Subject category:
Strategy and General Management
Published by:
International Institute for Management Development (IMD)
Version: 23.12.2015
Length: 18 pages
Data source: Field research
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Abstract
This case study features ProsFit, a European start-up company founded in 2013 that used breakthrough technology - Computer Aided Design (CAD) and 3D printing - to transform the way in which sockets for prosthetic limbs are produced. It promised to reduce fitting times considerably, improve comfort and cut production costs, helping to meet growing demand. Companies were registered in Bulgaria and in the UK. Proof of concept was established in April 2014, and ethics approval in the UK was granted. Two successful rounds of fundraising were completed at the time of publication of this case study in late 2015, and there were seven employees. It is a family firm, having been co-founded by father-and-son team Alan and Chris Hutchison. The latter is a double amputee and user of prosthetic limbs. Alan Hutchison is an experienced business developer, with a degree in Engineering Science from the University of Oxford. The decision to start the company stemmed from concern about the pain and discomfort Chris was experiencing with a prosthetic limb fitted traditionally as well as the lengthy time-to-comfort of the fitting process. Software scanning and 3D printing technology replaced the artisanal approach used for sculpting sockets. The company was set up to be both commercial and philanthropic, using profits from developed countries to subsidize sockets in developing nations. First invoices were issued in 2015. The founders estimated they had an 18- to 24-month first-mover advantage from mid-2015.
Locations:
Size:
Start-up; 7 employees
Subject category:
Strategy and General Management
Published by:
International Institute for Management Development (IMD)
Version: 20.10.2015
Length: 7 pages
Data source: Field research
Subject category:
Strategy and General Management
Published by:
International Institute for Management Development (IMD)
Format:
.mp4
Data source: Field research
Notes: Length 36 minutes. File size 1.71GB. Click for more information.
About
Abstract
This case study features ProsFit, a European start-up company founded in 2013 that used breakthrough technology - Computer Aided Design (CAD) and 3D printing - to transform the way in which sockets for prosthetic limbs are produced. It promised to reduce fitting times considerably, improve comfort and cut production costs, helping to meet growing demand. Companies were registered in Bulgaria and in the UK. Proof of concept was established in April 2014, and ethics approval in the UK was granted. Two successful rounds of fundraising were completed at the time of publication of this case study in late 2015, and there were seven employees. It is a family firm, having been co-founded by father-and-son team Alan and Chris Hutchison. The latter is a double amputee and user of prosthetic limbs. Alan Hutchison is an experienced business developer, with a degree in Engineering Science from the University of Oxford. The decision to start the company stemmed from concern about the pain and discomfort Chris was experiencing with a prosthetic limb fitted traditionally as well as the lengthy time-to-comfort of the fitting process. Software scanning and 3D printing technology replaced the artisanal approach used for sculpting sockets. The company was set up to be both commercial and philanthropic, using profits from developed countries to subsidize sockets in developing nations. First invoices were issued in 2015. The founders estimated they had an 18- to 24-month first-mover advantage from mid-2015.
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Locations:
Size:
Start-up; 7 employees
Related
Subject category:
Strategy and General Management
Published by:
International Institute for Management Development (IMD)
Version: 20.10.2015
Length: 7 pages
Data source: Field research
Subject category:
Strategy and General Management
Published by:
International Institute for Management Development (IMD)
Format:
.mp4
Data source: Field research
Notes: Length 36 minutes. File size 1.71GB. Click for more information.