Near future
|
Business concept
|
Commercialization of state-of-the-art medical devices for testing human muscle parameters.
|
Same.
|
Same.
|
Same.
|
Technology platform
Production mode
Market (industry, customer, competitors)
|
The technology originates from the University of Tartu where Dr. Vain founded a research group already in early 80s.
No production, but development, testing of prototype (at the University), designing
Customer is defined very wide. No competitors
|
Testing technology in research institutions&clinics to improve diagnosis accuracy, to determine the efficient treatment of injuries and diseases (sport medicine, occupational health). Patents
First design and technological development outsourced from Estonian companies. No regular production.
Wide definition of the customer
|
Technology is upgraded in cooperation with Estonian companies; the final prototype became more user-friendly.
Looking for potential production companies.
Narrowing market focus: occupational health, prevention of diseases
|
The results of research enable adaptation of the technology to the needs of a customer
Expecting problems with finding Estonian companies, that can produce electronic medical devices, that would match requirements of international customers
Occupational health is a starting market for the company, then rehabilitation and sport medicine can be tested
|
Finance
-
Source and
-
Use of capital
|
Tartu University
Estonian Innovation Fund: two grants for product design and development, Σ ~ 450 000 EEK
Research grants from several USSR universities and clinics
|
Estonian Innovation Fund ca. 800 000 EEK during the few year period.
Bank loan
|
Venture capital funds of 300 000 EEK.
Entreprise Estonia grant
|
Enterprise Estonia, ca 1,5 million EEK.
|
People
-
Management,
-
Other employees
|
Dr. Vain did not have a permanent team, worked mostly alone on the product.
|
Founded by solely dr. Vain, then 2 more people employed.
|
Permanent employees: 3 people
Short-term working contracts (2-6 months) for technological development, specialist’s consulting etc.
|
20 employees both full time and contracted.
|
Partners/ Network
-
Purpose
-
Advantages
-
Mode of cooperation
|
Dr. Vain contacts from the academic world to test and develop the product: University of Tartu, Finnish and USSR universities.
Communication with clinics in Finland and Estonia to introduce the product
|
Cooperative research with Finnish universities, clinics.
Contacts with Estonian clinics, Patent Office at the University.
Awareness of the company by publishing articles in the journals.
|
Medicine exhibition in Düsseldorf. Establishment and reinforcement of customer and distribution relationship.
Joint research with Finnish, Lithuania Universities
|
Research institutes
Venture capitalists
|