Most digital health startups do not survive long, mostly losing steam before realizing adequate profits. Despite having sufficient users, investor funding, and buzz across their products, these startups go out of business in some years to commencement. As per Forbes, 98% of digital health startups face severe challenges, and many are already viewed as dead.
These struggling startups’ persistent problem is they are short of an innovative business model and frequently miss thoughtful go-to-market planning. Here in this blog, we have explained the key reasons for these companies struggling hard and meeting failures right in the process.
- 12 Reasons Why Digital Healthcare Startups Struggle and Meet Failures
- 1. Choosing a Product Idea without Market Need or its Niche is Jam-packed
- 2. Avoiding Exact Requirements and Need Criteria
- 3. Targeting the Wrong Audiences and Stakeholders
- 4. Failure to Accurately Communicate Product’s Value Proposition
- 5. Getting Short of Precise Funds and Investments
- 6. Choosing the Initial Indication & Wrong Technology Stack
- 7. Competing with Market Leaders & Expecting Higher ROI from the Start
- 8. Being Extremely Late for a Product Innovation
- 9. Complying with the Rigid Regulations for Healthcare
- 10. Not Picking the Right Product Development Partner
- 11. Not Companionable with the Current Systems
- 12. Not Cost-effective in an Adequate Amount
If you want to more information about all reasons then visit Why Digital Healthcare Startups Struggle and Fail?
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