20 May Spotting market avenues for a consumer wearable product: In conversation with Ravi, founder Monitra
Spotting market avenues for a consumer wearable product
CIE brings to our Deeptech community,
Fire Up Founder Insights series 6th edition, hosted by our COO, Mr. Ramesh Loganathan. The series is brought to you as a part of Startup Gyan Blog series by CIE-IIITH where we feature our founders and talk about their Startup status and the journey so far through conversation on specific topics useful for other Deeptech startups and the community at large.
In Conversation with Ravi, founder Monitra:
Started in 2016, Monitra Healthcare is a Hyderabad based med-tech startup developing solutions that capture cardiac events anytime anywhere. The Company’s vision is to dramatically reduce the effects of heart disease by making monitoring and pre-emptive cardiac care a seamless part of everyday life. The Startup has received USISTEF, a joint grant by US and Indian Government and BIG and SPARSH grant from BIRAC.
“The conventional monitoring devices are either uneasy for use over extended time or are cumbersome to wear”
The offered products detect heart rhythm disorders at real-time for pre-emptive treatments. Cardiac monitoring is widely used to identify heart disease, to monitor cardiac activity before and after surgery and other cardiac procedures, and to assess the effects of therapeutic drugs on cardiac activity.
“Longer you monitor, the higher is the likelihood of symptom happening and better would be the diagnostic aid”
Recommendations for avenues for Consumers:
- Important to have an advisory board with strong expertise, clinical doctors
- Use the existing medical products distributors, not for knowledge but for their established connections with Medical fraternity
- Tie up with Hospitals for early pilots either directly or through referrals
- Channel partner varies for different cities, identify which will work where
- Network around the industry- Pharma, Medical devices etc.
- Influencer marketing, Get a “Steve Jobs” of Healthcare to endorse your product, with the like of high profile doctors or well-known name in the fraternity through different model such as equity offer or honorarium
- Develop clinical evidence dossier to show credibility while being on same page with Doctors
- Use networks from your circle, through incubators and other institutes
“Since Healthcare is a multi-stakeholder Industry, you have to create value for each party”
The Growth Hack tip:
For wearables/hardware product startups,
Identify manufacturers upfront and get them involved in prototyping.
Watch the complete interview for some cool anecdotes and fun facts!
Keep watching this space for more under Fire Up Series.
Stay safe and sound!
– Sunita Kumari, Team CIE