Critical success factors of startups in the e-health domain

Objective

Though health-tech startups are increasingly bridging the affordability, accessibility, and quality gaps in healthcare through innovative solutions, only some sustain and become successful. Knowledge about the critical success factors (CSFs) is limited and shall be helpful for the stakeholders of health-tech startups. The present paper attempts to fill the gap.

Methods

We collected data through in-depth personal interviews with founders and other important stakeholders in India. The data were analyzed using Braun and Clarke's thematic analysis process. We also collected structured inputs from the interviewee to classify the identified CSFs. The Service-Technology-Organization-Finance (STOF) framework was used to guide the data collection and analysis.

Results

The thematic analysis of the interview transcripts revealed eighteen CSFs and five themes: actor's knowledge and communication process, service value and effectiveness, robust technological infrastructure, revenue generation ability, and regulation management capacity.

Conclusion

The delineated CSFs will guide the startups to understand various stakeholders' needs, market demands, regulatory compliance, and policy requisites. The present paper is the first of its kind to extensively examine the CSFs and adds to the knowledge about the health-tech startups' success. In light of the findings, the paper modifies the STOF framework and shares practical implications and future research directions.

Public interest summary

Health-tech startups are increasingly transforming the healthcare industry by leveraging technologies to improve patient outcomes, enhance the patient experience, and deliver value to all stakeholders. There is a need to identify the critical success factors to address the high mortality among these firms. The present research identifies the factors under five broad themes: actor's knowledge and communication process, service value and effectiveness, robust technological infrastructure, revenue generation ability, and regulation management capacity. The findings will help entrepreneurs, policymakers, and other stakeholders in the health-tech startup ecosystem.