An airtight business model for self-diagnosis app Caidr

Healthcare company Clinova asked us to challenge their business model and think like potential investors ahead of the launch of their symptom-checker app, Caidr.

The value that the BOI team provided has been unmatched and unparalleled by all the other partners and consultants we’ve worked with. I think the value goes beyond what we did on the day – we’re going to end up doing more work with you and a partnership is what we’ve created really. It was a huge help and massively useful – we very much appreciate the opportunity.

Albert Hammond – CFO Caidr

Challenge

A business model that entices investors.

Clinova, an innovative consumer healthcare company started by pharmacists and based in the UK, came to us with the challenge of moving into the digital healthcare space. The team had spent 2 years building their product, Caidr – a symptom checker and diagnosis app that they believe will revolutionize healthcare. But before they could secure additional funding, the team needed to battle-test and prepare for a strong valuation with a business model that investors could feel confident and excited about. Expecting that they’d be pitching to people from lots of different industries, Clinova wanted a partner with both advanced business model expertise and intensive cross-industry experience to help them get into the minds of investors. So they chose Board of Innovation.

I knew I’d need to be able to answer questions from investors with a range of different backgrounds, including finance – I needed to understand the lens through which they’d be looking at the value proposition of the product. So I chose to work with a company that has expertise in a range of different industries.

Albert Hammond – CFO Caidr

Solution

Business model innovation.

Together, we mapped 4 business models, and the Clinova team faced several rounds of direct challenging. In essence, we acted as potential investors would, poking holes from every possible angle. We didn’t shy away from asking the hard questions, because that’s exactly what they wanted to pressure-test before meeting with potential partners.

We dug into the stakeholder landscape, target customer segments, and key assumptions that needed to be validated in order for the business model to succeed. We didn’t hold back. And as a result, they decided to completely shift their priorities. More on that to come.

Finally, with a sound business model secured, we helped them design a brand package to show to their investors and tell a cohesive, persuasive, wallet-opening story.

Impact

A new revenue stream and governance model.

The Caidr self-diagnosis app went live in the App Store as of January 2020 and our collaboration with Caidr is now a long-term partnership. Not only did we enable them to have more meaningful conversations with investors (ensuring they could answer every question thrown at them) but our input triggered the Clinova team to reset the key focus of their Caidr business and re-allocate resources to a new approach and revenue stream for the product.

The valuation based on our company-wide business model has increased and is stronger now.

Albert Hammond –CFO CAIDR

Namely, our collaboration triggered them to shift the focus of the product. “One thing that came out really quickly during our conversation with you guys was the value of white labelling – it’s a ready product to use as a software offering to partners like pharmacies or retailers,” says Albert Hammond – CFO Caidr. “I didn’t think that was going to be a big part of the business, but you flagged that it could be monetized pretty early on. This realization has increased the size and potential of the business. And based on it, we’re close to signing quite a few deals across the world.”

What’s more, they’ve reallocated resources and changed their approach. “We’re focusing more energy and more marketing spend on, for example, the governance that we need to do to set up enterprise software.” says Hammond.

The real benefits of our collaboration are continuing to unfold, so we’ll update this piece as time goes on or you can reach out to us for more information.

But for now, we’d like to say that we’re incredibly excited about our role in contributing to Clinova’s continued growth.

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