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Technology Commercialization - Biomed2010

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Case Study of Technology Commercialization by Robin Winsor. …

Case Study of Technology Commercialization by Robin Winsor.

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  • 1. Technology Commercialization Case Study Robin Winsor
  • 2. There is a tide in the affairs of men,Which, taken at the flood, leads on to fortune;Omitted, all the voyage of their lifeIs bound in shallows and in miseriesJulius Caesar. Act IV, Scene 3
  • 3. Agenda•  Technology Description•  Timeline•  Struggles, Setbacks and Successes•  Lessons Learned•  What’s Changed
  • 4. What does IDC do?
  • 5. Competing Technologies circa 2000 Digital "Family Tree" Film Scanners Kodak CR Fuji Agfa DR Flat Panel CCD A:Se A:Si CMOS Multi-Camera Single CameraKodak GE / Seimens CaresBuilt SwissRay IDC
  • 6. CMOS
  • 7. Market 45 secs Large hospitals Foothills+ 350k DR 8.5 mins Small & Medium CR Hospitals 125k 8 mins FILM ClinicsCost (US$)
  • 8. Market 750 Large hospitals 350k DR 10,000 Small & Medium CR Hospitals 125k Uncounted FILM ClinicsCost (US$)
  • 9. Market 750 Large hospitals 350k DR 10,000 Small & Medium CR Hospitals 125k IDC : 45secs : <$150k Uncounted FILM ClinicsCost (US$)
  • 10. TimeLineNovember 8th, 1895 November 8th, 1995
  • 11. TimeLine New Products Downsize New Building U.S.”Expert” arrives Clinical Use Mgmt financing Rapid Expansion N.American Liquidate assets Production Ramp-Up Luminary Sites SalesU.S.”Expert” Growth Rapid Revenue Scientific Validation Regulatory Approvals Clinical Testing International Distribution leaves $$ Revenues $$Mutiny OEM Partners
  • 12. Company Value Over Time$1,000,000,000 $100,000,000 $10,000,000 Market Cap $1,000,000 $100,000 20-Oct-93 16-Jul-96 12-Apr-99 06-Jan-02 02-Oct-04 29-Jun-07 25-Mar-10
  • 13. Futures
  • 14. Lessons Learned•  Trust•  It has to be earned•  Don’t discount the bizarre•  Beware of new friends in good times
  • 15. Lessons Learned•  Contingency Plans•  Save for a rainy day… it rains a lot !
  • 16. Lessons Learned•  Build The Right Team For Each Stage•  Scientists NEED marketers and financiers and …•  Management team must complement, not duplicate, each other•  Finder / Minder / Grinder•  Expect and celebrate change in the lineup•  Do the paperwork
  • 17. Lessons Learned•  Build An Active Board•  Think carefully before putting a customer on BoD•  Don’t appoint for appearances sake, make it WORK•  Try for diversity
  • 18. Lessons Learned•  Know When To Let Go•  If you can do it all, you’re not doing enough •  “There is no limit to how much a man can accomplish or how far he can succeed as long as he doesnt mind who gets the credit”
  • 19. Lessons Learned•  Know What You Do•  Core competencies•  Be clear•  Keep checking for drift
  • 20. Lessons Learned•  Lawyers Can Be Your Friends•  Don’t cheap out on legal services•  Understand their specialities•  Look for chemistry•  File plenty of patents
  • 21. Lessons Learned•  Pay Your Taxes Happily•  Cybera•  National Research Council (NRC)•  Industrial Research Assistance Program (IRAP)•  Alberta Heritage Fund for Medical Research•  Shad Valley Keep it in Canada
  • 22. Lessons Learned•  Culture•  Why do you and your staff work so hard – is it for the same reasons ? –  Fun –  $$$ / Options –  Vision
  • 23. Corporate VisionTo provide the highest quality, most cost- effective digital radiography (DR) products in the healthcare market
  • 24. Vision Tuberculosis35% of the world’s population infected
  • 25. Lessons Learned•  Believe In Angels•  Douglas Street•  Geoffrey Galley•  …and be sure they believe in you
  • 26. Lessons Learned•  Retail Investors•  Most brokers don’t care•  Learn the elevator pitch•  Expect turbulence
  • 27. Lessons Learned•  Institutional Investors•  Fund Managers DO care•  Know your numbers•  Expect to be held accountable
  • 28. Lessons Learned Image RadiationAREA Cost Quality Dose NorthAmerica 1 2 3Europe 2 1 3 Asia 2 3 1
  • 29. Lessons LearnedChina is a huge marketChinese prefer ChineseProtect your IP, then go
  • 30. What Has Changed•  Barriers to entry –  Equipment costs falling –  Information easy to access –  Regulatory is a little easier –  Computing power increased by ~8000 x –  Design, prototype cycle reduced from weeks to days –  Competitors know what you’re doing
  • 31. What Hasn’t Changed•  Need for a good team•  Need for financing•  Need for hard work•  Need for speed
  • 32. There is a tide in the affairs of men,Which, taken at the flood, leads on to fortune;Omitted, all the voyage of their lifeIs bound in shallows and in miseriesOn such a full sea are we now afloat,And we must take the current when serves,Or lose our ventures.Julius Caesar. Act IV, Scene 3
  • 33. ? ? ? Questions ? ? ?