If you’re currently trying consumer-driven healthcare, chances are you’re doing it wrong.
That’s the point of view of Timmeko Moore Love, a business development manager at Mayo Clinic Ventures, who also spent six years as a principal at Best Buy Capital.
Love was part of the MedCity CONVERGE panel on corporate venture capital on Tuesday in Philadelphia. After that discussion, she outlined her lessons from the consumer-driven world of retail and how that applies to healthcare.
Bottom line: Digital health entrepreneurs incorrectly assume consumer-driven healthcare means they can leap-frog a traditional healthcare business model and get consumers to pay for their products.
That won’t work, Love said. Instead, healthcare startups need to figure out how to replicate the viral nature of consumer products.
“It’s that stickiness factor,” Love said. “That is part of consumer tech. You create a sticky consumer experience, you’ve delighted the customer, they tell friends and that leverages network effects and the product goes viral.”
Love called the need to create viral health products — and ones people use day-in-and-day-out to stay healthy — “an opportunity gap.”
“There need to be solutions for well-being for people who are well,” Love said. “How can we design compelling solutions that help people maintain their health and stay informed? Those are things that are missing.”