Crowdfunding is one topic that will be a part of the conversation at the upcoming MidAmerica Healthcare Venture Forum from April 22-23 in Chicago. The event spotlights emerging innovation and technology dealflow originating in the Midwest.
It also brings together active investors and corporate business development executives to identify potential investment opportunities with promising MidAmerica-based startups.
In the runup to the event, we’ve been doing a series of interviews with speakers taking part in the conference, asking them to respond to a set of four questions. Alex Fair is the CEO and co-founder of MedStartr, a crowdfunding website that concentrates on healthcare IT, medical device and healthcare services.
With the Rise of AI, What IP Disputes in Healthcare Are Likely to Emerge?
Munck Wilson Mandala Partner Greg Howison shared his perspective on some of the legal ramifications around AI, IP, connected devices and the data they generate, in response to emailed questions.
He’ll participate in a panel on crowdfunding, “Crowdfunding & The JOBS Act in Healthcare.”
Be sure to register for the event — there’s still time — and join our LinkedIn group for the event. If you can’t be there, you can view the crowdfunding session online.
1. Who influenced you to get involved in healthcare and/or investing?
As the leader of half a dozen healthcare startups and the world’s largest health innovation meetup group, I had seen hundreds of ideas struggle somewhere between idea and massive market adoption. I was inspired by the utility of crowdfunding to help drive early sales and some funding. What I didn’t realize is how great it would be as an engine for partnerships and investment in healthcare and how much we could facilitate those transactions. It has been very inspiring to get to work with many great companies and visionary leaders.
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At the Abarca Forward conference earlier this year, George Van Antwerp, managing director at Deloitte, discussed how social determinants of health and a personalized member experience can improve medication adherence and health outcomes.
2. What do you think is the most important change happening in healthcare today?
Healthcare is experiencing a massive shift on a number of fronts, some real and some imagined. The real one that we see every day is a by-product of the imagined one. Where we see the opportunity is determining which ones will be successful in the marketplace, something that is pretty clear in our data streams.
3. What is your biggest pitch pet peeve/what’s the most bizarre press pitch you’ve ever received?
When the pitcher is not also able to catch. The best sales folks say their piece and then listen for the sale opportunity but all too often the innovator only wants to send and never receive messages. One of the less appreciated aspects of crowdfunding is that it is a massive listening system. When 17,056 people watch your video, comment on it, leave at the 38th second on average, buy or donate to your cause, or click on offers, each of these are key listening points. In real life and on the phone you get these same data points and the best pitchers know how to catch these cues.
4. What’s one piece of advice you would give to an entrepreneur?
Crowd test before you invest. Write your provisional patent, make a great video and go do a little crowdfunding campaign to see if you can inspire a crowd that cares to help you out BEFORE you invest too much of your time and money in an idea. This way, if the world is not interested, very little is ventured and key knowledge is gained. Repeat as necessary.
