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.