What is MedMeetsTech? It is a platform for knowledge, experience and contacts exchange, dedicated to scientists, healthcare professionals, businessmen etc. The main goal of MedMeetsTech founders is setting appropriate conditions for creating and implementing innovative solutions in the medical industry. MedMeetsTech organises a series of events that are focused on education and dialogue between scientists and entrepreneurs from various branches. MedMeetsTech does research (in cooperation with Atena Research&Consulting agency) and publishes reports based on gathered data. MedMeetsTech latest document about med startups in Poland included also opinions of experts with significant impact on medtech in Poland. We can proudly inform that Telemedico CEO – Paweł Sieczkiewicz was a member of this group.
MedMeetsTech invited to the survey medtech startups from various fields of medicine. Report gathered data from more than 60 medtech startups leaders. Taking into account the number of all the entities from this field in Poland, all the information mentioned in the report presented complex and reliable image of medtech startups in Poland. MedMeetsTech report includes statistics concerning founders, structure, legal-business characteristic, specialisation and funding of startups. Great emphasis is also put on the startups cooperation with other entities as well as the benefits and barriers associated with this partnership.
Data presented in the MEDmeetsTECH report confirm that the Polish market of medical startups, following the markets of other countries, took up the challenge of development of “Digital Health”. Currently, this market has a very large potential, including areas in the special field of interest of the Center of Health Care Information Systems – telemedicine and mHealth. – Aneta Kulma
Financing startups is a complex and individual process. Medtech has a high entry threshold compared to other industries. You have to be prepared for considerable expenses related in particular to the certification of a medical device in various markets.
The market of medical start-ups is one of the most promising sectors for the development of Polish technological thought. One of the barriers to the sector’s development, which is clear from the report, is the low rate of use of external financing. Most start-ups still mainly use their own funds for business development, and only 27% of respondents of the survey benefited from Venture Capital financing. It illustrates a large space for action for VC funds and forecasts increased activity in the area of seeking attractive projects. – Magdalena Gajownik-de Vries
Startups establish numerous relationships on the market. Asked if they have cooperated with individual entities so far, 89% have declared cooperation with medical organizations, 45% with corporations, and only 19% with government institutions.
One of the most important questions posed to medical startups was to list the factors that are necessary for their further development. Almost three-fourths of respondents mentioned financial capital, and half of the contact. Among the other elements they pointed out are qualified employees (44%) and specialist knowledge (23%).
The finishing clauses of the report are about medtech startups needs. Telemedico CEO – Paweł Sieczkiewicz had the honour to comment on this. He emphasised two main needs – financial and connected with acquiring contacts. When it comes to business financing – the key is to provide the investor with appropriate “reason to believe” form. For companies in the initial stage of doing business, at the stage of the idea for the project, it is worth indicating the track record of the team. At further stages of the startup’s development, numbers and percentages may speak the most about the effectiveness of the implementation of the current assumptions. Insufficient number of contacts affects almost all other needs related to the functioning of medtech startups. The key to success in this case should be the clear formulation of tasks that would be possible to implement regardless of partners involvement.
Paweł Sieczkiewicz referred to two main barriers – difficulty in reaching users/clients and the lack of knowledge about product or service scaling. Although they are identical in many respects, there are also several significant differences between them.
In my opinion, the attempt to reach customers should take place as an inseparable stage of creating a product concept, as one of the elements that can tell us that this is the market. I am afraid that this answer may also include cases where the startup reaches potential clients who are simply not interested in the service. Then the problem is different – related to the product market fit, and not just to reach out to scale the service. – Paweł Sieczkiewicz
MedMeetsTech not only does the surveys and publishes reports, but also organizes conferences dedicated to specific issues. During such events, more than 40 medtech startups presented themselves in front of representatives of several dozen other companies. There are currently about 150 medical startups on the Polish market. Conferences organized by MedMeetsTech give the possibility of dialogue to the majority of companies in the industry and, as a result, the conclusions are very reliable and authoritative. As Telemedico, we always try to participate in such events and raise our voice in topics related to medtech startups. We have been operating on this market for 5 years and we want to have a real impact on the development of the telemedicine industry not only on the Polish market, but also globally.
We encourage you to read the entire report: https://bit.ly/2FCszj5