You’ve got a great product on your hands, you’ve gathered brilliant people for your team, you’re certain that your launch could make a big difference in the healthcare sector. The only thing standing between you and the inevitable success? Oh, just a couple of mills to actually launch the product, no big deal.
Of course, raising money for your startup is a big deal, as it often is the only viable way to make your product available. In the healthcare sector, where launches happen on the back of extensive regulatory work, you often need to have a solid strategy but also some funds to make it through the development process.
Before you get any funding from investors, you need to make them interested in your MedTech startup. Usually, you’d arrange a meeting to pitch your product: this is where a pitch deck becomes necessary. You want to create a presentation that brings out the most important facts about your venture and impresses investors enough for them to support your company financially.
In this blog post, we’ll share tips on how to create a winning MedTech pitch. We’ve also put together a free template you can use to build your own slides. Download it here.
Now, let’s go through the essential elements of a healthcare pitch deck, starting at the very core of delivering effective presentations: storytelling.
There is every reason to think that great stories keep us engaged and captivate our collective imagination. Storytelling is sometimes considered to be the differentiating factor between the mediocre pitch presentations and the great ones.
And yes, telling a compelling story is great, but be careful not to get this idea twisted. Your story is not supposed to hide the facts you’re not proud of or replace the data you don’t have. It’s a technique to make your pitch even more powerful, not the sole pillar on which to build your deck. That’s why, while we recommend adding storytelling elements to your presentation, we believe you should base your story on the aspects described below.
In order to make any amount of traction with potential investors, they need to understand three basic things:
While the third question can be answered by your product story and/or outlining the need, the first two elements have to leave no doubt in people’s minds.
Make sure you articulate the unmet need that your product is solving and that you clearly explain what it actually does. You’re trying to find the sweet spot of curiosity and coherence, steering clear of niche jargon and the latest these-terms-will-get-you-funded buzzwords.
Don’t overhype your product. As Bruce Booth mentioned healthcare is a sector that’s been plagued by over-promoting and over-promising. There’s no room for hyperboles in your product story; after all, it’s an industry where some people are literally trying to heal the world, so you should be able to back up your claims.
If you lack substance, it may be tempting to try and slightly exaggerate the merits of your company. Or, perhaps, you genuinely believe that your Medtech product is groundbreaking, you just don’t have the data to back up your claims. Either way, you risk coming off as questionable or even unreliable. Neither is great if you want someone to fund your startup.
This is why it’s beneficial to get some unbiased feedback on your pitch deck before you present it to the investors. It’s not just about your delivery: your slides or your product story may need an upgrade as well. Sometimes, it may even make sense to go back to the drawing board and redefine your product strategy.
Now that you’ve outlined what the product does, it’s time to show the underlying magic: what’s the innovation that you bring to the market? It could be a scientific breakthrough, sure. But it doesn’t necessarily have to be flashy in order to disrupt the market. If you figured out the way to create functional medical devices at a fraction of their current price, you just might be innovative enough. The thing is to truly show how your product is different, and be able to back it up with some facts. Be ready to talk about data and technical details—people who regularly invest in healthcare startups won’t be impressed with glossing over the scientific fundamentals of your product. Make sure to clearly outline the stage your product is on and any V&V procedures you’ve conducted up to that point.
If your product has already shown more than promise, and you have some achievements to talk about, then, by all means, do that! A proof of concept can show that your idea is feasible and worth investing in. It is especially important when you have already created a functional product (an app or a medical device), and you seek funding for further development. In such a case, presenting favorable testimonials, reviews, or experiment results, will justify your claims.
When it comes to discussing regulatory procedures in your MedTech pitch deck, the critical piece of advice is: be honest. Your potential investors will surely notice that your go-to-market timeline is inaccurate if you decide to omit the regulatory milestones. They’ll probably call you out on it, so you need to do your homework here. Chances are, however, that you’ll be the expert in the room on some specific regulations concerning your particular project. Again, be honest and show that you know what you can and should do in order to launch your product.
Your MedTech pitch deck is not a conference presentation. It’s not enough just to pitch the science and tech behind your idea: you need to talk business. On top of that, you have to prove that you have a reasonable vision for your product’s journey to the top. Let’s take a closer look at what to include in this part of your pitch deck.
Going through different how to make a great pitch deck guides, you’d be hard-pressed to find one that doesn’t instruct you to present your market and the main competitors. One caveat here, though. You have to be sure that this slide is relevant to your particular situation. If your market isn’t very specific, then you might end up presenting information that is too obvious for the investors or too general to make any difference in their eyes.
When discussing your product’s market, you might also want to emphasize why now is a great moment to invest in your startup. If your reasons for seeking investment are not rooted in the current market situation, you may not be as convincing as you’d like to be.
It’s time to show that you have a clear vision concerning your startup’s development. The go-to-market strategy, the business model, the marketing plan—all of these can prove that you know what you want to make with the money you’re after. When it comes to healthcare startups, you need to pay extra attention to and articulate the industry-specific milestones like clinical trials or the regulatory clearance.
Before you meet with prospective investors, you might also want to think your endgame through (e.g., M&A or a stock market launch). A sound exit strategy shows that you know the MedTech landscape and that you’re approaching your business strategically.
Of course, you want to present your team in the pitch deck as well. It’s a tricky part because it’s not really about showing that you have a great team but rather a great team for this project.
Think: what makes you and your team likely to make it? Is it professional experience in pharma, excellent technical skills, or perhaps an incomparable drive to succeed? Whatever it is, write it down on the slide. Try to be specific about people’s positions in your team, their responsibilities, and previous successes.
Having done all of the hard work preparing the content of your pitch deck, you don’t want to weaken your presentation by poor design choices. Your MedTech pitch deck needs to be readable and clean, but a few exciting design details can really elevate your point.
You don’t have to hire a designer to put your pitch deck together. You can totally do it on your own following the most important guidelines:
Make sure the contents of your slides are easy to read and visible.
Use high-quality images and illustrations.
Be consistent about the different elements you use in your presentation (fonts, icons, colors).
What if you don’t want to build your pitch deck from scratch? We’ve got you covered here:
We’ve prepared a MedTech pitch deck template that’s well-designed and appropriate for the industry. Slides are already ordered and pre-filled, so you just need to swap the placeholder copy with your own and add your brand assets. If you follow the tips listed in this blog post, it should be even easier.
As a founder, your first instinct might be: why would I let anyone from outside of my company edit my pitch deck?
Here’s the thing. Yes, you do know your product really well. It may not even be your first pitching process, you remember what it feels like to face investors and try to make them fall in love with your vision. What you’re lacking, however, is the outside perspective. You’re not objective when it comes to your own pitch deck, and you might end up fixating on things that aren’t essential.
Even if you’ve done your homework when it comes to creating an effective healthcare pitch deck and all of the essentials are there, it’s still possible that details like the design of your slides or the way you ordered them may throw the audience off.
Utilize our template of a MedTech pitch deck to ensure that your presentation is sleek and contains all of the essential elements. Then, try to get another pair of eyes to give you feedback on your pitch. Try to select someone who can give you valuable insights, ideally with some experience in your vertical.
Here at Apptension, we’ve been working with several healthcare innovators, so we understand what it takes to bring the MedTech project to life. We love working with innovators who want to make a real difference with their product. Whether you need a pitch deck review or a product discovery workshop, we can help you out.