One of the questions we’ve been receiving most recently from you, the ever-expanding OBR community, is “ What makes a good OneStart application? ” From how to demonstrate progress to what healthcare problems to focus on. With this in mind we thought we’d give you our TOP 5 tips for a great OneStart application - in no particular order.
1. Ensure that your idea is innovative and meets an unmet healthcare need
Ideas can fall into any healthcare category. We have no restriction on the type of technology utilized from medtech to more traditional therapeutics. Our only must is that your product should have the potential to revolutionize the space you are trying to enter. (Note: it’s ok if your initial market is small!)
2. Have a killer, unique one line pitch
This is the first thing that our judges will see. You need to make sure that we’re drawn in from the very start. But also – you need to be able to succinctly describe your idea to others who have never heard of it. This is an important skill for any entrepreneur.
3. Know your market
Having an understanding of who your customers are is extremely important. For example the end-user in many scenarios would not actually purchase your product. We need to know that this is something that you have considered. Being a domain expert gives investors confidence.
4. Identify your competitors
Being able to succinctly describe why your product is better than the current standard treatment option/s is important. This may be based on one or several factors from cost, to ease of use, side effect profile, or overall effectiveness. Showing us that you have thought about the competition and current landscape is vital.
5. Traction trumps everything
We at OneStart realize that in the grand scheme of things the prize money will only mark the start of your fundraising campaign, outline how you would best use your proceeds to create value. Show us that you not only understand the milestones that will create value in your company, but that you have the drive, ambition, determination and foresight to keep up the momentum going after OneStart. But importantly, if you already have some successes to speak of (data, new advisors, grant funding, anything positive) let us know!