Description
In December 2016, two years after the founding of Medicloud, a Singapore-based start-up that offered a medical appointment-booking application, the founder and chief executive officer recognized that the start-up had yet to monetize. A decision regarding a pivot was imminent. He also recognized that there were new opportunities in the areas of employee benefits and insurance for small- and medium-sized enterprises (SMEs). He needed to answer two pressing questions before the company’s initial funding ran out: Should the start-up pivot to serve SMEs? If so, what kind of products and services should it offer to the SMEs?
Learning Objective
This case can be used in undergraduate- and graduate-level courses on entrepreneurship. After working through the case and assignment questions, students will be able to do the following: ·Evaluate the position of a start-up and examine the pros and cons of a pivot strategy. ·Evaluate specific options for a business model pivot for an insurance technology start-up company. ·Outline the different paths of entrepreneurship and explain the importance of the founding team. ·Develop an action plan for an insurance technology start-up that is considering a pivot to a new target customer segment.