Since the diagnosis of the first COVID-19 case in December 2019, there have been unprecedented efforts worldwide to institute the practice of physical distancing (also known as “social distancing”). These government mandated containment actions have resulted in changes in behavior patterns and disruption of day-to-day routines. In addition, the global economy has ground to a halt and more than 22 million Americans have filed for unemployment aid since mid-March. The confluence of physical illness, social isolation and economic downturn will likely increase incidences of depression, anxiety and substance abuse. While society bands together to flatten the spread of COVID-19, there is an equally urgent need to flatten and mitigate the harmful effects of prolonged exposure to stress, anxiety and social isolation. In the wake of the coronavirus pandemic, behavioral health / wellness-focused technology companies are proving their value-add to our healthcare infrastructure. At Fairview, we believe these technologies will continue to show their worth after this crisis has passed and investments here will play an even greater role in society and the economy going forward. In this interview, Fairview continues the discussion around mental health and wellness with Cynthia Tseng, Partner at Fairview and Annie Case, Principal at Kleiner Perkins.
Select clips and the full interview can be found below.
What are some areas in the current mental health system that can do better? What obstacles are facing the industry today?
Do you think the regulatory changes brought on by the pandemic will have a lasting impact on the mental wellness industry?
How can the use of technology and artificial intelligence help alleviate or solve legacy issues inherent in today’s mental healthcare system?
With so many different mental wellness approaches and business models, can you help us segment the mental wellness landscape? In your opinion, which subcategories are the most interesting? Which ones are you avoiding?
What is Modern Health? What drove your team’s decision to invest?
Assuming that it is an exciting time to be an investor, do you think it is also an exciting time to be founder /entrepreneur in this space? If so, why? What are some critical steps founders in this space, along with their constituents, need to get right for this to be an enduring and profitable segment for venture capitalists?
Do you have any predictions of what’s to come in the mental health industry?
Watch the complete interview here: