Most people with hearing loss who are able to use hearing aids or who have had cochlear implants placed in their ears expect to hear well. However, the reality is that tens of thousand of patients continue to experience severe difficulty hearing in the real world, away from the clinical setting. This is due to incorrect adjustments made by clinicians to the medical device. Audiologists and speech therapists both need to have a hearing test that accurately and quickly determines how well people with hearing aids and cochlear implants can hear in noisy environments. Such a test is especially important for children, as early intervention can reduce slowed learning. Special education costs for children with hearing loss, if they do not receive it early, will be $420,000. A lifetime cost of about $1 million. Hearing loss can start as early as 50 years old. Failure to get intervention early can result in job loss, emotional distress, and cognitive disorders. In addition, since life expectancy can realistically reach to age 90 and beyond, an individual could potentially be affected by hearing loss for half of his/her lifetime.
To evaluate hearing loss, pure tone hearing tests are used. These tests require sound proof booths and audiometers. These tests can only evaluate the fundamental hearing loss but they cannot predict how an individual will be able to understand sentences and words in a real environment. The current tests cannot also determine if a patient would benefit from a second hearing aid or cochlear implant. This is crucial for patients and their loved ones as cochlear and hearing implants cost about $40,000 and $5,000, respectively. Insurance companies often do not cover them.
Auris Solutions is an early stage hearing care company, which solves these market needs by delivering novel and scalable software-based hearing tests that rapidly and reliably assess hearing in a realistic environment. Our tests, unlike other tests, allow clinicians to optimize the settings of hearing devices and make recommendations on the purchase or replacement of hearing devices for their patients. The ability to adjust the medical device for each patient in a way that is most comfortable can make a huge difference in preventing them from experiencing the mental and emotional problems that come with hearing loss. Our tests are expected to be an essential part of the portfolio of hearing tests offered by audiology clinics, and will be conducted following the audiogramtone test.
Auris Solutions is ready for market with its first product, CRISP. This reliable, rapid system for diagnosing speech intelligibility in children computers the way that hearing tests are done. Clinical users can now control how sounds are presented, how they are stored and analysed, as well as the process through which the child can make choices and get reinforcement.
Auris Solutions is currently looking for $250,000 to help implement its marketing strategy. It will also offset our startup costs (product development, capital purchases, and support our business development plan.
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[1] http://trfn.clpgh.org/shhh/Factsheet.html#r1
1.1 Objectives
- We will use a model to ensure that our gross margin is at or above 75%.
- We will find a suitable management team to support and grow the company’s core competencies.
- We will satisfy all of our customers by offering quality products and superior customer service.
- We will invest a significant portion of our sales revenues into research and development in order to grow and offer new, innovative products within the hearing care market.
1.2 Mission
Auris Solutions, LLC, an innovative provider of solutions for refining hearing impairment diagnoses, offers a wide range of services. Our products are faster, more reliable, and more efficient than any of our competitors. We will ensure that our business is managed for planned growth and long-term profitability.
We will expand by building on our existing strengths and meeting the needs of customers. Auris Solutions, LLC will be an industry leader in hearing solutions and maximize shareholder value.
These are our values.
- Corporate Responsibility – The Company will participate in community events.
- Ethical Standard-The Company will continue to operate on sound ethical principles.
- Care We offer compassion, kindness, and concern.
- Respect #8211 We are proud to honor the human spirit.
- Excellence –: We expect the very best of ourselves, and one another.
- Stewardship Our resources are responsibly used.
- community We build relationships that motivate us to serve.
1.3 Keys to Success
At Auris Solutions, we aim to provide our customers with the best products and related services. Our commitment to quality will begin with our employees, who are our most important assets. These are the areas where our employees will have to take responsibility.
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Management team:
- Hire the right people to work for the company
- For all employees, set up evaluation policies and standards
- Give staff the authority to make decisions and hold them responsible for their actions
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Sales & Marketing:
- Auris’ brand and products are well-known
- Create and implement a marketing strategy
- Reduce barriers to entry
- Implement a marketing plan that successfully brings our advertisements and products to the target market
- Provide customer support for all products after purchase
- Product Development and Product Quality:
- Timely launch of new products
- Establish quality processes
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Management & Customer Support:
- Take control of your purchases
- All purchases should be made based on the customers’ needs
- Reduce need for an in-house inventory and overhead costs
- Set marketing budgets and manage accounts receivable
- Create a program to ensure customer satisfaction
- Products shipped and delivered on time
- Effectively respond to customer complaints