The coaches work closely with participants to challenge and thoroughly test the ideas for new products, services and business areas, helping them to identify and test their hypothesis and assumptions before designing a business model which then has a greater chance of success – and especially before raising investment.
PhysioWizard, which was founded by chartered physiotherapist Kirsten Lord in Edinburgh, is the world’s first clinically validated and CE-marked online self-assessment platform that treats people with back pain. To win the MediCity programme, the company pitched against six other firms which included academic spin-outs and industry entrepreneurs who also successfully completed the programme.
Kirsten said: “I was thrilled to be recognised by the independent and distinguished judges at the end of the DEVELOP programme against fellow cohort participants who proved to extremely stiff competition. Lower back pain is the biggest cause of ill health in the world and the PhysioWizard collects data from the patient and uses a series of sophisticated software algorithms to triage the patient’s condition to give advice and treatment. I’m very excited about the business being engaged with MediCity Scotland where we can benefit and grow from the extensive support on offer and the close proximity to like-minded organisations. The DEVELOP programme which has been a hugely valuable experience with expert advice, cohort participation and access to a UK wide life science mentoring network, is second to none.”
Toby Reid, Managing Director of BioCity said: “Our DEVELOP programme is highly practical – there is nothing else like it in the life science sector in Scotland. Our goal is to help participants discover a scalable business model that will allow them to build a successful company with substantially less money and in a shorter amount of time than using traditional methods. Everyone who has completed the programme also then has the scope to be considered for further one-to-one coaching, tenancy to the MediCity Scotland incubator, an investment readiness programme and access to our extensive Life Science Mentor Network, which are all an invaluable source of support.
“The DEVELOP programme uses a process of hypothesis testing that will be familiar to any scientist or clinician. Companies on the programme use an approach called customer discovery and customer development to test their ideas. Over the course of the 12-week programme, they get out of their labs and aim to talk to 100 customers, partners, regulators and competitors, testing their ideas about clinical utility, partners, intellectual property, regulatory issues, product features, pricing and distribution channels. Based on the customer and market feedback, they can then design or build a value proposition and solution that customers will actually buy and use. Undertaking this process early on helps entrepreneurs avoid huge future costs and potentially unforeseen dead ends when much further down the road of business development.”
Toby added: “I’m very pleased to welcome PhysioWizard to MediCity Scotland and look forward to continuing our one-to-one support and mentorship as this innovative company takes its next steps. Life science businesses based at the BioCity Nottingham have had a 91% survival rate over the last 12 years, which clearly demonstrates the benefits that clustering similar businesses together in a supportive environment can bring.”
The next DEVELOP programme due to start in September 2016 is looking for its next cohort of academics, entrepreneurs, start-up and scale-up medtech, digital health and wellbeing firms. A DEVELOP Boot Camp will take place from 13-15 June at MediCity Scotland in Newhouse, Lanarkshire. Anyone wishing to be considered should contact Andrew McGee; Business Acceleration Manager at MediCity Scotland; a.mcgee@medicityuk.com or, +44 (0)1698 539 613 for more information or, via the events page on the medicityuk.com web site.
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