Jens Noertershaeuser

I just came back from HLTH Europe, the best #HealthTech event in Europe. This second edition was fantastic: the whole ecosystem (including providers, payors, policy makers....) was there to discuss the key innovation topics that will shape the future of healthcare in Europe. Besides my 4 highlights, I also had the chance to moderate a panel on the topic: "Data Opt-in-imism: Why trust is key to the success of EHDS" .... with 3 fantastic panelists: Jaanika Merilo, Head of Digital Health and Care, Ministry of Social Affairs (Estonia), Estonia Malene Fischer, Deputy Chief Executive, Research Director, Rigshospitalet, Denmark Maria Bäcklund-Hassel, Senior Advisor, the Swedish e-health agency, Sweden Here are the key insights of the panel: Earlier this year, the European Health Data Space (EHDS) was approved, paving the way for cross-border health data exchange. The #EHDS may not be as flashy as AI, but it’s the backbone of healthcare innovation in Europe. ✅ 𝐎𝐩𝐭-𝐢𝐧 𝐛𝐲 𝐝𝐞𝐟𝐚𝐮𝐥𝐭. After heated negotiations, Europe chose an "opt-in by default" model. Citizens are automatically included unless they actively opt out. 🤝 𝐓𝐫𝐮𝐬𝐭 𝐢𝐬 𝐭𝐡𝐞 𝐜𝐮𝐫𝐫𝐞𝐧𝐜𝐲 𝐨𝐟 𝐇𝐞𝐚𝐥𝐭𝐡𝐓𝐞𝐜𝐡. And it’s earned through radical transparency, as seen in Sweden. If trust is lost (due to data leaks, data commercialisation, misuse... ) opt-outs could spike. However, experts expect fewer than 10% to opt out, and as low as 1–2% in high-trust countries like Sweden or Denmark. ⚔️ 𝐓𝐡𝐞 𝐩𝐚𝐫𝐚𝐝𝐨𝐱: 𝐰𝐞 𝐧𝐞𝐞𝐝 𝐚 𝐩𝐨𝐥𝐢𝐜𝐲 𝐟𝐫𝐚𝐦𝐞𝐰𝐨𝐫𝐤 𝐭𝐨 𝐛𝐮𝐢𝐥𝐝 𝐭𝐫𝐮𝐬𝐭, 𝐛𝐮𝐭 𝐰𝐞 𝐚𝐥𝐬𝐨 𝐧𝐞𝐞𝐝 𝐭𝐨 𝐝𝐞𝐫𝐞𝐠𝐮𝐥𝐚𝐭𝐞 𝐭𝐨 𝐟𝐨𝐬𝐭𝐞𝐫 𝐢𝐧𝐧𝐨𝐯𝐚𝐭𝐢𝐨𝐧 The EHDS is designed to build trust. But critics are already saying that it is too "heavy". Without adoption, EHDS risks becoming an empty shell. EHDS is Europe’s opportunity to lead in digital health : 🏆 𝐖𝐢𝐧 𝐢𝐧 𝐭𝐡𝐞 𝐜𝐥𝐢𝐧𝐢𝐜𝐚𝐥 𝐫𝐞𝐬𝐞𝐚𝐫𝐜𝐡: The proportion of clinical trials being carried out in the European Economic Area dropped to 12% of world studies in 2023 from 22% in 2013. 🧑‍🤝‍🧑𝐃𝐢𝐠𝐢𝐭𝐚𝐥 𝐓𝐰𝐢𝐧𝐬: Projects like Rigshospitalet’s improve care through simulation. EHDS data are needed to train the model 🎯 𝐏𝐫𝐞𝐜𝐢𝐬𝐢𝐨𝐧 𝐌𝐞𝐝𝐢𝐜𝐢𝐧𝐞: Scalable data is key for personalized treatments 📖 𝐎𝐩𝐞𝐧 𝐒𝐨𝐮𝐫𝐜𝐞: can the EHDS be the building block to an Open Source ecosystem in Europe? And the hidden weapon to win the AI in #healthcare race against the US and China? ------ I also really enjoyed hosting an event with Healthy.Capital and my dear friend Douwe. Let's do it again next year! Special thanks to Katy, Lina and Henry for this fantastic conference! Follow HGM Advisory for daily reposts of the most important HealthTech news. PS: We might need to update my caricature ;)

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NLC Health Ventures is a masterclass in building a studio without raising capital upfront. Here’s what they did: 1. Licensed dormant IP from EU universities as the foundation for new companies. 2. Secured MOUs to access that IP, turning untapped potential into opportunity. 3. Approached trusted angel investors with compelling pitches: - The IP. - The market opportunity. - Their track record of successful company building. Investors said yes. That funding didn’t just launch portfolio companies—it also covered the studio's operating costs. For 4–5 years, they built 3+ companies annually with this model. But their genius didn’t stop there. NLC Health excelled in disciplined evaluation: - Only pursuing IP worth their time, resources, and vision. This is a repeatable playbook. Consider the untapped IP in many ecosystems: - Universities. - Corporates. - State governments. It’s just sitting on the shelf. The Venture Studio model can transform dormant IP into real-world value. NLC Health proves it. P.S. This month we're doing a series on Venture Studio Case Studies Incase of interest, follow me here: Matthew Burris

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Why should founders pay for legal fee of the investor? The founder gives up 20% of their company. The investor agrees to invest. And then says: “We need this law firm for due diligence. Don’t worry: it’ll be paid from the company’s funds after the round closes.” That money only exists because the founder gave up equity. So once it lands in the company’s bank account, it’s no longer the VC’s money. It’s the company’s capital. So when it gets spent on: 1. Rs 20L on due diligence/ legal 2. Legal teams that negotiate against the founder 3. PR announcements the founder didn’t ask for That’s the founder paying for all of it through dilution. Yes, trusted legal counsel matters. But if we call this a partnership, let’s act like it. Cap it. Split it. Or cover your own legal bills. Founders: have you ever pushed back on this clause? VCs: how do you handle this at your fund? Let’s open up this conversation in the comments below.

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Stop designing ecosystems for exits. Build startups not only to make investors rich. Build them to compound society’s wealth. Germany is world-class in science. But we are weak at turning that power into economic value. We all agree: we must improve. Massively. Too often I read: “An ideal ecosystem supports start-ups from idea to exit.” Why EXIT? If exit is the one success metric, we optimize to sell our technology. That concentrates wealth in a few hands.. and, too often, hands outside Europe. What creates durable wealth for all of us? Companies that stay, grow profitably, pay taxes, and create jobs for decades. My proof point (with our bootstrapped NanoTemper): • €44.8M taxes paid • €364M lifetime revenue • 200+ jobs across continents A better ideal for us: Build global champions, not just attractive assets. Aim for hidden champions: quiet, profitable, responsible. 𝗟𝗲𝘁'𝘀 𝗰𝗿𝗲𝗮𝘁𝗲 𝗮 𝗻𝗲𝘄 𝗘𝘂𝗿𝗼𝗽𝗲𝗮𝗻 "𝗠𝗶𝘁𝘁𝗲𝗹𝘀𝘁𝗮𝗻𝗱". How to measure success (beyond exits): Local ecosystems strengthened. Customer impact (like health). Jobs created & taxes paid. P.S. Exits are fine. Sometimes right, sometimes not. The real question: How do we build more European champions that stay and lead? Your turn: What is one change (policy, metric, or founder habit) that would move Europe from “exit-first” to “champion-first” entrepreneurship?

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