| Name | Douglas Holt |
|---|---|
| Explain your Big Idea in one sentence. | VR of medical imaging can significantly improve the patient experience leading to increased patient retention and revenue |
| 1. Pain of the Customer | |
| 1. Who’s your target customer? | Multiple users – patient, physician, and hospital/admin |
| 2. What’s the job your customer is trying to perform? | Hospital and physicians – maximize patient retention and revenue by improving the patient experience. Patients – understanding what is happening to them so they can make important decision and trust their care providers |
| 3. What’s the pain your customer is experiencing while doing the job? | Hospitals and physician groups losing patients and revenue due to poor patient understanding and experience as they seek care elsewhere. |
| 4. How big is the pain the customer is feeling? | 4 Dog Bite |
| 5. How often are customers feeling the pain? | 5 2X Daily + |
| 6. What’s the pain score? | 20 |
| 7. How much market knowledge do you have to understand the pain? | Pro |
| 2. Potential of the Market | |
| 1. How many customers are experiencing the pain? | 3 Thousands |
| 2. Sustainability? Can you provide the solution to customers profitably? | 4 Most Likely |
| 3. What’s the current overall size and growth of the market? | 3 Nonexistent / Big Potential |
| 4. Will your solution greatly affect the size and growth of the market? | 5 Yes |
| 5. What are the key growth drivers for the market? | Awareness of solution of customers and building the integrated technology solution |
| 6. What’s the financial potential of a business that solves the pain? | 16 High Growth |
| 3. Prescription for the Pain | |
| 1. What’s the name of your proposed solution to the pain? | Origami VR |
| 2. Describe your proposed solution to the pain and its key benefits. | Origami VR will allow physicians to show patients their own medical imaging in 3D to be able to understand what is happening to them when in making medical decisions and where to be treated. This will provide improved patient experience and patient retention. For hospitals, this will be a simple solution they can incorporate to reduce patient loss and increase their hospital revenue. |
| 3. How distinct is your solution from what already exits? | 4 Very Different |
| 4. What types of innovation are you using to differentiate yourself? |
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| Other | |
| 5. What are the primary differentiators of your solution? | – Designed to work within the clinic for quick and easy use for high volume with complete package. |
| 6. How much domain expertise do you have to solve the pain? | Varsity |
| 4. Positioning in the Market | |
| 1. What does the competitive landscape (jungle) look like? | Empty Jungle |
| 2. Name the current market gorilla. | |
| 2.1 No Market Gorilla |
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| 3. Are you competing head on with a gorilla for the same customer? | No |
| 4. Who goes out of business if you win? | No one at this moment |
| 5. Based on the proposed solution, what’s your market-entry strategy? | Greenfield Strategy |
| Face Punch | Compete head-to-head with market leaders for existing customers with a solution that is similar to existing offerings (i.e., no innovation). |
| Greenfield | Create a brand new market category where competition is non-existent; create new customers and draw customers in from other markets. |
| Bolt-on | Extend an existing market by adding a product or service onto the market’s current offerings; partner with market leader (i.e., incremental innovation) |
| Geographic | Import proven business models and innovations from one country to another (i.e., geographic innovation). |
| Breakthrough | Develop products that are 10x better than market leaders; competing for same customers with high “switching costs” (i.e., 10x innovation). |
| Disruptive | Target unmet needs of underserved customers at the low end of an existing market; competitors flee up market rather than fight for the low end. |
| 5. Path to the Exit | |
| 1. How large is the universe of potential buyers for the company? | 4 Fifty |
| 2. Who are the top likely potential buyers of the company? | Multiple domains buyers, Epic, Cerner, Google, Facebook, Microsoft, Siemens, Canon, GE |
| 3. Do you plan to engage in partnerships with them? If so, how? | Not at thistle |
| 4. Do you currently have access to relevant distribution channels? | Sort of |
| 5. What’s the overall likelihood of the company becoming acquired? | 4 Very Likely |
