30A- The End of Our Journey & The Beginning of Your Journey

After going back and looking at this past semester’s posts I can say it has been a journey. Looking back, you can see just how each week built upon one another. Some of these assignments really pulled me out of my comfort zone. I’ll never forget how nervous I was to contact the “Experts” in my potential field.  I didn’t want to say something completely stupid. I have to say I’m happy that I completed the expert assignment. I have found I’m more confident and stronger in my convictions. I believe I have developed the entrepreneurial mindset.  I’ve learned failure is part of life and keep rolling with the punches.

I would tell a future student not to slack off. Take the class seriously. While these assignments are tedious, if you really work at them you will benefit from them.

29A - Venture Concept #2

Business Name: MedOvation

Opportunity:

My idea came about when my mother was being sent for bloodwork by her physicians. She has had more horrible experiences then I can count when getting blood work done. The technicians and nurses can never find her veins. She came home once with thirteen band aides and no blood was taken. I thought there must be a better way to draw blood.

When a doctor orders a blood test, or a hospital administers an IV most patients start to suffer from some form of anxiety. This anxiety can be traced back to a bad experience the patient has had personally or has heard about from someone else. My customer consists of hospitals, labs, and doctors’ offices. All of these locations offer the blood draw or IV service to patients. These places experience firsthand what it is like to miss their target and inflict pain upon a patient. This situation stresses out the nurse or technician and physically and mentally harms the patient. Currently nurses and technicians are using a pressure and touch method. My device would give them a clear accurate view of the veins in the area leading to better outcomes. Everyone is currently using this method because there isn’t an alternative available, until now. I believe this opportunity can be HUGE! My goal is to have this device in every hospital and blood lab in Florida then expand it though the United states. The what's next assignment asked me to identify a new market. I received a lot of positive commentary on offing this device to veterinarians. 

Innovation:

As I stated earlier there isn’t an alternative to the current process until now. My handheld device looks like a green window with a white frame. It live scans the area and you can see clear as day what is underneath the skin. If the patient moves so does the image. Since drawing blood or administering IV’s is a two hand process my device has a stand that can hold up the window like device while you are working. Medical devices tend to be expensive because the technology behind them is cutting edge. Each unit would be priced at two hundred thousand dollars. As time goes on the price will adjust to the market. I see hospitals being the first wave of purchasers. The next wave will focus on blood labs such as Quest Diagnostic, and Labcorp. 

Venture Concept:

As I stated earlier there isn’t an alternative to the current process, pressure and touch, until now. I believe my first sale will be difficult. But once I’m able to demonstrate the ability of the device and link it to less stress and less time wasted, I believe the customer will purchase the device. There are currently no competitors in this market. This would be a business to business relationship. I would need to hire biomedical engineers, then manufacture the devices. I would want to keep the company as small as possible personnel wise. No more than thirty people.

What is your most important resource?

I believe my company’s “unfair advantage” will be our technology. It is very innovative. We con monopolize the market because there aren’t any competitors.

What is next for your venture?

I would like to develop new abilities for the device. Maybe it will be able to say, scan a carotid artery and show blockages. Making this procedure less invasive.

What’s next for me?

I will be working on this business long term. As time goes on, I will create more products that will continue to innovate the medical profession. The first device opened the door to a world of new possibility.

Summarize the original feedback and Describe how you changed your venture concept.

The original feedback was very positive nothing negative. they only piece of constructive advice was to gear my roll out to labs more than doctors office. Therefore I lessened my emphases on doctors purchasing the device for their practice. 

27A - Reading Reflection #3

 I read the biography of Coco Chanel. I love her designs, but I didn’t know much about her. I didn’t realize her parents were practically gypsies moving from place to place and she was orphaned at an early age. She grew up in 2 convents. Her first job outside the convent was a seamstress and that is where the lively events in her life begin. I admired her ability to not care about what society thought of her. She led a risqué lifestyle. A lifestyle that would normally hinder you in society. Later on, she was able to overcome the stigma. I didn’t care for her having to prostitute to further her dreams. I get that prostitution and mistresses were commonplace. I’m just glad it’s no longer an expected acceptable way of life to further yourself.  

Gabrielle “Coco” Chanel faced adversity to finally become the icon we know today. She overcame her upbringing and the social class she was born into. She was defiant, wanted independence and freedom. She was willing to do anything to get what she wanted.

She was strong willed and very hard working. She was innovative and always a step ahead in business and in life. In a time where the more extravagant a design meant how luxurious it was. Coco instead designed simple and chic. Everyone loved the clean sharp style.

In the beginning I was confused by the names of the family members and how it all related back to Coco Chanel. I was also confused as to why the book swayed to Paris’ infrastructure and how the engineers designed the updates. I didn’t know how that played into Coco Chanel.

I would ask her, if she was born into a more prominent family and a higher social class, does she think she would have had a desire to achieve such success? Also, I would ask her if she could go back and change anything would she?

Yes, she was a believer in hard work and determination. We have a similar philosophy.

28A- Your Exit Strategy

I plan on sticking with my business for around 20 years in the event the first product I bring to market is well received.

I decided to stick around because the first product sparked more ideas for future medical devices that haven’t been invented yet. Once my first product is accepted in the market it will be easier to roll out future devices.

When creating my concept, I could never envision the point where I sold off the company. If anything, these exercises helped me realize there is room for innovation in the medical field. And now is the time to strike. The thought of pulling this off is actually really exciting.

26A- Celebrating Failure

1.    So, let’s start off by saying failing sucks! I truly failed myself last semester. I took the dreaded FIN 3403 with Professor Banko for the second time and dropped it for a second time. I’ve never felt so completely defeated before in my life. Now I’m looking at the three- peat fee. Yey me! Nothing has compared to this feeling this semester. That is why I chose this dark period in my life. 

