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Key Partners Questions
Why do you need them and what are the risks? Key partners are important not only because they will help our company to optimize the allocation of resources and activities related to our technological surgical sleeve, but to reduce costs, and provide different types of outsourcing and potential infrastructure.
Why will they partner with you? All of our key partners will establish strategic alliances with Gec.co due to the fact that they see potential market opportunities, and a huge impact that our sleeve will bring to many medical centers throughout Texas.
What are the benefits for an exclusive partnership? Reduce risk in a competitive environment Optimize costs Infrastructure sharing Easier allocation of resources and different activities Production and distribution expertise Exploration of new markets and different opportunities Better sales performance Better organization, increase performance and progress tracking Strength maximization leading to more results
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Blog 5 Questions
What is your revenue model? / How will you price your product? / What is your key financial metrics?
As of the current market situation, there are no competitors out there who produce, manufacture, or sell retractor sleeves. The closest thing to our product is a 100% silicone retractor used in brain surgeries, which is not our target market. They require quote requests to access pricing, and can be found here:
https://www.surgicalinstruments.com/spine-instruments/hand-held-silicone-retractors-black
Our key financial metrics used to gauge our product’s pricing are as follows: net income, capital costs, EBITDA, gross profit, and return ratio.
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Revenue Model/ Product Pricing
$60,000 per person
Per Unit Financials
Revenue: $26
COGS: $10
Overhead: $6
Total Cost: $$16
Profit: $10
Value Pricing: Our retractors are based off value pricing because they are geared more towards true comfort-ability to the physician’s assistants and the surgeons. The value added is the comfort of the grip during surgeries, the light addition, as well as sturdiness of the retractor within the tissue. Finally, the non-reflective metal will help the surgeon to avoid getting hit in the eye through light reflection.
Razor Blade Model: The razor blade model would/could be used for sleeves that are used to slip onto retractors end that is in the incision during surgeries. To prevent from reusing the sleeves and not having clean instruments for the next procedure, we would use the razor blade model to have a constant purchase of the sleeves that fit perfectly on our retractors, and also be beneficial for the sterilization of the instrument.
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Blog 5
Key Assumptions
Target Market:
USA Market Human Medicine- 48 Million Surgeries are performed in a year
USA Market Veterinary Surgery- $7.5 B
In Texas- $500 Million
Package:
Disposable after each surgery
Razor Blade Business Model
Product Development:
5 People to start
1 year to develop for animal procedures
6 years to develop for human procedure
Sales
Start in veterinary industry while it gets FDA approval
1 year after testing and developing product
6 years to get FDA approval
Personnel
$60,000 per person
Per Unit Financials
Revenue: $26
Total Cost: $16
COGS: $10 Overhead: $6 Profit:$10
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Blog 4
Blog 4: Channels & Customer Relationships - Questions (Section 1)
• Through which Channels do your Customer Segments want to be reached?
In person at medical conventions, at hospitals, conferences, medical schools
• How are they being reached now?
In person through medical device sales representatives
• Which Channel is most cost-efficient?
Phone/email but is not very effective in this industry
• How are your Channels integrated with customer routines?
Scheduling and appointments are needed in order for us to meet with the purchase decision makers at hospitals and medical schools, other forms are more scheduled events
• How do you create end user demand?
Push the need and benefits of our product for the end user, once we make the sale to the surgeons (end users), they notify the head of department who then notify the management, the management accept and require specifications, then purchasing department find different offers and of course aim for lowest price for specification, or negotiate specs with surgeon. When one item selected a sample is sent to the surgeons to test and certify it is working properly as stated. The purchase is made.
• How is demand creation different for your different channels?
We would use different channels initially but the sale would ultimately be made in person due to industry norms. Our channels may vary depending on what step of the sales process we are in but the ultimate sale would be in person. The demand creation would be based on the benefits of the surgeon ie the ease of use, reduction in liability, comfort, and additional features that are utilized in surgery
• Evangelism vs. existing need or category?
We will use direct sales by going to the medical centers themselves so people can be able to understand the solution to their problem and what impact will be acquired once they start using the retractor sleeves. We will convince our customers that our product gives what it promises by having proof from MD Anderson and their medical tests and by making small tests to animals.
