| Name | Doug Holt |
|---|---|
| Explain your Big Idea in one sentence. | Using VR to enhance patient experience and increase hospital patient retention |
| 1. Pain of the Customer | |
| 1. Who’s your target customer? | 1. Hospital Admin/Physicians practice ownership 2. Physicians 2. Patients |
| 2. What’s the job your customer is trying to perform? | 1. Hospital-Improve patient conversion 2.Physician-communicate complex med info/build trust w/pts 3.Pt-understand/make decisions |
| 3. What’s the pain your customer is experiencing while doing the job? | Hospital – Improve pt experience and retention/conversion |
| 4. How big is the pain the customer is feeling? | 3 Jellyfish Sting |
| 5. How often are customers feeling the pain? | 5 2X Daily + |
| 6. What’s the pain score? | 15 |
| 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? | 5 Absolutely |
| 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? | Loss healthcare revenue, New VR tech, fast cloud rendering, published research data to provide clinical evidence of VR approach |
| 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. | Using VR to allow patients to see for themselves and really understand what is happening within their own bodies meaningfully enhances the patient experience and trust from physicians who can more efficiently/effectively communicate to patients, leading to increased patient conversion and revenue for the medical system/clinic. |
| 3. How distinct is your solution from what already exits? | 4 Very Different |
| 4. What types of innovation are you using to differentiate yourself? |
|
| Other | |
| 5. What are the primary differentiators of your solution? | Fully integrated multiuser VR solution in the clinic designed to easily and quickly be used by physicians with patients. Cloud based rendering with high fidelity graphics and minimal onsite hardware. Unique UV box design to allow rapid turnover/sterilization of hardware/software. Research data supporting effectiveness of product. |
| 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? | Monkeys |
| 2. Name the current market gorilla. | Surgical Theater |
| 2.1 No Market Gorilla | |
| 3. Are you competing head on with a gorilla for the same customer? | Yes |
| 4. Who goes out of business if you win? | New market space, no direct losers |
| 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? | Tech, EMR, health imaging companies. |
| 3. Do you plan to engage in partnerships with them? If so, how? | No |
| 4. Do you currently have access to relevant distribution channels? | Yes |
| 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): | The hospitals and clinics |
| 2. Who (statement of monetizable pain): | who lose patients due to poor patient understanding and experience who forgo treatment or seek care elsewhere thus causing a loss of revenue |
| 3. The (product name) is a (product category): | Origami VR |
| 4. That (statement of key benefit): | to substantially improve their own understanding and experience, leading to increased trust and higher likelihood they will stay with their physician and hospital system for their treatment, leading to increase revenue |
| 5. Unlike (primary competitive alternative): | companies such as surgical theater |
| 6. Our Solution (solution and primary differentiation): | our solution is first fully integrated within the clinic designed for the physician and patient for easy and fast use, with minimal hardware using cloud rendering, unique sterilization for rapid turnover to allow a practical and scalable solution to improve patient experience and retention for increased revenue. |
| 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. | Hospitals and clinics lose patients due to poor patient experience and understanding leading patients to either forgo treatment or seek care elsewhere, suffer a significant loss of revenue. Origami VR can substantially improve patients own medical experience and understanding, causing improved trust and higher likelihood to proceed and stay with their physician and hospital system for their treatment. Compared to companies such as Surgical Theater, Origami VR is first fully integrated solution for the clinic, designed for the physician and patient for easy and fast use. The system requires minimal hardware and maintenance while providing high graphic fidelity with remote cloud rendering and has a unique sterilization process for rapid turnover. Origami VR is a practical and scalable solution to improve the important patient experience leading to go higher conversion rate for increased revenue. |
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