How do I "create" that billion-dollar healthcare idea?

Posted by Health Entrepreneur 02/02/2015

The healthcare professional is quite innovative, and yet we find that most ground breaking ideas fail to leave the ideation board. Healthcare industry is evolving day by day, not just due to government intervention but also due to healthcare being taught as a way of life rather than as a crisis to be dealt with. Healthcare industry trends also offer tremendous business opportunities for entrepreneurs no matter what. Entrepreneurs have responded by finding and providing newer and better solutions to old problems and launching new businesses to meet the needs of an aging but health conscious people.

To learn more about “Gaps and Opportunities in Healthcare”, click here!


Reality check

The “idea” can make or break a startup, whereas picking the right idea can help you get a good start. With these insights from us you will gain a big-picture view and in-depth insight into what will make the best startup idea for you. This guide will introduce you to the fundamental, vital and crucial concepts about ideation for startups that you should essentially understand before embarking on your journey.


There are three principal paths to new entrepreneurial ideas

1. The “spur-of-the-moment” idea


This one hits you when you are driving, talking, with friends, in the shower or squiggling when in a meeting. The dots have connected and you are left with a great idea, a sudden inspiration making you excited!


You are not able to believe that until now no one else had thought about it. The value of this new idea seems pretty obvious to you. You now go online and start looking up the idea and you find that someone had already thought about it. That’s disappointing, but you continue thinking of that particular entrepreneurial idea and speak to friends and colleagues about it.


You slowly start seeing problems in the execution of that idea. You get feedback from valued sources that talk about that segment being a low paying one or a tiny market etc. The idea may turn out to be a great one, but you are not sure.


You have a good job and you don’t know if you wish to step into unchartered territory. Your dream of medical entrepreneurship slowly dies. Giving up could have been the right decision at that time! So cheer up!

2. The insider idea

You may be the one who spent many years, say the last 10 years of your life, working in the medical field in the capacity of a doctor, and have been noticing several voids in the industry or issues relating to the kind of medical facilities made available as well as the quality of treatment available.


You may have been the one who has pointed out these deficiencies time and again, but, the hospital, as well as the medical fraternity has had other priorities. Therefore, there has been no significant change. There may be the situation where you have seen your company employing several vendors who are paid huge sums to do some work, but you find that the results are always insufficient and lacking in many ways. You probably see a better way to do it.


Or you may have seen your hospital kill a great new product or feature due to political or organizational reasons. In all this you see an opportunity to do these things on your own and have been gathering information, and have been talking to trusted co-workers as well as industry experts in your contacts, looking at the viability of solving the current problems, bridging the gap and thereby adding value to the system.


The interesting thing, in this case is that you are already well-positioned, networked and knowledgeable in the medical field and in this particular business space. This will add enormous value to the new venture you are looking at.




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