Disciplined mHealth Entrepreneurship
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This document discusses entrepreneurship and developing mobile health (mHealth) apps. It emphasizes that the most important thing for a startup is having paying customers, not just a good idea or technology. Entrepreneurs are advised to first understand customer needs through market research and identifying a "beachhead" group to target. Examples are provided of segmenting the market for pregnancy apps and telehealth apps for mothers. The document outlines steps entrepreneurs can take to define their value proposition and minimum viable product based on solving a core customer problem. It promotes focusing first on the customer experience rather than the technology solution.
Disciplined mHealth Entrepreneurship
- 1. Dr John Breslin, Director, TechInnovate, NUI Galway Disciplined mHealth Entrepreneurship: Customer First, Mobile App Second Material from MIT 15.390x adapted under CC BY-NC-SA 4.0 1
- 2. DYK: Entrepreneurship Public domain photo from Wikipedia / Material from MIT 15.390x adapted under CC BY-NC-SA 4.0 2 ● Entrepreneur as a concept was coined by Irishman Richard Cantillon, who first used the term in his 1730 book Essai (officially published in French in 1755) ● He defined entrepreneurs as “non-fixed income earners who pay known costs of production but earn uncertain incomes, due to the speculative nature of pandering to an unknown demand for their product”
- 3. + Skills of a Navy SEAL Spirit of a pirate Successful entrepreneurship = Pirate / Navy SEAL photos from Wikipedia / Material from MIT 15.390x adapted under CC BY-NC-SA 4.0 3
- 4. ● Idea ○ Starting point and comes from you and your team - be a pirate! ● Team ○ This is the hard stuff and takes time and work ○ Some key considerations (passion, values, heterogeneity, size, skills) ● Process ○ The 24 steps - be a Navy SEAL! What do you need to start a successful new venture? Material from MIT 15.390x adapted under CC BY-NC-SA 4.0 4
- 5. Q: What is the singular/necessary condition to have a company? ● Idea / innovation ● Great-looking product ● Deep tech and IP ● Paying customer ● Multidisciplinary team ● Investment / runway ● Business skills Material from MIT 15.390x adapted under CC BY-NC-SA 4.0 5
- 6. A: A paying customer Material from MIT 15.390x adapted under CC BY-NC-SA 4.0 6
- 7. Don’t build the mHealth app first... Material from MIT 15.390x adapted under CC BY-NC-SA 4.0 7 ● “Build it and they won’t come” ● Need to do some market segmentation first around your idea / innovation, size them, and pick the beachhead ● Focus on a customer need, and start with one product, offered to a homogenous customer “persona”, who acquires it in the same way ● Primary market research is key ● Get the free e-book, Talking to Humans ○ http://www.talkingtohumans.com/
- 8. “Disciplined Entrepreneurship” by Bill Aulet (Wiley) Material from MIT 15.390x adapted under CC BY-NC-SA 4.0 8 ● Can read this online via the James Hardiman Library at NUI Galway ● The new “Disciplined Entrepreneurship Workbook” is also now available
- 10. ● Market Segmentation ● Beachhead Market ● End User Profile ● Beachhead TAM Size ● Persona ● Next 10 Customers First: who is your customer? Material from MIT 15.390x adapted under CC BY-NC-SA 4.0 10
- 11. 157M Women in the US 6M Pregnant annually 2M First-time moms In the US, there are 2M women like Michelle But not enough… Need to get to $’s per year TAM sizing example: inTouch Photo from publicdomainpictures.net / Material from MIT 15.390x adapted under CC BY-NC-SA 4.0 11 inTouch Connecting mommies with their babies Share via social media Technology Savvy Want convenience Connect with family and friends Extend her excitement Share monthly pregnancy photos IntuitiveComfortable to wear Update her care network Capture pregnancy experience Use mobile “apps” to track health Indications Low maintenance Real-time feedback Easy to use
- 12. US population = 300 million Sick or dependent is sick Internet user → 6.3 million mothers Mothers (2+ kids) @ 4 consultations per year College educated x $7.99 per consultation Income = $201 million / year 45-120k TAM sizing example: LiveDoc Photo from publicdomainpictures.net / Material from MIT 15.390x adapted under CC BY-NC-SA 4.0 12 LiveDoc Reassurance when you want it
- 13. Second: what can you do for them? ● Define Core ● Quantify Value Proposition ● High Level Specs ● Lifecycle Use Case ● Chart Competitive Position Material from MIT 15.390x adapted under CC BY-NC-SA 4.0 13
- 14. Value proposition for inTouch At the moment, Michelle can use... Heart-rate monitors and heart listening / audio-recording devices Intuition Professional ultrasound Dr Google With inTouch, Michelle may… Relax with her baby Receive feedback All photos from publicdomainpictures.net inTouch Connecting mommies with their babies Facilitating intimacy and providing reassurance inTouch Technology is proven • Data collection – Heart rate, movement • Intellectual property – Algorithm that correlates data to positive response
- 15. Picture removed due to copyright reasons LiveDoc MVP mockup available from https://www.slideshare.net/rcolinkennedy/fundamentals-of-entrepreneu rial-product-marketing LiveDoc MVP Video chat Upload supporting images Text chat We answer this question for $7.99 Material from MIT 15.390x adapted under CC BY-NC-SA 4.0 15
- 16. Two free workshops week after next 1. Who is your customer? 27 June, 5-7 PM 2. What can you do for your customer? 28 June, 5-7 PM ○ The PorterShed ○ Visit the events page at https://portershed.com/ Material from MIT 15.390x adapted under CC BY-NC-SA 4.0 16