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Highlights
From Lab Research to Market Reality: How FIGUR8’s Founder Cracked the Healthcare GTM Code
Most founders enter healthcare with a simple assumption: build great technology, show it to doctors, and watch adoption soar. But as FIGUR8 founder Nan-Wei Gong discovered, that assumption can lead straight to failure.
In a recent episode of Category Visionaries, Nan-Wei shared how she transformed her MIT Media Lab sensor technology into a commercially successful healthcare solution – but not before completely rethinking who her real customer was.
The journey began with what seemed like a straightforward mission: revolutionize how physical therapists measure and track patient progress. The technology was solid, backed by years of research. But the path to market proved far more complex than anticipated.
“It’s very easy for a technology founder like myself to think that the doctors are the buyers and they are just not,” Nan-Wei explains. This realization led her to take an unusual approach to market research – she literally paid to observe the money flow in a clinic.
“I just went to a physical therapy clinic that is friendly and said that, can I pay you whatever you make for 3 hours and just watch how money flow,” she shares. This “detective work” revealed a complex web of stakeholders, workflows, and payment systems that most tech founders never see.
The insights were eye-opening. Physical therapy clinics were struggling with fundamental business challenges: “I learned that there are different types of payers, I learned at different types of patients and I learned their frustration of not knowing how much they will get paid, the frustration of not being able to tell the patient what’s happening, the frustration of faxing the data to the payers.”
This deep understanding of the ecosystem’s pain points led to a crucial pivot in FIGUR8’s approach. Instead of selling hardware, they built a comprehensive solution that addressed the entire workflow. “I call it a solution instead of a hardware or a medical device,” Nan-Wei explains. “Because what we do is not just about here is a device that helps you measure something. After that, well, help yourself.”
The company’s commercial strategy evolved to address three distinct stakeholders: payers, providers, and patients. “Everyone needs something different,” Nan-Wei notes. “And how do we align incentive and really understand how information flows and how money flows, where we stand within those three parties so that we reduce as much friction as possible.”
This newfound clarity helped FIGUR8 attract experienced healthcare commercial talent. When they found their commercial lead through LinkedIn, something remarkable happened. “When you build a product and then you find someone that is a sales leader in an industry for like 30 years, when they are willing to quit their jobs and join your company, that means you’re solving a big problem for their industry.”
For founders entering healthcare or similar complex markets, Nan-Wei offers practical advice: study similar business models, even if they’re in different spaces. “Look for companies that doesn’t have to be in the same space, but similar in concept in terms of the model and study their model… there are companies that are public that’s easy to understand and study.”
Today, FIGUR8 operates in 15 states, working with multiple physical therapy clinics. Perhaps most tellingly, Nan-Wei no longer needs to be involved in sales calls – a milestone that one of their mentors identified as a sign of having “a real company.”
The lesson for technology founders is clear: success in healthcare isn’t just about building great technology. It requires understanding the complete ecosystem, aligning with existing workflows, and building solutions that address the needs of all stakeholders – not just the most visible ones.
Actionable
Takeaways
Leverage Personal Passions to Innovate:
Nan-Wei's journey from a passion for music to pioneering in sensor technology underscores the value of leveraging personal interests to innovate and solve real-world problems. Entrepreneurs can benefit from exploring how their unique interests intersect with technology to create novel solutions.
Participate in Competitions for Validation and Exposure:
Winning the MIT $100K competition was a pivotal moment for Nan-Wei, highlighting the importance of participating in entrepreneurial competitions. These platforms can provide validation, exposure, and the confidence to pursue entrepreneurial ventures.
Pivot Strategically to Align with Market Needs:
FIGUR8's pivot from focusing on professional sports to healthcare during COVID-19 illustrates the importance of flexibility and strategic pivoting to align with market needs and opportunities. Entrepreneurs should remain adaptable and responsive to external changes to sustain and grow their businesses.
Understand the Ecosystem of Your Industry:
Entering the healthcare market required FIGUR8 to deeply understand the complex ecosystem of payers, providers, and patients. Entrepreneurs should invest time in comprehending the intricacies of their industry’s ecosystem to identify where their solutions fit and how to effectively market them.
Build a Team with Industry-Specific Expertise:
The recruitment of a commercial team experienced in healthcare was crucial for FIGUR8's go-to-market strategy. Startups should prioritize hiring individuals with domain-specific knowledge and networks to navigate industry challenges, streamline market entry, and drive growth.
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