Michael Raymer • March 21, 2019

A multi-sided market is one in which two or more distinct companies benefit each other by the presence of a common customer. Diners Club is a prime example of this type of business. Diners Club provided a charge card which could be used to charge meals at a network of restaurants. The restaurants benefited by having access to Diners Club members, and Diners Club benefited by having customers that paid to use the card. As technology has overtaken much of our daily lives, multi-sided markets have expanded dramatically.

Today we interact with multi-sided digital platforms that enable transactions at a scale previously not thought possible. When we order an obscure product from Amazon, it ships from a seller that we might not have known about otherwise. Posting your resume to LinkedIn allows employers to find you, while helping to grow the active user base of the LinkedIn network. ln most of these cases, we would refer to these companies as B2B2C, though there are exceptions such as AngelMD in which there are many parties involved.

For example, AngelMD connects startups, physicians, investors, and advisors. In our early days, it was important to grow both the “buy” and “sell” side of our network to make it viable.  In just over 24 months from digital launch, we have over 10K physician/investors connected to over 1,200 startups resulting in over 42 investments.

Over the next year, our focus  is on scaling the network. One goal within this focus is to gather 100,000 physicians. Physicians add scale to the network by sourcing early stage startups, scoring the best companies, supporting the investment syndication process, and advising the startups post-investment.  

One way that we will help grow the number of physicians on the network is by organizing them into specialty communities. In collaboration with national societies such as the American College of Cardiology, we will be rolling out specialty homepages, online surveys, daily news feed content, and startup deal flow.

To meet the requirements of a multi-sided market, we have to do more than just cater to physicians. In view of this, startups will have access to a wide variety of services that help accelerate their success. In the next few months, the first AngelMD Boot Camp will be held at our new Denver facility. This boot camp will provide access to our new production studio for video pitches, in addition to expert instructors to sharpen the skills of our member CEOs. We are also finalizing an ecosystem of partners for regulatory, compliance, accounting, legal, go-to-market, and strategy development.  The final piece of the puzzle is our annual event that we will hold each fall. This event will provide AngelMD portfolio companies the opportunity to learn, grow, and share best practices.

An area that few people expect is AngelMD’s collaboration with the healthcare industry. Industry players will be able to expand their participation in targeted specialty communities while leveraging our network of experts to score potential acquisition targets. This scoring is further bolstered by access to physician affinity metrics that can be aligned to an industry player’s portfolio strategy. Alpha Conference 2020 will be a prime opportunity for the industry to connect to members of the AngelMD network to build their brand and market reach.

This multi-sided platform enables us to expand our market globally as well. While there are more details to come soon, at this point we will say that we are having conversations with a wide range of geographies about opening up new global markets to the AngelMD marketplace.

This series has covered the transitioning from analog to digital, the wisdom of crowds and the power of multi-sided networks. The next article will focus on leveraging big data and AI (Artificial Intelligence) on our platform.


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