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Floki Health Ltd
Floki Health Ltd

Northumberland based Company Floki Health Ltd supports NHS Trusts in developing digital solutions to drive effectiveness and efficiency in their functions. They were referred to RTC North by an external advisor who has regularly recommended our services.

Challenge
Challenge

RTC jumped on board when Floki Health was in the process of developing a medical device tracking platform and needed assistance with funding.  RTC also offered assistance relating to NHS operations and practises and advice on market entry to this unique market place. 

Solution
Solution

Fenwick Smith, CEO of Floki Health said: “We benefited from two of the programmes on RTC’s portfolio – Pathways 2 Innovation and Designing Better Business.

“RTC’s advisors helped us develop a business model that could demonstrate the technology of the business can be implemented on a financially viable and scalable basis.”

RTC assisted with the evaluation of business model, costs, potential customer value proposition to ensure financial viability and more importantly scalability. This also included the identification of customer metrics to ensure the value can be clearly attributed to the technology and thus verifying value and potential scalability.

Result
Result

Fenwick added: “RTC also helped us establish a robust business plan which is business specific and investor ready with detailed risk analysis and exit points for investors, which is value added and has the potential to accelerate our future.”

“We have already completed the first implementation of the platform into the NHS which is already proving successful. “

“Thanks to RTC, we now have a platform which offers greater flexibility in our growth plans and have a clear vision for the future.”

 

Project Information
Pathways to Innovation is a programme designed to help SMEs protect and commercialise new technologies, products, services and processes and access new markets. Supporting the NE LEP's strategic economic plan, Pathways to Innovation is particularly aimed at businesses in the sectors of Healthcare & Life Sciences; Advanced Manufacturing, Offshore & Energy Technologies; IT, Software, Creative & Digital. The programme is funded through European Regional Development Fund (ERDF) and is delivered by RTC North in partnership with the Business & Intellectual Property Centre Newcastle. 

Client link:
https://www.flokihealth.co.uk/

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