The Cedars-Sinai Accelerator powered by Techstars program will run its fourth class in Los Angeles starting on July 9, 2018. Applications are now open and will close March 25.
We are looking to connect with companies creating hardware, software, devices or services that empower patients and healthcare professionals to track, manage or improve healthcare. If this sounds like your company, we want to meet you, so please sign up for office hours with our team in a city near you! Schedule listed below:
Feb 1-2: San Diego
Feb 12: Seattle
Feb 12-13: Chicago
Feb 14: Madison
Feb 22-23: New York City
Feb 26-27: Boston
Feb 26-27: Raleigh
Feb 26-27: Denver
Feb 28: Nashville
March 1-2: Atlanta
March 1-2: Toronto
March 6-7: Las Vegas
March 12: Austin
March 15: San Francisco
For more information on the program, check out this pre-recorded webinar: Cedars-Sinai Accelerator Powered by Techstars Webinar
It has been a busy summer so far at Techstars with the addition of 41 new companies and the first-ever Demo Day for several new programs! Techstars had four Demo Days across the globe, including Barclays in Tel Aviv and Cape Town, Techstars Healthcare in partnership with Cedars-Sinai in Los Angeles, and the Virgin Media Accelerator in London. Here’s a quick round up of the highlights:
Barclays Accelerator, Powered by Techstars in Tel Aviv Class of 2016
Barclays Tel Aviv is proud to announce its first Demo Day. Held at the beautiful Cameri Theatre in Tel Aviv, the Demo Day showcased ten fintech and cyber companies with products ranging from document tracking, remittance, financial news platform, rounding up change for donations and many more.
Len Rosen, CEO of Barclays Israel, opened the evening with an inspiring keynote, and Techstars Chief Product Officer, Nicole Glaros, and Tel Aviv Managing Director, Liron Rose, provided welcoming remarks. We were also proud to announce that 8 out of 10 companies have signed a proof of concept (POC) with Barclays, an amazing outcome for our first class in Tel Aviv!
Techstars Healthcare, in Partnership with Cedars-Sinai Class of 2016
Techstars Healthcare, in Partnership with Cedars-Sinai held its inaugural Demo Day at the Wallis Annenberg Center for the Performing Arts on June 23rd in Beverly Hills, California. The event showcased eleven healthtech companies which represented a wide range in both product and funding. On one end of the spectrum was Ella, an online mindfulness based program to manage chronic pain, which was “born” in program after a product pivot days after the formal offer into the program, and on the other end was HomeHero, a non clinical home care provider, which has raised a 20M+ Series A round.
Darren Dworkin, the CIO of Cedars-Sinai gave the opening remarks, followed by remarks from David Brown, Managing Partner of Techstars, and the program’s Managing Director, Matt Kozlov. The Techstars Healthcare Demo Day served as the culmination of three months of progress and very hard work for the eleven companies in the accelerator program. During the event, each company demonstrated the traction that they’ve gained since founding their company, with an emphasis on the tremendous headway they made while in program. Through Demo Day, Techstars and Cedars-Sinai further accelerated the growth of the 2016 class, and their partnership in healthcare and technology.
Barclays Accelerator, Powered by Techstars in Cape Town Class of 2016
The first ever class of the Barclays Accelerator, Powered by Techstars, on the African continent has now drawn to an epic close.
An audience of more than 400, including investors, industry experts, fintech specialists, as well as Absa and Barclays executives, (plus 450 tuning in to the livestream globally) attended the Demo Day to hear how the startups are tackling different challenges in Africa and ultimately helping shape the future of financial services across insurance, payments and agriculture.
When you think of tech startup hubs, you likely think of places such as Silicon Valley, London, New York or Tel Aviv. But Africa is accelerating its economy and challenging the status quo of the FinTech landscape in a huge way. This has been demonstrated by the 10 companies selected from 9 different countries (making it the most geographically diverse accelerator program ever for Techstars)!
Solutions included: mobile medical insurance, lending platforms, land title registration via the blockchain and international payments solutions.
Techstars Managing Director, Yossi Hasson, together with Paul Nel, (Head of Open Innovation at Barclays), and Ashley Veasey, (Group CIO and CDO of Barclays Africa Group) provided welcoming remarks. It was a truly exciting event to celebrate the inaugural African Techstars class and the wider African startup community.
The next frontier for FinTech disruption is here. It’s now. It’s Africa.
Virgin Media Accelerator, Powered by Techstars Class of 2016
The first class of the Virgin Media Accelerator, powered by Techstars, just finished their first Demo Day at the St. James Theater in London, where the founders pitched to investors, Liberty Global and Virgin Media executives and the London startup community. Back in March, they kicked off the program with a trip to San Francisco where they met execs from Google, Comcast and Cable Labs, and spent time with Sir Richard Branson talking about entrepreneurship and how to make a real difference in the world.
