Launching into an industry with projected revenues of $32 billion isn't easy, especially as a startup company. However, with 10 years of experience in the digital health market, over 5 million happy customers, and more than 30 successful in-house and invested products, it's fair to say that Kilo Health knows what works.
They continue to add to their portfolio with the unique Co-found Program, a collaborative initiative that helps budding entrepreneurs launch and scale new digital health and wellness products.
So, how do you navigate the pitfalls of such a rapidly growing market? Here are 3 key tips from the co-founders of Kilo Health:
#1 Keep on top of industry trends
With an expected market value of $1.1 trillion by 2032, it's important to remember that what worked in the digital health industry just a few years ago may not work today. Only those brands that can identify marketplace pain points and quickly find an innovative solution will be successful in such a fast-moving industry.
For example, a key trend in 2023 is personalized healthcare, which provides consumers with products and services that adapt to their unique needs. This is particularly relevant in a post-COVID-19 pandemic landscape, where levels of anxiety, stress, and depression are on the rise.
#2 Find out what consumers want
A survey conducted by PYMNTS and Lynx found that half of consumers have experienced problems accessing healthcare services. It also found that 4 out of every 5 consumers want a unified digital platform to manage their healthcare services more easily.
Those that already use it say the technology saves time while improving their access to care and benefits. So, if you're hoping to launch a successful startup, the key is making your digital health venture accessible, easy to use, and something that benefits users more than traditional approaches.
Take Kilo Health's co-founder Vitalijus Majorovas, who co-founded Pulsetto, a device that stimulates the vagus nerve to eliminate pain, reduce stress, and improve sleep quality without invasive surgery or medication.
"I believe that in a world, which is so well connected, opportunities to provide easily accessible and simple solutions to sleep problems, pain, and stress to people cannot be missed. Sometimes it's not the most original idea that makes a product successful, but meeting the needs of people," explains Vitalijus.
#3 Recruit the right people
Since launching its first product in 2013 with just 7 employees, Kilo Health has achieved remarkable success, being named the second fastest-growing company in Europe last year, thanks to its continued innovation and expertise.
Particularly in such a competitive, specialized industry, it's important to attract and retain talent if you're hoping to generate such innovation, though this can be difficult as a startup company.
This is where initiatives like the Co-found Program can help. By offering ready-made teams or help in building a dedicated workforce, budding entrepreneurs can rest assured that they'll be surrounded by people with the skills and expertise to bring their exciting ideas to market in a matter of weeks.
Final thoughts
To succeed in this fast-paced industry, entrepreneurs must stay on top of market trends, meet consumer demands, and recruit the right talent. The Co-found Program is a unique collaborative initiative with a proven track record of helping digital health startups navigate the competitive industry successfully.
If you're looking for the right people, resources, and, most importantly, money to get your new venture off the ground, then check out Co-found today.
