From Fitbit, which tracks human fitness activities, to Voyce, which tracks a dog's fitness activities, wearable devices are getting a lot of attention.
But, if you want to really be on the cutting edge of technology, medical wearables is where it's at, at least according to Julie Papanek, a principal at Canaan Partners where she invests in healthcare startups.
"Medical wearables present colossal opportunities, but they tend to frighten entrepreneurs and elicit polarizing sentiments from investors," Papanek wrote in an article for TechCrunch. "The startups that catch my eye meet specific criteria shaped by the years I spent developing novel medical products that the FDA approved and payers reimbursed."
The key things Papanek looks for? Clinical endpoints, bulletproof data management, designed for engagement, and the right partner.
She also offers advice to those looking to get into the game.
"Aspiring medical wearable entrepreneurs should start by figuring out the strongest endpoints for the disease they want to impact," she wrote. "One good strategy is to look up clinical trials for the last 3-4 medical devices or drugs approved for that disease."
On data management, she explains, "consumers need to know that they can trust the data from your product, as does the FDA, larger medical community and investors."
And, when it comes to patient adherence, it is very simple.
"The device needs to be convenient, save time, and improve self-image," she wrote.
