ReviMo

Babson College, F.W. Olin Graduate School of Business

Industry: Healthcare

MBA Founding Student Name(s): Aleksandr Malashchenko

Brief Description of Solution: Personal robotic assistant that provides mobility to live independently.

Funding Dollars: $160K

What led you to launch this venture? I founded ReviMo after my grandfather was paralyzed by a stroke. He used to be a strong and independent person, but then was forced to ask for help just to get out of bed and go to the bathroom. He always wanted to get back his independence and dignity.

I was his caregiver and transferred him from a bed. It is painful to see how he was losing his independence and also caused severe back pain.

I realized that there are millions of people who suffer from these problems and there is no other solution in the market that can help people like my grandfather take care of themselves independently.

What has been your biggest accomplishment so far with venture? We already created a beta version of ReviMo Niko device, filed three patent applications and already received the first pre-orders. The biggest accomplishment was to see how people who could not to get out of bed independently for many years – or even their entire lives – were able to do make it independently with ReviMo Niko.

What has been the most significant challenge you’ve faced in creating your company and how did you solve it? The biggest challenge was identifying the right target customer segment to focus on. There are many types of customers who can benefit from ReviMo: individuals with limited mobility, nursing and assisted living facilities, rehabilitation centers, and long-term care insurance companies. They require different business models and needs.

We approached it through extensive customer discovery, with more than 150 interviews with patients, doctors, nurses, caregivers, and insurance professionals. Combined with experience of our advisors we developed a clear and scalable go-to-market strategy, which we execute now.

How has your MBA program helped you further this startup venture? Before my MBA, I had the technical skills to develop and build the product with my PhD in Mechanical Engineering and eleven years of experience in R&D in the aerospace industry.

However, I lacked the necessary business skills to run a company.  Babson gave me all I needed to start this venture.

The professors, entrepreneurs, and alumni network provided me with the necessary skills and guidance needed at every stage of the startup launch.  I used all the resources that Babson had to offer to entrepreneurs – accelerator programs, incubators, fellowships, and pitch competitions. I can highlight the Summer Venture Program and Speech Center as amazing resources for entrepreneurs.

What founder or entrepreneur inspired you to start your own entrepreneurial journey? How did he or she prove motivational to you? I didn’t have one specific person who inspired me. I admire entrepreneurs who solve real-world problems. They do not create companies only for the sake of money or fun. They want to make the world a better place. I met so many of them at Babson that it became a turning point for me to start ReviMo.

Which MBA class has been most valuable in building your startup and what was the biggest lesson you gained from it? It was the New Venture Creation with Prof. Zacharakis. This course leads you through all the main stages of the startup launch, starting from choosing the right idea to building financial projections. The biggest lesson was that entrepreneurs need to talk to as many customers as possible before they start creating a product.

What professor made a significant contribution to your plans and why? Prof. Scott Taylor greatly contributed to building my personal leadership style. Startups are all about building the right team. Prof. Taylors’ guidance helped a lot in understanding how can lead the teams and create the right culture at ReviMo.

How has your local startup ecosystem contributed to your venture’s development and success?
Boston’s startup ecosystem is great for creating healthcare products. Here we were able to find customers, product development partners, manufacturers, and advisors to build a successful medical device company. There is no lack of talents in local universities that can contribute to a successful venture.

What is your long-term goal with your startup? Our goal is to deliver the fists serial devices to our customers by the end of 2025. For the next five years, we want to help tens of thousands of people live better lives. Our big vision is to create an ecosystem of products that help people with disabilities live full and independent lives.

Looking back, what is the biggest lesson you wished you’d known before launching and scaling your venture? I would think about business more comprehensively and pay more attention to all the building blocks of the business model. All aspects such as product, customers, pricing, sales and promotion channels, regulatory, and reimbursement must create a well-working basis for a successful company.

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