Healthcare Crowdfunding Gets Hatched: Passion is the Possibility of Health Tech Hatch
Fund next year’s Post-it notes. You can. Through crowdfunding; which seems to have become one of the market’s hottest concepts.
There are other crowdfunding platforms available to the philanthropic among us who wish to contribute to the greater good however we can. Among them is the well-know mainstream effort known as Kickstarter. Then there’s Medstartr, the crowdfunder focused explicitly on healthcare products.
Enter Health Tech Hatch. Probably the newest kid on the block; perhaps or perhaps not the least well known in the space.
It’s approach to crowdfunding, to “fund next year’s Post-it notes” as it were, is one of the most inspiring I’ve seen on the topic. It’s a simple concept, but there’s a passion behind this one that I haven’t found elsewhere. It conveys to me the possibility that big ideas can become big things, and you, as a passionate supporter of a cause, can take part in the development of the idea for a contribution of a few simple dollars.
Health Tech Hatch is similar to others. Those with an idea can post a project to request funding for a variety of things including apps, programs and other items directed toward the betterment of healthcare as a whole.
Health Tech Hatch, though limited in scope and size, and seemingly with a limited track record for producing fully funded projects (I suspect it’s only a short time before that happens), the service is an effective and needed addition to the crowdfunding landscape. And, the service works exactly like its counterparts: Investors only pay if their project is fully funded, and Hatch works to bring entrepreneurs step by step through the process of finding funding.
Additionally, Hatch defines the process for a successfully funded project, including:
- A well-thought-out budget
- Creative, thoughtful rewards for funders
- A realistic timeline
- A name that stands out
- An informative, entertaining video
- A pretty picture
- An enthusiastic write-up
- An intriguing company description
On top of this, Hatch provides for the opportunity to test a campaign, using the experience of its advisory committee, to ensure a project has the best possibility of funding success.
According to Hatch, “Crowdfunding is all about collaboration, pooling resources to support someone else’s efforts … the process is a two-way street: We help entrepreneurs carve out a pathway to present their ideas to the world, while enabling funders to provide feedback, offer moral support and above all, finance next year’s Post-It — in both the for-profit and nonprofit worlds.”
Given the overwhelming amount of attention services like Hatch continue to receive (this site not excluded), it’s apparent that crowdfunding will play an overwhelming role in the development of new technology designed to serve the healthcare community, be it patients or providers. We’re discovering that sometimes taking the lead means we have to get involved. Healthcare technology continues to evolve away from a single provider (vendors) of technology. Individuals want to move the market, and perhaps crowdfunding through sites like Hatch create innovation, and reinforce the concept that big ideas can create big things.
Sites like Hatch help us believe that with a little effort and a little involvement, individuals can actually create the Post-It notes of tomorrow.