Entrepreneurs and start ups within the digital health sector are now able to learn more about outside investments and funding through the Investment Readiness Process, developed by Björn Larsson at Beels Consulting. Several local coaches are also being trained in order to support even more companies in their work of securing external funding.
Björn Larsson has extensive experience in entrepreneurship, innovation systems, the health industry and investments. Based on this experience, he founded Beels Consulting, the company offering the Investment Readiness Process (IRP). The process is focused on helping start ups refine their investment strategies and pitches.
The IRP consists of a total of five meetings and eight tasks, with an inital lecture on rasing capital followed by coaching teams through the eight tasks. At the final meeting, the teams prepare their investement pitches.
– Many start ups focus far too much on their product and their company, instead of what the investors get out of their investment, says Björn Larsson. In most cases, investors have several opportunities to choose between, even within the same industry, making it even more important to understand the investor’s portfolio and point of view.
One of the companies going through the process is Enzo Group, a start up developing an app for mental health coaching. Through the IRP, they have widened their understanding of the investment process and emphasize that it’s about more than just funding; it’s also important to consider investor competencies and other soft skills.
The team at Enzo Group had to dive deep into discussions about goals and future plans, in order to settle on the shared vision presented in the investment pitch.
– These kind of discussions could otherwise be the source of future conflicts within the company, says Carina Jarleng at Enzo Group, if all parties don’t share the vision of where the company is headed.
Björn Mortensen at Enzo Group adds that they have also decided when the variuos goals should be reached, and what resources will be needed to get there.
Another start up going through the IRP is NorthernLight Diagnostics, a company that has developed software supporting the management of antidepressant treatment. Jan Furuvald at NorthernLight Diagnostics explains that the IRP has helped the team combine the scientific and commercial parts:
– Björn has carefully guided us through the process and encouraged discussions within the team. This has enabled us to create a stronger platform for opportunities with outside investors. This shared understanding of the direction of the company’s development has been the basis of creating a strong investment pitch.
Björn Larsson also emphasizes the importance of the public sector supporting these innovative companies and contributing to the digitalization of society. Regardless of funding, all companies need paying customers and selling to the public sector can be challenging.
In addition to Björn Larsson, there are several IRP coaches beeing trained in order to be able to offer more start ups the opportunity to go through the process. One of these coaches is Kenneth Lundin, an experienced business developer in Kalmar County.
– It’s great to have a process like this as a foundation, says Kenneth Lundin. This will be of great use and value to start ups, providing them with a much better chance of attracting outside investment.