Turnkey project from ideation to product development for US based behavioral health start-up
Background and scope
Our client was a behavioral health start-up aiming to develop a smart wearable that can track the mood of a user. Based on a mood spectrum, it analyzes emotional wellness in real-time using biosensors. It also raises the awareness of emotional state.
The client engaged Healthark Insights to help on various threads from market assessment to product development. Strings involved assessing the emotion-based smart wearable landscape, planning and conducting a clinical trial to collect the different emotions based on biosignals, then analyzing and developing the algorithm to build an image processing-based size estimation algorithm.
Healthark also supported the client in collaborating with various stakeholders like product designers, hardware developers, software companies, and marketing agencies and tracking all the activities as part of project management.
The project involved various threads at the same time. Healthark had streamlined the project action items and started working on each at the same time. Below are the detailed threads
Conducted market assessment and developed business plan
Healthark started with Market assessment for smart wearables and emotion-based wearables by secondary research. Further, it identified top products, built the competitive profiles, analyzed how the product they were making differs from the existing ones in terms of various technical and competitive parameters, and did the pricing analysis. Further, we developed a business plan and projection and advised the go-to-market strategy.
Conducted clinical trial & developing algorithm
Healthark conducted a clinical trial to develop the algorithm for the smart wearable product. The process was to identify and validate the content that creates certain emotions, protocol development, regulatory approval, participant recruitment and collection of signals, internal training, and stakeholder management.
Healthark has an in-house AI expert team that developed the algorithm to analyze different emotions based on the collected Bio-signals.
Developed of image processing-based size estimation algorithm
Healthark also developed an algorithm for Image processing-based finger size estimation to add on with the product to identify their right size to order the product.
Healthark helped the client talk with various companies and identify the bests companies for different processes for smart wearable development. These companies were involved in product design, hardware development, software development, branding and marketing, mobile application development, and patent search. Further Healthark team managed to track the progress of each stakeholder.
Market assessment with detailed profiles of competitive products, detailed business plan, and strategy was given to the client in the deck. With the help of Healthark, the client could Identify the companies for design and hardware, software, marketing initiatives, Patent consultancy and started work on all these threads. Healthark provided technical expertise in some of the areas for product development. Healthark team successfully achieved the clinical trial activity, including identifying the content, regulatory clearance, development of the protocol, recruiting participants, ensuring the solid rigor following during data collection within the span of three months. Healthark developed an algorithm that could identify the six decided emotions based on biosignals. Healthark developed a separate mobile application backed by an algorithm to estimate the user’s finger size. Healthark further managed the project management activity till the first phase of the project.