How Do You Get Your Health Tech Idea Funded as a Doctor ?

Being a doctor, being passionate, and having a great health tech idea isn’t enough to get funded. You need to define your identity, value, and uniqueness to fill your health tech skill gap and align everything with your dream.

 

In this episode of Disrupting Doctors Career podcast, Dr Harriet Treacy, a doctor, and co-founder of Beyond BMI, shares her journey and the challenges she faced especially going through the funding process as a doctor. She also expounds on how you can get your health tech idea funded as a doctor and gives insights from her experience as a co-founder, finding the right people to help, and what part failure played in her success. 

 

Listen in to learn more about the importance of knowing who you are, self-awareness, and separating your identity from your work. Understanding who you’re, the value you bring, and your uniqueness are key in changing or diversifying your career. 

 

 

What You Will Learn:

• [04:22] Why Dr Treacy decided to combine health tech with entrepreneurship 
• [07:35] What is value-based care and how it works in keeping people well
• [11:33] Networking to build relationships without hidden agendas 
• [13:00] Dr Treacy's experience in the US and how it inspired her startup 
• [17:12] Understanding your skill gap and seeking the suitable extra qualifications
• [20:50] Dr Treacy’s insight on the roles you can play as a cofounder 
• [23:24] The process of getting your idea funded and how Dr Treacy did it 
• [27:47] Where Dr Treacy feels that she went wrong in her market research for her product 
• [33:21] Dr Treacy's insight on the process of raising funds as a doctor  
• [36:13] Dr Treacy's function and roles as a co-founder 
• [38:18] The value of knowing who you’re when changing or diversifying your career 
• [43:45] How to reach out and connect with Treacy

 

Standout Quotes:

• “People say yes when they are open-minded and when somebody has approached them proactively.” - Dr Treacy  [10:00]
•  “Networking is about building relationships to create opportunities in the future, and it doesn’t have to be transactional.”- Dr Abeyna [10:55]
• “Give yourself space for experimentation.”- Dr Treacy [20:51]
• “Pain is an important word when it comes to start-up; people have to feel the pain to be willing to do something about it.”- Dr Treacy [29:44]

 

KEY TAKEAWAYS

• Networking is about building relationships, to uncover opportunities and the future doesn’t have to be transactional
• If you are looking at solving a problem make sure there is enough pain around it for people to want to do something about it
• You have to demonstrate how you can add value and surround yourself with the right expertise
• Funding is a business function and is integral because without sustainable finance you can’t move forward
• Outsource non-income generating tasks so you can focus on bringing revenue into the business
• Separating who you are from what you do, being a doctor, is pivotal in understanding what you have to offer

 

BEST MOMENTS

‘If you contact the right person they are open to it, they are looking to learn as much as you are’

‘Don't build something before you know if people want it’

‘People have to feel pain about something to want to do something about it’

 

RESOURCES FOR THIS EPISODE

Linkedin Dr Harriet Treacy  

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ABOUT THE HOST

Dr Abeyna Bubbers-Jones is a practising medical doctor and Founder of Medic Footprints: the global platform connecting doctors with diverse career opportunities beyond conventional medicine.

Her mission is to dramatically elevate health outcomes in the world by connecting 1 million doctors with diverse careers by 2030.

Continually exploring her own path off the medical treadmill, she has developed a wealth of expertise in specialist recruitment connecting industry & health tech companies with talented doctors, whilst supporting & coaching doctors in their own career development and wellbeing.

She is an award-winning entrepreneur, Consultant Occupational Health Physician, BBC Expert Voice, Public Speaker, Musician and not-so-good boulderer!

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