Biomedical Innovative and Venture Creation
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Added on 2022-06-21
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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 Innovative and Venture Creation
Added on 2022-06-21
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BIOMEDICAL INNOVATION &
VENTURE CREATION
1
VENTURE CREATION
1
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
2
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
2
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.
3
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.
3
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
4
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
4
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
5
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
5
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
6
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
6
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
7
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
7
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
8
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
8
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