Photo - Flexbit Labs
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Flexbit Labs

Remote Knee Monitoring System

Romania
Market: Medicine
Stage of the project: Prototype or product is ready

Date of last change: 25.06.2020
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Idea

We work with the top 1% of physiotherapists to provide an exclusive remote monitoring service for the most competitive sportsmen in various fields. Knee injuries are the most common in the entire sports medicine market and athletes can't perform their recovery for months overseas. Our goals are to expand therapist's services globally and to provide exclusive access to them for professional players, which otherwise would spend tens of thousands of dollars on plane tickets and accommodation.

Current Status

The Hardware MVP will be completed in three to four weeks. We are looking to add front and backend developers to our team for the software solution. We have one client (which acts also as a medical partner) waiting for the product in Cluj-Napoca and we are preparing new interviews next week with several NBA and Polish therapists.

Market

The global sports medicine market is continuously growing and it's expected to reach $9.6 Billions by 2024. The knee injuries market is estimated at $2.7 Billions (knee injuries are the nr. 1 problem in the entire sports medicine market). Our customers are physiotherapists from popular sports leagues (NBA, European Football Leagues) with a strong reputation and more than a decade of experience. The players are the users of this service.

Problem or Opportunity

Therapists waste time travelling to other cities or countries when their service is requested to a different location, which also creates an imbalance in their personal life. If therapists aren't the ones who travel, then it's the players who have to relocate for several weeks or months in order to undergo the recovery process. This relocating comes with pain points that include high costs and time wasted on the road. Both therapists and players would like it if there was a way for them to complete the process together without either of them having to relocate or spend extra money on travelling and accommodation.

Solution (product or service)

We provide players with a knee device that tracks medical parameters and mobile application which displays exercises that their therapist recommended. This way therapists can always keep an eye on their patients no matter which country they live in.

Competitors

Some other startups focus on providing late stage recovery solutions, consisting only of tracking the knee's range of motion. We can providing monitoring of muscular contraction and alignment which will tell us if the exercises are done correctly. There's also competitors who provide very large machines and devices which will only allow recovery to be performed in clinic and that's a very big inconvenience for players.

Advantages or differentiators

No one is currently providing such an exclusive service from what we know so far. The differentiator would be that we can become the first company to enroll the best therapists and also the one with the best brand. We would be the only ones providing exclusive access to the top physiotherapists in the world. We can also differentiate ourselves by providing full service for the entire recovery process.

Finance

Cost Structure:
- Manufacturing & Shipping
- Hardware Maintenance & Repair
- Cloud Services
- Outsourcing & Employee’s Payroll
- Rent, Software Licenses, New Hardware for Testing
Revenue Streams:
B2B Service: commissions / monthly fee's from therapists
Purchase available + monthly fee for maintenance
Channels:

Business model

Business Model *(not definitive):
B2B Service: commissions / monthly fee's from therapists
Purchase available + monthly fee for maintenance
Channels:
- Recommendations
- Word of Mouth
- Website
- Proffessional Sports Events
- Medical Conferences
- Personal Introductions
Metrics:
- Customer Retention
- Positive Online Reviews for Our Therapists
- Increased Purchase/Rental of Product/Service
- Frequency of Service Use

Money will be spent on

Software development, Hardware testing and optimisation, manufacturing, maintenance costs, marketing and salaries.

Offer for investor

During our first investment round we will be offering a maximum of 15% of startup. Further negotiations can be held.

Team or Management

Risks

New and better technologies always present a risk. It will be up to us to always provide customers with the best technology and make sure all their needs are satisfied.

Incubation/Acceleration programs accomplishment

Currently participating in the Polish Pre-Accelerator Huge Thing in partnership with Google for Startups.
Participated in Incubators like:
Future Makers (Romania) in 2019
Innovation Labs (Romania) in 2019
University Startup World Cup Incubation (Denmark) in 2019

Won the competition and other awards

Innovation Labs 2019 - Best Product
University Startup World Cup - Finalist 2019
MedHack Hackathon - Third Place 2018

Photos

Photo 1 - Remote Knee Monitoring System
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Idea
Current Status
Market
Problem or Opportunity
Solution (product or service)
Competitors
Advantages or differentiators
Finance
Invested in previous rounds, $
Business model
Money will be spent on
Offer for investor
Team or Management
Mentors & Advisors
Lead investor
Risks
Incubation/Acceleration programs accomplishment
Won the competition and other awards
Invention/Patent
Photos
Product Video