Demolishing the Status Quo in Entrepreneurial Education
I Write a Blogwww.steveblank.com
This Talk is Based On  Business Model Generation  Four Steps to the Epiphany       The Lean Startup
This Talk•   What’s a Startup?•   Search versus Execution•   Entrepreneurship As a Mgmt Science•   B-Schools = Large compa...
First -What’s A Startup? Six Types of Startups
Lifestyle Startups               Work to Live their Passion     Startup• Serve known customer with  known product• Pay for...
Small Business Startups               Work to Feed the Family                                          Small     Startup  ...
Small Business Startups                    Work to Feed the Family                                                 Small  ...
Small Business Startups                                                   Small    Startup                                ...
Scalable Startup    Search    Scalable                        Large    Startup                       CompanyGoal is to sol...
Scalable Startup                Born to Be BigSearch                                    ExecuteScalable                   ...
Scalable Startup     Search                                           Execute     Scalable                                ...
The Transition – Founders Leave  Scalable                              Large                 Transition  Startup          ...
Buyable Startup                    Born to Be Big    Search                              Sell     Scalable                ...
Buyable Startup     Search                               Sell     Scalable                          €3 to e0M     Startup ...
What’s A Startup?      Search                             Execute     Scalable                            Large     Startu...
Large Company Sustaining Innovation            Innovate or Evaporate                             Sustaining Innovation Sca...
Large Company Disruptive Innovation     New                                   Large                       Transition    Di...
Large Company Disruptive Innovation    New                                  Large                     Transition   Divisio...
Social Entrepreneurship Startups      Social                            Large     Startup                          Non-Pro...
Each of these startups  require different skillsThey Can Not Be Taught the Same Way
Search Versus ExecutionWhy Accountants Don’t Run Startups
Startups Search and PivotThe Search for the Business Model     Scalable                                 Large             ...
Startups Search, Companies ExecuteThe Search for the Business Model       The Execution of the Business Model        Scala...
Metrics Versus Accounting              The Execution of the Business ModelScalable                           Large        ...
Metrics Versus AccountingThe Search for the Business Model      The Execution of the Business Model      Scalable         ...
Customer Validation Versus Sales              The Execution of the Business Model  Scalable                           Larg...
Customer Validation Versus SalesThe Search for the Business Model         The Execution of the Business Model       Scalab...
Customer Development Versus    Product Management              The Execution of the Business ModelScalable                ...
Customer Development Versus           Product ManagementThe Search for the Business Model       The Execution of the Busin...
Engineering Versus           Agile Development                   The Execution of the Business ModelScalable              ...
Engineering Versus                Agile DevelopmentThe Search for the Business Model      The Execution of the Business Mo...
Startups Model, Companies Plan             The Execution of the Business ModelScalable                         Large      ...
Startups Model, Companies Plan The Search for the Business Model         The Execution of the Business Model       Scalabl...
Startups Are Not Small Versions of        Large Companies   Scalable                           Large                   Tra...
Entrepreneurship as aManagement ScienceE-School instead of B-School
Business as a Management Science• 1601 East India Company• 300 years of companies  without MBA credentials•1908 Harvard fi...
Business School Topics                          Business SchoolScalable                        Large             Transitio...
Business School Courses                                  Business SchoolScalable                                Large     ...
B-School Results?• U.S. corporations went from local to national  then international•Cadre of experienced managers to matc...
Business School Focus onLarge Company Strategies Execution versus Search
Business School Limitations•Most Professors consult for large corporations• Most believe startups are just smaller version...
Irony:21st Century Job Growth will Come        from New Ventures
Incubators       a Reaction to the lack of Practical          University Entrepreneurship• 1959 Josephy Mancuso - Batavia ...
Startup Incubators•Hands-on (experience vs. theory)• Goal: create a company and jobs• Full-time residential, stipend-based...
What’s Missing?A Repeatable Methodology   Not Just War Stories
Startups Are Not Smaller Versions       of Large Companies    Large Companies Execute Known            Business Models
Startups Are Not Smaller Versions       of Large Companies     Startups Search for Unknown           Business Models
E-School•Complete curriculum with Hands-on emphasis• Goal: methodology for startup creation• Can be taught anywhere  - Uni...
