1.
Start with design thinking
Design thinking is a framework to generate innovative solutions through creative problem solving. It involves five stages: Empathy, Define (the problem), Ideate, Prototype and Test. The following tools, resources, and inspiration may help you further refine the innovative solution you have created for a health or healthcare challenge:
Learn more:
Develop your business plan
Once you have your idea, you will need a business plan, which maps out a detailed blueprint for how to structure, run and grow your startup. It will help convince people that working with you, or investing in your company, is a smart choice. Lean Canvas is a business plan template that distills your idea down to one page. It is quick, concise and easy to share.
Learn more:
Do your market research
After defining your business idea, you will need to validate it through market research. Is there really a market for your product or service? Who are the potential customers? What is your competitive advantage, and what, if any, fine-tuning is needed? Not only can you optimize your product, but you can also wow investors!
Learn more:
Develop a web presence
After you have crafted a business plan and done market research and before you ask for investor money, it’s time to build a website. When building your website, you will want to define your value proposition, understand the customer journey, assess content needs, develop your branding, and choose a domain name. There are simple tools available to help you through the process.
Learn more:
2.
Investor proposal writing
An investment proposal is a Word document about your startup (product or service) whose purpose is to raise funding. In this proposal, it is essential to demonstrate that you understand your audience, know their needs, and can address these needs with your idea. You will need to prepare your argument for why your startup is worth the investment before you begin writing.
Investor pitches
Even though you have a great idea, a great product, and a great team, you need to be able to communicate this well to secure funding. Make sure you’re ready for this important pitch. Learn the secrets behind the pitches that succeed here: The Right Way to Craft a Pitch
Innovation is not an elitist sport. It is not for people with fancy titles. In fact, we know that innovation is most impactful when it is initiated by those in the frontlines. When you involve the people in the frontlines and empower them to solve problems, they most often come up with elegant solutions that are incredibly cost-effective.
3.
Founder’s agreement
A founder’s agreement is a legally binding contract that outlines the roles, rights, and responsibilities of each owner in a business, distribution of equity and vesting and Intellectual Property assignment. If you are working with others, you should implement this immediately upon starting your business journey.
Learn more:
Learn the business of healthcare. Don’t be scared of finance, strategy, operations, or entrepreneurship because it will give you the skill sets you need to be able to sit at the table in the boardroom, and drive forward the transformational change that is needed to be led by nursing.
Business structure
The business structure you choose influences everything from day-to-day operations, to taxes, to how much of your personal assets are at risk. You should choose a business structure that gives you the right balance of legal protections and benefits. Choosing your business structure is one of many legal steps you must take before you launch your business.
Learn more:
4.
Protecting your innovation and having a good intellectual property (IP) strategy are key to have in place before talking to investors, potential partners and expanding your business. Understanding how to navigate the complete landscape of patents, licenses, and competitive IP are crucial in determining your success.**
Learn more:
5.
A marketing plan is critical to the success of a start-up business. At a most basic level, marketing means attracting attention to what you sell. If customers don’t know what you’re selling, they can’t buy it. How can you make the biggest impact while remaining smart with your resources?
One of the best things nurses can do is become aware of the role of design in delivering care, and that, just because something has been designed a particular way because it’s how it has always been, doesn’t mean that it cannot be improved.
Learn more:
