BIOFEST INVEST APPLICANT

Goldminds EDUC

Company Contact: Reginald Gray

Legal Entity Type: LLC

Company Type: Digital Health

Company Stage: Development

No. of Employees: 3

Desired Financial Amount: $500,000 – 1,000,000

Background

Company Background

In this hugely challenging era of the Covid-19 pandemic, Goldminds EDUC envisions fully developing and refining its proprietary software app, The Food ABCs, through the W. Edwards Deming process of continuous product improvement, to address the prevention of, and recovery from, Covid-19 infection. Through partnering with a top tier health insurance company, Goldminds EDUC proposes to utilize its software app to its fullest potential-helping as many people as possible to enhance their immune systems, accelerate their post-infection recovery, and provide health insurance risk and cost reduction. Over the next five years, Goldminds EDUC will continue to develop software and hardware applications to compete with existing technologies in order to solve ongoing or unmet problems in the healthcare and health insurance markets. Goldminds EDUC LLC has raised founders funding and early seed funding to launch Phase 1- building the prototype website and hiring specialists to assist in validating both the nutritional, and infectious disease, information needed to build the prototype. All intellectual property protection has been obtained through Goldminds EDUC LLC founders funding. No sales revenues have been generated in this pre-launch phase of our existence. Reginald Gray – Founder and president of Goldminds EDUC LLC has 15+ years of experience in higher education in applied economics, product research and development, and intellectual property expertise in the protection and valuation of copyrights, trademarks, and licensed software properties. Gray has created and sold a series of educational and evaluation software applications under the banner of Goldminds EDUC LLC, and its cousin the i3deas Company LLC, also founded by Gray. The innovation: The Food ABCs utilizes an innovative database of the clinically-observed time of digestion and efficiency of digestion for some 70,000 different foods, which it uses to recommend dietary options, substitutions, and combinations for improved nutrition. This digestion optimization highlights nutritional recommendations for enhancing immune systems and for preventing and recovering from disease. Our focus will be on COVID-19 as well as the CDC’s top 25 causes of death by infectious or immune diseases and other chronic diseases and conditions.

