By Ashley Durrer, Marketing Manager, LSN
This week I interviewed Colin Widen, the CEO of
Boston Innovation Capital (BIC)
, Life Science Nation’s (LSN) wholly-owned broker-dealer arm, to learn where investors are allocating funds, and the current focus on healthcare advancement within the digital health space.
BIC works alongside LSN and our network of investors to support early-stage companies in forging connections with investors, major pharma firms, and other strategic players in the life science world. By managing clients’ fundraising campaigns and connecting them to investors who are a good fit, BIC is able to address its, and LSN’s, mission of advancing new and innovative technologies to the clinic.
Interview with Colin Widen moderated by Ashley Durrer
AD: Where does BIC fit into global funding from client perspectives?
CW: “BIC is working tirelessly to support digital health technologies that will have a real impact on the healthcare system for our doctors, nurses, and hospitals. This year BIC is focused on digital health technologies, assets, and virtual tools, which can support doctors’, hospitals’, and nurses’ efforts with patients. However, this currently excludes consumer-based products and electronic medical record (EMR) initiatives.”
AD: What are some examples of potential best-fit clients?
CW: “Some examples recognized in the market are pill dispensers and medicinal tracking for patient compliance, health portals for patients and doctors, mental health apps, medication tracking, patient monitoring and more.”
AD: What kind of client are you seeking now? Can you share a potential client profile?
CW: “Within our LSN network of investors, feedback clearly shows there is an increasing appetite to invest in niche digital health opportunities.
“Investors are seeking companies within the top-tier of their specialization, and a proven business model within the market. Often these investors want to see that the product, software, tool, etc. are viable, which means it’s already being used within the market e.g. hospitals. This also includes an accompanying value proposition for payors and the company is receiving ongoing revenue for that service.”
BIC Global Network of Digital Health Investors are focused on:
- Funding of $10M-50M
- Min $3mm+ ARR
- Niche companies within the top-tier of their specialization
- Currently avoiding pure EMR focused and consumer-based products