Toothscan is a smart device that monitors and analyses of dental health. It scans each tooth and intelligently sends information to the dentist about the user’s health via a bespoke mobile app.
During the first stage of the prototype development, the company behind Toothscan, Tesla Studios, aimed to quickly define a niche positioning and become a monopolist in the expanding sector of dental healthcare. Additionally, they were looking to raise a multi-million dollar seed investment round to support fast scale up and market entry.
The client’s team was facing the following challenges:
Find an optimal product design and features prioritisation
Close investment deals under tight timelines
Align the startup resources with investors’ expectations
Plan operational budget
Skein conducted a market research as part of an ambitious launch strategy, built financial projections, and evaluated the impact of various scenarios on customer adoption and business success.
Research and analytics
First, we gathered information about the founders’ business goals and discussed various scenarios for growth. At the next stage, Skein applied proprietary information gathering tools to model customer demand, current and future competitor trends, and external economic factors.
Project planning: financials and user demand
At the next stage, we built a mathematical model, dashboard, and visual modeling to gauge possible threats and opportunities. Also, provide client team with decision-making tools, as well as data analytics for investors.
Financial projections covered:
Scenarios and economic assumptions model
Five-year financial projections
Five-year monthly Profits & Loss plan
User adoption scenarios: company development and growth models based on given assumptions, such as fundraising milestones, marketing investments, conversion rates
Sensitivity analysis: evaluated what variables have the biggest impact on startup financial model
Cash flow analysis
Investor-ready two-page investment plan
At this stage we worked closely with the client to present the market opportunity to the investor and negotiate the terms. This included:
Market research: Define the market potential and user demand
Key industry trends and indicators
Factors that impact demand growth and estimates
Product summary, financials summary
Plan and milestones
Custom design for investment summary
Tools and methods
MS Excel custom macros
Market insights from analysts
Social network data analysis
Toothscan has secured an investment from a wide range of investors, crowdfunding and grants.