Biomedical Innovative and Venture Creation

Founded in 2010, the business is focused and passionate about bringing a disruptive change to the eye treatment industry. As the business' core values, the patient-centric approach would be followed by honesty, sincerity, and innovation. The idea for the business is to develop highly precise devices for the surgical procedure of the eye that is highly innovative.

BIOMEDICAL INNOVATION &
VENTURE CREATION
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Executive summary
The current business venture named ‘Soin des Yeux’ aims to provide high quality, safe,
innovative and satisfactory solution for the eye patient’s check-up and surgical process. The
focused and passionate approach of the business is to create a disruptive change in the eye
treatment bio-medical industry. The patient centric approach, honesty, sincerity and
innovative approach would follow as the core values of the business. Innovation in the device
designing process that would be highly precise for the surgical process of eye is the starting
idea for the business. the business started from the initial ideas and then started with the NL-
RIM device as the base products for the beach head market. the main idea of the Beachhead
Market strategy is to follow the behavioural segmentation initial to gain some ground in the
bio medical market. the bio-medical market is vast and the eye check-up is the most common
form of activity done by the patients. Therefore there is sufficient demand in the market for
this product which would be further capitalised for other product segment marketing. As the
new level of plan the business would first start marketing from the next quarter after the
initial quarter of business part the other surgical products. After two year of operation in the
USA market the business would have the regional market segment targeting approach for the
further growth process. Therefore the total north America and European market would be
penetrated as those are the largest two market in the world. The ends user of the current
business is the eye patient. The business decision making unit considers this stakeholder of
the business as the end user. The champions in the DMU are medical practitioner and the
hospital or the clinic owner are the ‘primary economic buyer’. This different influence in the
finals purchase decision making process would be manager through the proper customer
buying process assessment. The purchase process in this care starts with the need
identification for these medical equipments. The next process of information search,
competitor evaluation and final decision making is managed through proper customer
management approach. The total addressable market in this beachhead market strategy has
been investigated and that shows a 6.2% CAGR from the current level and is expected to
reach 8.8% globally by the end of 2025. The organisational person is based on the
innovative design, quality and intelligence. The primary customers of the business are the
clinics and the hospitals. The business is currently starting with four product type. Three are
surgical products and those are specialised eye scissor, bipolar forceps, Improvised diamond
knives and one is the eye check-up product called NL-RIM. The differentiation strategy is
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selected in the current business model as the innovation driven approach is fooled with higher
promise of quality. The higher expertise of the R&D personnel and higher skill among the
staffs can be selected as the core value of the business. The competitive position of the
product and the business in the market would be based on the different benefit like less risky
approach of treatment, boosting visual capability, better service deliver by the medical
practitioner. The NL-RIM, specialised eye scissor is one of the higher demanding products in
the market, considering this two NL-RIM, specialised eye scissor has been give higher
important in the short term sales mix. In the short term sales mix the revenue maximisation
approach has been followed whereas in the mid and long term the profit and market share
would be the goal of the sales mix decision making. the regulatory strategy would primarily
focused on the regulatory requirement from the very start of the product development
process. The reimbursement process would also follow the similar approach and
reimbursement assessment report would be provided to help the customers in theirs purchase
decision making process. the direct marketing based sales channel would be followed where
the sales personnel of the business would visit the hospitals or the clinics. The design and
built assumption has been considered from the precision, lifetime, mechanism, durability,
usability perspective of the product and also tested according to provide proper solution to be
followed in real-time. The MVBP plan has been developed considering the every two gap
maintenance requirement. The service would provide by the company and would be chanced
as per the service contract. A proper plan has been developed for the business scaling up
process where the behavioural and regions market targeting with appropriate strategy is the
approach for the scaling up. The stakeholder management, engagement approach is defined
as per the interest and power of the stakeholder. The business financial planning is done
based on the overall economic dynamic of the project.
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Table of Contents
Executive summary....................................................................................................................2
1. Raison D’être.........................................................................................................................7
1.1 Mission.............................................................................................................................7
1.2 Passion..............................................................................................................................7
1.3 Value................................................................................................................................7
1.4 Initial Assets.....................................................................................................................8
1.5 Initial Idea........................................................................................................................9
2. Initial Market........................................................................................................................10
2.1 Beachhead Market..........................................................................................................10
2.2 End User Profile.............................................................................................................10
2.3 TAM...............................................................................................................................10
2.4 Persona...........................................................................................................................11
2.5 10 Customers..................................................................................................................11
3 Value Creation......................................................................................................................12
3.1 Use Case.........................................................................................................................12
3.2 Product Description........................................................................................................12
3.3 Problem..........................................................................................................................13
3.4 Quantified Value Proposition.........................................................................................13
4 Competitive Advantages.......................................................................................................14
4.1 Moats..............................................................................................................................14
4.2 Core................................................................................................................................14
4.3 Competitive positioning.................................................................................................14
5. Customer acquisition............................................................................................................15
5.1 Decision Making Unit:...................................................................................................15
5.2 Customer Buying Process:.............................................................................................15
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5.3 Windows of Opportunity:..............................................................................................16
5.4 Possible Triggers:...........................................................................................................16
5.5 Regulatory Strategy:.......................................................................................................17
5.6 Reimbursement Strategy:...............................................................................................17
6. Business Model:...................................................................................................................18
6.1.............................................................................................................................................18
6.2 Pricing:...............................................................................................................................20
6.3 Short Term LTV:................................................................................................................21
6.4 Short Term COCA:............................................................................................................21
6.5 Medium Term LTV:...........................................................................................................22
6.6 Medium Term COCA:.......................................................................................................22
6.7 Long Term LTV:................................................................................................................22
6.8 Long Term COCA:............................................................................................................22
7 SALES...................................................................................................................................23
7.1 Preferred Sales Channel:................................................................................................23
7.2 Sales Funnel:..................................................................................................................23
7.3 Short Term Mix:.............................................................................................................24
7.4 Medium Term Mix:........................................................................................................24
7.5 Long Term Mix..............................................................................................................25
8. OVERALL ECONOMICS...................................................................................................25
8.1 Estimated R&D Expenses:.................................................................................................25
8.2 Estimated G&A Expenses:.................................................................................................26
8.3 LTV/ COCA Ratio:............................................................................................................26
9 DESIGN & BUILD...............................................................................................................27
9.1 Key Assumptions:..........................................................................................................27
9.2 Assumptions Tests:........................................................................................................28
9.3 MVBP:...........................................................................................................................28
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9.4 Tracking Metrics:...........................................................................................................29
10 SCALING...........................................................................................................................29
10.1 Product Plan for Beachhead Market:...........................................................................29
10.2 Next Market:................................................................................................................30
10.3 Product Plan beyond Beachhead Market:....................................................................30
10.4 Follow-on TAM:..........................................................................................................31
11 VENTURE FORMATION.................................................................................................31
11.1 Stakeholders:................................................................................................................31
11.2 Define Roles & Responsibilities:.................................................................................32
11.3 Assign Roles & Responsibilities:.................................................................................32
11.4 Engagements:...............................................................................................................32
11.5 Corporate Filings:.........................................................................................................33
11.6 Formation Agreements:................................................................................................33
