Welcome to 1 Question where creators, CEOs and innovators and artists answer 1 question.
Today’s question: “If you're speaking to a start-up, how would you advise them to successfully position themselves?"
Andrew Elliot Stern is a Leadership Coach & Performance Coach for high-performing individuals. He currently is focusing on tech startup founders. Andrew focuses on empowering individuals and organizations to come alive by creating and fulfilling their vision for the future.
In this insightful episode of "One Question with Andrew Elliot Stern," Andrew had the pleasure of hosting Seth Weil, a director at Mount Sinai Ventures. Seth brought his extensive experience in healthcare, from his early days as an EMT to his current role in strategic healthcare ventures, to the table for a deep dive into the complexities of selling healthcare technology to large systems.
Seth emphasized the traditionalist nature of the healthcare industry and the challenges that startups face when trying to introduce new solutions. He pointed out that while a startup's solution might be novel, the problems they aim to solve are often well-known to healthcare systems, which have likely been working on them for years. This creates a significant barrier to entry, as healthcare leaders may be hesitant to abandon their existing efforts for an unproven technology.
Andrew and Seth also discussed the importance of finding the right champion within a healthcare system who can understand how a new solution fits within the organization's framework. Seth advised that the champion might not always be the most obvious choice and that navigating the political and operational matrix of healthcare organizations is crucial.