2.    I’ve learned not to let my pride get in the way. I dropped the class originally because there was no way I was going to receive a D in the class, so I dropped it. The second time I took the class I did a little worse and didn’t follow the professor’s directions to a T. So, I figured what’s the point? I just should have accepted it the first time and kept it moving.

3.    Failure was a very hard pill to swallow. I can truly say I’ve never felt so dejected in my life. I wanted to give up, but I’m so close to the end. I just need to think positively and dedicate all of my time outside of work to make this third time a charm. This class has helped me understand failure is a part of life and helps you grow. Until this point, I had never experience failure that drains you mentally and emotionally. Not sure how risky I will be in the future. 

25A- What’s Next?

Existing Market

Step 1:

The next steps for my current venture will be to streamline production and look into possible alternative uses for this device. I’m thinking I can use the device to determine blockages in veins and arteries if we can enhance the depth of the scan function.  

Step 2:

I interviewed three people who were intrigued by my original idea and my future adaptation. I was advised for the idea of the future adaptation to have the device record the scan so it can be uploaded to the patients chart immediately. I thought this was a great idea. Everyone suggested if I can make this happen put it to production.

Step 3:

At this point I would need to make my prototype. Contract a manufacturer and start writing up sales deals. I truly think I can get the price down once I we can streamline manufacturing. When the price point comes down it will open a wider net of customers.

I could also work out a leasing arrangement to get more product out on the market. I would have to hold some type of collateral in the event the device is damaged. While leasing is a better alternative for the customer, I would have to figure out who to handle old and damaged items.

New Market

Step 1:

My new market could be Veterinarians. I know as an animal lover I was always nervous for my dog to go to the vet. Its not like they talk the same language so how do they really know what’s going on? I would assume if its hard to find veins on humans it must be hard to stick an animal. Animals don’t know to stay still during the procedure. If the technician has a clear sight it could make the process easier for both them and the animal.

Step 2:  

Animal owners love their animals like children. Animal accessories and gourmet foods are a rapid growing market. People are even throwing weddings for their animals. What I’m trying to say is if people are willing to blow frivolous money on their animals why wouldn’t they want their animals to have a better experience at the vet? This device could set veterinarians office apart from others and increase their business.

Step 3:

I interviewed a puppy mom, a volunteer at an animal shelter, and a vet tech. Animals get very anxious at the vet’s office. The puppy mom said they have to give her older dogs sedatives to bring him to the vet. She thinks anything that can make the experience less traumatic will make it easier on the owner.  My other two interviews both confirmed the struggle they have when administering aid to animals. Whatever device they can use that speeds up the process is an advantage for them.

Step 4:

I have to say I found this second market quite interesting. I think my original market is the way to start my venture. At this point I know more about my original market and am more comfortable working in it. I see more use in the original market.

What’s to say I can’t later market these items to animal health care providers? I believe there is a market for the new use. I would have to investigate more and see how big of a market it really is. I would have to drop the price point or lease the product in this market.  

24A - Venture Concept No. 1 - MedOvation

Business Name: MedOvation

Opportunity:

My idea came about when my mother was being sent for bloodwork by her physicians. She has had more horrible experiences then I can count when getting blood work done. The technicians and nurses can never find her veins. She came home once with thirteen band aides and no blood was taken. I thought there must be a better way to draw blood.

When a doctor orders a blood test, or a hospital administers an IV most patients start to suffer from some form of anxiety. This anxiety can be traced back to a bad experience the patient has had personally or has heard about from someone else. My customer consists of hospitals, labs, and doctors’ offices. All of these locations offer the blood draw or IV service to patients. These places experience firsthand what it is like to miss their target and inflict pain upon a patient. This situation stresses out the nurse or technician and physically and mentally harms the patient. Currently nurses and technicians are using a pressure and touch method. My device would give them a clear accurate view of the veins in the area leading to better outcomes. Everyone is currently using this method because there isn’t an alternative available, until now. I believe this opportunity can be HUGE! My goal is to have this device in every hospital, lab and doctor’s office in Florida then expand it though the United states.

Innovation:

As I stated earlier there isn’t an alternative to the current process until now. My handheld device looks like a green window with a white frame. It live scans the area and you can see clear as day what is underneath the skin. If the patient moves so does the image. Since drawing blood or administering IV’s is a two hand process my device has a stand that can hold up the window like device while you are working. Medical devices tend to be expensive because the technology behind them is cutting edge. Each unit would be priced at two hundred thousand dollars. As time goes on the price will adjust to the market. I see hospitals being the first wave of purchasers. Once the prices come down and the development streamlines, I see more labs and doctor’s offices in the next wave of customers.

Venture Concept:

As I stated earlier there isn’t an alternative to the current process, pressure and touch, until now. I believe my first sale will be difficult. But once I’m able to demonstrate the ability of the device and link it to less stress and less time wasted, I believe the customer will purchase the device. There are currently no competitors in this market. This would be a business to business relationship. I would need to hire biomedical engineers, then manufacture the devices. I would want to keep the company as small as possible personnel wise. No more than thirty people.

What is your most important resource?

I believe my company’s “unfair advantage” will be our technology. It is very innovative. We con monopolize the market because there aren’t any competitors.

What is next for your venture?

I would like to develop new abilities for the device. Maybe it will be able to say, scan a carotid artery and show blockages. Making this procedure less invasive.

What’s next for me?

I will be working on this business long term. As time goes on, I will create more products that will continue to innovate the medical profession. The first device opened the door to a world of new possibility.