bims: | Biomed News |
catalyst grant application
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1. ABSTRACT
•Describe the idea/company/product
and its potential in a few sentences.
This is on the
homepage using 146
words.
“Bims: Biomed News” may appear like just
another current awareness system. We think of it as an expertise
sharing system. That’s because we request our users to make weekly
selections and the selections are publicly available. This is
unprecedented in the biomedical domain.
2. TEAM
•Describe the founders, their
background and key people in the rest of the team along with any
advisors.
The team is
Thomas Krichel and
Gavin McStay. Thomas’ claim to fame is being the founder of the
RePEc digital library. He is a former
university faculty in the USA and the UK. He now works as a
digital librarian in Novosibirsk, Russia. Gavin is the project
director. He holds a PhD in Biochemistry from the
University of Bristol. He held
academic positions in the USA and is an associate professor at
Staffordshire University.
•Why did you
pick this idea to work on?
In 1998 Thomas created “
NEP: New Economics Papers” to
improve current awareness about economics working papers in
RePEc. Bims is an implementation of the same idea in the
biomedical area using
PubMed. It uses much
of the same software. Thomas’ idea was to reach beyond the
economics domain. Thomas picked the biomedical domain because it
is large and fast moving. Thomas looked for four years for a
partner before stumbling across Gavin at a networking event in New
York City.
•Do you have
domain expertise in this area?
Thomas created the domain. Gavin has
subject expertise.
3. PROBLEM &
SOLUTION
•Describe the
problem you are solving and outline how you are solving it.
At this time, we aim to serve academic
users. We are not just solving a single problem. We are addressing
two user needs at the same time. (1) They need to know about the
latest papers in their area. (2) They need to be recognized as
subject experts.
In the longer run, we will also serve
users that do not have the second need. In fact, if they are
patients, they may want to stay anonymous.
4. BUDGET
•Provide a
breakdown of how you would spend the funds.
We intend to use the funds for renting
a server and to pay for Thomas’ labour for two years. Thomas will
not undertake any other paid work for the two years, starting from
the commencement of the award. This is realistic because Thomas is
not undertaking paid work at this time. He will prepare a detailed
work plan ahead of the interview.
Bims will be “funded by
digital-science.com” for two years. That will be on every report
issue and all pages on the web site. After that, we will mention the
catalyst grant for ten years on all the web pages. After that, we
will mention it in the history section. Thomas will write monthly
progress reports.
5. PRODUCT
•Describe
your product and link to any additional info on the product.
Much the product operates behind an
interface for registered users, i.e. selectors, only. They receive a
list of PubMed papers, linked through an e-mail, sorted by
likelihood of inclusion. They make two binary selections on the
papers. In the first screen they select the papers that are relevant
to the report’s subject or are at least related to it. The results
of this screen inform machine learning. In the second selection
screen, users select from the selections of the first screen the
papers that will go into the public report. The differences between
the public and private selections are the “secret sauce” the
selectors bring to their report. Finally, selectors have an optional
sorting screen to rank papers. The report issue is sent as an e-mail
to the selector. It also appears on the reports page.
•How mature is the product?
The product is very robust. At this
time, we think of it as “good enough”. Hardcore scientists tell us
that it is great. However, if you work on topics with little jargon,
it is a bit trickier. Thus, there is room for improvement.
•How many
customers/users (if any) do you currently have?
We have 19 users. They curate 24
reports.
6. PRICING
•What is your pricing model, if
applicable?
We do not intend to charge either
selectors or readers. We see only two ways to raise funds. One is by
sponsored advertising. The other is by running the same technology
on a software-as-a-service business model for private reports. Both
sources will remain limited. They ought to be enough to sustain the
product provided that it operates in a low-cost way.
7. LONG TERM VISION
•What is your
long-term vision for the product and for the company?
We want to keep the project as a non-profit
entity. This is to shield it from market hazards and provide
accessibility to all who may want to use it. We need to keep running
it even if it generates no income. However, we realise that it is
good to associate it with a for-profit corporation. That corporation
will manage the asset when it finally gets substantial traction. We
think that will be in about ten years time.
8. COMPETITORS
•How are your
customers currently solving the problem you address?
We don’t really know. We think that for
current awareness, no product has significant market
share. Academics really tend to work in their own ways.
•Who are your
competitors? What size and stage are they at?
We could fill the entire application with
other products and companies that are in the current-awareness
dimension of bims. They now all tell you that they use artificial
intelligence because that is fancy. In reality, they aim to do some
machine learning. However, these systems lack incentives for their
users to be good machine teachers. With poor machine teaching, you
get poor machine learning. Case in point, Gavin tried
Abstream,
F1000 Alerts,
Google Scholar Alerts,
Mendeley,
Meta, PubMed alerts and
Sparrho. He found all of them
lacking. Generally, they get users' input like papers they wrote,
citations they made, and papers they interacted with. Then they send
out pointers to related papers. Users are overwhelmed with old
papers of marginal relevance. That experience—more than any of
Thomas’ conviction power—led him to try Thomas’ untested
solution.
•How are you
different – what is your competitive advantage and unique selling
points? Please include URLs where available.
We only offer recent papers of the past week. We require weekly
use. Only precise machine teaching will produce good machine
learning. The communication of the results helps to make the extra
effort worthwhile. One fine day, being a followed bims
selector will be a valuable service item on an academic CV.
For market entrants, our technical infrastructure is not difficult
to replicate. But any entrant who would copy us would face
similar problems as we have to get users, with unclear prospects
of profitability.
9. MARKET
•What is the market size?
We do not know. We think interest in
biomedical research is global. Bims has the potential to be used by
people in all places with an Internet connection.
•Describe your
core market and the other potential areas to expand into.
Our core market consists of researchers in
the biomedical sciences. We have just recruited our first selector
who is a journalist. Doctors, nurses, health information
professionals, health policy makers, sufferers from chronic diseases
… basically anybody who can benefit from regular scrutiny of
PubMed is a potential customer.
•How do you
plan to acquire new customers and retain existing ones?
Customer acquisition is our
biggest challenge. We can’t fake it by inflating customer counts. We
can’t demonstrate our product on the spot. It needs a few weeks of
training data for it to reveal its magic. We ask our users to
essentially take on a small unpaid job every week. There is no
precedence for the type of task they are assumed to perform. Thus,
the low uptake to date can entirely be blamed on us being
incompetent marketers.
Some parts on the planned work will deal with
features designed to help customer acquisition. However, we do not
see a magic bullet that will get us to lift off. We will continue to toil on the ground
through face-to-face meetings and online contact.
Customer retention is not a problem at
all. Our most recent customer loss occurred on 27 October
2018.
10. PROGRESS TO DATE
•What is the
current stage of the business?
We started
on 4 February 2017. We use the server that runs NEP. We intend to
run indefinitely.
In 2019, Thomas had a job that did not allow
adequate time to work on bims. That job is has now finished. We
gained 11 users. We lost none.
•Do you have any financials?
We do not.
•What steps
have you taken to validate the market?
We already had NEP. It validated the market
for us, starting 21 years ago.
•What is your
expected future growth rate? Do you have a forecast?
We expect continuing but initial slow
growth. We hope to reach at least 100 users by the time the funding
finishes. We do not need a large user base. Even if we only get 1000
users producing weekly reports read by, say, 100000 readers we will
have made a significant impact on scholarly communication in the
biomedical sciences. We will create a more level playing field
between journals. Marginal ideas, that do not use the standard
vocabulary that someone would search for, will be much more
visible.