12 CAPITALIZATION............................................................................................................34
12.1 Capital Need:....................................................................................................................34
12.2 Use of Funds....................................................................................................................34
12.3 Offering Type:..................................................................................................................35
12.4 Pre-Money Valuation:......................................................................................................35
12.5 Post-Money Valuation:....................................................................................................37
12.6 Investor Profile:............................................................................................................37
12.7 Investor Persona:..........................................................................................................38
12.8 Ten Investors:...............................................................................................................38
Reference..................................................................................................................................39
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1. Raison D’être
1.1 Mission
The Mission statement of the company Soin des Yeux is to provide the patients suffering
from eye problem the most innovative and best means of curing. It plans to provide the
customers with the least invasive method of surgical correction equipments so that the fear
for correctional surgery especially among patients suffering from eye problems is
considerably reduced. Its goal is to continuously improve on the medical equipment quality to
ensure that the needs of the patients are being fulfilled. The company also considers that
innovation should be the path that the company should be taken by it to fulfil the promise of
ensuring a better service to the patients. It wants to continuously improvise its products to
make sure that there is a continuous improvement done to the products that are made by the
organisation so that better facilities are being provided to the patients with eye problems
(Powers,2012). The company wants to be remembered for its innovative contribution.
1.2 Passion
The passion of the organisation is to serve as an organisation that is going to address the large
number of patients that are suffering from eye problem. The company is passionate about
making a disruptive change in the method in which eye care is provided to the patients in the
market. The company plans to make the eye correction procedure much more safe than it is
now and it wants to ensure that the process and time that is required for the correction of eye
problems become much less complicated than it is today. The company is passionate to invest
heavily on innovation to ensure that there is a possibility of developing a tomorrow in which
eye problems are their method of treatment doesn’t evokes fear in the mind of the patients.
The company views a future in which there is no eye problems of diseases that remains
untreated and the organisation Soin Des Yeux want to be a key contributor in building that
future.
1.3 Value
The core value of the company and the employees who are going to work for the organisation
is honesty sincerity and innovation. Honesty and sincerity is given highest priority within the
organisation. And the key guide for the operation of the company is going to be innovation.
The innovation strategy of the organisation is likely to be guided by the idea and belief of
innovation that is to be implemented with utmost honesty and integrity (Ready & Conger
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2007). The company believes in developing its performance in an exponential rate and this is
only possible if innovation serves as the base for the organisation. The company wants to
include ideas from all the sources that are to be available and utilise them for the betterment
of the future in an innovative manner. It is committed to the concept of equality and diversity
among its employees. The company is welcoming of ideas from different sources.
1.4 Initial Assets
Start up expenses $
Pay roll Expense 2000
payment of technical
expert 2000
Insurance 500
Rent (first six month) 2500
Equipment
expense(related to
purchase of inputs as well
as input machineries) 3000
Other 500
Estimated G&A
expense(including legal) 1200
Total 11700
Start up Investment
$
R&D investment 15000
long term asset purchase 5000
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cash in hand 100000
Total 120000
Total initial Asset/Uses of
fund 131700
The present organization is a start-up venture where the total uses of fund are being divided
between the start-up expense and start-up investment.
Among the different components of the start-up expense are “Pay Roll Expense”, “payment
of technical expert”, “Insurance”, “Rent paid for six month”, “Equipment expense”, “General
& administrative expenses”
On the other hand in case of start-up investment it can be seen that the main investments in
which the business has made are R&D investment, long term asset purchase, and cash in
hand. Among the different investments it can be seen that the maximum portion of start-up
investment has gone to R& D investment which is 13% of the total investment available for
investment.
Thus it can be seen that the total uses of fund or asset needed for launching the business (that
includes both the start-up expenses as well as start-up investment) is $131700
1.5 Initial Idea
The initial product that is planned to be introduced by the company Sois Des Yeux is
development of a range of surgical instrument for the ophthalmological surgeries that is eye
related surgeries. The products that are planned to be developed by the organisation are tools
which can be used in the refractive correction surgeries and also to ensure that there is a
better method in which the surgeries can be executed. The initial idea of the development of
the products is to ensure that there is a better and innovative method in which the surgeries
are conducted. The company wanted the process of determination of the eye problems
especially those related to refractive correction and also to ensure that the corrective surgeries
are done in the most smooth and non invasive fashion. In this regard the company has
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developed a range and testing and surgical instruments that are innovative in their functions
and can correct the eye problems of the patients.
2. Initial Market
2.1 Beachhead Market
A single product that is the Non Laser refractive investigation machine that is the NL-RIM is
going to be selected for the purpose of launching of the product in a smaller market.
California USA is going to be selected as a smaller market where the product is going to be
launched. This product has been selected because it is an eye testing product which helps in
the proper method of testing. This eye testing is the method which is the initial process that is
applicable in case of any kind of eye treatment regardless of it is small treatment or surgery
(Ballantyne, Frow, Varey & Payne 2011). Thus it is going to have high demand in any kind
of eye treating centre. The market that has been selected is California because it is one of the
places that are known for medical treatment. The total area of California is also large.
2.2 End User Profile
The end user of the products that are developed by this organisation involves the people who
are suffering from eye problems. There is an extensive potential in the market for this type of
product because surveys conducted in USA has suggested that almost 54 per cent of the US
population is suffering from eye issue of refractive error. In case all types of eye issues are
taken into consideration it will be even a more huge number. Thus it can be stated that there
is a need in the market for the development of products that are meant for the correction of
eye problems. The people suffering from eye problems are likely to be the consumers of the
product but the customers of these products are going to be the different clinics and hospitals
that are present which has facility for eye testing and eye treatment. There are 900,000
patients each year that underwent eye surgeries in USA.
2.3 TAM
TAM is the term that stands for Total Addressable Market. The total addressable market
calculation can be done by various methods. The bottoms up approach helps in the
calculation of total number of accounts present in the total industry which is divided by the
annual contract value of the particular organisation. The total addressable market for the
company can be considered to be present across the globe. The revenue opportunity that is
present for this particular product is present across the market. The entire global scenario is
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going to be selected in this case for the calculation of the total revenue opportunity. The
market value of Ophthalmological instruments in USA is 8.36 billion US dollar in the year
2017 which is expected to rise to 11.18 billion US Dollar by the year 2022. The products that
are selected to be produced by this company are likely to hit this market (Priem, Li & Carr,
2012). It is expected to generate contract from this market because of its innovative capacity.
2.4 Persona
The organisational personality that is to be applied in case of this organisation is intelligent,
honest and diligent. The product that is to be prepared by this company belongs to the
medical segment and thus it is important for the organisation to select a personality that is
likely to create a sense of trust among the general population. Thus selecting the
organisational persona is of great importance. It is also important to ensure that the
organisational persona is reflected the innovative aspect of the organisation. The innovative
nature of the organisation can be reflected by the quality of intelligence. At the same time the
characteristics that are needed to induce trust among the customers has to be present in the
organisational persona. This can be done by ensuring that the company also reflects the
personality traits like honest and diligent (Don, 2016). The company should also depict
qualities like diligence for completing its organisational persona.
2.5 10 Customers
The customers of this product are the clinics that are going to use these products for curing
their patients. As the company plans to grow from USA the first group of customers of these
products are likely to be the clinics and hospitals that are present in USA. The total number of
registered hospitals that are present in USA is 5564 by the year 2017 and it is growing a
continuous basis as there is a strong medical industry that is present in the country. Apart
from that there are several clinics and diagnostic centres that are providing ophthalmological
treatments. All these organisations are likely to serve as the primary market for the products
of this company. However it is a start up so the start ups and small clinics are likely to be
primary targets. Moreover as this an innovation driven organisation thus the existing
hospitals are also likely to serve as a market for the products of the company.
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3 Value Creation
3.1 Use Case
Purpose: the purpose of the machines is to provide service to the customers that are the
medical clinics who are in turn going to perform the investigation and treatment of the
patients.
Summary: the company is going to provide the products to the customers that are the clinics.
The clinics are going to use this product for testing eye issues of the patients and provide
services to them in terms of treatment. Thus the company is likely to be involved in only
selling the product to the various clients. Apart from that the company can also provide after
sales services which is going to involve making demonstration of the method in which the
product is going to be used and in case there is a problem that is faced by the clients the
company is also going to provide the after sales services. The customers have been
recognised in this use case.
3.2 Product Description
Some of the products that are sold by the organisation are Non Laser Refractive Investigation
Machine NL-RIM, Specialised eye scissors, bipolar forceps, improvised diamond knives etc.
NL-RIM- this is the product that is used for testing of the eye problems without using any
laser rays. NL-RIM stands for non laser refractive investigation machines. This machine
helps in the diagnostic centres for the detection of refractive issues which are faced by the
patients.
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Specialised eye scissor: the eye scissors use different types of structured blades that are used
for the eye operative surgeries. These surgeries are critical hence there is a need for
specialised shapes and structures for performing the surgeries. The company has used at least
17 types and verities of structures that can be used as scissors.
Bipolar forceps: the bipolar forceps that are created is highly energy efficient and can reduce
the energy cost to a significant level for the clients while using them.
Improvised diamond knives: the diamond knives are used for precision cutting in the
ophthalmological surgeries. The key innovation that is likely to be implemented involves the
use of ‘A’ carat diamonds with special edges that can be manipulated for even precision
cutting.
3.3 Problem
There are problems that are associated with each of these products. However there are efforts
that are being made for ensuring that these problems are being addressed to ensure that the
products are of great value to the customers. The key problems that are to be addressed by the
