Thinking about starting your own business. Stop thinking immediately and start working instead. Its basically the combinations of a descent idea, a lot of hard work and a tremendously amount of stubbornness that will make your business make or brake. But in my opinion you have some possibilities in the city of Odense that will strengthen the possibility of making your business successful if you utilise the local very powerful environment.
Odense has a set of different clusters e.g. the robotics and drone technology development cluster, the health innovation cluster and the cluster regarding Big Data in general. Our company: Public Intelligence has focused on doing business within health innovation.
Healthinnovation and technology is some of the most potential markets in the global marketplace. In general, the average life expectancy is increasing all over the world, which is a positive development. The fact alone suggests that our societies are successful. A better life for a longer time is a good yardstick for a modern welfare society.
But the ageing society is also building a pressure on healthcare systems all over the world. An increasing amount of elderly needs increasing health services to maintain a good quality of life throughout their senior years.
An ageing society has many ramifications. One consequence is a rapid rise in people living with dementia. An illness that, viewed in isolation, will demand a fiscal rise in budget that is impossible to meet without cutting down on many other health care costs.
Another aspect is that we, as citizens, need to maintain our psychical strength to stay healthy. There is a lot of clinical evidence showing that physical training is a key component in avoiding sickness and a decrease in mobility and ability to function unhindered during old age. It means that we need buildings and surroundings that motivate and stimulate psychical activity.
Another key problem is the rising possibility of loneliness. You might live longer than your spouse and your friends, and the result could be a growing feeling of loneliness; a loneliness that also could trigger a perceived lower quality of life.
At the same time, the demographics are upside down. Relatively fewer people are employed in the healthcare sector and therefore unable to contribute to the rising need of healthcare services required. In Denmark, tradition has it that the public sector provides healthcare services. Therefore, the demographics present a double challenge. There are relatively fewer citizens in the active workforce and consequently not enough tax paid to maintain the expected healthcare service level.
So, the question seems to be: how can we develop a society that will be able to deliver good welfare services for the citizens in the future? One part of the answer is that an ageing society demands healthcare innovation. In other words, we need better and cheaper welfare.
Better and cheaper welfare is a perfect starting point to start your own business. The market size is tremendously and will be growing in the next 100 years or more. Quite a good offspring for creating new start-ups. And being within the context of the cluster there is an international attention for health companies within the cluster. You get more attention coming from Odense and Denmark and that attention can be turned into business.
The cookbook of successful start-ups
I have been looking around the world to find the perfect cookbook for successful start-ups. But I haven’t found one yet. I have a lot of bruises for my own and my colleague’s experiences growing Public Intelligence into the international business we are today.
The Public Intelligence recipe consist of 7 ingredients
- Set the team
You might have a good idea and a lot of energy. But very few can build a business alone. There is a long way from an engineer to the sales and marketing competencies. Think through the entire chain from idea to invoice and build the team from day one.
- Find a niche
Don’t do what everyone is doing. Find a niche and grow focussed within that niche. Within health alone we can build enough start-ups to cancel tax-crises on Funen. J
- Find a unique value proposition
Create a unique value proposition to your niche company. Invest some time to understand the customer and create a value that is attractive to the ones paying the invoices.
- Launch fast and find a paying customer
Don’t stay to long in the plan and think fase. Go out into the market place with a early prototype of your idea and make it better every time a customer experience convinces you of the need for change.
- Try run a business
Do your best. Learn from your mistakes and your successes. Take it seriously and try hard. Everyone will help people doing their best to build a proper and exiting business.
- Adjust your business.
At every stage new challenges will emerge. Accept that and redevelop your business accordantly and fast.
- Try run your business again 🙂
The start-up environment in Odense is actually quite good. So join us in building more business and be a part of a vibrant start-up cluster.
About Public Intelligence
Public Intelligence generates welfare for the future
Looking for an innovative welfare solution? We’ll give you at better bang for the buck! And this is precisely why we show up for work every. We help create extraordinary, future-proof, innovative welfare solutions. Some call it health innovation, others just innovation. Hairsplitting or navel-gazing isn’t our thing. Every day we cooperate with citizens, businesses, and health professionals; and what we create together is unique. We may stand in unfamiliar territory wearing nothing but a smile, curious on municipal or private practice. However, we can just as easily dress up and conquer the podium of an international conference on building health innovation systems. We can jump into boardrooms of private companies and help with product development or sales strategy.
It sounds as if we can do it all. We certainly cannot. We focus 100% on creating health- and welfare innovation in Denmark, England, and Scotland. We love people oozing karma and love; so, if you want to be exposed to and experience something more than your usual, average consultants, drop by for a cup of coffee or tea. Who knows, a meeting may lead to a joint battle for superior health innovation and prosperity for the future.Author
Consultant and Partner at Public Intelligence