Blog 4: Channels & Customer Relationships - Questions (Section 2)
• Interview 5 – 10 people in your channel (sales, marketing, etc.)–What kind of final feedback did you receive?
-Some veterinarians do not use retractors
-There are certain retractors they use in a frequent way
-One of the most popular retractors becomes the Army-Navy retractor
-Slippery is one of the biggest problems when using retractors, uncomfortability the second one.
-Veterinarians use more often retractors in dogs than in bigger animals
-One of the things annoys doctors the most becomes too many hands in a procedure
-They would acquire a device if it will bring you value(they are more likely)
-Working with MD Anderson brings credibility
-What are the entry barriers?
Regulations (FDA), hospital budgets, lack of need for change
• Does anything change about your Value Proposition or Customers/Users?
Yes, instead of targeting huge hospitals we will narrow down our target to smaller medical centers such as veterinarians so we can have a more realistic target.
• Does your product or proposition extend or replace existing revenue for the channel?
Replace
• What is the “cost” of your channel, and its efficiency vs. your selling price?
There is not too much difference since at the beginning we(the team) is going to be the one channeling the product
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Blog 3
Customer Profile Map: Hospitals
Gains: Surgeons can perform more surgeries, better reputation from patients, more efficient workflow during procedures, increase in revenue since more surgeries can be performed.
Pains: Opportunity cost of having a patient for a longer time in the OR, amount of time in the OR, liabilities during and after procedures.
Jobs: Provides treatment for patients, in charge of tools/equipment for procedures, uphold good reputation, generate profits, efficiently take care of as much patients as possible.
Value Map:
-Product/Services: Gec.co Retractors suit the needs of majority of hospital retractors.
-Gain Creators : Higher customer satisfaction, Overall ease of staff in operating room, increase in revenues
-Pain Relievers: No-slip grip prevents accidents, lowers likelihood of error, decrease time in operating room
Customer Fit:
We can definitely see a fit between our value proposition and our customer needs.
What we did:
We conducted a survey through survey monkey to collect information about what the problems with retractors are and to figure out if surgeons need a new and more innovative version of the regular retractors.
https://www.surveymonkey.com/r/J2FV6YK
We also conducted a couple of interviews with people that we know and have access to.
What we learned:
The Richardson and the Army Navy retractors are the ones that are most commonly used in human medicine.
In the veterinary surgeries for cats and dogs retractors are hardly ever used. This is because they have a lower budgets for equipment.
The main problems with current retractors are: Tissue damage, the retractor getting in the way, poor grip ergonomics, grips are uncomfortable, and slippage.
Post surgery problems: Necrosis, tissue damage, excessive pain, scaring
The buying process for veterinarians is a lot simpler than for human doctors. Veterinarians can simply buy the tool they need and start using it. The tools are significantly cheaper in comparison to the tools used in human surgeries.
Retractors go through a sanitization process and are then reused.
Most of our customer interviews told us that retractors don’t really cause complications during or after a surgery.
Less than 1% of complications during a surgery come from retractors.
Statements:
Colo-rectal Surgeon: “There are many uncomfortable things I have to deal with whenever I am involved in a surgery. Some of them become high levels of blood, lack of visibility, but most importantly, slippage on the incision and on the grip of my retractor several times. These factors, not only causes me to be in a more stressful situation, but my performance is more likely to be negatively affected”
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Blog 2
Assumptions
-Main problem with retractors is that they slip from the intended position.
-Retractors can cause serious complications on surgeries.
-Complications due to retractors are common.
-We thought that the medical professionals were the decision makers on which equipment they wanted to use and that they controlled there budget.
-Surgeons are going to be the ones actually using the retractors during the surgeries.
-Veterinarians are going to be a huge market.
-Vets use retractors for every surgery.
-Retractors come in peel packs for one time use.
Contacts
-Donna Lynn Dyess MD: Breast/Endocrine Surgeon. University of Southern Alabama
-Steven Kinsey MD: General Surgery. University of Southern Alabama
-Cristina Margarita Checka MD: Surgical Oncology Division of Surgery MD Anderson
-Warren Young: Veterinary Surgeon. Sole Practitioner, Houston
-Christian Bridges: Physician Assistant for Cristina Margarita MD Anderson
Budgets
All of this professionals work in big health care institutions. This means that there budget is managed by the administration department of the hospitals. The administration department submit their budget request and top level decision makers decide if this budget is approved.