The Business Model:Any company can be described in       9 building blocks
CUSTOMER SEGMENTSwhich customers and users are you serving?which jobs do they really want to get done?
VALUE PROPOSITIONS what are you offering them? what is that  getting done for them? do they care?
CHANNELShow does each customer segment want to be reached? through which interaction points?
CUSTOMER RELATIONSHIPS   what relationships are you establishing with eachsegment? personal? automated? acquisitive? reten...
REVENUE STREAMS   what are customers really willing to pay for? how?are you generating transactional or recurring revenues?
KEY RESOURCESwhich resources underpin your business model?          which assets are essential?
KEY ACTIVITIESwhich activities do you need to perform well in   your business model? what is crucial?                     ...
KEY PARTNERSwhich partners and suppliers leverage your model?           who do you need to rely on?
COST STRUCTUREwhat is the resulting cost structure?which key elements drive your costs?
key       value         customer            activities   proposition      relationships     key                           ...
sketch out yourbusiness model
sketch out yourbusiness models
But,Realize They’re Hypotheses
9 Guesses                              GuessGuess     Guess                                        Guess                  ...
Customer DevelopmentThe founders     ^Get   Out of the Building
Customer DevelopmentThe Search For the Business ModelCustomer            Customer     Customer   CompanyDiscovery         ...
Customer Discovery    Customer      Customer     Customer   Company    Discovery     Validation   Creation   Building•   S...
Turning Hypotheses to Facts         Test Hypotheses:             •Product          • Market Type          • Competition
TestHypotheses: •Problem• Customer   • User  • Payer
Test Hypotheses:    •Channel
Test                                       Hypotheses    Test                            Test           :      Hypothese  ...
Test               Agile                 Hypotheses    Test                          Test           :      Hypothese   Tes...
The Minimum Viable Product (MVP)    • Smallest feature set that gets you the most …          - orders, learning, feedback,...
The Pivot•The heart of Customer Development      •Iteration without crisis   •Fast, agile and opportunistic
Pivot Cycle Time Matters  •Speed of cycle minimizes cash needs•Minimum feature set speeds up cycle time • Near instantaneo...
The PivotA Pivot is the change of one or moreBusiness Model Canvas Components
The Pivot                      Product                          Strong clinical                   Development          Doc...
How Does This Really Work?Stanford Lean LaunchPad Class
How Does This Really Work?Stanford Lean LaunchPad Class  8 Weeks From an Idea to a Business
Pivot Example    Robotic WeedingTalked 75 Customers in 8 Weeks
Our initial plan
20 interviews, 6 site visits…                            We got OUR Boots dirty                                  Weeding  ...
Business Plan     Autonomous Vehicles for Mowing & Weeding                     - Innovation                            Dea...
Found weeding in organic crops is HUGE      problem; 50 - 75% of costs                        Crews of 100s-1000          ...
Decision to make – mowing vs weedingApplication     If ROI is < 1   Labor costs      Autonomous            TAM            ...
Autonomous vehiclesWEEDING                     - Innovation                            Dealers sell,       - Low density -...
1 Week – 1 CarrotBot
CARROTBOT   Machine Vision data    collection platform     Monochrome   & Color      Cameras     Laser-line sweep      ...
The Business Plan Canvas Updated                  •Technology                               •Farming                     D...
Visit Highlights    Above: Organic Carrots, 7wks.    Top right: Conventional carrotsBottom Right: Very weedy. Will require...
Visit Highlights                       Carrot vs. WeedsDue to small root systems, carrots have no chance against weeds
Visit HighlightsOrganic Broccoli, closelycultivated. Weeds close  to plants are hand-
Visit HighlightsState of the Art in Weeding Technology
Customer HypothesisPre-                                          LargeTest                                         Growers...
Customer Map #1 – Industrial Growers Example: Bolthouse Farms – Large Industrial Carrot              Producer – 8K acres/y...
Customer Map #2 – Service Providers   Example: Ag Services – Service Provider, Salinas                      Valley  End Us...
