Assignment Sample on BMG743 Innovation and Entrepreneurship
Introduction
The remit of this project is related to the healthcare industry, in particular pertaining to new rehabilitation options being innovated in order to improve the contemporary conditions. It is a real life problem that millions of people are affected by both directly and indirectly. The focus of the case for this project is eXTr Intelligence Healthcare Systems, which is a new company describing itself belonging to the connected health market. Founded by Dr. Dominic Holmes and Dr. Darryl Charles of Ulster University, the company is also disruptive for its distinctive offering of virtual reality (VR) and connected health system of the ‘Magic Glass’. Both founders have put many years of frontier research into the medical condition of stroke, and the high burden that it has placed upon the entire global population. With recognition of achievements that modern technology solutions can offer, eXTr Intelligence Healthcare aims to become the solution across the wider issues that exist all across healthcare in terms of providing with necessary services and support.
Current Innovation Strategy/Technology Commercialization Strategy
The strategy in this case is associated with the business context, and what innovation signifies them. Innovation strategy is contained within an idea, a related area of focus, and the potential to derive positive value and benefits because of a certain level of demand (Kvedar, Coye and Everett, 2014). Meanwhile, commercialization strategy involves extending the innovation in terms of an all-encompassing plan that could organize technology with the necessary transfer of controls and other key factors in the business context, which shall inherently benefit it.
eXTr Intelligence Healthcare has both innovated and also have had success in technologically commercializing connective health. In this fashion, critical aspects came from applying creativity to create solutions for stroke rehabilitation problems. Its strategies are highlighted with a certain degree of focus upon defending the market segment of after-treatment or after-discharge rehabilitation, and it is being done through with the help of the contemporary VR, artificial and other technologies, which render the necessary digital environment (Schneider and Spieth, 2013). Therefore, the type of strategy that it has implemented is active.
The type of innovation itself that this entails points most significantly to both disruptive and service oriented innovation, which seeks to completely redefine how healthcare by ways of actual professional psychotherapist insights would be brought forward. It is pointed out with the characteristic association that it has developed with how technology is perceived and implemented (Kvedar, Coye and Everett, 2014). It is through their help that distinct outcomes are formulated as service that health institutions shall provide, and since they are so different from what the offerings currently are the technology actively tries to uplift all the applicable conditions and circumstances.
Current Business Model
The direct definition of a business model is that it is a company’s entire plan for making a profit, and it identifies the key outlooks that are important in conveying them. Primarily, it identifies all the products and services that a business has to sell, and formulates it with respect to the necessary requirements and provisions are required to indicate a cohesive and structural whole (Santos, Almeida and Perkusich, 2015). This entire point is carefully supported in terms of providing other details regarding its target market, its expenses and the decided options, which shall result in the delivery of outcomes. Based upon such features, it is possible to ascertain and bring into prominence all the important conditions, which would clear for the business to operate with proper management and leadership concerns appropriately addressed. The important details bring forward also the fact that the entire perspective and envisioning of the conditions that affected the organization were indicatively established by and large, which would give the opportunity for recruiting other people, basic motivating for necessarily all work, and the attracting option for investment. There are obviously certain components that are present in every business model as they contribute in highlighting the important factors and conditions through which the entire definition would be satisfied. In this vein, a value proposition, brand positioning, set goals, distribution channels, customer segments, and a formula for profit (Santos, Almeida and Perkusich, 2015). They effective serve different purpose in describing the entire business in a way that would be beneficial on the whole.
