Some of the most interesting pitches to come through Pitch Practice are the ones about which most people know the least. For those types of pitches, it’s harder for the entrepreneur to get their point across, harder for them to explain their value, and harder for the audience to “get it.” Virtual Kinetics was one of those pitches.
David Healy was a Pitch Practice rookie last week when he volunteered to pitch. His elevator pitch was ok, not great. Here are my notes from his 30-second pitch:
Virtual Kinetics – pt software – pt industry under pressure from insurance and regs, so it takes a lot longer to make money in the business. a PT has to make lots of measurements for every patient. Their app will let them do it via an iPhone video. Range of motion, strength of ligaments. PTs & ins will monetize. 3rd day in Atlanta, based in Chapel hill, 4 biotech engineers. Needs referrals, intros into the startup community.
OK, so what does all that mean? Well, we had a great discussion after David’s pitch, and in the end, everyone “got it”, though it wasn’t totally clear from his initial elevator pitch. And that’s ok! Because what’s the goal of the elevator pitch? Get the next meeting. Everyone agreed that David would have earned that next meeting.
Here’s the gist of Virtual Kinetics as we now understand it. David and his 3 Biotech Engineering have created an app for iPhone that captures Physical Therapy patients’ movements, and measures them to a standard acceptable by the therapists and insurance companies. These digital video measurements replace manual, analog (read “pen & paper”) measurements that take 10x as long to create and document.
Here’s what that means to you and me and anyone else who gets injured or has surgery and needs PT. I’ve lived this one many times but my ACL repair many years ago epitomized the problem that VK is solving. I had to do PT every weekday for 8 weeks, and every time I arrived, the first thing the PT would do was measure about half a dozen things about my knee: range of motion, strength of various movements, deficit compared to the strength of the other knee, etc. That took up 25% – 50% of the time we had allotted (and that my insurance would pay) for actual physical therapy. Then the PT had to document the results of all those measurements by hand with a pen or pencil.
It doesn’t take much to understand how much more efficient computer vision could make this process. The only question is, can Virtual Kinetics get their product to market and get the results approved or accepted by the industry and the insurers who control the money that flows through the industry? That remains to be seen.
As to David’s pitch, here are a couple of things he might consider:
- Figure out a really quick way to state the problem. It’s physical therapy, so everyone understands the market space in general. The hard part is explaining the insurance regulatory issues that require certain measurements.
- Simplify the explanation of their solution by saying something as simple as “an iPhone app”.
- Make the ask more specific than “referrals”, and instead ask for introductions to experts in the medical insurance industry.
As I say, we never know who’s going to show up and pitch. David’s product sounds excellent. It’ll be great to have him back and see how much he can improve his pitch through practice and some very specific changes. In the Pitch Practice Podcast, we’ll feature one of these kinds of pitches each episode and do a similar analysis of the pitch and maybe the business.
In the Pitch Practice Podcast, we’ll feature a pitch like this one on each episode and do a similar analysis of the pitch and maybe the business. Will you help us launch the Pitch Practice Podcast to #1 on iTunes New & Noteworthy category? Click here to join the launch team.