221 lockhart monitor final session
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Thurmon Lockhart (PI) Rahul Soangra (EL) Mike Abbott (M)
Team 221 Lockhart Monitor
“Smartphone System for Sideline Concussion Management”
(80 Customer Interviews)
Virginia Tech Virginia Tech-Wake Forest University Adaptive Technologies Ltd.
Original Idea: Low Cost Gait and Frailty Assessment on Smartphone Platforms
Day 1
Team 221 Lockhart Monitor
KEY PARTNERS KEY ACTIVITIES VALUE PROPOSITIONS CUSTOMER RELATIONSHIPS
CUSTOMER SEGMENTS
MOTIVATIONS FOR PARTNERSHIPS: - Society of Thoracic Surgeons (market 1) for support and communication of frailty index as reasonable and acceptable alternative to gait speed in database - Virginia Tech for access to technical expertise and IP license - Clinics to assist in continued HSR validation during SBIR PI and PII projects - Cloud database and application services (Amazon, Google, or equivalent)
CATEGORIES -Smartphone Platform/Network programming and application generation - HIPAA compliant database management - e-commerce model development - long term algorithm improvements and problem solving - CRM with healthcare providers and insurance companies
CHARACTERISTICS 1 - Cardiac Clinicians -Replaces accepted but cumbersome process (Gait Speed) in Cardiothoracic patient outcome predictions during Clinical Decision making process. -Reduced cost as compared to current methodology. -Reduced patient risk as compared to current methodology. 2 - Rehabilitation Centers - Objective measures of patient progress - Objective evidence of performance (important wrt to relationships with health insurance claims) - Clinic and at-home availability for patient activities 3 - Nursing Homes - Real time, day to day measure of resident condition - objective measure for tailoring daily activity - Increased fall prevention - Reduced long term cost of patient care 4 - RESEARCH - Value but no revenue 5 - Value common to all niches -Immediately accessible through Android and iOS app stores. -Convenience of use (single healthcare provider vs. multiple). - Richer, more objective data for use in improving patient outcome predictive algorithms. - Supports statistics-based healthcare
-Self-Service: Use by patients -Automated Services: Autogenerated Health Reports -Communities: Health Assessment - P3I activities such as STS database integration
-Niche Markets- 1 - Cardiac Clinicians 2 - Rehabilitation centers 3 - Nursing Homes 4 - Research access to large, data-rich and cloud based results 5- Insurance (Medical) KEY RESOURCES CHANNELS
TYPES OF RESOURCES: - Cloud hosting and database services -Human Resources - technical team (EL and PI) - programming - HIPPA expertise - CRM (healthcare and insurance) -Financial (looking at SBIR PI and PII now)
Channel phases: - Awareness: - advert via key partners (STS etc) - Publications - App is free for download - popularity by uniqueness/proprietary -Purchase: - organizational accounts -Web/mobile results delivery -Online web support/telephonic and personal support to customers
COST STRUCTURE REVENUE STREAMS VARIABLE COSTS - Software development - FDA approvals (minimal but disclosure is required) - Initial phase marketing and rollout FIXED (recurring) - Salaries (CEO, CTO, CRM, Eng., Support) - Cloud database management - HIPPA compliance/mgt
MUCH OF THIS IS UNKNOWN wrt DATA (TRIALS UNDERWAY FOR COMPARATIVE COSTS) - Current cost = 3+ people ~ hour to safely complete gait test - Arbitrarily suggest $10 to $20 per test result - ~37M US Cardiac patients annually - ~900k US mitral heart valve replacements annually TAM (cardiac) between $9MM and $37MM / yr - Account based payment on per use/result basis - Allows pass through to patient/insurance - no cost for application ownership
Your break-even point?
Day 1 My First Clueless Business Model Canvas
Day 1
Day 2
Learning : Exploring the Customer segments
Frailty Monitor Probably Drunk Monitor
Team 221 Lockhart Monitor
Drunk Monitor Fall Risk Monitor
Concussion – A significant Problem!
• 1.6-‐3.8 million concussions in sports and recreaHonal acHviHes annually (CDC 2010)
• Direct and indirect costs for TraumaHc Brain Injury is $ 60 billion
• Secondary Concussion • Affects quality of Life
Problems Reported by Customers
SCAT 2, SCAT 3 tools are used • Athletes fake the test • Takes too long • Affected by GPA and socio-‐economic factors
None of the exisHng tests are designed for sideline assessment
Our Value ProposiHons
AthleHc Professionals
• Faster • Less expensive than exisHng offerings
• Physiological data (cannot be faked by athletes)
• ObjecHve data
Customer Interviews
• Dean of Clinical Research • AthleHc directors • Team Physicians • Orthopedic surgeons • Doctor of osteopathic Medicine (DOM) • Coaches • Research Associates
Customer Archetypes target market football
• High School athleHc department -‐ 1.5 million High school players -‐ Low Cost Threshold
• Collegiate athleHc department -‐ 75,000 Collegiate players
• Professional (NFL only) -‐1700 athletes
• Army (obviously not football) -‐ -‐ 2.2 million soldiers -‐ * Added CS due to a stated need released under a Rapid
Innova4on Fund solicita4on (RIF) 8-‐22-‐13
Lockhart Monitor Pricing Model
Customer Segment
Test Fee/ athlete
Total Available Market
Target Market
Sports $1.00 $8,138,000 $7,767,500
Army $1.00 $2,280,000 $125,000 (Assuming 5% penetraHon)
• Our iniHal plan is to Market in US only
KEY PARTNERS KEY ACTIVITIES VALUE PROPOSITIONS CUSTOMER RELATIONSHIPS
CUSTOMER SEGMENTS
-Edward Via College of Osteopathic Medicine -Carillion Radford -Equipment Manufacturer (helmet)
-Data aggregation for predictive recovery time -HIPAA compliant Database Management
- Faster
- Cheaper than Existing offerings
- Cannot be faked by athletes
- Access to normative objective data
- Improving quality of Life
- Customer Service -Expand utility to comprehensive injury management -
High School Athletic Departments Collegiate Athletic Departments Professional Athletes US Army
KEY RESOURCES CHANNELS -Cloud Hosting and Database Services -Human Resource - Financial Support
- Online Download of
App
- Web, Telephonic, Personal support to customers
- Direct sales
- With partner equipment's
COST STRUCTURE REVENUE STREAMS VARIABLE COSTS - Software development FIXED - Salaries - Cloud database management
- $1 athlete enrollment per year- unlimited tests -Certified training program for AT and physicians - Physician referral network
Your break-even point?
Business Model Canvas
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