Difference between revisions of "Team:CSMU Taiwan/Entrepreneurship"

Motivation

Respiratory infection is the most common cause for patients when visiting the emergency department, and even the third cause of death in Taiwan in 2017. Respiratory infections can be caused by a variety of pathogens, such as bacteria, viruses, and other microorganisms. The types are more complicated. In most cases, patients recover relied on their body immune system. However, for infants, the elderly or people with other health problems, other severe syndromes or even deaths may occur. Therefore, applying rapid diagnostic tests is an important measure for reducing the related complications and alleviating epidemic, to treat patients with correct treatment, protection, and isolation. Also, the detection methods nowadays are either time-consuming and require professionals to judge the test results, or fast but rely on high-tech and expensive instruments. Therefore, developing a rapid diagnostic test with higher accuracy, lower price, and easier to operate is necessary and forward-looking.

Disruptive Innovation

What?

Disruptive innovation is a concept that the innovation can create a new market and value network. It might disrupt the existing market, which could cause the current products or companies being replaced. Compared to Disruptive innovation, sustaining innovation is an innovation that happens on an incremental basis. The improvements often based on the customs' requests or technology.

Disruptive innovation is proposed by the American scholar Clayton M. Christensen in 1995, and the theory was written in his book "The Innovation's Dilemma". The theory has been called the most influential business idea.

Why?

For startup entrepreneurs, entering a market is an impossible mission because the current business environment of the market does not allow disruptive innovation. The startup entrepreneurs often don't have the strength to seize the market or take scarce resources away. The current market leaders often have plans to fight against startup companies, while those companies are not profitable enough to confront them. By applying the concept of Disruptive innovation, entrepreneurs can develop in the market more fluently, penetrate the market faster, and have a great impact on it.

Which?

There are two different kinds of Disruptive innovation, one is starting from a lowed foothold and the other is starting from new-market foothold. The one starting from the low-end foothold exists because currents companies often provide better products and services to the most profitable and discerning customers, regardless of the less demanding customers. This opened the door for the disrupters, they can focus on providing products "good enough" for these less demanding customers. As for the other one starting from new-market foothold, the disrupters create a market that did not exist in the past. They find a way to turn "non-consumers" into consumers. For our product, we chose to apply the latter one. Now, we are going to explain how we apply this concept to our product.

How?

The picture above shows the current market and the potential market for rapid influenza diagnostic tests. Because conducting the rapid influenza diagnostic test nowadays is so complicated that it has to be conducted by medical laboratory scientists. Usually, general clinics don't have medical laboratory scientists. The demand for rapid influenza diagnostic tests for general clinics has been neglected for a long time. Patients can't do the rapid diagnostic test in those clinics has caused many inconveniences. Moreover, institutions such as care centers, nursing houses, community health centers, and even clinics in rural areas can't conduct rapid diagnostic tests even though they have doctors. With the facts above, we considered the orange area the market occupied by current companies, the yellow area the potential market that our product targets at first, and the red area our second target.

We can make full use of the advantages of our product to occupy the market in order. We choose not to target at the orange one first because if we do so, current companies would be aware of us and have a chance to fight with us. If we target the potential market that the current companies haven't occupied, it is hard for them to be aware of us. We can take advantage of simple and convenient conducting procedures to sell our product to clinics that have no medical laboratory scientists. When we occupy the market of the yellow area, we would be profitable enough to confront the current companies. Then we can take advantage of the low price of our product to expand the market to hospitals, clinics that have medical laboratory scientists, and the government. After that, we can further apply our products to care centers, nursing houses, community health centers, rural areas and so on.

Target Customer

Early

The first target group is small and medium-sized private hospitals and clinics without Medical Laboratory. Nowadays, Taiwan government stipulates "there must be a medical examiner to operate a rapid influenza diagnostic test." We want to enable the general clinic to use this product.

Midterm

After the promotion in small and medium-sized hospitals, we will promote our product to medical centers, gradually replacing the original products in this market. Further, we will monopolize the entire Taiwan rapid influenza diagnostic test market.

Late

We will apply our products to care centers, nursing houses, community health centers, rural areas and so on. After successfully occupying Taiwan's original market, our team will bring our products to the international market, apply our technique to the rapid diagnostic tests for other diseases and promote them to the world.

Competitor Analysis

Market Analysis

PEST Environmental Analysis

*Source: Ministry of Economic Affairs and Technology

STP Analysis

• S market segmentation:

  Different with others, our products aim at the departments or individuals who need to know the precise influenza subtype. It becomes more convenient when producing vaccines or analyzing epidemiology.

• T target market:

  The government, production technology of vaccine companies and major hospitals

• P product positioning:

  Monitor the flu, a paper package

7P Analysis

Comparing this product with other similar products, we can find that this product INFLUSENSOR can achieve the same sensitivity as QuickVue 90% A and B flu , at cheaper price , and reduce the detection time. It is true that we can achieve a win-win situation in both human and material resources. At the same time, because nucleic acids are more stable than proteins, this product is easier to store and more resistant to harsh environments than antigen-antibody type tests.
Besides, we are keen to know the development of medicine, and will regularly hold medical product seminars, lectures, and medical materials exhibitions. This will not only help the public to understand our products but also contribute to the medical field!
In addition to the medical contribution, we hope to take Corporate Social Responsibility, provide medical information and treatment methods to those regions and countries where medical resources are seriously lacking.
This is one of the important points that our team is different from other manufacturers.