The Business Plan Canvas Updated                   •Technology                               •Farming                     ...
World Ag Expo interviews:the need is real and wide spread                 • 10+ interviews at show                    – Ev...
The Business Plan Canvas Updated                   •Technology                                  •Farming                  ...
Autonomous weeding - Final                       - Innovation                              Direct            - Low density...
MammOpticsFinal project presentation for E 245 Winter 2011
MammOptics   Initial Idea          Breast cancer                    Mammography  Leading cause of cancer in women 15%-25% ...
MammOptics    Technology Comparison                           Invasivenes                False   False   Device     Time  ...
MammOptics   Business Model Canvas 1 of 4                       Product                            Strong clinical        ...
MammOptics Business Model Canvas 1 1 of 4  Business Model Canvas of 4                       Product                       ...
Finding the right customer     From radiologists to gynecologists
MammOptics  Excursions into hospitals                        Debra Ikeda        Leading        Jason Davies        doctors...
MammOptics  Hospital purchasing decision tree
MammOptics  Hospital purchasing decision tree
MammOptics Private practice purchasing decision tree
MammOptics Private practice purchasing decision tree
MammOptics Business Model Canvas 2 of 4                         Product          Doctors:       Strong clinical           ...
MammOptics Business Model Canvas 2 of 4                         Product          Doctors:       Strong clinical           ...
Getting to our customerhe world of direct sales and medical marketing
MammOptics   Interviews      Breast Cancer  Be Bright Pink     Advocacy Groups Jennifer Glover                       Dr. C...
MammOptics   Marketing                        Key Opinion                       Leaders (KOLs)   American College    of Ob...
MammOptics    MarketingStrong influence on doctors via ACOG            Key Opinion Leaders Standard of Care Strongly (KOLs...
MammOptics   Marketing                                         Researchers     Researchers                                ...
MammOptics   Marketing                                                     Focus on                        Key Opinion Lea...
MammOptics   Marketing                        Key Opinion Leaders                              (KOLs)   American College  ...
MammOptics   Marketing                         Key Opinion Leaders                               (KOLs)   American College...
MammOptics   Marketing                             Key Opinion Leaders                                   (KOLs)   American...
MammOptics Channel Strategies and Costs    High value             Direct Sales             Individual                     ...
MammOptics Channel Strategies and Costs                 Sales strategy 1       Sales strategy 2             5 dedicated sa...
MammOptics   Pricing Strategy               Equipment   Lease model   Per-use   Consumable                                ...
MammOptics   Pricing Strategy               Equipment   Lease model   Per-use   Consumable                                ...
MammOptics  Customer Workflow        Current market      Insurance                          Mammography          Radiologi...
MammOptics  Customer Workflow        Current market      Insurance       But what would        happen if we               ...
MammOptics  Customer Workflow                            Insurance                          Mammography              Radio...
MammOptics  Customer Workflow                       Insurance                      Mammography        Radiologist         ...
MammOptics  Customer Workflow                                    Insurance                                  Mammography   ...
MammOptics  Customer Workflow                       Insurance                      Mammography      Radiologist           ...
MammOptics  Customer Workflow                              Insurance   Patient      PCP         Mammography       Radiolog...
MammOptics  Customer Workflow                                       Insurance   Patient           PCP             Mammogra...
MammOptics  Customer Workflow                              Insurance  Patient       PCP         Mammography        Radiolo...
MammOptics    Business Model Canvas 3 of 4                       Product                         Strong clinical          ...
MammOptics    Business Model Canvas 3 of 4                      Product                         Strong clinical           ...
Building the companyThe backstage of a medical device company
MammOptics   Interviews                              Stanford     FDA Clinical Trials   StatisticsSteve                   ...
MammOptics   Partners Manufacturing                     Choose                 manufacturing                 facility clos...
MammOptics   Partners Manufacturing                      Reimbursement                 Difficult to get                 co...
MammOptics   Reimbursement Partners                            Insurances CPT Codes  $75-$150
MammOptics   Partners Manufacturing                    Reimbursement                 510K vs. PMA                  Largest...
MammOptics  Clinical Trials    Stage 1          Feasibility   Pilot trials     Comparison   50 patients         with     $...