Management

Reginald Gray – Founder and president of Goldminds EDUC LLC has 14+ years of experience in higher education in applied economics, product research and development, and intellectual property expertise in the protection and valuation of copyrights, trademarks, and licensed software properties. Gray has created and sold a series of educational and evaluation software applications under the banner of Goldminds EDUC LLC, and its cousin the i3deas Company LLC, also founded by Gray. Barbara Totzke – Former senior associate athletic director at Southern Methodist University and current 200 E-RYT with Yana Shala LLC with 25+ years of experience as a health professional. Totzke has managed large scale departments focusing on athletics, academics, and student-athlete welfare and now owns and manages personal health and wellness programs. Frank Grassler, JD, BS Pharm – Consultant and IP/Business attorney with 37 years of experience in private practice, corporate, and academic settings, and a demonstrated record of successful transactions, patent prosecutions, litigations, and over twenty new venture creations, as well as serving as patent counsel and general counsel at several top-ten global biopharma companies. In academia, Grassler served as the Vice President of Technology Development for UT Southwestern Medical Center, served on the faculty to teach biomedical product development, and he has been a legal advisor to three Nobel Laureates, and to more than twelve members of the National Academies of Science and of Medicine, as well as serving as an expert business advisor to biopharma start-ups. Deva Sundararajan – President and Chief Technology Officer at Rminds. Sundararajan brings 25+ years of experience in delivering business solutions that leverage high technology. Gray and RMinds have created various innovative educational software applications over the past six years through their joint venture. Leslie Lesser, RD, LD – Clinical dietitian with extensive experience in treating patients with a wide variety of medical concerns and conditions. With expertise in creating specialized menus for human subjects in phase-1, first-time-in-human drug development trials, Lesser offers our company her expertise in determining foods and beverages (including applicable quantities) that are best for both the prevention of, and recovery from, specific diseases, infections, and health conditions, and will be focusing on addressing Covid-19 infections. Brittany Gross, RD – Consulting Clinical Dietician with 7+ years of nutritionist experience. Helped in creating detailed diets for over 400 customers, currently working at Baylor University Medical Center in Dallas, TX. Seeking to join Goldminds EDUC to help improve its proven track record and help more people lead a healthy lifestyle. At Baylor University Medical Center Brittany has a year and a half experience in treating patients with multiple chronic conditions including cancer, heart failure, heart disease, and diabetes. She provides daily education for the above conditions. Dr. Darrell Hull- a PhD in Educational Psychology with 20+ years of STEM education experience as principal investigator for several NSF and U.S. Department of Education programs. For 10 years he conducted research in the Caribbean focused on adolescent development. Hull teaches biomeasurement at the University of North Texas Educational Research PhD program and is a psychometric consultant to bioassessment organizations in the Dallas-Fort Worth area. Prior to joining the faculty at UNT in 2007, Hull was the director of Baylor University’s Baylor Evaluation Services Center. He is also associated with the National Center for Optics and Photonics Education (OP-TEC). Nagesh V. Kamarsu, founder of RMinds-RMinds Inc., a mid-market-focused IT solutions and services provider founded in 2007, works diligently to develop business-specific technologies that provide competitive advantage to their customers. His RMinds executive team has decades of experience providing state of the art technology solutions for large and small clients globally, and has a strong background in healthcare industry strategy. As the former divisional president at Integra Connect, Kamarsu was responsible for promoting and selling Integra’s value-based care solutions to physician practices. Prior to Integra Connect, he was VP at Cardinal Health, where he launched an oncology division and grew it to $1.5 billion in annual sales, securing a meaningful market share for Cardinal. Before Cardinal, Kamarsu served in various roles with P4 Healthcare and International Oncology Network, where he was responsible for driving sales success. Gray and Totzke, both employees of Goldminds EDUC, will be the core team leading the proof-of-concept work on the software design, and on the implementation of phase 1 product development. They will be committing approximately 80% of their time to our Phase 1 activities. Grassler, Sundararajan and Lesser are Goldminds EDUC consultants on legal, technical and nutritional matters, each respectively committing time as needed. Hull and Schultz-Ruth will be work-for-hire consultants contributing to phase 1 R&D and Nagesh Kamarsu and his RMinds organization will be a work-for-hire resource for all technology needs. The Goldminds EDUC team represents an unusual mix of capabilities and expertise, having over 25 years of experience on NSF-funded projects.

Board of directors

Goldminds EDUC LLC 12 million authorized shares Advisory Board: Reginald Gray – Founder and president of Goldminds EDUC LLC has 14+ years of experience in higher education in applied economics, product research and development, and intellectual property expertise in the protection and valuation of copyrights, trademarks, and licensed software properties. Gray has created and sold a series of educational and evaluation software applications under the banner of Goldminds EDUC LLC, and its cousin the i3deas Company LLC, also founded by Gray. Barbara Totzke – Former senior associate athletic director at Southern Methodist University and current 200 E-RYT with Yana Shala LLC with 25+ years of experience as a health professional. Totzke has managed large scale departments focusing on athletics, academics, and student-athlete welfare and now owns and manages personal health and wellness programs. Frank Grassler, JD, BS Pharm – Consultant and IP/Business attorney with 37 years of experience in private practice, corporate, and academic settings, and a demonstrated record of successful transactions, patent prosecutions, litigations, and over twenty new venture creations, as well as serving as patent counsel and general counsel at several top-ten global biopharma companies. In academia, Grassler served as the Vice President of Technology Development for UT Southwestern Medical Center, served on the faculty to teach biomedical product development, and he has been a legal advisor to three Nobel Laureates, and to more than twelve members of the National Academies of Science and of Medicine, as well as serving as an expert business advisor to biopharma start-ups.

