Harvard Case - Savemom: The Smart Wearable Solution for Maternal Health Care
"Savemom: The Smart Wearable Solution for Maternal Health Care" Harvard business case study is written by Renuka Kamath, Shrinath V. It deals with the challenges in the field of Entrepreneurship. The case study is 14 page(s) long and it was first published on : Jul 28, 2022
At Fern Fort University, we recommend that Savemom pursue a hybrid growth strategy combining organic growth through product development and market expansion with strategic acquisitions in complementary health tech spaces. This approach will leverage Savemom?s core strengths in technology and analytics while enabling rapid expansion into new markets and product categories.
2. Background
Savemom is a startup developing a smart wearable device designed to monitor maternal health during pregnancy and postpartum. The device collects vital data, analyzes potential risks, and provides personalized insights and alerts to both mothers and healthcare providers. The case study highlights the company?s early success in securing funding, developing a strong product, and gaining initial market traction. However, Savemom faces challenges related to scaling operations, managing growth, and navigating a competitive landscape.
The main protagonists are:
- Dr. Priya Sharma: The founder and CEO of Savemom, a passionate physician driven to improve maternal health outcomes.
- Alok Sharma: Priya?s brother and co-founder, responsible for the company?s technology and product development.
- The Savemom team: A dedicated group of engineers, designers, and marketing professionals committed to the company?s mission.
3. Analysis of the Case Study
To analyze Savemom?s situation, we can utilize the Porter?s Five Forces framework:
- Threat of New Entrants: High. The wearables market is rapidly evolving, attracting new players with innovative technologies.
- Bargaining Power of Buyers: Moderate. Consumers are increasingly price-sensitive and have access to various health monitoring options.
- Bargaining Power of Suppliers: Low. Savemom relies on readily available components and manufacturing processes.
- Threat of Substitute Products: High. Existing healthcare providers offer traditional monitoring methods, and competing wearables are entering the market.
- Rivalry Among Existing Competitors: High. The market is fragmented, with numerous startups and established companies vying for market share.
This analysis reveals a highly competitive environment with significant threats to Savemom?s long-term success.
4. Recommendations
Savemom should implement the following recommendations:
1. Product Development and Innovation:
- Expand product offerings: Develop additional wearables for different stages of pregnancy and postpartum, including devices for fetal monitoring, sleep tracking, and breastfeeding support.
- Integrate AI and machine learning: Enhance data analysis capabilities to provide more personalized insights, early risk detection, and proactive interventions.
- Develop a comprehensive mobile app: Offer a user-friendly platform for data visualization, communication with healthcare providers, and access to educational resources.
2. Market Expansion and Growth:
- Target new geographic markets: Explore opportunities in emerging markets with high maternal mortality rates and limited access to healthcare.
- Partner with healthcare providers: Establish strategic partnerships with hospitals, clinics, and insurance companies to integrate Savemom?s technology into existing care pathways.
- Develop a robust marketing strategy: Utilize digital marketing channels, influencer collaborations, and targeted campaigns to reach potential customers.
3. Strategic Acquisitions:
- Identify complementary technologies: Acquire companies specializing in areas like fertility tracking, mental health monitoring, or remote patient monitoring.
- Expand product portfolio: Acquire existing brands or products to broaden Savemom?s reach and market share.
- Gain access to new markets: Acquire companies with established presence in specific geographic regions or customer segments.
4. Organizational Structure and Design:
- Establish a clear leadership structure: Define roles and responsibilities to ensure efficient decision-making and execution.
- Build a cross-functional team: Foster collaboration between engineering, product development, marketing, and sales teams.
- Embrace agile methodologies: Implement iterative development processes to adapt quickly to changing market demands.
5. Basis of Recommendations
These recommendations are based on:
- Core competencies: Savemom?s expertise in technology and analytics, coupled with its commitment to improving maternal health outcomes.
- External customers: The growing demand for convenient and personalized health solutions, particularly among expectant mothers.
- Competitors: The need to differentiate Savemom?s offerings and establish a competitive advantage in the rapidly evolving wearables market.
- Attractiveness: The potential for significant market growth, high return on investment, and positive social impact.
6. Conclusion
By embracing a hybrid growth strategy, Savemom can leverage its strengths, capitalize on market opportunities, and navigate the challenges of a competitive landscape. This approach will enable the company to achieve sustainable growth, expand its market reach, and fulfill its mission of improving maternal health outcomes globally.
7. Discussion
Other alternatives include:
- Focusing solely on organic growth: This approach may be slower and less impactful, especially in a rapidly evolving market.
- Partnering with a larger healthcare company: This could provide access to resources and market reach but may compromise Savemom?s independence and vision.
Risks associated with the recommended strategy include:
- Integration challenges: Merging acquired companies and integrating their technologies into Savemom?s existing ecosystem.
- Market saturation: The wearables market becoming increasingly crowded, leading to price competition and reduced profitability.
- Regulatory hurdles: Navigating evolving regulations and obtaining approvals for new products and markets.
Key assumptions include:
- Continued demand for maternal health solutions: The market for wearable devices and digital health solutions will continue to grow.
- Technological advancements: Savemom will be able to maintain its technological edge and innovate at a rapid pace.
- Effective execution: The company will successfully implement its growth strategy and overcome challenges.
8. Next Steps
Savemom should:
- Develop a comprehensive business plan: Outline the strategic direction, financial projections, and key milestones for the next 3-5 years.
- Identify potential acquisition targets: Conduct due diligence and assess the strategic fit of potential companies.
- Secure additional funding: Seek venture capital or strategic investments to support growth initiatives.
- Build a strong leadership team: Recruit experienced executives with expertise in scaling businesses, managing acquisitions, and navigating international markets.
- Establish a robust marketing and sales infrastructure: Develop a comprehensive marketing plan and build a team to reach target customers.
By taking these steps, Savemom can position itself for continued success and make a significant impact on maternal health outcomes worldwide.
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Case Description
In January 2020, two social entrepreneurs were looking back at the first five years of operation of their venture JioVio Healthcare. The entrpreneurs had designed, developed, and implemented their cloud-based Internet of Things software Savemom. Using feedback from key stakeholders, Savemom assisted in the early detection of preventable complications during pregnancy and safe delivery, especially for expectant mothers in rural India, with a goal to reduce India's maternal mortality ratio (MMR). Using an iterative process, Senthilkumar collaborated with various stakeholders in central and southern parts of rural India to enhance and implement the Savemom software. To achieve the socially-conscious goal behind the Savemom software, the team developed a wearable device for use by each expectant mother, as well as a medical measurement device and an online platform for healthcare providers to access the health information of patients. After several iterations of prototypes based on process outcomes and feedback from stakeholders, the Savemom software, devices, and process seemed to have achieved its ultimate goal. But when one of the entrepreneurs visited doctors to get their feedback, they expressed great dissatisfaction with the vast amount of patient information to check each day on the portal, which was increasing their workload almost ten times. The two social entrepreneurs had to find a way to address the genuine issues the doctors had raised.
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