Scaling Up a Small Technology Firm: Business Model Innovation at HaylioMed
Mike Kramer, the CEO of HaylioMed, led his small technology firm for over a decade, during which time it had become the market leader in the provision of a complex Enterprise Software System for the management of specialty medical education firms. He had developed a successful business model, but due to limited long-term growth in this niche, he decided to explore options for business model innovation. At the heart of his problem was if and how he ought to expand beyond his core market of prestigious specialty medical schools. What were the real needs of firms beyond the top tier of the market? How would he explore this wider market with a staff of 25 and limited managerial bandwidth? Would it be possible for Mike to simultaneously meet the needs of the current top-tier clients and develop cost effective solutions for the mid and lower tier of the market?