellness, one company that knows exactly how to navigate the risks of the healthcare industry is Kilo Health.
The brand has an impressive portfolio of more than 30 in-house and invested products, with 600+professionals, and over 6.5 million satisfied customers to date.
Using their 10 years of experience, they are now offering unparalleled opportunities for other healthcare visionaries to launch their own startups through the Co-found Program. This unique initiative allows budding entrepreneurs to collaborate with Kilo Health as business partners.
Successful applicants are expected to bring a great business idea, along with passion and entrepreneurial drive. In return, they’ll benefit from the expertise of the second-fastest growing company in Europe, receiving operational support, financial resources, and assistance from a dedicated research and development department.
Alternatively, they can join the Kilo Health ranks to help lead an existing project, collaborating with one of the company’s already assembled teams to elevate and scale a product.
Either way, the Co-found Program ensures that a startup’s idea is ready to enter the rapidly changing digital healthcare market within just weeks, offering everything that is needed from initial development through to the growth stage. This can help to lower the risk of initial failure due to factors such as inexperience or lack of resources.
Feel like your startup could benefit from Kilo Health’s help? Find out more about this program on the Co-found website.
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