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What characteristics define the success of early-stage health-tech startups?
Imon Chakraborty1, P Vigneswara Ilavarasan2, Sisira Edirippulige3
1Department of Management Studies, Indian Institute of Technology Madras, Chennai, India.
Purpose:
The present study aims to identify and prioritize the key components that contribute to the success of early-stage health-tech startups. It seeks to guide the survival and growth of these startups within the rapidly evolving landscape of digital healthcare.
Design/Methodology/Approach:
The study used a mixed-method approach, starting with comprehensive qualitative interviews with 21 founders of health-tech startups. The qualitative data were thematically analyzed to discover the components of success. Analytical hierarchical process (AHP) was employed to prioritize these components.
Findings:
The study identified seven critical components that influence the success of early-stage health-tech startups. The components serve as essential tools for assessing the performance and impact of the startups. The study provides an operational definition of success that enables benchmarking and comparisons of firms within the health-tech industry.
Practical Implications:
The identified components can be used by health-tech entrepreneurs, investors and industry stakeholders to guide strategic planning and decision-making. The operation definition offers practical tools for assessing startup performance, facilitating industry comparisons and enhancing the strategic focus of health-tech startups.
Originality/Value:
The study contributes to the growing body of knowledge and theory development in the domain of digital entrepreneurship with respect to healthcare. It is one of the first studies to systematically identify and prioritize success components for health-tech startups. It offers unique metrics for understanding and improving startup outcomes.
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