Except for Warren Young. He is the decision maker on the way his budget is managed.
How do they find new products for work?
The way they find new products for work is by having sales reps go to them, they offer the surgeons the new product. The problem with this is that the surgeons do not make a decision. They have to go a board that approves the new product and then it has to be approved by the administration side.
What we learned
Problems with retractors are: Slippage, tissue damage, necrosis, poor grip ergonomics, uncomfortable grips.
Solutions to this problems would be: making the grip more comfortable for the user to hold, the part that touches the tissue has to create less damage, change the material so that the retractor cant conduct electricity.
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Gecko Sleeve
Value Proposition
Our groundbreaking medical retractor sleeves help surgeons who want to efficiently and safely perform surgical procedures by decreasing the likelihood of error (by damaging tissue,) shortening the amount of readjustment time, and providing a helping hand during all surgeries unlike mainstream retractors which simply hold open incisions manually; however, using them increases the chance of error under the knife.
Creative Story: Our Product
Our product exists to provide a solution to a problem many surgeons experience. This is when retractors do not maintain the intended position. Our inventor came up with this idea from performing so many surgeries and constantly facing this exact problem. Her solution was a device that retains the position of retractors in a way that allows the surgeon to work comfortably.
Product Description
Surgical retractors create exposure to visualize work areas during operative procedures but require frequent repositioning due to tissue slipping and blocking the surgeon’s field of view. A cover or sleeve that can be put over any style and size retractor that creates a slipless contact between device and tissue resulting in “set-it-and-forget-it” positioning of the retractor. Similar to non-slip oven pad.
Features
- “Tissue Adhesive”
- Replicates gecko foot pad
- Non-slip
- Form Fitting
Status of the IP
We are currently waiting on a response from MD Anderson to know the actual status of the IP.
Meet the Team
Francisco Ruiz- Chief Executive Office
Responsible for communicating with stakeholders and leading the team to fulfill short term and long term goals.
Malaya Pistokache- Chief Public Relations Officer
Responsible of planning publicity strategies and campaigns and dealing with enquiries from the public, the press, and related organizations.
Savannah Field- Chief Marketing Officer
Responsible for planning, developing, implementing and monitoring the overall business marketing strategy.
Carlos Juarez- Chief Operating Officer
Responsible for management and vision necessary to ensure that the company has the proper operational controls, administrative and reporting procedures.
Joshua Mapula- Chief Financial Officer
Responsible for managing the financial actions of a company and planning.
Cristina Margarita Checka- Inventor
Hypothesis and Key Assumptions
Hypothesis: Hospitals and veterinary clinics all over the world will be interested in purchasing our technology to complement already existing retractors to be used in every single type of invasive procedure.
Key Assumptions: We believe that we can add value to three main stakeholders which are the surgeons performing the surgery, the patient, and the hospital itself.
From the surgeon point of view we can add value by spending less time re positioning retractors because the retractors will no longer slip from the tissue, better exposure making technical part of case easier, fewer retractors needed to displace tissue that can now be held in place with single device, if incorporating light source then may allow surgeon to remove headlight (improved back/neck issues).
From the patient point of view potential less tissue damage from decreased need to re position, less need to hold retractor with more force; potentially shorter Operating Room time so less time under anesthesia; improved exposure resulting in improved results.
Hospital point of view improved Operating Room case efficiency, improved surgeon satisfaction because it makes the procedure be easier, improved patient experience, downstream royalties/revenue.
We believe that we can have a razor blade business model for this product were the sleeves will be disposed after every surgery. This would make us have sticky customers, this will increase our revenues and profits significantly with every new customer.
Surgeons will need many different retractors and sleeves per surgery. This gives us the opportunity to sell a great volume of retractor sleeves.
There is a possibility to target veterinarians to use the product for their procedures in animals. We can have a different product line that is specifically used in animals.
A huge market exists to implement this technology and it won’t be competing with already existing retractors. It will just make the retractors more efficient.
Will have the opportunity to add more features like adding a light source.
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