Product / Service

disease area / application

Our focus will be on COVID-19 as well as the CDC’s top 25 causes of death by infectious or immune diseases and other chronic diseases and conditions.

product / Service

With the ongoing COVID-19 pandemic, we see insufficient viral testing and PPE supplies, uncertainty surrounding treatment protocols, extended timelines for vaccination programs, and hard-to-manage social distancing strategies, all converging to create a historically great need for individuals to be able to enhance their own immune systems. With the ongoing threat of COVID-19 and other diseases, everyone stands to benefit from a centralized, easy-to-access source of science-based information and easy-to-use technology to better their nutrition and thus their health. The COVID-19 pandemic and its healthcare fallout will cause insurance companies, and of course their member insureds, to be confronted with significantly increased costs. Using The Food ABCs as a form of health telematics, health insurers can improve risk pool management, improve individual member health risks, negotiate more favorable contracts, and thus increase net profit. Insured members can be incentivized to participate and increase app usage through a program of tiered premium discounts. Active app users will directly benefit from improved overall health, greater feeling of wellbeing, and fewer illnesses and related medical visits, hospital stays, and associated healthcare costs. The Food ABCs G.R.C. (Graded Report Card) combines data from our Food Grading Scale, by which users can evaluate and rate their nutritional choices and from our User Category Grading Scale which helps insurance companies assess their insureds’ nutritional, health, and wellness choices. Results from both scales contribute to a cumulative health-related GPA (reported through the G.R.C.), a metric which is then used to determine insurance premium incentives and discounts. The target market for The Food ABCs is two-pronged. First, this app creates immediate value for major health insurers that want to make nutrition a cornerstone of their members’ healthy lifestyles. Second, the app targets consumers directly with its novel, best-in-class, healthy diet tools to boost their general health, and particularly their immune systems, to help ward off infections or to speed their recovery from infections.

technology / ip

The Food ABCs innovative rating scale system is technology and device agnostic, allowing for a wide use of the software for evaluation, assessment and risk management. Data has traditionally been one of the insurance industry’s greatest and most valuable assets. Insurers are investing in their ability to collect, store, manage and analyze vast amounts of variable data to solve complex problems in order to remain competitive and profitable. Goldminds EDUC intends to help simplify these problems with The Food ABCs G.R.C. rating system. Regarding the status of the intellectual property associated with this project, Goldminds EDUC LLC filed 27 copyright applications and four trademarks with the US Copyright Office. One provisional patent will be filed with intentions of leveraging the innovation over several platforms for digital health and wellness applications.

distribution channels

The Food ABCs will contact the business development offices of major health insurance companies with non-confidential business presentations as a prelude to licensing negotiations. The license would be non-exclusive unless one potential partner expressed a willingness to pay a premium for an exclusive license, or for an outright assignment of our company’s intellectual property. Licenses or an assignment would include our contractual commitment to consult with the licensee on the technology, on strategic placement, on project planning, on further development of the app and its supporting documentation, and guaranteed rights to future versions of the app. Our estimated range of insurance company revenue is proportional to the insured membership populations of the top ten health insurers, ranging from United Health at 49.5 million members to WellCare Health at 4.3 million members. Thus, our projected revenues will fall inside a range of $ 5.1 billion to $516 million – including software cost, implementation cost, software AMC, support cost estimations.

market size

The overall target market for The Food ABCs is dual-pronged, comprising: (1) top-tier insurance companies seeking to offer a comprehensive eHealth app to their members; and (2) all persons interested in boosting their immune system in an effort to either prevent illness or to recover from infections and manage chronic disease. Through a form of health telematics, insurance companies that provide The Food ABCs to their insured members can obtain increases in long term revenue and reduce the insurance premium cost burden on insured members of their risk pools. Active users can also benefit from improved overall health and fewer illness-related medical visits, hospital stays, and associated costs. The initial market for the Food ABCs software includes the mHealth and eHealth markets. Before the COVID-19 pandemic struck, the size of the global mHealth market was expected to reach an estimated $151.57 billion by 2025, with the market being driven by a growing worldwide senior and geriatric population, a rising prevalence of chronic diseases (primarily in the industrialized countries), and the increasing market penetration and uptake of smartphones, tablets, and higher speed internet connections.4

