“In a time of rapid change, standing still is the most dangerous course of action.” Motivational coach Brian Tracy’s quote best sums up why I spent the first half of 2024 traveling to global conferences. From London to Spain, Berlin, Boston, and Austin, I wanted to discover what global leaders were saying and what innovative startups were preparing to unleash on the Veterinary industry.
Berlin
The first stop on the global conference tour was Berlin for PetCare Innovation Europe. I was honored to be asked to deliver four talks:
- On the pre-event day, I delivered closing remarks with Candise Goodwin (Outlier Advisors) at the Reverse Pitch hosted by Unleash. We gave tips on scaling a business, avoiding common mistakes, and leveraging the PetCare Innovation event to create business success.
- Pets Across the Pond—Candise Goodwin and I spoke about U.S. expansion. We informed the attendees about the US business landscape and tips on entering the U.S. market.
- The Role of Pet Insurance—I moderated a lively discussion with leading experts Dirk Beeckman of Pinnacle Group/Independence Pet Holdings and Huges Salord of Santevet. Our discussion hit three hot-button issues:
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- Insurance market trends: This included how the business landscape has evolved, what has driven the insurance industry’s growth, and how the way pet parents are paying for care is changing in the US and globally.
- Affordability and access to care: We discussed the current economic climate, pet insurance adoption in the U.S. and Europe, barriers between care providers and pet financing organizations, and the impact of the Veterinary workforce struggles.
- Innovations and future opportunities: We focused on the role of collaboration and how innovation and technology are influencing the insurance space of the pet market.
- Deep Dive Round Table on U.S. Expansion—I participated in a round table discussion with Candise Goodwin about US Expansion. Whether in the US or Europe, startups face the same challenges. Those attending this session got a deep dive into the US market and had the opportunity to have many questions answered.
I discovered that the challenges faced in the U.S. are similar to those our European colleagues deal with. Specifically, the shortage of labor, particularly veterinarians, persisted throughout many of the conversations. This event was also unique due to the Reverse Pitch, which I suspect will be part of future Kisaco events. The Reverse Pitch provides an opportunity for startups to hear directly from individual investors and PE firms about their investment thesis and what stage of growth they typically invest in.
Next year’s Petcare Innovation Europe is scheduled for June 2025 in Berlin (https://www.kisacoresearch.com/events/petcare-innovation-europe-2025#register). Poppy Howard-Wall does an excellent job organizing the event, and I highly recommend attending it. However, if you don’t want to wait, the sister event in December this year is PetConnect USA in Los Angeles, CA (https://www.kisacoresearch.com/events/7th-annual-pet-connect-usa-2024).
Boston
The next stop was Boston, MA, for the Animal Health, Nutrition & Technology, Innovation Conference (AHNTI). I was honored to moderate a panel of industry leaders and be one of the judges for the companion animal startups competition.
The panel for “The Shifting Veterinarian-Client-Patient Relationship: New Face of Connected Care” consisted of Joe Spector (Dutch), Dr. Antionette Martin (PetFolk), and Mark Cushing, JD (Animal Policy Group and founding board member of VVCA).
The key messages emerging from the panel’s discussion were that virtual care is advancing and will help address the shortage of veterinarians and the access-to-care issue, just under one-third of US pet parents have access to care, and governors and state legislative members are shocked that their pets do not have access to care like they do (hence the reason we are seeing states voting for access).
One notable talk was by Candise Goodwin, Outlier Advisor, and Greg Geckles, VP of Market Insights IPH. “A Candid Conversation: The Future of Consumer Spending in the Petcare Market” took a hard look at the industry and trends. Both executives were very candid about what they were seeing in the market, and this generated good questions from the audience. I look forward to hearing them speak again.
The Innovation Showcase Finalists competition featured the following companies:
- Kubanda Cryotherapy (https://kubandacryotherapy.com) was the winner. CEO and Founder Bailey Surtees delivered an excellent presentation about how their system addresses a pain point around tumor management (cancer, cosmesis, palliation, and debulking) that has faster healing than surgery, chemo, or radiation.
- VEA or Veterinarian Electronic Assistant (https://www.veaforvets.com) is a patented platform aimed at improving clinical documentation.
- GekkoVet (https://www.gekkovet.com) is an AI-assisted clinical decision-support tool for veterinarians that can integrate with a Practice Management System.
- AgBoost (https://wp.ag-boost.com) is a web-based platform that helps livestock producers own, control, and understand their herd genetic data to improve breeding and marketing decisions.
- EpiPaws (https://epipaws.com) has developed an age estimation test for dogs and cats to help pet parents proactively care for a rescue pet.
- HawkCell (https://hawkcell.com) has an MRI dedicated to animals.
- Incipet (https://www.incipet.io/vets) provides comprehensive health analysis and data to predict the likelihood of a pet developing certain conditions and forecasting the cost of treatment.
- Likarda (https://likarda.com) offers a hydrogel delivery system that enables precise localized therapy without the need for immunosuppression.
Excited about the AHNTI 2025? Check out these locations for 2025: February 10-12, 2025, in London, UK (https://www.kisacoresearch.com/events/animal-health-europe#register) and May 25, 2025, in Boston, MA (https://animalhealtheventusa.com/events/animal-health-usa#register).
Austin
I capped off six months of travel with a great party by Chewy in Austin, TX.
Speaking of Austin, TX, be sure to register for VetForum on September 23-24, 2024, at https://www.openroomevents.com/vetforum-usa-2024.php. It is a great event for group practice leaders and innovative suppliers to meet and share ideas.
After traveling all around the globe, here are some trends I am seeing:
- Microbiome and probiotics—More and more products are coming to market and are generating data to support their use.
- Longevity and cognitive dysfunction—Several companies are emerging in the space.
- Startup space is slowing down, and companies are having difficulty financing hardware, but key indicators are showing a positive outlook for the future.
- Operational efficiency is of key importance for Veterinary practices as the industry sees a slowing down in new client numbers. The focus must be on anything that drives operational efficiency, such as COGs and innovations that can help the team be more efficient – including an inventory management platform like Inventory Ally (https://inventoryally.com) or a scribe and differential diagnostic platform like VEA (https://www.veaforvets.com).
- The market is adjusting to the high prices paid for by some of the group practices.
- There is a robust pipeline of startups and events like the Kisaco AHNTI and PetConnect (formerly known as Pet Care Innovation) to provide a venue for startups to thrive.
I see the growing importance of digital transformation in Veterinary practices and the need to integrate software solutions to expand client bases and streamline operations. Let me close with a quote by Steve Case, former CEO of AOL: “The pace of change and the threat of disruption creates tremendous opportunities.”
Take advantage of opportunities to use innovation to help the team recognize signs of pain, enhance early detection, and improve treatment options in our pets.