“Please, be realistic” – Investor Forum offers crucial insight for start-ups from investors
Meeting an investor can be a game-changer for a start-up. Investor Forum, an online event featuring the best InnoStars Awards teams was brought to life by EIT Health to help this process. As a bonus, participants were given useful tips about the do’s and don’ts of pitching for an investor and the needs of selected EU healthcare systems.
“What we experience is that often the whole story is not thought through. It is not like ’This is where we are at, this is where we want to get, and this is the way to get there.’ The story is not complete. There are missing elements. Maybe they did not have time to sit down and think or they did not care” – shared a frequent experience Peter Mogyorosi, CEO at Creative Accelerator. As the expert pointed out, entrepreneurs often make another mistake, which is trying to impress the investors with unrealistic goals. „Please, be realistic and trust us, that we, as investors, have the experience and knowledge.” – he said at the panel discussion held at the Investor Forum, which was hosted by Tamas Bekasi, RIS Business Creation Manager at EIT Health InnoStars.
The event was organised by EIT Health, which has always put much emphasis on connecting promising start-ups with investors. This time it was the turn of InnoStars Awards participants to share the latest developments of their business. There was Vigo Health, which recently made history by becoming the first digital therapeutic company in the Baltics to receive an official reimbursement code, Tully, the winner of the 2021 InnoStars Awards and many other previous participants of the programme.
The teams had the chance to hear from the seasoned experts what investors are looking for and what they are not. „80% of new proposals are related to digital solutions and I am absolutely overloaded with these types of activities… We are over-digitalised at the moment, at least in my field.” – shared his point of view Adam Broncel, Founder of Poland Ventures, who is personally looking for more clinical based solutions.
However, he agreed that the pandemic created a huge need for remote technologies. „All the solutions that can help the patients to stay safe – all the remote technologies – are needed. And not only for covid patients but for all other of patients who are exposed to the consequences of covid (e.g., who do not have direct access to the healthcare system)” – said Adam Broncel. „There is a huge need for new types of solutions. I see that as the primary target for new investment” – he added. Solutions that have the potential to ease the burden on overworked health professionals could also make a serious impact. Especially in some specific fields – such as elderly care, as Mogyorosi said – where the lack of personnel will present a big challenge.