Periodic Reporting for period 1 - PSE (Womens' health tech scaleup in Europe)
Reporting period: 2022-06-01 to 2023-05-31
Preforma is a women owned and women led company seeking to improve women’s health globally. The company has developed technology and algorithms to automate and improve diagnosis of conditions that are often undertreated og mistreated.
Preforma has developed the technology based on feedback from more than 200 000 women. A great number of doctors and other healthcare professionals have contributed to a scientific sound platform.
At the beginning of the program, our greatest challenges in executing the business strategy and plan were
- Limited international network: We need leverage on market entry and scaling
- Market acceptance: We need a fast track to testing and validating the product
- International commercialization experience: We need to learn from the failures of others
- People management: We must talk to someone who knows how to grow fast and internationally
- Business plan and market entry strategy: It works for now, but soon we need to upgrade it to next level
- Investor relations: We have funded everything ourselves and via soft funding so far. Now the time has come to inject much more capital, and we must reach out to the right investors with the right value proposition.
Preforma applied for the Women TechEU program because it would enrich our project to include activities that
1) Gives us a better insight in the European market, a better understanding of legal and customer requirements, and also of possible competitors and partners
2) Improves our internal competences (leadership, organizational and strategic skills) and enhances our network
Overall objectives have been:
- Introduce and validate the product in the European market
- Understand organizational and financial requirements for scaling
- Shorten timeline to scaling
- Expand international network
- Increase company founder and management competence
Preforma has developed the technology based on feedback from more than 200 000 women. A great number of doctors and other healthcare professionals have contributed to a scientific sound platform.
At the beginning of the program, our greatest challenges in executing the business strategy and plan were
- Limited international network: We need leverage on market entry and scaling
- Market acceptance: We need a fast track to testing and validating the product
- International commercialization experience: We need to learn from the failures of others
- People management: We must talk to someone who knows how to grow fast and internationally
- Business plan and market entry strategy: It works for now, but soon we need to upgrade it to next level
- Investor relations: We have funded everything ourselves and via soft funding so far. Now the time has come to inject much more capital, and we must reach out to the right investors with the right value proposition.
Preforma applied for the Women TechEU program because it would enrich our project to include activities that
1) Gives us a better insight in the European market, a better understanding of legal and customer requirements, and also of possible competitors and partners
2) Improves our internal competences (leadership, organizational and strategic skills) and enhances our network
Overall objectives have been:
- Introduce and validate the product in the European market
- Understand organizational and financial requirements for scaling
- Shorten timeline to scaling
- Expand international network
- Increase company founder and management competence
We have organized our work into two work packages: (1) The business package focusing on product, market, technology and funding, and (2) The people package, focusing on talent and network. The work packages have been executed in parallel, with common administrative processes.
1) The business package: Strengthen iterative product lab, Research and fast technology prototyping, User testing and validation, Strengthen iterative market lab, Market analysis and assessment of potential, requirements and risks, Meetings and demos for potential users, Develop business plan and market entry strategy, Cost, benefit and risk assessment, Describe success criteria and enabling factors, Budgeting, cash flow forecasting, financial planning
2) The people package: Assessment of competence requirements and gaps, Plan for competence development in this project and beyond this project, Input to partner selection with regards to the other work package, Participate in competence developing activities in the programme, Coaching activities, Courses, meetings, seminars, webinars
The deliverables have been linked up to our most important challenges: (1) Limited international network, (2) Market acceptance, (3) International commercialization experience, (4) People management, (5) Business plan and market entry strategy, and (6) Investor relations.
1) The business package: Strengthen iterative product lab, Research and fast technology prototyping, User testing and validation, Strengthen iterative market lab, Market analysis and assessment of potential, requirements and risks, Meetings and demos for potential users, Develop business plan and market entry strategy, Cost, benefit and risk assessment, Describe success criteria and enabling factors, Budgeting, cash flow forecasting, financial planning
2) The people package: Assessment of competence requirements and gaps, Plan for competence development in this project and beyond this project, Input to partner selection with regards to the other work package, Participate in competence developing activities in the programme, Coaching activities, Courses, meetings, seminars, webinars
The deliverables have been linked up to our most important challenges: (1) Limited international network, (2) Market acceptance, (3) International commercialization experience, (4) People management, (5) Business plan and market entry strategy, and (6) Investor relations.
Through the program, we have had our technology proven and taken to a maturity level that enables commercialization at scale. We have also learned what role to position ourselves for in the European health tech ecosystem.
We have been investigating new ways to use our technology to improve women’s health, in cooperation with researchers and clinical specialists, and we have started investigating new market opportunities.
We have tested and validated licence fees from doctors using the solution for information gathering and decision support. The willingness to pay varies depending on how the doctor organizes the work, and how much decision support is allowed into the process. Depending on the health system in different countries, there are other potential sustainable business models.
We have been investigating potential revenue streams from insurance companies (our technology is preventive) and pharmaceutical companies (our technology enables tailored treatment).
With this EU grant we have prioritized finding partners and resources that can help us develop further
We have benefited very much from the coaching and mentoring provided by the programme, related to market analysis, international commercialization, people management, market entry strategy, financing / private equity area.
Key needs to ensure further uptake and success:
- Product validation outside of Europe
- Further research to strengthen the deep tech algorithms of the solution
- Further partnerships with companies and public institutions both in Europe and outside of Europe
We have been investigating new ways to use our technology to improve women’s health, in cooperation with researchers and clinical specialists, and we have started investigating new market opportunities.
We have tested and validated licence fees from doctors using the solution for information gathering and decision support. The willingness to pay varies depending on how the doctor organizes the work, and how much decision support is allowed into the process. Depending on the health system in different countries, there are other potential sustainable business models.
We have been investigating potential revenue streams from insurance companies (our technology is preventive) and pharmaceutical companies (our technology enables tailored treatment).
With this EU grant we have prioritized finding partners and resources that can help us develop further
We have benefited very much from the coaching and mentoring provided by the programme, related to market analysis, international commercialization, people management, market entry strategy, financing / private equity area.
Key needs to ensure further uptake and success:
- Product validation outside of Europe
- Further research to strengthen the deep tech algorithms of the solution
- Further partnerships with companies and public institutions both in Europe and outside of Europe