Running head: ENTREPRENEURIAL BUSINESS PLAN: PART 1
Entrepreneurial Business Plan: Part 1
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Entrepreneurial Business Plan: Part 1
Diabetes mellitus is a significant problem in the United States. This paper introduces a
solution to the problem of sore fingers related to finger-stick blood glucose checks multiple times
daily and to the opposite problem of patients who forget or choose not to check glucose levels
regularly, leading to inadequate glycemic control and the resulting complications. The D-Watch
is an entrepreneurial opportunity which will be introduced in this paper, and the viability of this
solution will be explained. The concept statement, which includes a description of the product,
approaches to assess the market of the target consumers, product profitability, and benefits, and
the positioning of the D-Watch in the market will be discussed. Finally, this paper will examine
the evidence supporting the needs for the D-Watch.
Entrepreneurial Opportunity
Diabetes mellitus impacts 29.1 million Americans and is the 7th leading cause of death in
the United States of America; 86 million Americans are at risk of developing this disease
(Dexcom, 2017). The D-Watch was created to provide patients and providers the opportunity to
track and monitor patients’ glucose levels. Clinical studies demonstrate that the D-Watch will
enable patients to reduce their hemoglobin A1C and episodes of hypoglycemia. Therefore, the
D-Watch improve consumers’ glycemic control, while being more user-friendly than other
methods.
Opportunity Viability
According to the Centers for Disease Control and Prevention (CDC) (2015), 29.1 million
Americans live with diabetes mellitus, so the D-Watch has enormous potential; the D-watch
could serve most of these individuals. The D-Watch will provide the instant gratification to this
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population by giving them their blood glucose readings every five minutes, with the ability to
adjust how often the individual would like to read or review these levels.
Concept Statement
Product – The D-Watch
The D-Watch was created with the diabetic population in mind as it helps patients to
track their blood glucose levels, eating habits, and workout behaviors while also monitoring their
sleep patterns. This information is valuable, as it keeps patients aware of their health, therefore
empowering them to live healthier lifestyles. The risk of complications, such as peripheral
neuropathy, renal failure, and retinopathy, decrease when patients have better control of their
hemoglobin A1Cs. The D-Watch is a wireless device linked to a sensor that is placed on the
patient’s abdomen. The sensor has a needle that will penetrate through the patient’s skin and
transmit data to the smartwatch, giving real-time updates throughout the day. For consumers who
already have an insulin pump, the D-Watch will have an attachment to allow for a transfer of
information from the needle already in use by the pump, so there is no need for a second needle
penetration in those patients. Furthermore, the D–Watch is approved by the Food and Drug
Administration (FDA) and can share information with up to five individuals. The D–Watch
provides many additional features, such as accessing social media, emails, and corresponding
with other parties via text messaging or voice calls.
Approaches to Assessing Target Market Compatibility with D-Watch
The target market of the D-Watch is both health care providers, including primary care
providers, certified diabetic educators, and endocrinologists, and patients with diabetes mellitus.
Observing trends within multiple areas of the market is important. Social factors of trends in
health, fitness, and nutrition are important in matching the opportunity for the idea. There are 21
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million people in the United States who have been diagnosed with diabetes mellitus and an
estimated 8.1 million who have yet to be diagnosed based on numbers from 2012 (CDC, 2015),
so there are many potential consumers or users of the D-Watch. Assessing the economic trends
will help determine feasibility, as this is a product that will decrease pain and will be easy to use,
but not every person with diabetes will be able to afford it. The firm needs to determine if thirdparty payers would cover the cost of the D-Watch and if the D-Watch will be at a price point that
consumers are likely to spend.
As for technological trends, wearable technology is the latest thing, with watches that
monitor steps and calories burned, answer phone calls, send and receive text messages, and pay
for things, this would be another great use of wearable technology. It is useful while being painfree and noninvasive. 9.3% of the United States population has diabetes mellitus (CDC, 2015),
so this has quite a market base. Political action trends, as well as regulatory trends, are important
to observe for the continuously changing health care climate in the United States. The firm will
need to determine if the D-Watch will need approval from the Food and Drug Administration
(FDA).
