Step 3: An Investable Business Plan

Birmingham City University had developed a new design of medical equipment in partnership with Birmingham Children’s Hospital.  The product was worn by surgeons during operations and replaced existing designs which were heavy and had been linked to long-term back pain.

A regional investor had expressed interest and the need was to put forward an investment-ready business plan.  Second Mile was asked to prepare a full business plan to support discussions with investors.

The work involved detailed meetings with the founding designer and surgeon, documenting the differentiation of the product, the competitive landscape in which it sat, and the buying processes.  Following up with its own research, Second Mile collected market and competitive data and documented the options available to commercialise the invention.  Using this data, the alternative business strategies were developed and analysed.  Working closely with the University, this commercial and strategic understanding was translated into an actionable business plan suited to the situation.

On completion of the work, the University had an investment-ready business plan and a clear action plan for the next technological and commercial steps.