Best Ideas 2020 features all the nominated entries submitted under ‘Submit your Idea’ category. All the entries consist of innovative solutions or propositions for an enterprise that champions the Sustainable Development Goals. They can be on the conceptual, planning, or start-up stage.
Explain your idea in details:
Beat will work to make it easier for sufferers of CVD to access the equipment they need; regardless of their location, age or circumstances. The basic Beat package comes with a Raspberry Pi microcomputer, eHealth board, LED screen and the ECG and blood pressure sensor as these readings are essential to produce a conclusive report (other sensors can be purchased separately). All the consumer has to do is plug in the necessary sensor into the corresponding port and from there, the LED display will guide them throughout their medical examination. Each datapoint will be updated on the consumers app and doctors websites, thanks to the IoT. We have identified Medtronic, Neteera and Cardiac Insight as competitors. Medtronic has a range of products which all work using software applications, however the price of the full body monitor which carries out the same functions as Beat is $85,000 which is not affordable for the average person. Neteera, is wireless vitals reader startup company. They havent started their sales yet, but we see them as viable competitors, however the use of a wireless chip is unsuitable for the elderly in contrast with our simple device that is put together like most other household applications. Finally, Cardiac Insight focuses solely on ECG readings, while Beat can read 5 vitals and is designed to supplement the in person appointments. Its safe to say that were in the intersection of telemedicine and remote monitoring fields, which guarantees competitive advantage upon other startups.
Expected impact of your idea on sustainable development
To bring our idea to life, we plan to take a business loan of fifteen thousand dollars per month to cover the costs of rent, the salaries of two programmers who will receive six hundred dollars per month and a marketing/SMM specialist with design skills who will get 800 dollars per month. These salaries have been estimated about the minimum wage in Kazakhstan. Utilities will cost approximately one hundred and thirteen dollars, and advertising will be done through health blogs and marketing channels, which cost roughly five hundred dollars per month. In total, our expenses will be at four thousand and thirteen dollars per month, and we will earn thirty six dollars of profit for each device we sell, so if everything goes to plan, we will break even after we sell 417 devices, under four months. In the future we hope to provide our product to people living in developing nations by partnering with humanitarian groups such as the Red Cross and Oxfam so that everyone has access to the equipment they need. We are also hoping to source materials ethically by using new technology to ensure that we aren't negatively impacting the environment.
Plans for implementation and sustainability
We follow the B2C business-model because it allows us to provide our product directly to users, which are determined using the TAM-SAM-SOM method. The general target market is people susceptible to CVD and older than fifty years old. We automatically included minor groups in need of our device, which sums up to around half a billion people. Then, for now, we have to pick people with Internet access, which shortens our number to roughly 200 million people. Finally, our business includes regions such as the Middle East, Australia, Europe, Central, and Eastern Asia. It's a big-enough audience to make an impact on the issue where telemedicine and remote monitoring mend together. No doubt that providing our service to the Earth's distant locations is not simple; thus, it requires a lot of initial seeding. However, with the help of innovational technoparks such as AstanaHub, we can launchpad our business effectively. Firstly, we can start our funding from as low as $1000-2000. Secondly, any workers from abroad can obtain visas quickly thanks to their services. Thirdly, the connections of such technoparks can help us to raise investments right in our offices. By using AstanaHub's help, we will not struggle with constant financing sources since we are obliged to share only 3% of our equity with the technopark. Putting the implementation aspect aside, we are geared towards sustainability goal No. 3; our business idea is not only providing service for people ill with CVD but also preventing people, mostly from developing nations, from developing diseases in the terminate stage. To embody this goal, we aim to educate people about a healthy lifestyle using health-blogs and our product. Our business aims to eradicate the inequality in receiving proper healthcare, which is the fundamental right of every person.
Shyryn is a senior student from Kazakhstan who is interested in medicine and AI. She is also currently working as a research assistant at Yale School of Medicine. Shania is a year ten student from Melbourne, Australia and is passionate about Science, Mathematics and Business. Beat was first dreamt up by myself (Shania) but it wasnt until I joined forces with Shyryn at an entrepreneurship competition earlier this year that my basic idea was developed further. Even though we live in different parts of the world, our varied strengths allow us to collaborate productively and get different opinions on our ideas. This permits us to discuss our own unique perspectives on issues that are affecting us and is beneficial in the way that it allows for a thorough and diverse analysis of it . We were both motivated by our interest in STEM and after hearing countless stories about people living in remote parts of the world who were risking their health because of the inconvenience a simple checkup caused, we decided to focus on increasing the accessibility of medical equipment.