SWOT Analysis

Industry-University Co-Operation

In order to know the actual condition of the market of rapid diagnostic test, we visited Adimmune Corporation's Biotechnological Company to ask question about marketing and commercializing. We demonstrate our business plan and propose our concept. We also discussed about the issue of technology transfer and business cooperation. They were interesting in our technique and our product and they also discussed about what application we could expand. You can see the full article here.

Stakeholder

Porter Five Forces Analysis

Bargaining power of Buyers

Compared with the antibody type rapid diagnostic test, the cost of our product--aptamer type rapid diagnostic test, will be much lower. Besides, in the case of mass production, the cost will reduce; such a low price will be a big boost for our products to enter the market.

Bargaining power of suppliers

After applying for the patent in the future, our team will be able to monopolize the market. If other biotechnology companies want to apply for the patent in the future and plan to manufacture rapid diagnostic tests for other diseases, we could decide the price.

Threat of new entrants

At present, there is no aptamer type rapid diagnostic tests on the market. As long as filing all patents before entering the market officially, we can prevent our product or technique from being stole or even counterfeited. Since it is an emerging product, our competitors will be the current rapid diagnostic tests, not the new products.

Threat of substitute products or services

Not to be replaced by other rapid diagnostic tests, our team has to emphasize the main features of this product, which is to save time, save money, and save animals, the "three saves". We will highlight the advantages of our product in the market.

Intensity of competitive rivalry

As mentioned above, the biggest threat to this product at present is the old type of rapid diagnostic tests that have been on the market for many years. It is a bit difficult to easily invade and occupy the entire current market. Therefore, we combine the theory of destructive innovation and slowly infiltrate the current market.

Coopetition theory

The concept of "coopetition" was first proposed by Yale School of Management, Berry J. Nelebuff, and Harvard Business School, Adam M. Brandonberg, in the mid-1990s. They believe that "Creating value is a process of cooperation, and the value of nature must go through the competition. Cannot fight alone in this process and must rely on each other. Enterprises must work closely with customers, suppliers, employees and other relevant personnel." Simply to say, "competition" means: seeking cooperation in competition and competition in cooperation. Competition and cooperation are inseparable. Coexistence, co-prosperity, and development together through cooperation in competition and cooperation in competition are the highest realms pursued by enterprise competition.

The focus of co-opetition is to make the industrial market bigger. On the basis of making a big market, everyone may get more profit than before, so that the company can get more stable in a less risky, relatively stable and gradual change environment.

The essence of co-opetition is to achieve the complementarity of the company's advantageous elements, enhance the strength of both sides of the competition, and implement it as one of the competitive strategies, thus enabling the two sides to establish and consolidate their market competitive positions.

Impact

Contribution refers to the concrete and effective results created after the establishment of cooperative competition. Contribution is the most fundamental factor in the success of cooperative competition, and it is the reason why successful cooperative competition can exist. The contribution comes mainly from three aspects: one is to reduce repetition and waste; the other is to benefit from each other's core competencies; the third is to create new opportunities.

Intimacy

A successful cooperative and competitive relationship transcends the general trading partners and has a certain degree of intimacy. This kind of intimacy does not exist under the traditional trading model. To establish this intimate relationship, enterprises must: mutual trust, which is the core of establishing cooperative competition; second, share information, which promotes the rapid flow of information and knowledge and reduce information collection and transaction costs; third, establish effective cooperation team.

Vision

The vision is to establish a guiding system for cooperative and competitive enterprises. It describes the goals that cooperative enterprises must achieve together and how to achieve them. It motivates employees' enthusiasm and creativity and becomes the source of vitality for establishing cooperative and competitive enterprises. To be able to function properly, the vision must be able to assess the potential of partners, develop partnerships, and conduct a feasibility analysis.

Timeline

Risk and Problem Assessment

Risk Assessment

• Sources of funds:

  Early start fundraising is not easy, and the experiment cost is quite high, because the product may not reach a certain visibility and sales difficulties.

• Market acceptance:

  There is a variety of well-known large manufacturers of fast screening reagents on the market, and there are many competitors. Even if the technology is novel, it is easy to be replaced.

Risk Management

• Product patent:

  To ensure the research results of this team, this product will be patented to ensure our team's rights this product.

Expected Benefits in the...

Near Term:

• Visit major medical institutions, expanding the product's popularity

• Participate in various related exhibitions and seminars to increase the chances of reaching the target audience

• Write to related papers published in major journals

• Discuss cooperation with other biotech companies and start collecting information on new influenza subtypes

• Improve existing products or use this method to produce fast screening reagents for new influenza subtypes

Future:

In the future, our team is looking forward to integrating INFLUSENSOR into cloud medical records, uploading digital data, and using big data analysis to enable government agencies and research institutions to accurately analyze the epidemiology of influenza. It is like a multi-faceted area for analyzing flu or a relationship between communicators and communicators.
In the future, INFLUSENSOR can combine with artificial intelligence. Combining this simple diagnostic method with AI-assisted diagnosis and treatment, we can apply it to rural medicine, telemedicine, and home medical care. It has made a new step in the medical field.

Reference

1. Aptamers and antibodies
   https://www.moea.gov.tw/MNS/doit/industrytech/IndustryTech.aspx?menu_id=13545&it_id=127
   
2. Medical Device Inspection Registration Review Guidelines
   https://law.moj.gov.tw/LawClass/LawAll.aspx?PCode=L0030055
   
3. SELEX principle
   https://www.basepairbio.com/what-is-an-aptamer/