organisation is that the products are innovative and new in the market and the market is
already habituated with a certain type of products. Thus to introduce these products in the
market the specialities of these products has to be properly demonstrated by the company.
Most of the products are not new in the market but they are improvised version of the
existing products.
3.4 Quantified Value Proposition
The key quantified value proposition which makes the organisation unique involves the fact
that each of the products that are made is unique in nature. The majority of the demands in
the medical equipment market are of two types one which makes a new type of testing
possible and other is ensuring that the method in which it exists can be made more accurate
or precise. This company and its products are addressing both the needs (Priem et al. 2012).
However the current line of products that has been mentioned is for ensuring that a greater
precision can be achieved. The point of parity of the products involve the basic functions with
the other existing machines that are used in the market but the point of difference lies in the
fact that it is much more precise in nature. The precision can be considered as the quantifiable
value proposition for majority of the products except for the NL-RIM which is completely a
new technology that can be utilised in this industry.
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4 Competitive Advantages
4.1 Moats
The key competitive advantage strategy that can be adopted by this organisation is
differentiation strategy. The company is operating with the value of creating something new
and unique in the market. Thus the differentiation strategy can be followed by the
organisation for long term competitive advantage in the market. In case the differentiation
strategy is used by the organisation the company has to invest in the research and
development on a continuous basis and also utilise the principles of total quality management
or Kaizen for the purpose of innovation. The company have to continuously starve to
improve its product quality and at the same time it should at all times be innovative new
products to ensure that they remain competitive in the market (Ready & Conger 2007). The
company should also ensure that proper investment is done for innovation of new products.
4.2 Core
The core competitive advantage of this organisation is the skills and efficiencies of the
research team that is present in the company. The ability to innovate at a continuous basis is
only possible in case there is a strong team of people who are heading the innovation. This is
the core advantage that is not likely to be available for the markets. This core competency has
to be enriched by the company and at the same time proper recruitment and training facilities
has to be developed by the organisation to ensure that this core competitive advantage is
maintained by the organisation. The core competitive advantage of a company which is
adopting a differentiation strategy is definitely the innovator who is making it work.
Adequate measures are to be taken by the organisation to ensure that this advantage is being
maintained by the company.
4.3 Competitive positioning
The surgery in eye is critical and compacted considering the delicate visual system in the
human body. In many cases because of the difficulty of surgery or in appropriate equipment
used in the surgical process, the result of the surgery becomes unsuccessful. Under these
circumstances the most important value for deliver by ‘Soin des yeux’ is for the patients and
then for the medical practitioner. ‘Soin des yeux’ would provide least risky chance to have a
successful surgery that would surely boost the visual activity of the patient. Therefore the
patient wellbeing and less stressful decision making for the surgical process is one of the
most improving values that would be used for the competitive positioning of the business in
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the market (Hooley Piercy & Nicoulaud, 2012). . The second approach of competitive
positioning would be done on the basis of benefit deliver to the medical practitioner. ‘Soin
des yeux’ would provide the opportunity to the medical practitioner or hospitals to deliver a
safest and best positive result to their patient. This capability development would be
important competitive positioning in the market.
5. Customer acquisition
5.1 Decision Making Unit:
The current business of is a B2B business. The primary customers are the hospitals, eye clinic
and GP. The equipments are for surgical and also regular eye checkups. The DMU process
helps the new business to find the different decision making influences in the selling process.
in this model the ‘champion’ are the people who influences the main purchasers of the
product to make this valuable purchase but they may or may not be the end user of the
product. The ‘end user’ is the person who uses the product actually and they could also the
same person as ‘champion’ (Coleman, Chernatony & Christodoulides, 2011). On the other
hand the ‘primary economic buyer’ is the people who actually makes the buying decisions
and pays for the product. In case of ‘Soin des yeux’ Product the champions are the doctor or
the opticians. The end users are the patients who come for the eye care and surgery. The
‘primary economic buyer’ is the top management or owner or the local authorities of
hospitals or clinics or GP respectively. Considering this in the buying process the product
awareness and education would be improved among the patients and the medical practitioner
to improve sales positions.
5.2 Customer Buying Process:
The current sales process is B2B selling process. At the initial stage of this buying process
the need the buy the product has to be recognised by the customer. The final decision maker
in this process would not start this process unless they feel the need for that. Considering this
the need can come from the demand from the patients or the competitor’s progress in the
market or recommendation from the medical practitioner that influences the final decision
maker that is like the top manager of the hospital or the owner of a clinic to take action in this
direction (Solomon, Dahl, White, Zaichkowsky & Polegato, 2014). The nest stage in this
process is the searching the information for these product. Better eye surgery and check-up
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equipment manufacturing website or other source of information would be searcher by the
final decisions maker through a comparative method. To influence the customer in this stage
‘Soin des yeux’ have to use the marketing communicational mix effectively to provide
appropriate information to the buyer. The next stage is the alternative evaluation. For the
business buying process the decision are made less emotionally but more on the benefit based
logical decisions. Considering this the buyer would evaluate the option of better equipment in
the market and compare the costing for the organisation. It has been seen that higher
involvement in this process seeks multiple option than lower involved customer. This would
be a significant decision for the customer and involvement is expected to be high. the next
stage is the final decision making stage. The stage can have disruption if the other’s feedback
or cost factor is high for a certain brand. Therefore to better influence the customer in this
stage the expert advice, comparative pricing and future customer support would be
highlighted to have a favourable decision (Solomon et al., 2014). The next stage is the post
purchase behaviour. This sage is important as their recommendation or good word would be
important for the future sales processes. Therefore promised support service and long term
customer relationship would be effectively maintained to have further value from that
customer by offering other products of the business.
5.3 Windows of Opportunity:
This is a short time based decision making process that would provide the best opportunity to
the business to be effective in the long run in the market. The current products of ‘Soin des
yeux’ are innovative and took time and effort to development. After introduction of these
there are change that the competitors would developed their product line also to become
competitive in the market (Johnston & Marshall, 2013). Therefore the business would get one
year time period during which it would have the less competitive situation in the market. This
time musts be utilised effective to become a dominate player in the market so that future
competition in the market can be managed.
5.4 Possible Triggers:
For the B2B business the triggering point are generally different in comparison to the B2C
business models customers. Generally are triggers for such business clients are trust, belongs,
time factor, leadership influence, value and the market completion. In the current situation
there could be three important trigger and those are completion, value and leadership. Like
any other industry the market completion does also exist in the healthcare industry and
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market completion related superior service deliver is one of the trigger to purchase these high
quality innovative products. On the other hand the cost in the healthcare industry is rising and
the patient complication needs better way of serving. This need would be the most important
trigger for the organisations to purchase these innovation driven products that provides less
costly but improved care driven services to the patients. The next trigger would be the
leadership of the organisation (Johnston & Marshall, 2013). The top leadership of the
business would be important in decision making process as the leadership of the organisation
may decide to pursue the best industry standard.
5.5 Regulatory Strategy:
One of the regulatory strategic approaches here would be to focus on the regulatory issues
from the very product development stage itself. The regulatory issue management from the
very development of the product would help the organisation to keep the final products as per
the regulatory requirement. A research activity would be useful for the information
generation in the product issue, technology issue, intellectual property right, quality issues
and so on. Based on this information the product development to final product selling would
be planed to keep complying every regulatory requirement (Boudreaux et al., 2014). On the
other hand the inventions and innovation will be patented to keep the business intellectual
property safe. Legal councillors would be appointed to keep the activity as per the regulatory
guidelines.
5.6 Reimbursement Strategy:
The reimbursement is one of the top concerns in the medical establishment that are
stakeholders, investors and CEO. The cost of healthcare is increasing and the stakeholder of
the medical sector is looking for reimbursement. In this regard the payment, coding and the
coverage of this technological product would be highly important (Edlin, Hall, Wallner &
McCabe, 2014). Considering this the reimbursement assessment also would take the same
strategic approach of regulatory strategy that starts that from the early product development
process. The existing product’s payment, coverage and coding would be assessed first and
that would be passed on to the R&D department of the business. Based on this scope of
opportunity and limitation the products would be developed. Then at the marketing stage of
the product a proper economic value that is lowing the cost of healthcare would be calculated
and along with that the clinical benefits would be quantified. Proper clinical evidence would
also be collected for the value assessment process (Edlin et al., 2014). The collection of the
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LOGISTIC
PARTNERS:
Diamond suppliers
Metal Suppliers: iron
& platinum
Screw and nut bolt
suppliers
Developing
innovative
instruments for eye
examination
To offer the most
innovative and best
means of curing the eye
problems
Delivering
surgical
equipments
used in eye
correction
Continuously
improving the
surgical
machinery
eye
equipments
The 5000 registered
office in USA,
diagnostic centres and
eye clinics
Bringing some disruptive
change in the eye care
process
Strong supplier’s
support
Power of technical
innovation
High demand for
improved
ophthalmological
Instruments
Receiving
feedback &
suggestions
from the
customers for
improving the
service
Direct sales
Venture investors
health economic data would be gathered at the time of product going for the regulatory trial
to avoid cost for the studies post approval. a proper pathway for the reimbursement would be
provided to the final decision maker in the buying process.
6. Business Model:
6.1
SOIN DES YEUX -BUSINESS MODEL CANVAS
KEY PARTNERS: KEY ACTIVITIES: VALUE PROPOSITION CUSTOMER
SAGEMENTS
KEY RESOURCES:
CUATOMER
RELATIONSHIP
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Employee
Pay Roll R& D expenses Payment to logistic partners
Legal fees Promotional expenses
Sales o different types of o
CHANNELS:
COST STRUCTURE: REVENUE STREAMS
Description:
The business model and the operational flow of the business is meting described with the
above Business Model Canvas. The business model Canvas defines the main two supporting
partners who are playing an important part in the business are the Logistic Partners. The main
suppliers of the business are diamond, metal and screw developing partner’s .The other
important partner is the venture capitalists who are the main stake holders of the business and
is making a huge investment in this new start-up that is looking for making some disruptive
innovation in ophthalmology equipment industry.
The key operation of the business is to develop some innovative equipment for eye testing
and vision correction surgery and the business is all set to do this with the strong support of
the suppliers network and strong team of technical experts .The business is assuming that
19

