Analysis of Soin des Yeux: Biomedical Innovation and Venture Creation

The 'Soin des Yeux' business venture aims to revolutionize eye care through innovative and patient-centric solutions. The project details the company's mission to provide high-quality, safe, and satisfactory eye treatment, starting with the NL-RIM device and expanding to other surgical products. The business targets the biomedical market with a beachhead strategy, focusing on behavioural segmentation and a direct marketing approach to clinics and hospitals. The project covers value creation, competitive advantages, customer acquisition, business models, sales strategies, financial planning, design and build assumptions, scaling plans, and venture formation, including stakeholder management and capitalization. The venture focuses on innovation, quality, and a patient-centric approach, with a goal to penetrate the North American and European markets and achieve significant growth, emphasizing the importance of honesty, sincerity, and innovation as core values. The venture plans to provide services and products related to eye check-up and surgical processes.

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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