So why add a "+" to this year's Venture Forum at the 2013 HIMSS Media mHealth Summit?
According to Jack Young, director of Qualcomm Ventures' Qualcomm Life Fund, venture capitalists attending the day-long forum on Sunday, December 8, aren't necessarily looking for next year's "shiny new objects." They're looking for entrepreneurs who know the challenges of entering the mHealth arena, who know their markets, and who have something that will make a difference.
"Whether it's first-time investors or veterans who have been around and who have portfolios, they're looking for companies that are scaling and being adopted by multiple providers," said Young, who will give the opening keynote at Sunday's forum. "They are looking for proof points."
That it helps kick off the mHealth Summit is no accident, says the summit's long-time director.
“We’re in a time when funding for mobile health startups is booming, so there’s no better way to kick off the 2013 mHealth Summit than with the Venture+ Forum," said Richard Scarfo, vice president of events for HIMSS and director of the mHealth Summit since its inception five years ago. "Market growth has attracted both innovators and investors in the space, and the forum helps bring key stakeholders together, in one place, as part of a larger summit that explores the entire mobile health ecosystem.”
“We are pleased to have Jack Young … open the event with a keynote address focused on the sustainability of this market boom and predictions on where these funding dollars will go to in the coming years,” added Alison Drone, HIMSS' director of partnership development and the Venture+ Forum. “Our program this year also explores the latest trends and technologies that are being developed to improve patient outcomes and consumer engagement, the role of the consumer in business model development and live pitches from selected new, emerging and early stage companies.”
The forum, which kicks off at 10:30 a.m. with check-in and registration and concludes with a networking reception from 6-7 p.m., will feature keynotes, panel discussions and presentations from 11 up-and-coming companies. While Young's speech will focus on the innovation landscape in 2014, Amita Shukla, founder and CEO of Vitamita, will give the perspective of one who has been through the process and come out on the other side with a successful venture.
In the afternoon, Health Tech Hatch Founder and CEO Patricia Salber will moderate a panel discussion on "The Golden Age of Innovation and Investment," with panelists Lisa Suennen, co-founder and managing member of the Psilos Group, and Elliot Menschik, managing director of DreamIt Health. Following that, StartUp Health Co-Founder and President Unity Stoakes will moderate a discussion on "Business Model Innovation" with panelists Eric Koester, chief operating officer of Data Collateral, and Christopher Wasden, managing director of healthcare strategy and innovation for PricewaterhouseCoopers.
While past venture forums tended to attract the newest ideas, Young said this Venture+ Forum is geared toward entrepreneurs who have moved beyond the initial "look at me" phase and have a business plan mapped out. They're tackling the issues that all mHealth companies are facing: How to move beyond data collection and turn that information into something useful. They're developing solutions that appeal to clinicians, payers and even consumers, they're affecting real behavior change among consumers, and they're looking beyond deployment to one clinic or hospital and scaling up to larger populations.
"That's what (venture capital firms) are looking for now," said Young, whose Qualcomm Ventures unit is one of the largest and most successful mHealth supporters in the field these days. "After two years of lost investment but very little evidence, we're nearing a plateau. mHealth has been the one bright spot in healthcare, but investors are now going to start looking for … those who have learned lessons over the past five years. It's time for a reality check for mHealth."
The 11 companies selected to present at the Venture+ Forum may have what it takes to turn potential into reality. They'll be judged by a panel consisting of Howard Burde, of Howard Burde Health Law, LLC; Andrew Farquharson, managing director of InCube Ventures and co-founder of VentureHealth; Valeria Gaydos, president of Capital Growth, Inc., and founder of the Angel Venture Forum; and Amy Milliman, president of Springboard Enterprises.
The companies chosen to present are 1EQ, AdhereTech, eCaring, FlexLIFE, FOLOUP, GoGoHealth, HealthEworks, KaiZen Healthcare Solutions, M3 Information, the MediSafe Project and Tiatros. The presentations will take place after lunch and be followed immediately by the judges' deliberation and decision.
Young said the judges will pay particular mind to companies who know their markets.
"The biggest mistake being made is when a new company doesn't pay attention to the consumer, or the payer, or the provider," he said. "You need to answer all of their questions."