The firm will need to conduct research in several areas, the first being a needs
assessment. The company could review the literature to determine if there is anything like the DWatch on the market. Next, focus groups of health care providers who are involved in the
treatment of patients with diabetes mellitus are important as well as ones for patients living with
the disease. Once the firm distributes the concept statement, there will be a short survey included
after the concept statement to obtain feedback. The company also needs to determine if the
product is feasible, which in part includes if the cost to develop and produce the D-Watch is low
enough to sell it at a reasonable price point for consumers.
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Product Profitability
The D-Watch will be very popular since diabetes mellitus is a difficult illness to control
and everyone’s body reacts differently. By purchasing the D-Watch, it will help people with
diabetes mellitus understand their glucose levels throughout the day as they eat, and these
readings will be conveniently accessible through the watch. With almost 30 million (CDC, 2015)
people potentially living with diabetes mellitus in the United States, this watch has the possibility
of servicing at least one-third of these patients. Furthermore, the profitability will also come from
the external sensor that will need to be purchased and replaced bi-weekly.
Product Benefits
Traditionally, patients with diabetes would have to use a lancet to prick their fingers to
obtain a small drop of blood for a sample to monitor their blood glucose levels. However, it did
not provide patients with the data of increases or decreases in real time; the D-Watch provides
this data so that patients can make well-informed decisions about their health. For instance,
patients will be able to determine their glucose levels and if it is increasing or decreasing. The DWatch provides over 280 readings each day, without needing to do many painful finger-sticks or
use another handheld device; the D-Watch with accompanying sensor does everything. It also
keeps electronic records of trends that health care providers can access through an automatic
transmission to patients' electronic health records, keeping not only patients informed, but their
providers as well, allowing them to collaborate to create effective and efficient health treatment
plans.
Positioning of the Product
The D-Watch will be available through a prescription from a health care practitioner and
will be extremely popular throughout the community of those living with DM. Consumers will
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want this watch to help prevent the painful and time-consuming blood glucose finger sticks many
times throughout the day, sometimes as many as six to eight times. D-Watch will make finger
stick glucose testing a thing of the past.
Evidence – Societal Need
Many people with diabetes mellitus have to draw blood and check their blood glucose
levels up to 12 times a day or more to make sure that their glucose levels are where they should
be. Finger pricking can be very painful, bothersome and upsetting, which is often why people do
not check their levels as often as they should. The D-Watch is a societal need because it is not
painful, and it saves money. It is also an excellent tool for healthcare providers as it could
provide a simpler and cheaper alternative to both finger pricking and invasive continuous
monitors. With finger pricking, you have to use disposable sample strips that can cost about
twenty dollars for a pack of one hundred strips. With invasive monitors, implanted sensors are
used that needs replacements on a regular basis. The D-Watch is pain free and can save you a lot
of money over time; it can also allow the user to check emails and send updates from the sensor
directly to providers (FDA 2016).
Diversity of the Industry
Diabetes mellitus is a growing issue in every population, creating an essential need for
non-invasive glucose monitoring. The D-Watch could help inspire millions of people to manage
their diabetes better and minimize interventions with healthcare providers. The ultimate
development of this distinct product, as opposed to a finger prick, could give people the
opportunity to want to monitor their glucose.
Stand Out
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What makes the D-Watch stand out from other possibilities that may be the same as other
ideas are that smart watches are similar to this tool, but smart watches have yet to come out with
a glucose monitor. Other watches on the market can record steps and calories burned, but are not
as sophisticated as the D-Watch with a sensor that keeps electronic records of trends that
healthcare providers can access to benefit patients, improving the quality of care as well as
patient compliance.
Conclusion
In conclusion, this paper discussed the D-Watch as a viable entrepreneurial opportunity
within the health care sector for people living with diabetes mellitus. A concept statement was
explained, including a description of the product, approaches to assessing the market, and
profitability, benefits, and positioning of the product. It also discussed the evidence supporting
the need for the D-Watch.
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References
Center for Disease Control and Prevention. (2015). 2014 national diabetes statistics report.
Retrieved from https://www.cdc.gov/diabetes/data/statistics/2014statisticsreport.html
Dexcom. (2015). Dexcom introduces apps that enable the first ever continuous glucose
monitoring (CGM) on the Apple Watch. Retrieved from
https://www.dexcom.com/news/dexcom-continuous-glucose-monitoring-cgm-applewatch
U.S. Food and Drug Administration. (2016). Blood glucose monitoring devices. Retrieved from
https://www.fda.gov/medicaldevices/productsandmedicalprocedures/invitrodiagnostics/gl
ucosetestingdevices/
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