Doctors.com.au's crowdfunding case study
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Who is Doctors.com.au?
Doctors.com.au is a health tech platform that re-establishes health care routines online. The mission? To prevent health conditions and save lives.
The digital platform uses artificial intelligence to remind patients when their next health related appointments are due - spanning from physio to dental work. Lidia and Lana are using the funds raised in December 2021 to accelerate the development of the Doctors.com.au app, which is to be released mid 2022. Lidia and Lana are twin sisters who have co-founded Doctors.com.au, and have carefully crafted the business based on real-life data and personal experience.
“Doctors.com.au is a digital solution changing health outcomes for Australians by making preventative healthcare easier. We are an Australian based, national, health tech platform,
empowering Australians with the right information at the right time to treat and prevent illness. Our unique AI technology re-establishes patients' health routine online whilst increasing revenue for practitioners.” - Lana Klimovski
Doctors.com.au's Equity Crowdfunding Raise
The successful closing of their equity crowdfunding raise has given Doctors.com.au the capital support needed to expedite the development of their app, as well as strengthen partnerships with The Cancer Council and health practitioners.
“We had a very positive experience, working with a great team meant we were on track and confident that we were partaking in all the necessary activities when crowdfunding. We surpassed our minimum target and were very well received by the crowd. Our raise was hard and fast, coming up to Christmas we wanted to close before the holiday period. This meant we were a bit more under the pump than a usual campaign, however, we enjoyed our experience and are eager to crowdfund again. ” - Lidia Nancovski
Optivance and OnMarket's Partnership
"The assistance from the onMarket team throughout the raise was excellent. With many factors needing to be considered when raising capital, it is important to have an experienced team available to you to guide you through the raise. This is exactly what the onMarket team provided." - Lana Klimovski
Doctors.com.au's Co-Founders, Lana Klimovski and Lidia Nancovski, give their top five tips to companies looking to partake in an equity crowdfunding raise.
Tip #1: There’s a lot of backend and admin work that you need to be aware of. This can be time consuming, but it’s important you know in advance so you can wrap your head around what is required and ensure you leave the appropriate amount of time to get it done so it doesn’t push out your timeline.
Tip #2: Keep in mind important holidays of the year, for example Easter and Christmas. You want to give your raise the best shot at succeeding, so consider key calendar dates, when many people are disengaged or enjoying time off with their family, and note that these periods are not a good time to have your raise fall on.
Tip #3: Always think about why your business is different, and what makes it different. This is your unique selling point that you should push throughout your campaign. As entrepreneurs and as founders you sometimes you don’t see or appreciate an investor highlight – because if you see it all the time it losses it's significance. However, these important statistics or points of differentiation are the key elements that drum up the crowd and get them excited to join your business as a shareholder. You need to really sell yourself and have a unique offering – in saying that, make sure you have a record of all these highlights that you can speak to throughout the campaign. You want to have new news you can announcements on a week-by-week basis throughout your campaign.
Tip #4: You’re not selling your product; you’re selling your business. You must put your investor hat on and focus on the business as a whole, rather than individual products. You need to build the appetite to attract investors – put your investor hat on and ask yourself, ‘What do they need to hear to pull out their wallet and invest? What statistics or evidence could I give them that would reduce the risk of investment?’.
Tip #5: You need to be able to problem solve, consistently and quickly. Crowdfunding is an interesting experience because you need the capital support from the crowd to be able to finish building your product, but you need to be able to sell your product to the crowd in order to receive the capital support to build your product. So you have to think about problem solving vertically and be able to sell the product without selling the actual product – for example, selling the market need and desire.
In summary, Lidia and Lana's final takeaways are…
"It is a journey, and it is an exciting one. There’s highs and lows, but those highs are exciting because it’s the tool, or the means, to get your business to the next stage."
Click here to learn more about raising capital, via equity crowdfunding, with OnMarket.