they will quickly able to gather a substantial portion of market share as there is a high
demand for sophisticated equipments that can reduce the complication in the eye correction
snuggeries (Osterwalder & Pigneur, 2010).
Around 5000 registered hospitals of USA along with eye clinics and eye diagnostic centres
are the main potential buyers of these new ophthalmological equipments that are going to be
developed as new innovation and the business is engaged in business-to-business sales
through direct channels.
In order to maintain the customer relations the business collects the feedback given by the
different eye patients who are the main receiver of the service of the equipments being sold to
the different hospitals, clinics and diagnostic centres..The feedbacks are being collected from
the businesses that have purchased the equipments and have used on the patients.
The collected feedback and suggestions are taken very seriously for improving the products
accordingly through R&D in near future.
The business is mainly going to earn revenue by selling the different kinds of innovative eye
equipment products and initially the business is going to 4 types of products that has been
discussed in detailed in the product-mix section
6.2 Pricing:
Sl. No. Product -Mix
Pricing($) Manufacturing
Cost($)
Profit margin
1 Specialised Eye Scissors 150 35 329%
2 Bipolar Forceps 150 45 233%
3 Improvised Diamond
Knives
150 100 50%
4 Non Laser refractive
investigation machine (NL-
RIM )
150 90 67%
Description:
20

