Since September, the Predictive Health Partners team has been working tirelessly to develop, test and fine-tune our intellectual property and business model. Predictive Health was one of the 18 statewide organizations selected to learn from top entrepreneurial minds through the University of Iowa Venture School. At the end of the course, our team was given the opportunity to present a business pitch to a panel of judges and compete for awards and prize money. After advancing to the final round of the competition, Predictive Health was presented with the Judges Choice award, winning $500.
The University of Iowa Venture School is a 6-week program that emphasizes real-world entrepreneurship and innovation based on leading edge curriculum taught by serial entrepreneurs. The program requires startups to develop and rigorously test business hypotheses. Predictive Health Partners, alongside other teams undergoing the process, “got out of the building” to listen to prospective customers, partners, and competitors, rather than relying on instincts and secondhand market research.
“We have found invaluable insight into the employee risk management market by not only asking the right questions, but asking them to the right people,” said Predictive Health Partners Founder & CEO Jim Lewis. “We have learned so much about the ‘pains’ employers are experiencing and how Predictive Health Partners can turn them into ‘gains.’ The Venture School curriculum has taught us what it takes to truly make a difference in the industry and change lives for the better.”
The Venture School not only accelerates the startup process, but is based on proven strategies for launching and sustaining a new business. New companies that have undergone this process have been found to have an increased rate of success – an astounding 20% higher chance of success than average.
The Predictive Health team will always be grateful to the University of Iowa Venture School for the instructors’ and mentors’ wisdom, as well as the strategies we have gained through this incredibly challenging but extremely rewarding process. Through 2,800 miles of travel and attending three national conferences, we interviewed 88 thought leaders and prospective customers. This research allowed us to validate and streamline our business model, contract with strategic partners and add to our team essential strategic advisors.
Although the process was rigorous and forced us to reevaluate our business model and goal multiple times, Predictive Health Partners experienced an incredible amount of growth and benefit through the Venture School. We are more confident than ever in our product and ability to positively impact the healthcare landscape.