These 14 Startup Ideas Made The Cut For WashU Olin’s BIG IdeaBounce $50K Top Prize

Team Name: GoodNeedle

University: Babson College

BIG IndeaBounce 2023 finalist

Concept: Helping patients to get at-home medical tests done from their desired lab with a user-friendly platform.

Challenge: Many people find it difficult to get out for blood tests, especially if they are busy, elderly, ill, or disabled. Routine tests are often postponed by patients, which can negatively impact their health. Meanwhile, pathology labs also struggle to find technicians. Despite a shortage of medical specialists, there is no patient-centric method for sample collection so that medical tests can be conducted at home, reducing long queues in brick-and-mortar labs.

Solution: The use of a platform as a mobile app and a web portal allows patients to book medical test services from their homes and get test results online or mailed to them. Having the option for customers to choose the lab where their test will be performed. A single platform will provide them with information on report delivery time, reviews, cost and other relevant factors. Testing is performed by reliable medical specialists and renowned labs based on the patient’s budget. It’s easy to schedule in just four clicks. It is no longer dystopian to have a situation like COVID, and the community would benefit greatly from such a service.

The Market: We are targeting patients who are unable to get out of home and go to the lab for their regular medical tests or doctor’s prescribed tests, especially those who are unable to walk or see or are suffering from chronic diseases like Paralysis, Alzheimer’s, Cancer, COVID-19, Tumors, etc. We also cater for general patients like busy adults or children. According to a new national poll from NORC at the University of Chicago and the West Health Institute, about 40 percent of Americans report skipping a recommended medical test or treatment. We are targeting 10% serviceability of the total available market.

Competition: This idea has a competitive advantage since this kind of service is not common in the US region. The platform will be free to use for patients until they decide to pay for premium services for instant appointments and faster lab reports. A centralized platform not specific to one lab makes it easier for patients to compare prices, reviews, ratings and report delivery time in one place. Our closest competitor is Getlabs however the above factors make us unique in the market with a competitive advantage.

Value Creation: Aligned with the UN Goal: Good Health and Well Being. We are dedicated to providing quality and affordable health diagnosis services to everyone. We are also committed to protecting the community, the environment, and our family and friends. Proper disposal of needles and syringes is critical. Therefore, we will use sharps containers and dispose of them at a drop off site or through a medical mail back service. We will be charging 10% of the total invoice from labs. Also an annual subscription fee from patients for premium services like rapid home collection. We are working on our pricing strategy in order to achieve break even in the second year.

The Team: Deepanshi Bansal – Current MBA’24 student at Babson College Mohit Bansal – Current MBA’24 student at Babson College