Week 8— Business Model
Understanding the business model of our product
Agenda
This week we will continue to do research with our probe to understand what information and interactions will be most useful for our users. We also generated a business model canvas for our product focusing on better understanding what our unknowns and high-risk areas are.
Business Model Canvas
This was the business model canvas our team first generated. The colors of the stickies represent different levels of risk as indicated:
- Blue stickies — no known risk
- Yellow stickies — unknown or low risk
- Red stickies — high risk
We are considering getting most of our funding from:
- Hospitals licensing our service as a 3rd party platform and purchasing data from us.
- Pharmaceutical companies wanting to purchase our data.
Bill Kaigler’s Advice
We spoke with Bill from Tepper School of Business a bit about our problem space and projected solution. This was the advice he gave us.
1 / What is the root cause of why people don’t adhere to their medication?
Understand the root cause of why young adults don’t want to comply with their medication intake schedule. Is a reminder what they really need? Why would a reminder help them? Are we tackling the root cause? We have a lot of research on the side effect part, but very little proving that the adherence problem is really just caused by forgetfulness.
2/ What exactly is your market size?
Better understand the market segment and market size. How large is the group of “young tech-literate adults with mental illness, newly diagnosed”? Is this a large enough market size? Insurance companies should also be part of your customer segment.
3/ Better understand where you can get your funding from.
The relationship between our product and a hospital could be more of a distributive relationship where patient compliance could lead to less profit for the hospital. Whereas, a pharmaceutical company could profit from more patient compliance, making it an integrative relationship.
