SC WD19 4a Karla Martinez 2 PDF

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ROW UDIT RY ESTIN iness posal This file created specifically for Karla Martinez

E xe c u t i v e S u m m a r y Of the thousands of patients who receive hearing aids or cochlear implants, many continue to have trouble hearing in certain settings, especially those with background noise. After installing a device or implant, clinicians need a way to test how well their patients can hear in typical noisy settings. Tests can make a big difference for children, in particular, because early intervention can prevent or minimize educational deficits due to hearing loss. Current tests are designed as pure tone tests and require a soundproof booth and audiometers to generate the tones. Although pure tone tests assess basic hearing loss, they do not evaluate how well a person can understand language and detect other sounds outside of the booth. Crown Medical proposes to spin off its auditory medical device offerings into a new auditory testing device business named Crown Auditory Testing. Crown has developed software that quickly and reliably tests hearing in environments where a patient lives and works and then adjusts the patient’s hearing device for optimal hearing.

Objectives Crown Medical has four major objectives in creating a new auditory testing device company. 

Management team o Hire people with skills and knowledge in medical auditory testing. o



Sales and marketing o Design and carry out a sales strategy. o



Establish awareness of the new auditory testing product.

Product development o Use agile project management techniques to introduce the new product on time. o



Establish a horizontal management structure to encourage collaboration.

Create quality standards for testing and support.

Customer service o Train sales staff and clinicians on using the new testing device. o

Use current customer relationship management software.

Company Background 2011: Crown Medical founded as a medical device company.

This file created specifically for Karla Martinez

2014: Major universities become formal research partners of Crown Medical. 2015: Crown Medical acquires AudioVeritt, a hearing aid manufacturer. 2019: Software division expands to develop proprietary testing engine.

Start-Up Costs The following table summarizes the start-up costs for the new company. Expense Type

Requested Funding

Total Amount

$10,000

$14,000

Insurance

$5,000

$5,250

Legal

$20,000

$25,000

Online presence

$20,000

$25,000

Property and equipment

$30,000

$32,000

Sales and marketing

$30,000

$36,500

Software development

$50,000

$55,000

Difference provided by

Conferences and travel

Total Requested:$165,000.00

Ownership Crown Auditory Testing will be a privately held, limited liability corporation (LLC) with Dr. Lucille Greene as an owner. Anticipating that investors and talented managers will want to participate in ownership, Dr. Greene will own no more than 40 percent of the shares.

Roles and Shares Owner Dr. Lucille Greene Yuan Choi Barbara Daley Fred Khatri Michael Linde Natalia Cassini

Role Chief scientific consultant Marketing Software developer Software developer Marketing Operations manager

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FOR MORE INFORMATION Contact Michael Linde at [email protected]. This file created specifically for Karla Martinez

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