The business model as it should apply to eXTr Intelligence Healthcare has been presented with the help of Osterwalder’s Business Model Canvas:
| KEY PARTNERS
· Public or Private Hospitals who shall serve as primary clients · Healthcare Trusts who shall act in the capacity of legitimizing partners · Physiotherapists who shall give necessary provisions to individual customers
· Technology partners who shall support & assist technology aspects |
KEY ACTIVITIES
· Developing physiotherapy games and other software essentials for Magic Glass. · Checking and scheduling all virtual appointment & other responsibilities that must be coordinated · Manage the workers across the healthcare chain of operations and other concerns · Marketing · Review and widespread management of all activities · Research and development |
VALUE PROPOSITION
· A gift for all stroke patients and survivors · Highly effective in constituting a complete alternative to sup-optimal solutions · Completely immersive and facilitating conditions through which physiotherapy interventions could be extended · Reflects a possible option in which the associated problems of stroke survivors would be resolved |
CUSTOMER RELATIONSHIP
· Mediated largely by advanced digital solutions · Established in terms of the most essential normative ethics that have been established in the field of healthcare · Platform focus shall be to ensure that appropriate values are distributed in the best possible conditions |
CUSTOMER SEGMENTS
· Based upon the critical medical determination of different types of stroke survivors · Determined through the age and the possibility of self-movement after hospital treatment · Income, family members and community support available |
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| KEY RESOURCES
· Primarily technology hardware and the support required for ongoing services · Necessary fleet of psychotherapists and assistants |
CHANNELS
· Primarily digital · Through the Magic Glass |
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| COST STRUCTURE
· Establishing the necessary technological acquisitions · Technological development costs and expenditures · Marketing · Necessary contractual investments into hospital and institutional partners |
REVENUE STREAM(S)
· Associated with contractually obligated payments by hospitals and institutions · Possible subscription based options to be implemented later |
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From all aspects, the business model of eXTr Intelligence Healthcare has been well-established from the point of view of largely a technological organization in the contemporary landscape. In this vein, they have ascertained important factors and circumstances, which have applied directly for the sake of obtaining and presenting necessary outcomes (Geissdoerfer, Vladimirova and Evans, 2018). In these terms, the ways of responsibilities shall be associated and represented through the major outcomes, which seemed to be directly associated with technological development and integration, management of all aspects related to provisions of services provided through the Magic Glass, and the arrangement of the content that shall be dominated by games for the platform (Schneider and Spieth, 2013). In this vein, the strategic focus upon the company seems to be highlighted with all the necessities of the platform itself. In this fashion, a great deal of the conditions that are necessary with respect to the core functions shall not be effectively realized or implemented. In this fashion, they are necessary to the degree whereupon the possible partnerships created and the messages conveyed could seem to be at risk in many cases (Geissdoerfer, Vladimirova and Evans, 2018). It all ultimately depends upon the quality of the care provided in light of these conditions and circumstances.
Business Model Innovation
In contrast to the business innovation, when innovation is applied to business model involves seeking out creative ways for enhancing competitive advantage and value creation by directing ideas in which a business model could effectively provide with distinct advantages. It is achieved through the help of making mutually supportive and simultaneous changes across different levels (Omboni, 2019). They tend to apply into different circumstances and conditions by ways of which the entire operational level considerations would be drastically transformed. With this definition, it is evident that business model innovation could take place in two levels. The first is that of value proposition through which changes to the choice of target segment, offerings and revenue structure would be affected (Schneider and Spieth, 2013). At the operational level, profit structures, competitive advantage and value creation are all critically attributed.
There is significant level of variations in terms of the indicative factors and trends, which would have affected the distinct considerations based upon which important outcomes or results are determined. There are basically four approaches to the innovation of this particular type, and these are determined through the important forces of impetus against focus of what the possible influencing factors would be (Caulfield and Donnelly, 2013). The re-inventor approach is associated with the notion of resolving a fundamental problem within the industry and the wider model applied. The adapter approach was applied for those in which the requirements underline moving to an adjacent market or industry (Omboni, 2019). The maverick approach is associated with the notion of scaling up potentially core business aspects and processes, and the adventurer expands a business’ footprint by exploring adjacent conditions and factors.
Based upon these reflections, there is certainly a possible debate between two approaches namely that of a re-inventor and a maverick. It distinctly presupposes and applies different conditions through the help of which appropriate outcomes must satisfy in what the case of eXTr Intelligence Healthcare. The implementation of this type of technology solution has existed both in terms of the healthcare and technological characteristics (Caulfield and Donnelly, 2013), but quite distinctly and in a separate state of options. On the basis of this, the re-inventor approach is more attributable to this case by and large.
Market Analysis
eXTr Intelligence Healthcare lands in a business landscape that is bridging the gap between certain sections of healthcare and modern technology. Both these industries are quite significantly associated with one another, but the focus relies more prominently upon healthcare. The reason for this is highlighted to the ends into which the purpose of the company is concerned. The specific and high level of segmentation derives from this outlook the distinct considerations through which certain outcomes are delivered in terms of ‘connected health’ (Caulfield and Donnelly, 2013). In the year 2020, the total size of the market valued at a total of $14.33 billion USD across the board. It is expected to reach to a point of being valued at a total of $85.428 billion USD by the year 2028 through which proper considerations could be highlighted and indicated. These aspects are derived with the recognition of the fact that this market has a very high performing growth at a compound annual growth rate of 25.08% until 2028 (Massa and Tucci, 2013). The distinct conditions associated with connected health seems to provide with the most important reflections, which could be formulated and conveyed.
