Healthcare entrepreneurship: An integrative framework for future research

Abstract

Healthcare entrepreneurship is of growing interest, but the area of research is not well defined and is disparate across disciplines. We take an integrative approach to examine the similarities and differences between the literature for the two parent domains (healthcare management and entrepreneurship). We present findings from an interdisciplinary four-phase Delphi study and propose a new framework to guide future research. Our proposed healthcare entrepreneurship framework not only reflects variations in key factors, such as actors, activities, processes and outcomes within the parent disciplines, but also suggests gaps, connections and future opportunities for research. Actionable summary and highlightsSince COVID-19, there has been an influx of healthcare entrepreneurial ventures, but, within a volatile market, mixed success. We find that healthcare entrepreneurship is different from work in healthcare or entrepreneurship alone. For healthcare entrepreneurs to achieve their targeted health outcomes as well as their operational and profitability outcomes, all stakeholders need to work together. For the clinician-turned-entrepreneur and the serial entrepreneur now in healthcare, we provide three actionable insights to address some of the practical challenges in healthcare entrepreneurship.1.We advise that venture teams include individuals from both entrepreneurship and healthcare backgrounds to shorten the learning curve, particularly as they develop the evidence base for the offering. Contacting entrepreneurship accelerators or university tech transfer and commercialization offices for which one may have had previous affiliations can be one approach to securing such team members.2.Healthcare entrepreneurs should consider how to include end-user or patient participation to create new healthcare solutions. Working with relevant patient advocacy groups can be one approach and may help to increase the relevance and patient-centeredness of the solution.3.Healthcare entrepreneurs may need to develop new business models and revenue streams. While healthcare is a human right, it requires financing to sustain offerings. One may strengthen one's “business and calling” mindset via joining healthcare entrepreneurship organizations for medical professionals, accelerators, and other local programs that support such entrepreneurial engagement in healthcare.In addition to these insights for healthcare entrepreneurs, we include practical insights for other key actors. Corporations may incentivize partnerships that normalize co-produced innovations. Venture capitalists might develop novel funding mechanisms linked to non-traditional outcomes. Non-profit organizations can serve as interdisciplinary conveners to raise awareness of healthcare entrepreneurship needs. Policy makers might consider ways to create business environments with competitive, yet reasonable, cost and pricing structures.