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.

23 A- What Makes You So Special

My ability to connect with people

V- Yes, I believe this is a valuable resource. Many people now a days can’t carry on conversations. You need to connect with people to sell your product

R- I wouldn’t say this is rare but they ability is dwindling.

I - This can be imitated

N- I don’t believe this ability can be substituted.

My background in finance and accounting.

V- Yes, I do believe my background in Finance and accounting is valuable to my business. It allows me to keep financial expenditures in check.

R- This is not a rare ability

I - This can be imitated

N- No I do not think this ability can be substituted. IT is a crucial piece to running a business.

My ability to assemble a top-notch team

V- Yes, this is a valuable ability. I don’t know everything. Its good to surround yourself with people who know more than you about various topics you may not be well versed. Experts in their field.

R- Yes, I think this is rare many people don’t like to acknowledge their short comings and learn from others. Especially if someone wants to add value to their idea.

I – Yes this can be imitated

N- I believe this can be substituted.

Financial Capital- Investors

V- After explaining my idea to different people it sparked enthusiasm. A few people said they would even invest. Grant it you don’t know for sure until they write the check. But I did get offers.

R- Neutral. There are people willing to invest in new ideas. I don’t believe its really that easy to get someone to sign on. This could go either way.

I – Yes, you can get financing from individuals, venture capitalists, financial institutions etc.

N- Yes this can be substituted.   

Open to change

V- Yes, I believe this is a valuable trait. Many people can’t handle criticism or accept a differing opinion. If I’m doing something wrong or someone can think of a way to enhance my product, I’m all ears.

R- Neutral. I think this can be split.

I – No, I don’t believe this can be imitated.

N- No, this can’t be substituted.  

Network- Who I Know

V- Yes, this is a very valuable trait. I know people in the field that could help make this product come to life. It’s not what you know but who you know.

R- Yes, while everyone has the capability to build a great network. Many people don’t take the initiate.

I – Not you cannot imitate this.

N- No this can’t be substituted.

Driven- Focused

V- Yes, I believe this is a valuable trait. Many people give up when things get hard. I stick with them.

R- NO I wouldn’t say this is rare.

I – No this can’t be imitated

N- No there is no substitution.

Being able to properly identify my customer and market.

V- Yes, this is very valuable. Wen you know your target audience you don’t waste time or resources.

R- no this isn’t rare

I – No this can’t be imitated

N- No this can’t be substituted.

Technologically advanced

V- Yes, this is very valuable. This product is a cutting-edge medical device

R- No this isn’t rare

I – Yes this can be imitated

N- No this can’t be substituted

Ease of use (product)

V- Yes, I believe the easier the devise is to use while maintain its effective ness is key.

R- Yes, this is rare. Devices can be complicated, the easier it is to you the more it will be used.

I – No imitation

N- The only substitute would be to learn a more complicated way to use the device.

                                                                                                       

I think my most valuable resource is my network of people. Over this semester I’ve had the opportunity to engage with influential people who know a lot about this business. I’ve met people that can open doors and launch this idea.

21A Reading Reflection #2

Book: Inbound Marketing Attract, Engage, and Delight Customers Online 

Theme?

This book gave great insight on drawing people into your your business via the web. They gave common pit falls, and ways to avoid them. Ways to set up your site to exponentially improve the the traffic and viewer ship. Very valuable information. 

How did the book connect with ENT 3003? 

This book I found quite valuable. As entrepreneurs we need to know how best to access our customers. This gave helpful tips and ideas to think about to harness our outreach. 

Design an exercise.

I would have the class create a website and social media campaign. The. Read the book and see where they’re can improve. Then redo the assignment with what they learned. 

Aha moment. 

I learned not to get stuck on the small stuff. Not to obsess over the little things. Don’t spend unnecessary  money. And the importance of harnessing a really good strategy . 

20 A Growing Social Capital

Expert in the field

I spoke with Greg a biomedical engineer. He has been working for 10 years and has recently relocated to Florida via California. He works for Scrips. We had a quick chat over the phone about my idea. He was intrigued by my prospect. He is familiar with the original prototype, larger scale devise at Hopkins. He advised this would take Many years before it could get to the market. He asked for nothing in return.


Expert in my market.

Through the contacts I’ve made, I was referred to Andy. He is a medical sales rep from Novartis. He has been a nurse for 20 years and a medical sales rep for 5 years. I contacted him via phone and we met at a local Starbucks since he was going to be in my area. We spoke at length about the devise and how I came up with the idea. While he mainly focuses on pharmaceutical sales he thought the idea was great. He said getting into this business on that level is very tough. There are a lot of manufactures with a lot of clout and government backing. He advised I clean up my pitch a little more and contact one of these companies. He didn’t ask for anything in return. I found his insight to be valuable.


Supplier to your industry.

I reached out to a supplier but haven’t heard back


This experience did different from previous assignments because I dealing more on the technical level. While I have the idea I didn’t know exactly how I would execute it. after speaking with Andy and Greg I have a better understanding of what will be required to bring this idea to fruition.

19A- Idea Napkin #2

You?

My name is Danielle Losquadro and I am a business major at UF. I’ve worked in banking and finance for the past 10 years. I have a very social and happy personally which makes it easy for people to gravitate towards me. I enjoy learning from others. I believe this business would take up a big chunk of my life especially in the beginning. Getting a business of the ground takes tremendous work.

What are you offering to customers?

I’m offering innovative technology. I’m offering a had held device that shows healthcare providers where a person’s veins and arteries are located. This handheld device will shine a light that scans the area in which the procedure is being performed. The live scan will show on the device’s screen. This would ultimately act as an x-ray for your veins and arteries. This will ease the blood collection and medicine administration process. Currently providers assess where to stick the needle based on touch. If they can clearly see where the target is, there will be less pain and discomfort for patients.

Who are you offering this to?

I am offering this device to health care providers specifically primary care physicians, labs specializing in hematology, hospitals, and EMS. The commonality in these customers is they are all in the medical field dealing one on one with patients.

Why do they care?

This device will make their jobs more efficient. By more efficient I mean less time wasted with more accurate administration. This will also reduce supply waste. Less stress for the person administering the test/medicine and patient.

What are your core competencies?

What sets me apart is my dedication and knowledge on the subject matter. I have lived through the stress, pain, and nervousness of being stuck multiple times by multiple providers until they were able to complete the task. I never want to go through that again. No one should have to if we can make a device that can improve the process.

I am starting to develop a network of providers who are open to the idea of this device. I know creation and distribution will be my largest obstacle. I believe with the work I’ve put in so far, I’m much closer to seeing this idea come to fruition compared to two months ago.

Feedback

A lot of the feedback I received was encouraging. I added more detail of how the device works per some of the feedback I received. I was also able to elaborate on the efficiencies of using the new product.