How Centresource armed this startup for success
Healthcare Market Maker
Turning an idea into a profitable company - let alone a working product - can be a long, challenging road. But there’s one step that can help you pave a faster, straighter road to startup success: prototyping. Why is it important to build a prototype? It can help you validate your opportunity, attract investors and give you a jumpstart on product development. Just take it from Healthcare MarketMaker.
Healthcare MarketMaker (HMM) has a vision: to be the first online platform that matches buyers and sellers of medical equipment and facilities - all in a single marketplace.
Tony Corley, HMM’s founder, needed to develop a business plan for his startup. But to create a plan, he first needed to transform his business idea into a working prototype. What would his application look like? How would users interact with it? How long might it take to build? Most importantly, how would it generate revenue? These were questions that needed answered before Tony would be able to sell his vision to potential investors.
Our engagement with HMM consisted of a standard prototyping exercise. This project followed the same process we apply to many of our startup clients:
A complimentary discovery session to discuss ideas, obstacles and goals.
Rapid-fire whiteboarding detailing who target customers are and how they’d use this product.
In-depth strategy conversations covering everything from user personas and UX design, to feature prioritization and a plan to execute.
Creation of a clickable prototype to understand how a customer might use the site. This process is documented to track necessary changes to the app.
Development of a product roadmap and launch plan, including a framework of the “minimally viable product” and an understanding of the capital needed.
After working with Centresource, HMM walked away with more than answers to their questions. Armed with a prototype, the startup:
Excited and attracted investors.
HMM didn’t need to hand potential investors a boring business plan. Instead, they shared a working, interactive prototype that gave a more tangible idea of how the app might work. As a result, the company easily raised an undisclosed amount of seed capital.
Engaged and acquired customers.
Like any startup, HMM needed to make sure their product would bring value to customers. Rather than asking for feedback on a simple idea, HMM could let users test a prototype. The result? The company signed a letter of intent with Alliant Capital Advisors before their app was fully functional.
Kickstarted product development.
Prototyping allowed HMM to push their product beyond the ideation stages. Now, they have a tangible front-end they can hand-off to developers to build. HMM is also better positioned to adapt and make changes based on technology or shifts in the industry.
Increased the likelihood of success.
With many of their important question answered upfront, HMM has fewer unknowns as they work towards a public launch. Basic questions about the app’s UX, design, pain points, revenue model and development costs all have become more obvious as a result of this prototyping exercise.
In Their Words
The MVC (“minimal viable concept”) process was helpful not only as a technical exercise, but for the strategic insight that was gained. Thinking about the flow of certain user experiences on the platform yielded insight into additional revenue channels. I show the MVC in almost every meeting to potential investors and strategic partners, and people invariably remember the MVC, as it demonstrates progress towards the goal of the MVP.