The 2023 MedTech Accelerator started on the 20th of April. After a first month of workshops, coaching, and homework, the entrepreneurs had the opportunity to present their progress in front of a jury made of top-notch experts :
- Philip Vergauwen, Pedagogic director of the Advanced Master in Biotech and Medtech at the Solvay Brussels School.
- Katrien Van Gucht, Program Manager at Johnson & Johnson
- Benoît Herman, Head of the CREDEM Platform at UCLouvain
- Diane Lejeune, Co-founder and Managing DirectorCo-founder and Managing Director of CD²ML
- Christophe Gau, « serial entrepreneur », Authorized reseller at Quartz Pharma® Software
The presentations aimed to showcase the entrepreneurs’ understanding of their customers, the market dynamics, and their solution’s unique value proposition. By addressing these topics comprehensively, they intended to demonstrate the potential viability and market readiness of their startups.
Here is an overview of their results and key takeaways.
Customer Discovery
The entrepreneurs explained how they conducted interviews, surveys, and observations to gather insights about their target customers.
The jury gave suggestions for expanding the sample size or exploring additional customer segments to ensure a comprehensive understanding of the target market.
Identified Pains and Gains
The entrepreneurs discussed the challenges, needs, and frustrations experienced by their target customers in relation to the problem their startup aims to solve.
The jury had constructive feedback regarding the need to prioritize and address the most critical pain points or to further validate the identified gains with potential customers.
The Job-to-be-Done
The presentation focused on the significance of the identified issue within the market and its potential impact on customers’ lives or businesses.
The jury evaluated the clarity and significance of the market issue presented. They recommended providing more compelling data or market research to solidify the importance of the problem being addressed.
Customer Segmentation
The entrepreneurs explained the criteria used to segment the market and provided insights into each segment’s demographics, preferences, and pain points.
The jury generally suggested refining the segments to ensure they are actionable and distinct, allowing for targeted marketing and value proposition development.
Value Proposition
The entrepreneurs highlighted the specific ways in which their solution meets customers’ needs and provides value.
The jury evaluated the alignment with customer needs and emphasized aligning the value proposition more closely with the identified pain points and gains.
Market Size and Adoption
The entrepreneurs presented market research data, including relevant statistics and trends, to demonstrate the overall size of the target market.
The jury assessed the startups’ market potential. They asked for additional data, be they quantitative or qualitative, regarding the market readiness and the potential adoption barriers.
What are the next steps?
The entrepreneurs will go through a new cycle of 6 weeks and will meet again with the expert committee end of June. They will present their solution and their team in a more detailed way, as their Business Model, the Competition landscape, and Regulatory compliance.
The MedTech Accelerator® is an initiative of lifetech.brussels.
The MedTech Accelerator® is financially supported by the European Regional Development Fund (ERDF).