Fifteen weeks later, the 10 companies ranging from a virtual reality treadmill, to a home energy monitoring system, to corporate alumni networks, disruptive ad tech, on demand iPhone repair, live football broadcasting solutions, always on voice solutions, intelligent developer tools, and peer to peer video delivery networks, all debuted their progress at Demo Day.
Building these startups with the support of Liberty Global, Virgin Media, Techstars and the amazing mentors and investors that comprise the London startup community has provided these 10 companies with an incredible start. Special thanks to Bruce Dines of Liberty Global Ventures and Neil Illingworth, Head of Innovation for Virgin Media, for their support of these founders.
This is a short primer on how to conduct a successful price negotiation with your B2B client. Paradoxically, most of the work required to close a deal — is done BEFORE the negotiation itself. Two key factors to a successful outcome, that of closing a deal, are:
- The right attitude (tips 1 to 3)
- Be prepared: do your homework (tips 4 to 7)
At the end of this post, you will find a visualized decision tree which will help you negotiate.
The Right Attitude
Sales and price negotiations require you to have a particular kind of attitude. Remember that negotiations almost never go as planned. Your client might ask you for a deep discount you weren’t expecting. He or she may threaten to walk away unless you agree to certain terms. Without the right attitude, you can get caught completely off guard and make poor decisions for your company.
Remember, no one likes to be rushed, negotiate under pressure, or be manipulated. In order to close a deal, both the client and you must feel happy about the final terms. If the client pressures you with a deadline or demands an answer right away – do not rush. Instead, slow down and take time to think. Most likely, your client can wait.
So what’s the right attitude? Follow these principles:
1) Negotiation is not lying or manipulation.
Be honest. If you stick to the principle of being completely honest with your client, you will not fall into any traps of pressuring your client and losing his or her trust.
2) Avoid negotiating under any pressure.
Step back and make sure you make thoughtful decisions that will not hurt your company.
3) Slow down.
You’ll think more clearly and also give your client a chance to think.
Be Prepared: Do Your Homework
Sun Tzu said, “Every battle is won or lost before it is fought.”
This is true for successful sales negotiation. Before entering a negotiation, you must justify the price by focusing on the value your product provides to the client. As mentioned above, your arguments must be honest. They also must be convincing, in general, the more quantitative your argument, the stronger it is. Compare the following two arguments:
“Your employees will be more productive.”
“I studied your business. If you start using our product, your revenue will increase 3–5%, and your ROI for our product will be 300%.”
4) Do research. Study your client. Calculate.
First things first. Make sure that your product really solves the problem and saves money and/or time for your client. Try not to engage in money talk too early in the conversation. Talk about value first but if the client asks to reduce the price, be ready to justify the price.
This is where your homework comes into the play. Know how the client’s business works. What problems is the client is trying to solve? How can your product specifically can add value? Calculate how much money and time can be saved.
If you are able to calculate or project (based on similar client profiles) the revenue increase and ROI — then do it. The client will appreciate it. Everyone will pay for a product which provides more value than it costs, if you can back that up. Calculate or estimate any measurable benefit:
- stronger sales
- customer acquisition
- customer loyalty
- employee retention
- employees save time
5) Offer non-monetary benefits to your client.
Another type of homework you should do before starting a negotiation is to make a list of non-monetary benefits you can offer to your client. You might decide that a monetary discount is the last resort. So before that, you can provide value by:
- Free employee coaching and on boarding
- Mentioning your client in a blog post(s) or case study
- Reducing the contract duration or setting a pay-as-you-go option
- Offering a bulk discount (if pricing is elastic)
- Offering a discount for a future purchase
6) Provide a discount but ask for some value in return.
The request to reduce price might come in the form of a concession:
“Give me NN% discount or I will take my business somewhere else.”
Some clients may not offer anything in return for the monetary discount. In this situation, you should be prepared to ask for some value in return.
For example, you can ask for:
- a referral to another likely customer
- signing up earlier to make the end of the quarter
- agreeing to be used in a case study
The client might offer:
“If you give us a NN% discount, then we will sign earlier before the end of this quarter.”
Provide a discount but definitely ask for a favor in return.
7) Ask your client to make the offer. Know when to walk away.
Giving away too many non-monetary and monetary discounts may start hurting your own company. That’s why it is important that you set your reservation price beforehand. Don’t go below your reservation. Try asking the client about his/her best offer. Most of the time, the starting point will be surprisingly good. Decide when you will walk away.
In some cases, no deal is better than a deal that would hurt your company.