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Case Study: How Nova are successfully facilitating Digital Health Innovation through a ‘cofoundery’ process

The team at Nova have first-hand experience of what characteristics digital health startups, and their founders, require to succeed – as well insight as to the reasons that cause over 90% of them to fail.

Nova’s motivation to reduce the unsustainably high failure rate for startups, spurred them to create something completely unique for early stage startups. Nova’s ‘cofoundery’ process has successfully launched over 50 tech statups in the past 5 years by specifically addressing and nullifying the biggest reasons for tech startup failure. They do this in the following ways;

Starting early – Nova specifically look to partner with startups often when founders have little other than a good idea and a strong understanding of the problem they’re trying to solve. This allows Nova to mentor, and build relationships with founders from a startup’s inception, imparting Nova’s proven processes and methodologies early enough to avoid the common mistakes that lead to failure.

No investment from you – Traditionally most startups resort to loans, personal savings, bootstrapping and generally incurring a lot of personal risk, and the associated stresses, themselves. Nova ask for zero financial input, believing that if people have the motivation to start a life-changing startup, and display the qualities and traits of a successful founder, this is enough.

Start alongside your day job – The majority of the successful startups are exist for years before returning any significant profit. Without a steady income, founders working full time on their startup often expose themselves to unnecessary financial pressure, leading to poor decision-making that negatively affects their businesses, and often personal, health.

With Nova’s support you can keep your regular income and fulfil your startup responsibilities around your existing work.

An experienced startup team – Two of the most common reasons for failure are hiring poorly and choosing the wrong co-founder. Nova’s process negates these by providing a proven and experienced startup team and co-founder, from day one. Nova’s teams are built, specific to the startup, from their 200+ employees covering marketing, sales, finance, designers, developers, consultants and much more.

Sharing the risk – There are vast amounts of tech and software development businesses who will work on your startup and build the product, and as long as they’re getting paid they’re not particularly vested in whether what they’re building fails or succeeds.

Nova don’t just want to build and walk away, they partner with, and are co-founders of each startup (hence the name Cofoundery).Taking equity rather than a standard rate per day for services, meaning they’re as motivated for success as the founders.  

Nova CEO Andy Davidson says “We believe that with the support that we can provide, the people working with and experiencing the problems in the health industries first hand are in the best position to try and solve them.

We are delighted that the work we’re doing in this area is facilitating more people to start digital health startups, attempting to solve some of the key problems affecting the health and wellbeing of the world’s population. We are committed to facilitating more innovation in this area.”

If you have a digital health innovation idea, to learn more about the mentorship and investment opportunities available please visit Nova’s website here.