| The Big Idea Hypothesis | The output of this worksheet is to create a hypothesis that you can go out and test. Writing down a Big Idea Hypothesis forces you to focus and clarify what you believe before you talk to potential customers or build prototypes (see Nail It Then Scale It, p. 69-73). The best tool we have found for formulating your Big Idea Hypothesis is found in Geoffrey Moore’s book, Crossing the Chasm. Moore calls it the “elevator message,” but we use it for the Big Idea Hypothesis. The steps of the Big Idea Hypothesis are:
EXAMPLE 1 – Using this format, let’s take a look at a potential Big Idea Hypothesis for Surf Air, a subscription-based airline startup headquartered in Santa Monica, CA. “(1) For the frequent, wealthy business traveler (2) who dislikes the airport experience, specifically checking in, going through security, waiting at the terminal, and picking up luggage, yet doesn’t have enough wealth to buy a private jet, (3) Surf Air is an airline that (4) allows the traveler to skip all the hassle of the airport experience and have access to a private jet experience without the cost. (5) Unlike traditional airlines, Surf Air (6) is a subscription-based airline, which employs small, luxury planes that can be used by customers like private jets.” EXAMPLE 2 – As an another example, the following is the Big Idea Hypothesis Paul Ahlstrom created for his software company, Knowlix. “(1) For the Internal IT Help Desk managers of large corporations who (2) have dissatisfied customers and are out of compliance with their Customers’ Service Level Agreements because each front-line support representative is unable to capture and share knowledge so they can answer customers’ technical questions and problems in a timely manner, (3) Knowlix is an IT Knowledge Management Solution that (4) allows the front-line IT Customer Support Reps to capture issues within their existing workflow and provide accurate answers in real-time to their corporate customers. (5) Unlike Inference, Knowlix (6) integrates large amounts of unstructured data into the existing workflow of Remedy, Peregrine, and other leading IT Help Desk systems, thus allowing the frontline support rep to answer the question on the first call.” |
| Your Big Idea Hypothesis | Now that you have a foundational understanding of the Big Idea Hypothesis, let’s create one for your big idea (see Nail It Then Scale It, p. 71). By using the answers you provided on the other side of this Canvas, you can piece together a Big Idea Hypothesis that will help focus your efforts and share a clear message as you talk about your big idea with others. So let’s go retrieve each step of the Big Idea Hypothesis. |
| 1. For (target customer): | For hospitals and physicians |
| 2. Who (statement of monetizable pain): | who lose a percentage of patients and revenue due to poor physician-patient education tools causing inferior patient understanding and experience leading to patient seeking care elsewhere. |
| 3. The (product name) is a (product category): | Origami VR is a patient education tool |
| 4. That (statement of key benefit): | that allows physician to show patients their own abstract 2D medical imaging in an intuitive and easy to understand 3D format. This has been shown to improve patient experience, understanding, trust in their provider and lead to substantially increased patient retention and thus hospital revenue. |
| 5. Unlike (primary competitive alternative): | Unlike current medical VR companies which focus on limited physicians for surgical planning |
| 6. Our Solution (solution and primary differentiation): | our solution is designed to work within the clinic for quick and easy use for non-technical physicians for patients. We have firsthand end user experience and scientific data showing the impact of our technology. |
| With all the steps identified and written down, you can now stitch them together to create one, unified Big Idea Hypothesis. Give it a try below. | For the hospitals and physicians who lose patients and their revenue due to poor patient education and experience leading to patients seeking care elsewhere, Origami VR is an education tool that allows physicians to show and educate patients with their own confusing 2D medical imaging in an intuitive and easy to understand 3D VR format. This has been shown to improve patient understanding, experience, trust in their provider and lead to substantially increased patient retention and thus hospital revenue. Unlike current medical VR companies which focus on physician surgical planning, our solution is designed to work for patients within the clinic for quick and easy use for non-technical physicians. We have firsthand user experience and scientific data showing the impact of our technology leading to winning solutions for the patient, physician and hospital. |
| Generated PDF Link | Download PDF |