Innovation & Entrepreneurship: Medical Decision Network (MDN)

Innovation & Entrepreneurship
Medical Decision Network (MDN)
7/31/2018

Innovation & Entrepreneurship
Table of Contents
Question 1: -...............................................................................................................................2
Introduction of New Venture..................................................................................................2
Funding options for Medical Decision Network....................................................................2
Question 2: -...............................................................................................................................3
Impact of e-commerce towards customer buying behavior...................................................3
Question 3: -...............................................................................................................................5
Impact of ethical practices on online medical business..........................................................5
Question 4: -...............................................................................................................................7
Importance of innovation for an organization........................................................................7
Challenges faced by Marketing Manager in Online Medical Business.................................8
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Innovation & Entrepreneurship
Question 1: -
Introduction of New Venture
The proposed new venture or start-up which we are choosing is the Medical Decision
Network (MDN). Medical Decision Network is our brand name which will serve people
medical services online through an APP. Medical Decision Network is providing Medicines
at the doorstep with free home delivery facility and at discounts. Reminder system facility is
also there for our regular customers and we have collaborated with expert doctors. Our vision
is to be the primary healthcare service provider in the market segment. And our mission
statement is we want to bring health care services within the reach of every individual across
the world.
Funding options for Medical Decision Network
1. Self- funding: - Self- funding is also termed as bootstrapping. Self- funding is the
innovative way of financing a new venture. In this type of funding, the entrepreneur
can invest himself from his savings and can get fund from friends and family
members to contribute. This will be easy to raise funds and moreover, family and
friends are flexible with the interest rates.
2. Crowd Funding: - Crowdfunding is one of the most popular ways of funding a new
venture. Crowdfunding is like taking investment, contribution, loan or pre-order from
more than one investor at the same period of time.
3. Angel Investors: - Those individuals who have the surplus capital or cash and have a
keen interest in upcoming new start-ups. Angle investors work in a team of networks
so that they can research the proposals before investing in any new venture. They can
also offer to counsel about their business along with capital.
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