It's easy to imagine a future when your phone knows you more than your doctor. It's also not difficult to foresee the future of healthcare's challenges.
I'm Praveen Suthrum. After 16+ years of building and running NextServices, a healthcare technology/management company, the challenges and opportunities in the industry leap out at me. I also get early access to industry trends and changes.
Whether you are seeking to start or grow your healthcare business, my weekly insights will make you spot opportunities and stay on top of your game. It'll help you think differently about healthcare.
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All in Entrepreneurship
It's easy to imagine a future when your phone knows you more than your doctor. It's also not difficult to foresee the future of healthcare's challenges.
The healthcare industry is different. Full of dichotomies.
We know what we need to do. But we wait and wait.
Then we research. The research never ends.
Healthcare is a vast ocean. Extremely complex. Disjointed. Many branches and sub-branches, some of which are industries unto their own.
Working in the industry, you get so deep in your neck of the woods that there's no time to look up.
The future is already here - it's just not evenly distributed.
It's true.
Science fiction writer William Gibson said that right. We simply have to look around enough - now - to find out what the future holds.
The future may never be evenly distributed. But it's surely becoming the present faster.
Whenever I realize I’ve made a mistake, I get a rush of excitement and anxiety. Excitement because I’ve had this aha opportunity to learn something. Anxiety because usually the learning has come with a cost I cannot afford.
There are three types of decisions that you will ever make - good decisions, bad decisions and a third category of the worst kind, no-decisions. In this last category are those ideas that you deliberate on for eons but never take any action on. In it lie those reasons you look for not starting up, such as the right business model or funding. But, make a decision and you will see that the startup ball magically moves forward.
You wish to become an entrepreneur to free yourself from the constraints of your job. However, after getting started you discover that the freedom you desire is elusive. Constraints from your job are now replaced by those from cashflows, investors, employees, clients, vendors and several other sources.
There’s this phenomena of flipping that’s increasingly popular in startup culture. It means to buy or sell something to quickly make a profit. Much like fast food, it tastes good for the short term and draws investors and entrepreneurs alike to an imagined gold rush.
I loved Google Labs, an online site where you could stop by and test drive the company's latest projects and innovations. Google discontinued it in 2011. In fact, I found this list of discontinued Google products and counted more than 75.
A few days ago, I climbed Stok Kangri, a mountain 15km south of Leh-Ladakh that marks the beginning of extreme high altitude mountaineering. Our trek spanned over 10 days and 100km via the Markha Valley culminating in a 16-hour ascent and descent.
When brainstorming a business or product idea with people, I find them quickly jumping to execution concerns - “how will we get the money” or “I don’t know how to build that” or “no one else does that” or “that won’t work” and so on. What we don’t realize is that our minds tend to imagine the future with a present-day context. But the present always seems to change faster than it did in the past.
We entrepreneurs don’t earn much respect when we say that we built something for fun. Saving the world of its evils always sounds better. As he says in his autobiography, Richard Branson even got flak for saying that he wanted to start Virgin Atlantic for fun. But any longterm entrepreneur would tell you that having fun is serious business.
We are all inherently creative. The only time when we are not is when we allow our natural abilities to be clouded. An easy indicator to know if our creativity is clouded is to ask the question, how much are we following the herd?
Let’s play a mind game. Say you wish to start a company that 3D prints bandages that are absorbed by the skin. It’s an intriguing, future-ready idea with a large global market. Friends and family are willing to give you $200K to build a team, tinker with 3D printers and grow some biological cells to experiment.