Industry / Company / Service

Healthcare / Start-up / Business Canvas

 

 

Need

An inventor had spent a good sum of money to develop a traditional business plan, but was concerned that the plan itself was not sufficient to raise the seven figure sum of money needed to execute the plan. The inventor wanted to know if there was a better way. We suggested the Lean Start-up approach to creating a sustainable business model.

Approach

Within one week we developed a better informed one page business canvas and one page Strategy document for next steps. The business canvas was compiled from 9 short research papers covering traditional business plan topics and became the basis of hypothesis for testing.  The Strategy focused on the largest risks and actions to collect data to test the hypothesis

Results

Within a week we had identified the various hypothesis that make up a complete business plan and identified the most important ones to test first. We then began the next phase of validating the problem customers wanted solved and identifying early adopters.

Short Description

An innovator had experienced problems with evacuations especially from a medical perspective and had what they felt was a novel solution.  Regrettably, the core of the solution had been around for several years and not well adopted.  

The inventor initially went down the path of having a firm create a traditional business plan which suggested she raise seven figures in capital to execute the plan.  The inventor was not comfortable with this and began looking for alternatives. We suggested a lean start-up approach. This approach would take her existing plan, build upon it and create a one page business canvas of hypothesis that could be proven.

As we performed the research it looked more and more like there was a uniqueness to her ideas that might be valuable.  We laid out the business canvas and constructed a strategy to make it cost effective to determine the value of the idea.  

The client proceeded to the next engagement where we are using lean start-up techniques such as interviews, ad words and landing pages to confirm our hypothesis about the early adopters and the specific problem they would like to solve first.  

The effort to create this one page plan, was significantly less than the 80 page plan they had previously created which was going down the traditional path of raising capital for the project.  Our project led to another small project without the need to bring in other investors but to quickly determine the value of the idea. So far there has been no need to raise the seven figures in capital and we are well on the way to finding early adopters for the new services.