The entire market has been created and contributed with the Digital Revolution, which has happened over the past few decades. Healthcare is a sector that is essential for human existence, and their critical importance drives all the important distinctions, which could be formulated and implemented across the board (Massa and Tucci, 2013). Based upon these conditions, it would be necessary to focus upon that there have been major economic interventions by governments as well as the investor class to make this market grow, and give the opportunities to the innovating businesses for entering the market. The entire landscape that shall affect eXTr Intelligence Healthcare are highlighted by the biggest technology businesses across the world like Samsung, Xiaomi, Apple etc. as they have immense market share across so many technology segments and other ways of perceiving the entire market (Omboni, 2019). Meanwhile, there are certainly companies that have specific focus upon what the healthcare sector could bring in terms of different opportunities like in the case with Firbit, Athenahealth etc. By all indications, this company shall fall into the latter category in terms of competing most directly.
The most attractive point that could be considered to be applicable eXTr Intelligence Healthcare is its recent nature in terms of establishment. These are highlighted with the distinct factors and conditions based upon which there is the high levels of CAGR as its most obvious conditions. Moreover, it is also a key and notable fact that the immersive conditions, VR and AI that this company is highlighting is predicted to be the next notable wave in connected health, which has arguably begun (Schneider and Spieth, 2013). Based upon these, the company can expect effectively high level of growth for some years to come. Moreover, there are other technology avenues available through which further innovation could greatly help in delineating and establishing strong market capital and competitive advantage over time (Massa and Tucci, 2013). These are all relatively associated with delivering with what the preference and the challenges that consumers/patients have experienced hardships with healthcare.
Recommendations
Based upon all the above conditions and determination, it is possible to underline the following recommendations, which would be changed for eXTr Intelligence Healthcare pertaining to its business model or other aspects through which the overall business factors shall be enhanced and improved.
Expanding the Digital Channels
This is an important part that is present within the business model that seemingly indicated a singular pathway by which the company would reach through to the end consumers. It would effectively help in affecting ascertaining and establishing the key outcomes, as they would be manifested and contributed across the board (Loiselle and Ahmed, 2017). These aspects shall constitute important reflections based upon which the expansion of possibilities in getting through shall be concerned with not just consumers but all other stakeholders who shall be involved. Moreover, a singular option by which digital channels are extended shall see a great deal of overlap with the elderly, which would require multiple channels given the expectant characteristics with the entire affair (Omboni, 2019). Based upon these conditions, the market opportunities of constantly expanding circumstances have also been enhanced and improved all across the board.
Pursuit of Alternative Technologies
eXTr Intelligence Healthcare is pretty straightforward regarding the technology bases, which depends upon certain aspects and conditions. Such aspects are consequentially related to the partnership and the core activities that are characterized (Loiselle and Ahmed, 2017). It is an important feature, which is described in term of being necessary regarding the comparative possibilities in which probable outcomes would be achieved. In reflection to these concerns, it is both an opportunity and a binding concern applicable to the distinct considerations and factors (Omboni, 2019). Based upon the possibilities that exist across the technological landscape, these could be expressed all across the board.
Exploring what possible physiotherapy solutions could be realized
In terms of these conditions, the entire outlooks are highlighted and considered that this format has opportunities reacting what other aspects of future growth pertaining to solutions could be provided. These affect eXTr Intelligence Healthcare into considering the possibilities over a very long terms conditions at large (Loiselle and Ahmed, 2017). They are the pure opportunities, and the business model would effectively diversify and diffuse over time.
Reference List
Caulfield, B.M. and Donnelly, S.C., 2013. What is connected health and why will it change your practice?. QJM: An International Journal of Medicine, 106(8), pp.703-707.
Geissdoerfer, M., Vladimirova, D. and Evans, S., 2018. Sustainable business model innovation: A review. Journal of cleaner production, 198, pp.401-416.
Kvedar, J., Coye, M.J. and Everett, W., 2014. Connected health: a review of technologies and strategies to improve patient care with telemedicine and telehealth. Health affairs, 33(2), pp.194-199.
Loiselle, C.G. and Ahmed, S., 2017. Is connected health contributing to a healthier population?. Journal of medical Internet research, 19(11), p.e386.
Massa, L. and Tucci, C.L., 2013. Business model innovation. The Oxford handbook of innovation management, 20(18), pp.420-441.
Omboni, S., 2019. Connected health in hypertension management. Frontiers in cardiovascular medicine, 6, p.76.
Santos, D.F., Almeida, H.O. and Perkusich, A., 2015. A personal connected health system for the Internet of Things based on the Constrained Application Protocol. Computers & Electrical Engineering, 44, pp.122-136.
