When considering where to use this wearable technology, we came up with 4 equally exciting options:
1.Mental Health – The Davis patent was originally developed to help autistic children and their physiatrists better understand and monitor the child’s emotional instability. When considering this I talked with my friend who was a startup in the tech healthcare field. He told me that he did not like working in that field and urged me to pursue the consumer market. We decided against this for this reason and also because we do not have experience with this industry.
3. Private Industry Mental Rehabilitation – There has been a significant increase in the general population's demand for user focused mental habitation and assistance. Teenage males and females are attempting suicides more and more often. The American Foundation for Suicide Prevention estimates that one million people attempt annually. This tragic circumstance is leading to the rise of billion-dollar companies like Telecare. The CEO of Telecare, Anna Baker, came to Berkeley last week and Emily and I had the pleasure of listening to her speech and then talking with her after the event. The conversation lasted around 10 minutes and I got to ask her about her thoughts on our device. She was very interested and definitely could appreciate the value this device adds. She also noted how other people have been talking to her about similar concepts.
4. General Population Emotional Wellbeing – We also considered making this device available to the consumer at large. We then had to decide if we could carve out our own wearable market share, or sell this patent to companies like Fitbit or Apple who already have significant market share and demand for new features.
As a team, we are still trying to decide on which exact market we want to enter. The research we have done could have pulled us further away from making a decision because we like and see opportunity in both the media feedback and healthcare markets. We will continue researching /interviewing and will make a decision within the next week.
We did research and created a mock Profit and Loss statement. We found that it would be very hard to estimate the costs of production, packaging, research without more specific information from the inventor because the wearable differs so greatly. We still generated an excel file, but we designed it with the intention of replacing the info with more accurate info at a later time.
We are a little behind, but it is because of exciting problems. We would love to hear what feedback you have about which industry we should pursue!
Hi! As you, my team also considered the option of going to the health industry. We declined this option because of all the issues related to create a company in the industry, and our lack of expertise in it. We are probably going to try in the entertainment industry, since that is what we could extrapolate from our potential market interviews and surveys, but we're not completely sure, yet. As a suggestion, I think you should talk with potential customers in each of your different focus and see in which one you think your patent has more potential. Deciding a market is challenging, specially when you have many options that seem great.
ReplyDeleteGood luck!
Nic problem to have -- too many opportunities. As we mentioned during our 1-1 last thurs, perhaps the numbers can set you free. If you don't come to a final conclusion, then just pick one. The final objective for the class if for you to complete the process and present a credible plan to a panel of investors. If you pick one that you're excited about, then it will show well.
ReplyDeleteWe can set up time this week or discuss in class on Thurs. - RR
Hi, I think that you should lead toward the Media and Content Feedback industry.
ReplyDeleteSince you have the example of the Nielsen company as a basis for your company (since their description fits your value proposition) you should go through with the idea. After all, Professor Lavian claims the best ideas come out of copying other's work and improving their ideas. I do not think it is a problem that you have not gotten in contact with a representative from the company before getting started on your customer research. Your next steps should be conducting customer interviews and sending out survey to see who is interested in your product and which specific customers to target.
I personally really like the Media and Content Feedback idea since collecting and analyzing emotional and behavioral data is not only helpful to make better reports and predictions of markets, but is also promising in many fields such as HCI, AI etc. However, it might be hard at first to break into this market. So Mental Rehabilitation might be a better choice considering your current progress, the difficult levels and the market potential.
ReplyDeleteIt seems like the media and content option would be the best, given its wide variety of applications and low barriers to entry (compared to the health industry)/ My concern is that breaking into health/mental rehabilitation comes with difficulties since there are so many well established companies in the space.
ReplyDeleteI really love how you identified the potential markets, researched on the relevant customers within the market and evaluated them based on their potential. Maybe you could consider which market you would most easily connect with and would be able to cater best to. All the best!
ReplyDeleteI like that you approached experienced people in each field rather than just consumers - I feel like the latter may add in so many new opinions as to confuse you further. Ideas 3 and 4 seem best to me, but it might be a little more difficult to encourage teenagers to buy this as a mental health aid rather than just the general population. The general population route also leaves you with a lot more freedom to continue developing and updating the uses after it's already on the market (like how an app adds new, appealing features on top of its primary function). I'm interested to see what direction you choose!
ReplyDeleteI really like a lot of these ideas! I'm leaning towards what a lot of the other comments said, and think the Media and Content feedback idea has a lot of potential, just because that could be a very scalable model with all its potential applications. Good luck picking a path! I'm really looking forward to seeing the decisions you all make in the weeks moving forward!
ReplyDeleteThe mental health and rehab market seems like it would be pretty difficult to enter as a single startup. You will need to reach out to established, credible physicians in order to give you credibility with the consumer so that they will spend their money on your new product over one with clinically proven results.
ReplyDeleteConsidering this, I think that the personal mental well being market would be the best to enter. Lots of people I know are really into mindfulness and biofeedback technologies.
Hello there, I really like the fact that you are weighing your options before settling with the final decision. That being said, I believe you can definitely target both media and content feedback industry as well as the healthcare sector. Although I think this would require different strategies in marketing, pricing and incorporating different features. Perhaps, you can start with one and launch the other idea later on. Make sure you connect with manufacturers, retailers and other third parties to gain industry-specific information. I'm looking forward to reading your future posts! Keep up the good work!
ReplyDeleteHi! I really like the progress that you guys have been making over the past weeks. It seems like you have done your homework. I am learning a lot from the steps you guys have taken. I really love how you identified the potential markets, researched on the relevant customers within the market and evaluated them based on their potential.
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ReplyDeleteHello,
ReplyDeleteThere is an enormous opportunity for the healthcare market. According to the CIA World Factbook, the population of the US reveals a demographic distribution with a majority of older people (50 years old or more). For example, there are more people that are over 65 years old (15.25%) than men and women of 15-24 years old (13.46%). The age structure of the US population will affect its key socioeconomic issues and companies would want to invest money in sectors with the largest number of people, taking into account their age. Also, will be nice to get details about the technology of the patent behind the emotional instability of patients.
Personally, I think the best option is trying to sell the product to an affirmed company like Apple. However, I really like the media and content feedback market. Information is extremely valuable, and I think you guys should try to go after this market because it could be very profitable.
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