In the world of life science entrepreneurship, the stakes are high. Subject matter expertise and background research needed to move an idea forward call for significant investment of time and money. And the consequences of a failed startup venture can be devastating.
Preparedness to answer investor questions using citable statistics and specific information about the value of your idea or product help build investor confidence, an asset that can make a world of difference in your product’s development and entry to market.
Being prepared distinguishes successful innovators like Nina Tandon, CEO, and co-founder of EpiBone, from anyone else with a promising idea in biotech innovation. Tandon is a tissue engineering researcher currently serving as an adjunct professor of electrical engineering at Cooper Union in New York. She studies electrical signaling in the context of tissue engineering, with the goal of creating spare parts for human implantation or disease models. In addition to her Ph.D. in biomedical engineering, Tandon also earned her MBA from Columbia University. She’s leveraged her understanding of business to garner great success in building support behind her massively creative ideas, as she’s been able to confidently articulate what she can offer investors as proof of concept; no matter how idealistic her vision may sound, she has the data to prove it can work and that there’s a market ready to adopt it.
At Enventure, our Insights program is designed to prepare you for investor diligence within a quick turnaround time.
Diligence research can involve looking at several different aspects of a new concept’s journey to market. It may include competitive analysis and market assessment, development of a strong value proposition, or technical deep-dive and market reports done on a fast turnaround. Enventure Insights is equipped to perform the research required to provide our clients with a deeper understanding of the market into which they seek to enter, as well as the role their product will play in the biotech landscape. Our research is authored, analyzed, and reviewed by a team of life science industry experts with graduate-level research and publication experience. We know that numbers and specifics are the foundation of good business decisions. By trusting us with your market research, you can rest assured that we use top-quality sources and report on up-to-date trends -- all at an accessible price. We’re committed to providing you with more than just data. We’re ready to ask the right questions, find the right answers, and offer actionable insights and solutions to help you prepare for your company’s next step with a clear vision and a robust body of supporting data.
If you’re a life science founder looking to hire a market research consultant, here are a couple of questions we frequently get asked:
Does Enventure provide a comprehensive spectrum of services? It’s worth your while to hire a research consultant with the networks, resources, and skills to get all the answers you need in one place. Not only is it a more effective use of your team’s time and money, but it also results in a more actionable and complete narrative around your product. We’ve found that the most commonly requested consulting services that life science startups need are market research and diligence, competitive landscape analysis/GTM strategy, and grant writing/market industry reports, and healthcare professional feedback. Our Insights teams are prepared to develop a custom project that combines any and all of these areas into a report full of tangible insights to move your idea forward.
Are Enventure Insights flexible and dynamic enough to customize projects to their client’s needs? A pool of consultants with a broad range of skill sets and experiences means that whatever insights your company needs, there’s a consultant with a relevant area of expertise ready to lead that project team. At Enventure, our consultant pool is made up of young professionals and advanced degree candidates from PhDs to MBAs to MDs. Additionally, if necessary, we often employ an advisor in each team that can professionally guide our fellows on the subject matter. Our fellows are at the cutting edge of research in their respective fields, and they each bring a unique set of experiences to the table.
In addition to flexibility in the area of expertise, at Enventure we also pride ourselves on providing flexibility with timelines and financing options. We offer a fixed rate per project for six to eight weeks or an hourly rate for a defined and agreed-upon period of time. A recent client requested a market research report, expected to come in at around 50 pages, that our teams can typically accomplish in 6 weeks. With clear deliverables and expectations from the client, however, our team was able to deliver a ~100-page market research report on a cutting-edge medical device in just four weeks. This was done by setting clear expectations from the client and research fellows alike, finding the right network of expertise (in this case neurosurgeons who use this device) and curating a team with the appropriate experience for the topic at hand.
How speedy and reliable is Enventure’s project turnaround time? Market trends move quickly, and when it comes to making decisions about your company, it’s crucial that you’re working off of up-to-date, reliable data. As such, hiring a market research consultant that can turn around a report quickly and get insights into your hands before they are out of date is key. A fast turnaround is a strength of ours at Enventure. We consistently deliver quality work well within a client’s expected timeline. Our projects start with a scope discussion between the client and Enventure’s consulting leadership who are experienced in setting the cadence of various projects. The client then receives a contract within a week after this initial discussion, and the project can start as early as 2 weeks after. Enventure Insights tries to be as efficient as possible because we know that trends change quickly and needs are urgent in competitive spaces. We aim to deliver high-value products within the determined timeframe, all while creating a space for clients and advisors to provide weekly feedback to research fellows as they work.
If it sounds like Enventure might be able to help your company with its diligence research needs, reach out to us today on our website at www.enventure.org/insights to set up a consultation. Or, if you need some more information, keep reading to learn about some of the successful projects recently completed by the dynamic consulting teams at Enventure Insights:
Example of a Competitive Analysis and Market Assessment
Project Task: Enventure was tasked to assess the clinical risks of dropped or retained gallstones and define existing solutions. The second objective was to characterize the competitive/IP landscape of other defunctionalizing devices with respect to technology used, disease area, and design parameters. The last objective was to prioritize international markets for device launch based on size, growth, regional adoption barriers, and unique commercialization/marketing approaches.
Deliverable: A report summarizing clinical, competitive, and market findings were provided. Two key clinical risks were highlighted, with specific recommendations for follow-up. Dossiers were developed for the 24 companies/devices identified as potential competitors and were prioritized. The top four international markets were prioritized for launch based on unique selling strategies, adoption barriers, and commercialization approaches in each country.
Example of a Value Proposition Project
Project Task: The task was to generate a well-cited value proposition including the math and rationale behind the value proposition.
Deliverable: We measured the changes in patients’ health over the course of the trial (day 1 data points and day 90 data points) and associated those numbers with various medical costs. These included average patient expenditures, loss of productivity, all-cause mortality, and the incidence of significant clinical events (stroke, heart failure, etc.). These numbers were used to generate the total amount of money the healthcare system saved by adopting the HALO+ system, and the cost savings per patient. It makes financial sense to purchase the HALO+ system at any cost below the average cost savings per patient.
If your product, company, or idea would benefit from a project like one of these, get in touch today!