competition

Direct competition for The Food ABCs includes software such as Guiding Stars Nutrition® and the StayWell® Platform. Guiding Stars Nutrition (GSN) partnered with Blue Cross Blue Shield® and Wellness Layers® to create Serve It Up®, a ratings-based nutrition and social platform that categorizes food on a number scale based on calories and nutrients. GSN is a patented nutritional rating system distributed by parent company Ahold Delhaize® through a curated network of grocery stores.10 This system is functionally limited solely to rating food choices and is considered to be outdated and fails to meet the current demand for more detailed and interactive features. The StayWell® Platform partnered with WebMD® Health Services as part of their program to develop employee benefit plans. This app claims to improve employee well-being through application of an evidence-based curriculum structured to help develop skills and knowledge and encourage behaviors such as increasing motion activity throughout the day, maintaining healthier diets, maintaining more effective sleep patterns, and effectively managing stress. The app’s features include tracking certain biometrics such as weight, glucose levels, range of activity, exercise workouts, food intake, and water intake. Although StayWell® claims to integrate itself with leading brands of wearables and to operate with apps that allow users to synchronize electronic medical records, immunization histories and medical appointments, the StayWell® app has been the subject of negative publicly-available reviews, for example earning a 1.5 out of a possible 5 points. StayWell’s customers complain of navigation and syncing challenges, as well as criticizing the app for offering minimal support resources.11

Financials

Desired financial amount

$500,000 – 1,000,000

previous funding

Goldminds EDUC LLC has provided seed funding to launch Phase 1 of building the prototype website and hiring specialists to assist in validating information needed to build the prototype. Also, all IP has been funded through Goldminds EDUC LLC. Most businesses fail after being under capitalized and we don’t want to make the same mistake.

current financials

The company is seeking funding for A.I. Programming, focus group testing and beta testing. Started with $50,000 in the deposits. With an additional $25,000 in private investment. After six months of a fixed development cost at $32,000 beta testing, attorney fees for copyright, trademark registration, the cash balance has dropped to $23,000. According to the burn rate formula, your business is losing $2,500 per month. The current available cast is $21,000.

financial use

The prototype building phase has already been paid for by founders’ investment or early seed investment, and no revenue has been collected during this phase. We anticipate funding for R&D from Phase 1 – Phase 3 up to commercialization of this software. Phase 1 – R&D, Website design and beta testing, mobile phone design and testing Phase 2- Proof of concept testing, Augmented proof of concept Phase 3 – Acceptance Testing, Commercialization

revenue

The reimbursement strategy will be based on a return on the percentage of monthly subscriptions of users by exclusive licensing. Revenues Exclusive Licensing Revenue (1) – 80% Inclusive Licensing Revenue (2) – 10% Supply Chain Data Revenue (3) – 10% Subscriber based (estimated at $1.34 per individual inquiry); subscription packages will be available based on the usage. Advertisement Revenue (4) – Estimated as $3000 per month and increasing @ 15% per annum Goldminds EDUC LLC 12,000,000 shares issued Percentage Authorized Shares / $MM Investment $1MM capital contributed in exchange for 15% Authorized Shares $2MM capital contributed in exchange for 25% Authorized Shares $3MM capital contributed in exchange for 35% Authorized Shares Add capital controls to have in place. Require sign-off of any type of expenditure. Return On Investment + 10% Annualized Interest Approximately 2-4 Years Until The ROI Made Whole (paid from subscription membership fees). Percentage of Ownership Equity Authorized Shares Company Board Seats

exit strategy

The Food ABCs will contact the business development offices of major health insurance companies with non-confidential business presentations as a prelude to licensing negotiations. The license would be non-exclusive unless one potential partner expressed a willingness to pay a premium for an exclusive license, or for an outright assignment of our company’s intellectual property. Licenses or an assignment would include our contractual commitment to consult with the licensee of the technology, on strategic placement, on project planning, on further development of the app and its supporting documentation, and guaranteed rights to future versions of the app. Our estimated range of insurance company revenue is proportional to the insured membership populations of the top ten health insurers, ranging from United Health at 49.5 million members to WellCare Health at 4.3 million members. Thus, our projected revenues will fall inside a range of $ 5.1 billion to $516 million – including software cost, implementation cost, software AMC, support cost estimations. Acknowledging the concerns of data-sharing expressed in our discussion of key risks in bringing this innovation to market, data brokering offers an alternative income opportunity. In this alternative revenue model, estimates for the value of The Food ABCs user data have been determined based on analyst reports in IT evaluations from two of the largest data brokering companies, Acxiom and ALC Data. They value personal data, including personal health and family history, and assuming daily activity, and data inputs of consumer supply chains and food consumption patterns, at dollar averages between $0.68 – $2.00 per person.

Pitch Video

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