The business is initially selling four kinds of products and as listed above and a single pricing
of $150 has been set for all the four products though the per unit manufacturing cost for the
different products are different. Thus it can be seen that the profit, margin that is expected to
be earned in case of “Specialised Eye Scissors” is 329% and the profit margin to be earned
from the sales of “Bipolar Forceps” is 233%
In case of “Improvised Diamond Knives” it can be seen that the manufacturing cost is quiet
high which will give only 50% profit margin.
Finally the sales of Non Laser refractive investigation machine (NL-RIM ) is expected earn
60% profit margin(Nagle & Müller,2017).
The main reason of keeping a single price of $150 for the entire products of the product mix
is to maintain an economic pricing that will help the business to easily penetrate the market
and to acquire a substantial pet of the market share.
Once the business will manage to earn a substantial market share then the business will start
increase the prices of their products for maximizing profitability.
6.3 Short Term LTV:
$
Short term LTV per
customer 300
6.4 Short Term COCA:
Short term COCA
per customers 200
$
Shore term LTV per
customer 300
Short term COCA
per customers 200
Short term
LTV/COCA 1.5
21

6.5 Medium Term LTV:
$
Mid- term LTV per
customer 400
6.6 Medium Term COCA:
Mid-term COCA
per customers 200
$
Mid- term LTV per
customer 400
Mid-term COCA
per customers 200
Long term
LTV/COCA 2
6.7 Long Term LTV:
$
Long term LTV per
customer 600
6.8 Long Term COCA:
Long term COCA
per customers 200
$
Long term LTV per
customer 600
Long term COCA
per customers 200
22

Long term
LTV/COCA 3
Thus it can be seen that when t he business was moving from short term to long term, then
the business has gradually increased the LTV with respect to the corresponding COCA
investment which has helped the business to attain a standard level of LTV/ COCA ratio of 3
in long term and thus the business is expected to survive in the long run (I & Dixit, 2013).
7 SALES
7.1 Preferred Sales Channel:
The selection of sales channel would be important for the physical transaction and the final
transaction. These sales channels would be important for the facilitating, logistics and
transaction process. There are four different channels and those are reverse, dual distribution,
intermediately based selling and direct selling channel. The current business of key surgical
ad check-up instrument would be sold through the direct selling channel (Ingram, LaForge,
Williams & Schwepker Jr, 2015). These are high end equipment and needs time and
knowledge to make the client understand about the value of the product ad how those can
improve their eye care services for their clients. The sales personnel of ‘Soin des yeux’ would
visit the hospitals or the clinics and give products demonstration to convince them about the
product. This channel would be highly important to business develop a better sales growth.
7.2 Sales Funnel:
The sales funnel for the ‘Soin des yeux’ would be expressed through the following stages.
Awareness- different traditional and non traditional media promotion would be used for the
secondary awareness building. But the primary awareness building approach would be the
direct sale agent based products demonstration (Ingram et al., 2015).
Interest- in this stage the customer shows some interest in the product and that must be
capitalised through some important benefit or offers.
23

