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.