Framing a business model

by Sowa Imoisili

 

Before founding CareMerge, Asif Khan spent his time building industry skills and knowledge working in the healthcare section of GE. However, after a surprising family health scare that left his mother on a ventilator and his father with too much unorganized paperwork, Asif saw a chance for change. He decided to form a company that organizes the medical information of elderly patients in order to provide more ease of care.

In his workshop, Framing a Business Model, Khan shared the pearls of wisdom he has gained from starting a company.

“[When starting a project or company] we want something that’s repeatable, scalable, and sustainable”, Asif began. He then went on to describe the a unique Ideation to Market Fit approach. The first cycle of development included three stages:

1. Research

2. Review with people

3. Refine the idea

Khan emphasized the importance of having the information and data to back up any new idea. “When you’re starting something, there are a lot of people in your life who are going to be naysayers. Make sure you have the data to prove them wrong.”

Once clarity is reached after several points of the first cycle, Asif indicated the next five-point section of the ideation to market fit:

  1. Refine idea

  2. Research

  3. Review with buyers

  4. Sell

  5. Business plan

“Sell then build,” Khan emphasized. Such an approach saves both time and money. Khan encouraged delegates to think in moonshot goals-- 10x bigger rather than 10% better. He also asserted that a good idea is nothing without the right team. “You can have a brilliant idea but if you don’t have the right team, your idea will go nowhere,” he underlined. In any interaction, always hunt for new talent.

Everything is about the process. Khan encouraged each delegate to lean into the steps needed to launch new successful business. Early stage valuation is more art than science but it is key in making sure to build products that consumers want.