I think the takeaway from the blog post is wrong and comments focusing on building a faster MVP miss the point.
Not everything is a startup. This is a research project - and should be approached that way. There should be donors, a foundation, free access to all participants, reputation-building by writing (& publishing in reputable journals / conferences) studies about its efficacy, a board of doctors actually reviewing & cross-checking recommendations, a doctor-to-doctor helpline, etc.
As the author found out - it's not something people want to buy, but the public. So I think if you approach it from that direction - it might just work.
This was a startup that would have required a 2 year run way to get into the B2B sales of a tricky market.
There was clearly value on the table, working out how to make money form it would have been 80% of the effort, but I suggest there's something there.
He should have given it away for free.
There's a 1000% chance that if all of a sudden, doctors all over the place start using a tool because they think it's useful, and recommend it to their friends, that it would find a way to be successful.
Are there really any significant acquisitions happening just for some database? I don't think this happens unless the data is absolutely massive and very unique.
Yes, and Doctors are the most valuable segment in the world, a bit more than bankers. Because while bankers have $ to spend on consumer stuff, it's a bit hard to target them with financial services. But Doctors are gateway to the entirety of Healthare.
There are companies that specialize in how Drug Sales teams are organized - who to target, what regions. That's 'very valuable'.
Literally just ads for drugs. That's it. If Pfizer had a tool that was used by 10% of Doctors, and literally just slipped in some sponsorship, it'd be worth a fortune.
No doubt everyone involved would be wary of a 'drug recommendation engine owned by a drug company' ... but that could be mitigated. And frankly, some 'bad actors' wouldn't care.
There are ample opportunities.
If I were a VC someone came to me and said 'I have a tool that Doctors really like and 2% are already using it on a weekly basis, and we are growing and this could be 10% or more in the future' ...
... I would just write them a check.
So long as the CEO was not insane, and they looked legit.
It'd be worth a fortune.
That said, it's hard to tell if it's that kind of tool.
That said, my 'spidey sense' says there are big opportunities there because Doctors and Pharmacist are overwhelmed, but it's probably a hard problem, and there must be other participants.
Yeah. Tons of people use Web MD, but its also free. I'm pretty sure I would use glacier MD if given the choice, but if you asked me to pay for it I likely would not.
There is a similar enough service called labdoor. They review protein powders and tell you which one is best. As far as I know it's free and still in business.
The business plan the author came up with here is just bad.
It looks like labdoor makes money through affiliates or letting companies list on the site.
Glacier could have done similar.
It would also work if it included delivery.
If you're sick at home with the flu or a migrain and can get an uber eats style delivery that's already a great product. Couple it with the "science" or "maths" choosing the right product for you and it could have lift off.
I'd love to read a similar article that discussed a wide range of possible business plans.
As it is I'm not sure the author had multiple (or even one??) business plans
Sure, and a faster and less bloaty MVP made in a couple of weeks and subsequently presented in front of customers as soon as possible- would've let the blog author know that their idea was very flawed, so that they could either abandon the idea and/or pivot to a different idea.
yea it's like asking doctors to pay for drug efficacy testing and research. he would have more luck with drug reps and big pharma as clients though with obvious conflicts of interests.
The interesting lesson here is that this could have been avoided, including the building by just going and collecting cash upfront irregardless of who customer was supposed to be.
That's exactly what I was thinking! He couldn't make it viable as a business but it could still be remodeled as a non-profit and make the difference in the world.
Not everything is a startup. This is a research project - and should be approached that way. There should be donors, a foundation, free access to all participants, reputation-building by writing (& publishing in reputable journals / conferences) studies about its efficacy, a board of doctors actually reviewing & cross-checking recommendations, a doctor-to-doctor helpline, etc.
As the author found out - it's not something people want to buy, but the public. So I think if you approach it from that direction - it might just work.