Expert Interviews

CRV Partner Kristin Baker Spohn On Health Tech

By: brunchwork

CRV Partner Kristin Baker Spohn On Health Tech

Kristin Baker Spohn is a Partner at CRV, one of the nation’s oldest and most successful early-stage venture capital firms. CRV has worked with fast-growing enterprise tech companies such as Airtable, Drift, Iterable, SignalFx, Signal Sciences, Kong, Postman, and others. The CRV team has seen considerable success over the years, from H&R Block’s recent acquisition of Wave Accounting, to IPOs and acquisitions with Zendesk, Hubspot, Yammer, RPX, and others.

Prior to CRV, Kristin was a Partner at Social Capital and has been an active angel investor. Her investments at CRV include Wheel and Viz.ai, both digital health startups.

Kristin led a recent brunchwork workshop, and shared four insights into how to succeed in the health tech industry.

Get ahead in your career.

Learn from top venture and business leaders, understand key trends and build your business acumen. Get intel and advice, for free.

    1. The main question in health tech is “Why Now?” Health tech has been a lagging industry compared to enterprise tech and fintech. COVID has created an opportunity to break through the ‘sclerotic’ stagnation of the industry.

    Some companies that were struggling for adoption experienced a flip where the market is now pulling them in.

    The growth trajectory of health tech has shifted from what was believed to be possible in 3-10 years and is now being realized in 3-10 weeks.

    2. Address ALL stakeholders: the purchaser, the patient, the payer, and the hospital. ALL four must be aligned.

    Key stakeholders in healthcare are not the same as consumer-focused businesses. Does your team, product, and go-to-market strategy address all the key stakeholders in a particular adoption curve?

    3. Achieve both product-user fit and product-market fit. Attracting investors means more than just stating that the product should exist. There must be a consideration for the economic aspect and market demand.

    4. Hit a double whammy, if want venture scale:

    • B2B: Be both a great healthcare company and a great enterprise company.
    • B2C: Be both a great healthcare company and a great consumer company.

    A double whammy is only possible if you find the magic combination of capital, team, monetization, and product breakthrough.

    Share The Love

    LET’S STAY IN TOUCH

    JOIN OUR NEWSLETTER

    © 2020 brunchwork. All rights reserved. T&P