When you start a new business, there may be a learning curve whose steepness depends on the kind of business you’re in. Part of the excitement and fulfillment of a startup is the work that goes into treading new territory, but you also want to limit liability as much as possible. This is where covering your legal bases is important.
One kind of business that usually has a particularly steep learning curve is health technology. Now that doesn’t mean that entrepreneurs in this field aren’t knowledgeable about clinical health care, but making a business succeed is another matter. New Yorkers will be interested in a Manhattan-based company that offers a three-year mentoring program for qualified businesses in the field of medical technology.
StartUp Health currently offers guidance to 46 companies, 14 of which were recently chosen from 1,200 applications from this past year alone. The companies that are accepted receive business training and access to capital, and about a third of the businesses are New York-based. So far the 46 startups have gotten together $106 million in capital.
According to the founder of Cohero Health — a company participating in the program — the difference between StartUp Health and other such business incubators is that StartUp Health provides guidance for a longer period of time, and that extra time is needed in the medical technology field.
In addition to financing, entrepreneurs have to make a variety of legal decisions that will affect taxes and liability. How a business is legally structured from the start can have far-reaching implications, and entrepreneurs and professionals should know what kind of business structure will meet their particular needs.
Source: Crain’s New York Business, “14 companies join StartUp Health program,” Irina Ivanova, Oct. 16, 2013