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Valuable insights from Kilo Health’s co-founders on building a thriving startup

Valuable insights from Kilo Health’s co-founders on building a thriving startup
From launching in 2013 with one product, one office, and a team of just 7 people, Kilo Health has quickly grown to become a global leader in digital health and wellness.
Fast forward a decade, they now have a portfolio of more than 30 successful products, 7 offices across Europe, and over 5 million happy customers.
Alongside their success in digital healthcare, Kilo Health also supports new entrepreneurs looking to enter the industry through their Co-found Program. We asked about some of the program's success stories, how they were able to launch and scale their business ideas, and what others could learn from their experiences.
Here are 3 key tips from the co-founders on how to build a successful startup.

Look at what your target audience needs

From poor marketing to financial mismanagement, there are various reasons why half of business startups fail within the first 5 years. However, one of the main causes is failing to meet customer needs from the very beginning of their business journey.
Budding entrepreneurs should aim to identify a problem often faced by their target audience and come up with a product or service that provides a convenient solution.
“While many people aspire to come up with groundbreaking and original ideas, the reality is that understanding your target audience and identifying market gaps can be even more crucial. Knowing what the market needs and how you can efficiently and innovatively address those needs can lead to significant success and impact. It's not just about having a unique idea but also about offering a valuable solution that meets the demands of the audience and stands out in the market”, explains Kasparas Aleknavicius, CEO of Bioma, Kilo Health.
Furthermore, being named the second fastest-growing company in Europe is no small feat, and Kilo Health's success can be attributed to their relentless commitment to innovation and their ability to stay ahead of the curve by embracing the latest digital health trends.
One such trend is personalized healthcare, which they’ve introduced in apps, including Klinio and Cardi, that make staying healthy more easy and accessible.

Write a business plan

Coming up with a detailed business plan is essential for ensuring you’ve considered every element of your product or service before launch day. This should include an analysis of your target market, financial forecasts, and, perhaps most importantly, how you’re going to achieve your mission and goals.
Putting pen to paper not only keeps entrepreneurs on track as they begin the daunting process of launching a business but is also crucial for sourcing finance. Potential investors need to see exactly how their money will be spent and when they can expect to see a return on their investment before they put their hands in their pockets.

Surround yourself with the right people

In addition to ensuring the smooth running of a business, it is essential to have the right people around during the initial development and growth phases. These people should be mentors and strategic partners who can provide the expertise, resources, and technical know-how the entrepreneur needs to make the launch a success.
Having great people on your team also ensures that you always have someone to bounce your ideas off of, no matter how crazy they may seem. They can even help you refine those ideas, taking them from something you dreamed of to a marketable product in no time.

Final thoughts

Launching a successful startup company isn’t easy and requires entrepreneurs to be passionate, driven, and resilient when things go wrong. 
Joining Kilo Health’s Co-found Program is a great way for budding entrepreneurs to gain access to everything that they need to help their startup thrive, from technical expertise and a fully dedicated team to operational support and financial backing.

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