Once COVID-19 started infecting the entire populace, the attention and hope of the whole globe fell in the hands of one industry—healthcare.
Doctors, nurses, scientists, and other healthcare workers handled the front lines, and they played a huge role in caring for and curing infected patients.
But the pandemic did not just rely on seasoned medical practitioners; startups caused significant disruptions and posed innovative changes to longtime industry practices and healthcare SOPs.
Medical startups transformed the way the industry operates with intelligent, data-driven, and novel approaches in the time of COVID-19.
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What are startups?
Interestingly, although startups are innovative, the concept itself isn’t new.
The rise of Silicon Valley is also associated with the beginning of startups. To give you an idea of how old the original startups were, the International Business Machines (IBM) started in 1911.
Since IBM, the count of new startups has reached hundreds of thousands per year.
But what are startups in the first place? How do they differ from other businesses?
In terms of the barebone structure, startups are like any other business. Employees work to provide a particular service or product to their patrons. But the similarity ends there.
Regular businesses work on a templated process; startups don’t. Instead, they thrive on innovative methods and workarounds, iterations to make quicker and continuously improving products, a significantly colossal market share—and they do all these at an unprecedented speed.
Are there medical startups?
In the field of health, medical startups are not uncommon. We owe the development of COVID-19 vaccines to the revolutionary technology of several startups all over the globe.
With the global impact of these startups, you might think it only happens on a worldwide scale. But in truth, these businesses are everywhere. Abroad, on other continents, even close to home. So, for instance, medical startups in Chicago are aplenty, too.
What makes a startup successful?
If you want to build your startup, you’ll soon see you will need a lot of resources and grit to climb milestone after milestone. The same is valid for getting the ground running on one of the many medical startups in Chicago.
One of the two main contributing factors to a startup’s success is the product or service it offers. The strength and viability of the output will dictate how many investors and how much funding the startup will get.
A startup’s product or service will only be ready to go to the market after a series of iterations. This repeated improvising and improvement is to refine the product to the highest quality. The product is honed to perfection using feedback or usage data.
The iteration process is a crucial part of every startup, and it wouldn’t be successful without the human brain—employees are the force behind every startup’s upward trend.
Take the COVID-19 vaccines as an example. Without the collaborative effort of international scientists to study, restudy, and continuously learn more about the virus, its mutations, and the ways it has affected the human body, we would remain defenseless against the virus until now.
To Wrap It Up
Two things can actively make or break a startup’s plan to get more funding—product and employees. The two go hand-and-hand which is why it is imperative that you not only create a solid plan and product, but also have motivated, dependable, skilled, and dedicated talents working to constantly refine your output or services.
