The Filter of an Entrepreneur.

Talking to the Ambulance Paramedics

The team of Medtech Innovators based out of the Indian Spinal Injury Centre are observing one of the most renowned centres for treatment of spine related ailments. Having arrived at their final needs, using the need identification and research methods discussed in previous blogs, this excerpt covers their experience and decision making process to narrow down to that ‘one and only need to solve for’.

After having verified 25 odd need statements based on their impact on the patient as well as the healthcare provider; they set out to figure out if the needs have a good market and business potential. Through personal interactions with stakeholders they tried to evaluate the stakeholder's eagerness to to have a solution for the needs. Their conversations and findings from different trauma centres in the city of New Delhi helped them select the right need statement.

Talking to the Nursing Staff

Dr. Jha
These needs sound good. They have been validated as well but remember, we need to think like a
businessman also to make a sustainable solution. Say, how many units can we sell?

Nikita
Wouldn’t we only be able to know that nearing the final stage? After the prototype has been made and
the material has been finalized.

Dr. Jha
No, this is a common mistake we make. Before getting into dedicated product development for a need you must know that it is a lucrative space. Your solutions will not reach all its potential users if your business doesn't survive. The business must be sustainable for you to continue making the solutions people value. We need to dig up market facts and not get emotionally attached; you’re in it to earn it.

Aditya
How will we do that? Is there a process or a know way to do it?

Dr. Jha
You will have to classify them. To put it simply, you’ll have to answer three questions;

1. How many people exist with this problem?
This is a value that talks about the total number of patients out there facing this problem and helps quickly draw attention to your cause and may be used in your promotional material.

2. How many of these users can you reach out to?
This refers to the people you may reach out to after expansion, say in 4-5 years.

3. How many units can you sell?
This is the real stuff. With the given ecosystem and workforce, how many can you sell in 2-3 years.
The toughest part is figuring out the last one as it requires you to balance between aspiration and
rational thinking. This activity should help you bring the number down to your Top Needs.


....... from the notebook of the CSI team (Aditya Shukla, Dr. Amar Singh & Nikita Arora)