The October Quarterly meeting of the Buswell Biomedical Advisory Board convened after a two-quarter hiatus. The summer meeting was regrettably canceled due to Sheila's illness, during which she was unable to speak. In her absence, this meeting was led by Gregg Buswell who assumed leadership of the meeting, as Sheila Buswell who managed to be unwell again.
Unfortunately, our original intent to record the meeting was thwarted by various technical challenges. We will be distributing the presentation slides to all attendees, and we invite you to reach out with any inquiries or concerns.
The meeting commenced with a concise overview of the Upward Mobility (UPMO) project, emphasizing its scope and limitations. The UPMO is envisioned to:
Promote patient independence during rehabilitation hospital stays.
Allow healthcare personnel to allocate their attention to other critical tasks.
Enhance safety for both patients and healthcare staff.
However, it's essential to acknowledge that the UPMO will not be suitable for critical care situations requiring immediate patient assistance.
To illustrate the application of the Upward Mobility, an explanatory video was created but never officially released due to a number of concerns, including the depiction of a patient wearing sandals in a hospital bed. You can view the video here:
Furthermore, in the summer of 2020, a student from Spark created a cartoon representation of the Upward Mobility. Despite certain technical imperfections, this illustration encapsulates the primary purpose of the product. In this depiction, a mother, involved in a car accident, initially focuses on her survival. However, as she consults with medical professionals, it becomes evident that she will require extended rehabilitation. The Upward Mobility (UPMO) empowers her with a degree of independence, eliminating concerns about falls exacerbating her condition. It should be noted that critical care lifting equipment would still be necessary, but the UPMO permits patients to act autonomously while healthcare workers attend to other duties.
Watch 2 Min cartoon video here:
The forthcoming prototype, designed by Jermaine Sims, will serve two significant objectives:
Quantify the ability to "slowly lower" and "raise" the patient.
Provide a tangible representation of the device.
This prototype will not incorporate all the components discussed for the final product.
A substantial portion of last night's meeting was dedicated to the revelation of the mechanical design for the inaugural prototype. Jermaine Sims invested considerable effort in completing this design, and it was comprehensively deliberated and demonstrated during the session.
Mechanical Design of Prototype
Jermaine reiterated the goal of the UPMO and that the goal is not to replace the need for lifts when a person is not able to take action independently. He used these pictures to show the need will still exist for the traditional lift.
Jermaine also spoke to the advantages of our system over the existing systems with this image:
I feel it is also important to note that to get the patient in these devices it takes considerable assistance from healthcare staff.
The schedule did move out but there is still the goal of getting a prototype completed by the end of the year.
Josh N mentioned that as we go out to gets parts manufactured it maybe beneficial to take biomedical off the name to reduce cost.
Laurie A. Questioned the lift point and how the lift would be applied this is not shown via the photos shown. Lift will not be all the weight of the person but the off-weighting will occur via a lift point between the shoulder blades. The harness is secured around the middle but does not extent below the waist of the patent.
A pivotal part of obtaining a funding partner is determining the value of Buswell Biomedical as a company. Buswell Biomedical has undergone several evaluations. The first was based primarily on the idea and it stated that based on the idea and team the value is $587,500.
Start Up Valuation is $587,500.
Team strength score is 8.5 out of 10.
Opportunity strength score is 11.3 out of 10.
Product strength score is 9.5 out of 10.
Competitive Advantage score is 10 out of 10.
The Second Evaluation was more in-depth and was completed for San Diego Angel Conference. This evaluation was provided in a range from 2-9 Million Dollars, the largest contributing factor was the "moat" or protective area we had around the idea and the hardware. Essentially the more patent protection and prototype hardware Buswell Biomedical has in hand the closer to the 9 million dollar valuation.
The third evaluation was set to be completed the first week in October. This was to include an interview and was rescheduled due to pneumonia
Laurie A. Inquired who this evaluation was with and although a more comprehensive answer is needed I think Co-View Capital is the company. I will so more research and follow up.
The moral of the story is that Buswell Biomedical has two patents one that has been been reported but is not “In Hand” and one that is filed there is an entire IP Strategy that will create a substantial mote of protection and perceived ownership.
Sheila has been on multiple podcasts due to the book that was released earlier this year. Although the book is on Imposter Syndrome, Buswell Biomedical is mentioned and the attention to the business has meant that specific attention to Upward Mobility and Buswell Biomedical has been the focus of the latest podcasts. Although this was not the initial intent of the book, it appears this attention is benefiting Buswell Biomedical.
Please do not hesitate to contact us with any questions or additional information you may require. Thank you for your attention and participation in our quarterly meeting.