Five Trends To Watch During VentureConnect At J.P. Morgan Week
BY GRACE MOEN FOR HEALTH 2.0
Eugene Borukhovich (Bayer), Jessica DaMassa (WTF Health) share a laugh with a Health 2.0 volunteer at the 12th Annual Fall Conference VentureConnect event.
J.P. Morgan week is around the corner, coming up in January at the dawn of the new year, and it’s promising to be another year of exclusive parties, hobnobbing, must-see keynote speakers, and a lot of investment. The digital health industry loves J.P. Morgan week, slating events that highlight the imperatives and the opportunities within the sector. For Health 2.0, this means a round of VentureConnect - a closed-door evening exclusive to investors and startups. With 20 innovators selected to present in rapid-fire fashion, we took a sneak peak at trends among the chosen group.
Trend 1: Portmanteaus are a fun naming convention.
“A word or morpheme whose form and meaning are derived from a blending of two or more distinct forms (such as smog from smoke and fog)” (Merriam Webster). Or in our case, MediQuire (Medical + Inquire) or Textpert (Text + Expert).
Trend 2: Services are in.
In 2014, we saw products, especially of the consumer gadget variety from Misfit Wearables, myfitnesspal, adidas, Withings etc take over. This was the heyday of personalized data hitting it big with fabrics and bands and sensors for every activity and every part of the body. Today, personal tracking has become mainstream and within the context of value-based care, folks aren’t looking for more care, but rather, better care. Hence the emphasis on services that dismantle, bypass, or hook right into the system. Services you’ll see on stage at VentureConnect range from tools for physician search and access, price transparency, and data sharing for both patients and providers. Take companies like Medyear and KelaHealth for example, who are both moving the needle.
Trend 3: It’s not the size of your data, it’s what you do with it.
Speaking of value-based care, we won’t get there without data. Data was big before and it’s only gotten bigger thanks to multiple streams of personalized data, clinical data, and claims data flowing through the ether. You can’t manage what you don’t measure which means analytics layers are practically a prereq to successful product these days. From population health to personalized care, the algorithms at play right now are yielding increasingly more custom insights. MediQuire, Fitango, VEDA Data, and KelaHealth are just some of the shining stars in this category.
Trend 4: Artificial Intelligence.
Need I say more? AI is not only our future, it is our present. Consumer adoption is rampant with Alexa and Siri and we see this as a major win for the digital health world. A global shortage of physicians and the inconvenient truth of human error means that technologies that augment the work of humans is in high demand. Textpert, Buoy Health, Care Angel, and Orbita all integrate AI voice or text and will present at VentureConnect.
Trend 5: Diversity of solutions is key to innovation.
We noticed that between consumer-facing and provider-facing solutions, there is not one category that dominates, but rather a 50:50 split. There is no silver bullet that will solve health care and as Indu Subaiya emphasized at this past the Fall Conference, complex problems require a diversity of solutions.
While there is plenty of product diversity offered by these 20 startups they all have in one thing in common -- they’re all seeking funding in 2019. We carefully selected the presenting class through evaluating a mix of Health 2.0 alum and new entrants -- all of whom are somewhere in the seed to series B stage. Take a look at the full list of participating startups and we hope to see you at Health 2.0’s VentureConnect on January 7 at the Kimpton Sir Francis Drake Hotel in San Francisco.