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UTDallas Business Idea Competition 2012
- 2. Problem With Current Crutches • Inconvenience o Always have to hold crutch o No easy way to store
- 3. Solution • An attachment for the crutch o Enables current crutches to self-stand
- 4. How Does it Work? • Innovative Design o Light weight o Removable attachment o Weight triggered o Sprouts
- 6. Competition/Alternatives Knee Walker - $200 Hand’s Free Crutch - $350 Crutch Harness - $20
- 7. Market Analysis: SWOT •Competitors can create a similar solution to the problem •10 million crutches sold/year1 •Expand to other walking aids such as canes • Requires a crutch• Cost effective • Unique solution • Intuitive Strength Weakness ThreatsOpportunities Source: 1 - http://www.twincities.com/business/ci_21761042/building-better-crutch
- 8. Looking at the current market Source: “Mobility Device Use in U.S.” (H. Stephen Kaye, 2000) 78%
- 9. Marketing Analysis: Marketing Mix Product • Easy to use / Convenient • Attachment to existing crutches Price • Cost of goods sold: $10 • Suggested retail price: $15 Promotion • Website (testimonials, YouTube demo) • Brochures • Health magazines advertisements Place • Clinics, Hospitals, Pharmacies • Medical stores/rentals
- 10. Management Team
- 11. Start-up Costs Protype, $10,000 .00 Testing, $2,000.0 0 FDA Approval, $62,0 00.00 Patent, $10,000.0 0 Attorney, $7,000. 00 Trademark, $4,0 00.00
- 12. Financial Projection 0 20,000 40,000 60,000 80,000 100,000 120,000 140,000 1st Year 2nd Year 3rd Year 4th Year 5th Year 6th Year Units 100 300 1000 1500 3000 15000 Costs $500 $1,400 $3,000 $7,000 $11,605 $25,000 Profit 500 1600 7000 8000 18395 100000 Revenue 1000 3000 10000 15000 30000 125000 Value $ $ $ $ $ $ $ $ $ $ $ $ $
- 13. Build Prototype Make business plan Find a manufacturer DecOctSepAugJulyJuneAprilMarchFebJan May Nov Setup packaging/shipment/inventory Market and show prototype to potential distributors FDA Pre-Market Approval Timeline to Launch
- 14. What are we doing now? • Creating the first prototype
- 15. Questions?