Evaluation- in this stage different competitor is assessed to find most suitable one to
purchase product from. Better reimbursement showcasing would help the customer to take
effective decision (Ingram et al., 2015).
Decision- in this stage the final decision is made. The scope for negotiation must be fully
utilised in this stage to help the client decide for the purchase of equipment.
Purchase- in this stage final payment is done and product are transferred.proper closing of
deal would be done in this stage and proper support would be provided for the installation
process.
Revaluation- in this stage the total process would be evaluated by the client. Customer
support and long term relationship building would be useful in this stage to further initiative
the sale funnel to sell some other product of the company (Ingram et al., 2015).
7.3 Short Term Mix:
The price of products is as follows
1. Specialised Eye Scissors = $ 150
2. Bipolar Forceps = $ 150
3. Improvised Diamond Knives = $ 150
4. Non Laer refrective investigation machine (NL-RIM ) = $ 150
The cost of manufacturing of products is as follows
1. Specialised Eye Scissors = $ 35
2. Bipolar Forceps = $ 45
3. Improvised Diamond Knives = $ 100
4. Non Laer refrective investigation machine (NL-RIM ) = $ 90
Therefore the product 1 and 2 are providing higher contribution to the business whereas the
product 3 and 4 are providing lower contribution because of higher cost of manufacturing.
On the other hand the product 4 and 1 would have higher sales volume compared to the other
two products in the operation as per the market research. At the initial stages of the business
market share achievement and revenue maximisation would be the main motive (Cron,
DeCarlo & Dalrymple, 2010). Considering this the sale channel would be based on the sale
volume maximisation driven. Therefore product 4 and 1 would be sold in higher proportion
in the short term sales mix.
24

7.4 Medium Term Mix:
In the medium term the main goal would be to balance the profitability and the revenue
volume. From this stage the profitable products would be pushed more in the sales mix.
Considering this product 1 and 2 would be promoted more to generate higher volume of sales
and profitability (Cron, DeCarlo & Dalrymple, 2010).
7.5 Long Term Mix
In the long run the market completion would increase. At that time more or less similar
pricing would be maintained by the business to keep the customer. During this time also
higher market share would be critical to have a good grip on the market. Considering this the
revenue maximisation would again become priority for the business (Cron, DeCarlo &
Dalrymple, 2010). Considering this product 3 would be dropped from the sale mix and the
other three would be pushed for greater revenue generation.
8. OVERALL ECONOMICS
8.1 Estimated R&D Expenses:
R&D investment calculation
$
R&D investment 15000
Annual R& D expense increase
at the rate of 10% 16500
Normal annual Trading loss @
2% 300
Total annual R& D expense 16800
25

The start-up R&D cost being allotted by the business is $15000 but the business has taken the
policy to increase the expenditure at a rate of 10% annually as the business is all set to
develop and improve their manufactured equipments as per the suggestion and feed back of
the customers. Finally the normal annual trading loss is expected to be 2% of the basic annual
R&D cost which is to be added back to the basic R& D expense(DiMasi, Grabowski &
Hansen,2016).
8.2 Estimated G&A Expenses:
Estimated G&A
expense(including
legal) 1200
salary of
administrative
employees 720
office supplies
&utilities 360
depreciation of
office equipments 120
The total general and administrative expenses of $1200 is going to be divided in to “salary of
administrative employees”(covering 60% of the total expense), “office supplies & utilities”
(covering 30% of the total expense), and finally “depreciation of office
equipments”( (covering 10% of the total expense)( Chen, Lu & Sougiannis, 2012).
8.3 LTV/ COCA Ratio:
Cost of customer acquisition (COCA) and lifetime value of an acquired customer
(LTV):
In order to assess the Efficiency in customer acquisition it is essential to judge the
LTV/COCA ratio which can be defined as the new unit economics that entrepreneurs have to
understand to be successful.
26

The cost of customer acquisition (COCA) depends upon the policy that the business will take
time to time for acquiring the customers and this cost will change from one segment of
customer to another. For instance it is obvious that the cost of acquiring the big customers say
hospitals will be greater than the cost of acquiring the small eye clinics or diagnostic centres.
So higher will be the ratio greater will be the efficiency of the business in transforming the
cost being incurred for acquiring the customer in generating earnings from that customer.
However it has to be considered that there is no hard and fast rule that higher cost of
customer acquisition will lead to a higher generation of lifetime value from that
customer(Pearson, 2016).
As per general thumb rule for any business to succeed the LTV/ COCA Ratio will be at least
“3” or more for enhancing the scope of the business of the organization. This indicates that if
the business is capable to generate 3 times life time value of the acquisition cost then it is
expected that the business will be quickly capable is capable to attain the break even and to
fulfil the short term goal of revenue maximization and medium term goal of profit
maximization. Thus with a LTV/ COCA Ratio greater than equal to “3” if the business
fulfilling the goal of short term and medium term then i n the long run the business will be
able to fulfil the goal of establishing itself as a sustainable business.
9 DESIGN & BUILD
9.1 Key Assumptions:
The manufacturing and design of the products would be based on some important principles.
The product innovation and design influences one another. Considering this the designer of
the product must have to closely work with the R&D specialist. One of the important
assumptions in this designing process is the precision part of the design. The equipments are
developed for the eye surgery and check-ups. Therefore the sophistication of the design
would be aided by the precision aspect of the design (Fries, 2016). On the other hand the
durability aspect of the design is assumed to be important. The mechanism used in the device
designing and its longevity would be a critical factor for the lifetime measure of the device.
Considering this the servicing or the replacement plan would be provided to the hospitals or
the clinics to management the lifetime of the product. The next assumption in this regard is
27

the safety concern. Eye is one of the most sensitive parts of the human body and because of
this safety is taken one of the important assumptions for the product building and designing
process. The clause nine of ‘IEC 60601-1’ would be followed in the designing process. ‘IEC
60601’ would also be followed for the for the component and sensor activity that are ‘single
failure safe’. The mode of failure would be properly analysed and a process of contingency
would be developed for the safety issues. The products would be used for the eye surgery and
check-up process and during those times some form of debris may come and contaminate.
Considering the sensitivity of those processes the environment of the debris, lifetime of the
devices, and interaction with other devices related risk would be managed. The validation or
the test for usability determination would be important as an improper decision without
proper consideration based design would fail the test (Fries, 2016). In this part the general
assumptions would be durability of device, human effort of device use, approach of use,
noise and other factors to design the product properly.
9.2 Assumptions Tests:
The assumptions need to be tested before the product is finally market as any complication
and complain coming afterward would seriously hurts the start-up business. The precision
assumption has been tasted again and again to gather data. The data analysis shows higher
level of precision of the product. Then the precision is tested after multiple numbers of uses.
The evidences suggest that there is no loss of precision within the calculated lifetime of the
product. The calculated lifetime of the product and the implication of the mechanism of the
device are then tested during the built and design process. The tests show that the mechanism
is highly reliable and it does not significantly impact the lifetime of the product. The chance
of failure of the produyct is found insignificant still a proper contingency plan has been
developed (Fries, 2016). On the other the lifetime consideration and analysis has showed that
the devices would need serving after every two years and that would be done by ‘Soin des
yeux’. A service agreement would be developed for this. From the safety related test a design
for the protective guard has been developed. For the assumption on debris the tests has
revealed that the risk can be expected from the other devices of eye treatment rather than the
environment. Considering this a guideline has been developed during the use. The usability
testing shows higher level of success for every considered factor.
28

