Digital health startups are popping up everywhere, but to find success, these entrepreneurs should remember the value of trust, according to TechCrunch.
Here are five observations:
1. Entrepreneurs should consider they are entering a sensitive industry heavily reliant on trust. Both consumers and providers practice caution when trying out new technology in healthcare.
2. To capture investors, digital health startups must demonstrate they know the market exceptionally well and prove their technology will be effective. Investors rely on a level of trust to go forward with a startup.
3. Stakeholders want to see FDA approval or certifications for startups' products as it increases credibility and therefore, trust.
4. Clinical trials also boost credibility, demonstrating the products' efficacy.
5. Establishing trust will take time, and digital health startups shouldn't cut corners. Once trust is lost, due to inaccurate metrics for example, the startup won't last long.
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