Choosing the Right Conference for Your Healthcare Start-up—Strategies, Budgets, and Best Alternatives
Attending conferences is a valuable way for healthcare start-ups to network, increase visibility, and learn from industry leaders.
But with lots of options and often substantial costs, how do you choose events that will promote critical early momentum without depleting your start-up’s resources?
In this post, we’ll help you choose conferences based on the stage, goals and budget of your venture. We’ll also explore alternative options to maximize exposure if attendance at a major conference is not feasible.
Set Clear Goals
First, it is essential to define your goals.
What do you want to achieve by attending?
Common goals include:
Networking to build relationships with potential partners, investors, or healthcare providers.
Learning about the latest industry trends, technological advancements, and regulatory changes.
Establishing your brand, pitching your product, or showcasing your solution to industry leaders.
If your main objective is networking, smaller conferences with more intimate settings may provide better opportunities than large expos.
On the other hand, if your priority is to increase visibility or pitch to investors, the extra exposure afforded by larger, high-profile conferences is a more worthwhile investment.
Matching Conferences to Your Start-up’s Stage
The right choice of conference will also depend on where your start-up is in its development.
Early-stage start-ups
At this early stage, your focus is on building networks and validating your product or service.
Smaller, niche conferences tailored to your specific area (such as women’s health) may provide more relevant connections.
The Women’s Health Innovation Summit is a highly targeted event for innovators in women’s health, making it a great option for start-ups in this space.
Growth-stage start-ups
As you look to scale and attract investment, conferences like Health 2.0 or HLTH are better suited to showcasing your progress.
These events attract investors and healthcare leaders and provide excellent opportunities for meeting the right people and expanding your market presence.
Established start-ups
The objectives of more mature companies tend to center around partnerships and market expansion.
High-caliber events like the JP Morgan Healthcare Conference attract industry behemoths and offer networking opportunities that can lead to key partnerships and large-scale business growth but are invite only.
Budgeting for Conferences—Striking the Right Balance
Conferences can range in price from a few hundred dollars to several thousand.
Here are some of the costs that may be applicable.
Registration fees
Attendance at a large conference tends to be expensive.
To attend the biotechnology conference BIO 2024, for example, the non-member rate for premier access is $3,550. HLTH this year in Las Vegas was similarly expensive with regular attendee rates approaching $4000 (before hotel, airfare, food). BIO members, on the other hand, pay just $2,900—so consider a conference membership to save money.
For early-stage start-ups, the registration fees for smaller conferences or industry-specific events are more affordable and offer better opportunities for targeted networking.
Booth space
Exhibiting at a conference can provide increased visibility, but the cost of a booth can easily run into the thousands or tens of thousands of dollars.
A 10-foot by 10-foot booth at the 2023 American Association for Cancer Research (AACR) in 2023, for example, cost $4,450, and attendees paid extra for booths in premium locations. Some booths, however, at the high profile conferences like HLTH can be in the 10s of thousands of dollars.
For start-ups, it may be more cost-effective to attend the event without exhibiting and focus on networking instead.
Travel and accommodation
In addition to registration fees, travel and accommodation can significantly impact your budget.
Be on the lookout for virtual (more on this below) or regional alternatives that provide similar benefits but at a much lower cost.
The Best Cost-Effective Alternatives to Major Conferences
If attendance at one of the aforementioned conferences isn’t possible, there are alternatives that still provide valuable opportunities to network and increase brand visibility.
Let’s take a look at your options.
Virtual conferences
Many events now offer virtual attendance options that are more cost-effective.
Conferences such as SXSW, for example, offer an online pass that includes access to keynotes broadcast live on a dedicated channel.
You’ll also be able to connect with other attendees via SXSW Social—a platform where individuals can also add links to their projects or interests.
Regional networking events
Local or regional healthcare events can provide more focused networking opportunities.
Many healthcare innovation hubs host regional meetups where start-ups can connect with local investors, healthcare providers, and potential partners.
Minnesota’s Founders and Funders Healthcare Pitch Event is one such example. It allows healthcare entrepreneurs to pitch their ideas and network with VCs, angel investors, healthcare innovators, and the community.
Hosting your own event
Why not host the event yourself?
Hosting a small roundtable discussion, webinar, or panel positions your start-up as a thought leader and helps build your brand.
Whether virtual or in-person—self-hosted events also help you build relationships with industry peers.
Calculating ROI—Are Conferences Worth It?
Before you make a decision, evaluate the potential return on investment (ROI) for each option.
To do this, consider three factors:
Networking Opportunities. Will the people who matter—potential investors, partners, or clients—be in attendance? Do the attendee demographics match your target audience?
Educational Value. Are the sessions or keynotes relevant to your business? Will they provide insights that can help you refine your product or strategy?
Visibility. Does the conference attract state or national media coverage? Consider that over 2,000 journalists attended the start-up and innovation conference VivaTech in 2024. Content from the conference also reached over 900 million people in 174 countries over six days.
Maximizing Exposure Without Overspending
Attending conferences is an excellent way to network, gain exposure, and learn from industry experts.
But with some of the costs involved, it’s essential to be strategic about the conference selection process.
Consider your objectives, budget, and whether there are cost-effective alternatives. Then and only then can you select a conference that will maximize the ROI for your business.
References
https://convention.bio.org/registration
https://www.aacr.org/meeting/aacr-annual-meeting-2024/exhibits/
https://vivatechnology.com/media/partners
https://www.health2conf.com/