9.3 MVBP:
The assumptions showed that the maintenance of the device would be required for every two
years. The total lifetime of the products is five and a half year. Therefore two maintenance
service would be required for the devices from the sold date. The maintenance service would
be provided by ‘Soin des yeux’ through a service contract agreement. the plan for this would
be provided in details. The timing would be monitored by ‘Soin des yeux’ and contacted to
the client accordingly (Jamshidi, Rahimi, Ait-kadi & Bartolome, 2014). The service would be
charged for these two times but any minor maintenance or complain comes during these
times, the service would be provided by the ‘Soin des yeux’ at free of cost.
9.4 Tracking Metrics:
The quality of building or manufacturing process for the devices needs to be managed
through a criteria matrices development. This matrix would be tracked regularly to keep the
design and built process as per the expected quality ad standard. The OEE or the ‘overall
equipment effectiveness’ would be maintained through the system applied in the plan.
Through this approach the corrective action based continuous improvement would be
followed (Babler, 2010). Another approach of quality improvement is the ‘complaint’
tracking. Here total complaints, due ones and managed ones would be tacked for the
improvement effectiveness. An internal and external audit would be used here for the
noncompliance assessment and its corrective action findings. Automated MDR or ‘medical
device report’ process would be followed for reporting and also tracking the quality aspect of
the products. Here the focus would be on the percentage calculation for MDR. The non-
compliances related matrices would also be maintained for every 2 months (Babler, 2010).
Here the software for the quality management would be used for the non-compliances
matrices tracking in automated way.
10 SCALING
10.1 Product Plan for Beachhead Market:
Beachhead strategy is the initial strong hold developed by the ‘Soin des yeux’ in the market.
in case of current business strategy the product category would be the best option for the
development of this strategy. the current product is designed innovatively to provide better
solution in the eye treatments processes. The eye check-up and surgery is one of the
29

important segments of the bio medical industry. In the current business model the product
called NL-RIM would be used for this strategy. In the eye treatment industry the check-up
process is a regular process and has sufficient demand in that product segment (Mohr,
Sengupta & Slater, 2010). On the other hand other product are specialised for the surgery
process for eye. Considering this the Beachhead strategy would be based on the NL-
RIM market.
10.2 Next Market:
From this eye check-up instrument market the sales personnel would penetrate into the eye
surgical instrument market and into other surgical instrument market in future. The strategy is
sound and can be further expanded into other regional market other than USA market.
10.3 Product Plan beyond Beachhead Market:
The product plans that extend from the Beachhead Market have two distinct line of approach
for two different segmentation processes. Here one is the regional segmentation and another
one is the behavioural segmentation. The regional segment that would be persuaded later
would be the total North American and European market as those are the first and second
largest market in the world for the eye examination and also surgical equipment market
(Mohr, Sengupta & Slater, 2010). This regional major market persuasion would be the next
logical step in this direction. But this approach would be persuaded later; first the behavioural
segmentation targeting approach would be applied in the product planning. Here the
Beachhead Market focused on the eye check-up equipment market which is one behavioural
segment. Another most important behavioural segment is the surgical equipment market.
Considering the product planning process would start marketing the surgical equipment
market from the second quarter of the business operation to build on the success of
Beachhead Market (Mohr, Sengupta & Slater, 2010). Within next two years time period the
surgical instrument market in USA would be developed and them the regional market would
be persuade. The assessment would be done after every year of new market persuasion.
30

[source: grandviewresearch, 2018]
10.4 Follow-on TAM:
The eye check-up equipment market is current at $5.5 bn and with its 6.2% CAGR it is
expected to reach $8.8bn globally (grandviewresearch, 2018). Therefore the Beachhead
Market is highly attractive at not only current strategy but also in the future regional
expansion strategy also.
11 VENTURE FORMATION
11.1 Stakeholders:
The most important stakeholder for the business is the patients, medical practitioner, hospital
or privet clinic owner, government and regulatory agencies, supplier, sales staffs.
The patients- the patients are the important stakeholder with higher power and higher
interest about the equipment as their direct health and well being is related with this.
Therefore this group needs to be consulted, engaged regularly to manage them.
Medical practitioner- the medical practitioner would be another that has higher power and
also higher level of interest as there would be highly concerned about better outcome of their
surgical or evaluative work for the patients. Therefore these key players would also have to
be treated in similar manner like the patients (Jensen, 2010).
31

hospital or privet clinic owner- this group of stakeholder is having higher power as they are
the final decision making body but interest wise they are more concerned about the economic
and benefit wise outcome. Considering this these stakeholder needs would be meet through
reimbursement information deliver, better marketing communication deliver to improve their
interest, consult and also engage them in the process more.
Government and regulatory agencies- this stakeholder would have higher power but
moderate interest. Their main interest is in terms of legal and citizen welfare. Higher power is
because of the regulatory clearance giving process considering this similar strategy would be
followed like the hospital or privet clinic owner.
Supplier- the supplier for these products development would have lower interest and also
lower to moderate level of influences (Jensen, 2010). These stakeholders would be managed
through regular communication only through regular mode of communication.
Sales staffs- staffs would have higher interest as their livelihood depends on it and but lower
power. These stakeholders would be informed regularly and would be sued as the goodwill
ambassador of the business.
11.2 Define Roles & Responsibilities:
Different internal staffs would be as follows with their roles and responsibility
R&D staffs- their role is to develop the innovative products. The main responsibility is to
provide the company a market best product to develop the highest competitive advantage.
Manufacturing staffs- their role and responsibility would be to deliver the best quality
product that would deliver the best customer satisfaction.
Sale staffs- sales staffs would be responsible for generating revenue of the business by
following the role of just being the business representative to the client.
Top leadership of business- top leadership would be responsible to take the important
business decision that would be related to the very survival of the business.
Office staffs- regular documentation needs and other official work would be done by them.
32

11.3 Assign Roles & Responsibilities:
R&D staffs- the assigned role and responsibility for the R&D staffs would be to innovate and
develop low cost solution for the opticians.
Manufacturing staffs- improve efficiency of manufacturing process to manufacture products
at lower cost.
Sale staffs- increase reach and grow sales to become market leader.
Top leadership of business- generate finance to fund the business growth process.
Office staffs- maintain the documentation and comply with every regulatory requirement for
the business.
11.4 Engagements:
The patients, Medical practitioner, hospital or privet clinic owner, Government and
regulatory agencies are having higher power to influence in the business with moderate to
higher interest level. Considering this one of the important engagement policy of these
stakeholders would be regular basis communication and consult at the earliest possible. Most
of the strategy and processes of the business would be designed as per these stakeholder
opinion and requirement (Husted & Allen, 2010). Therefore this early and regular
communication and consultation approach would be highly useful. This communication must
be planned early to make those fruitful. For the patients, Medical practitioner, hospital or
privet clinic owner, the relationship developing approach is useful in this engagement process
and it helps to deliver a long term approach in the engagement process. Another approach in
this regard would be the risk management process. A risk register book would be developed
here to understand the possible impact and likelihood of the risk. Based on that the possible
strategy would be developed and that would be used for the for the engagement process.
These are highly powerful stakeholder of the business. Therefore there would be times when
some compromising approaches may have to be taken. At that time the success criteria and
scope of compromise that would be developed earlier, must be consulted. On the other hand
the supplier and staffs of the business would be another important stakeholder who has lower
level of power and moderate level of influence in the business (Husted & Allen, 2010). The
engagement policy of these stakeholders would be highly focused on the responsible way of
doing business. Considering this a better relationship building, supplier or staffs support
33

through training and development, motivational approach would be followed in the business
operation.
11.5 Corporate Filings:
The business is in the start-up stage and there is no plan to incorporate the business and list
that in any reputed stoke exchange. The corporate filling would be required for the
incorporated business. Therefore at the current level the corporate filling would not be highly
required (Li, 2010).
11.6 Formation Agreements:
The ‘Soin des yeux’ would have to sign different contracts with the supplier, buyer or other
service provider. The formation agreement would be done for the loan, service related
general contract, employment agreements (Audretsch, Aldridge & Sanders, 2011).
12 CAPITALIZATION
12.1 Capital Need:
Startup capital Investment
$
R&D investment 15000
Estimated G&A expense
long term asset purchase 5000
cash in hand 100000
Total 120000
Total initial Asset/Uses of
fund 131700
34

12.2 Use of Funds
The funds are being used start-up investment and start-up expenses and the funds being used
are being financed by the following sources.
Sources of fund
$
own capital 26340
Venture capital 65850
Bank loan 39510
Total 131700
The different kinds of sources that are being used for financing the initial need of fund are as
follows. 50% of the total fund is being financed by a single venture capitalist. Thus the
venture capitalist is making a risky investment i n the business and thus the venture capitalists
is getting 50% controlling power in the business.
From rest of the capital (that is rest 50% ), the seed capital is financing 40% of the total
capital, However the seed capital is being collected from the main owner as well as four other
co-owner of the business. In other words the seed capital is being gathered from 5 owners of
the business.
From rest of the capital (that is rest 50% ),the bank loan is offering rest 60% of the fund to be
invested. Here the, loan is being raised from five different banks as none of the bank where
not ready to offer a large amount of loan term to the business(Feldstein, 2009).
12.3 Offering Type:
The chosen organization is a start-up business and therefore the market is yet to get the status
of corporate which requires that the business has to be listed in stock exchange. Initially the
35

business is all set to start on the basis of debt financing where loan will be taken from bank
and debt will be gathered from venture capitalists. Thus the business is already carrying a
debt burden and therefore in rest of the future if the business decides to raise capital from the
market then the business is only thinking of private equity investment where the equity share
will be offered with in a close circle of inventors who are specially interested in the company
and this process of private equity share offerings will help the business to keep the obligation
with respect to the external investors at a very low level (Kaplan & Stromberg, 2009).
12.4 Pre-Money Valuation:
Start up expenses $
Pay roll Expense 2000
payment of technical expert 2000
Insurance 500
Rent (first six month) 2500
Equipment expense(related
to purchase of inputs as well
as input machineries) 3000
Other 500
Estimated G&A
expense(including legal) 1200
Total 11700
Start up Investment
$
R&D investment 15000
36

long term asset purchase 5000
cash in hand for investment 100000
Total 120000
Total initial Asset/Uses of
fund 131700
The pre money valuation of the company is expressed in terms of the total asset value okr
fund being used by the company $131700
12.5 Post-Money Valuation:
Sl.
No.
Product -Mix Assumed
Number of
units sold
in first
month of
launching
of the
business
cash
earnin
g on
sales,$
Pricing($
)
1 Specialised
Eye Scissors
150
200 30000
2 Bipolar
Forceps
150
300 45000
3 Improvised
Diamond
Knives
150
1500
22500
0
37

4 Non Laser
refractive
investigation
machine (N
L-RIM )
150 1000
15000
0
45000
0
So post-money valuation of the business after one-month of operation is $581700
After addition of expected cash sales earnings of $450,000
12.6 Investor Profile:
In the current business three different investors are considered. First and primary investment
is from the co-founders and their investment contributes to 20% of total investment. They
took bank loan for the long term and that account to 30% of total investment. The rest of 50%
investment would come from the venture capitalist.
12.7 Investor Persona:
The current business is based on the biomedical industry. The transaction process and nature
of the business is of business to business type. Considering this at the current level the
business is aiming to attract venture capitalist who favours the biomedical industry (Mason &
Harrison, 2017). Other than that in future other large firms from the bio medical industry
would be approach to further support through investment. This would be mutually beneficial
approach.
12.8 Ten Investors:
Out of ten investors five would come from the cofounder side, four from four different banks,
and one large part from the venture capital side.
38

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