MammOptics  Clinical Trials                   Stage 2                  Interim trials   Prove superior                    ...
MammOptics  Clinical Trials                   Stage 2                  Interim trials    Stage 1                          ...
MammOptics  Clinical Trials                                                    Stage 4                                    ...
MammOptics  Clinical Trials                                                  Stage 4                                      ...
MammOptics  Clinical Trials                    12/4/2009
MammOptics   Partners Manufacturing               Reimbursement                 Financial                 timeline    Fund...
MammOptics                      Financial / Operations Timeline                                   2012                    ...
MammOptics                       Financial / Operations Timeline                                    2012         2013     ...
MammOptics                      Financial / Operations Timeline                                   2012                    ...
MammOptics                      Financial / Operations Timeline                                 2012                      ...
MammOptics                      Financial / Operations Timeline                                 2012               2013   ...
MammOptics                      Financial / Operations Timeline                                 2012           2013       ...
MammOptics                      Financial / Operations Timeline                                 2012           2013       ...
MammOptics                      Financial / Operations Timeline                                   2012                    ...
MammOptics    Business Model Canvas 4 of 4                      Product                         Strong clinical           ...
MammOptics Business Model Canvas 4 of 4                      Product                             Strong clinical          ...
MammOptics   Business Model Canvas 1                       Product                            Strong clinical             ...
MammOptics    Business Model Canvas 2                       Product                            Strong clinical            ...
MammOptics     Business Model Canvas 3                         Product          Doctors:       Strong clinical            ...
Steve Blank "Entrepreneurial education"
Steve Blank "Entrepreneurial education"
Steve Blank "Entrepreneurial education"
Steve Blank "Entrepreneurial education"
Steve Blank "Entrepreneurial education"
Steve Blank "Entrepreneurial education"
Steve Blank "Entrepreneurial education"
Steve Blank "Entrepreneurial education"
Steve Blank "Entrepreneurial education"
Steve Blank "Entrepreneurial education"
Steve Blank "Entrepreneurial education"
Steve Blank "Entrepreneurial education"
Steve Blank "Entrepreneurial education"
Steve Blank "Entrepreneurial education"
Steve Blank "Entrepreneurial education"
Steve Blank "Entrepreneurial education"
Steve Blank "Entrepreneurial education"
Steve Blank "Entrepreneurial education"
Steve Blank "Entrepreneurial education"
Steve Blank "Entrepreneurial education"
Steve Blank "Entrepreneurial education"
Steve Blank "Entrepreneurial education"
Steve Blank "Entrepreneurial education"
Steve Blank "Entrepreneurial education"
Steve Blank "Entrepreneurial education"
Steve Blank "Entrepreneurial education"
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Steve Blank "Entrepreneurial education"

  1. 1. Demolishing the Status Quo in Entrepreneurial Education
  2. 2. I Write a Blogwww.steveblank.com
  3. 3. This Talk is Based On Business Model Generation Four Steps to the Epiphany The Lean Startup
  4. 4. This Talk• What’s a Startup?• Search versus Execution• Entrepreneurship As a Mgmt Science• B-Schools = Large company mgmt• Incubators = the transition• E-School = the conclusion
  5. 5. First -What’s A Startup? Six Types of Startups
  6. 6. Lifestyle Startups Work to Live their Passion Startup• Serve known customer with known product• Pay for their passion
  7. 7. Small Business Startups Work to Feed the Family Small Startup Business• Serve known customer with known product• Feed the family
  8. 8. Small Business Startups Work to Feed the Family Small Startup Business Exit Criteria• known customer - Business Model found known product - Profitable business• Feed the family - Existing team < €100K in revenue
  9. 9. Small Business Startups Small Startup Business - Business Model found - Profitable business - Existing team < $10M in revenue• 5.7 million small businesses in the U.S. <500 employees• 99.7% of all companies• ~ 50% of total U.S. workers http://www.sba.gov/advo/stats/sbfaq.pdf
  10. 10. Scalable Startup Search Scalable Large Startup CompanyGoal is to solve for: unknown customer and unknown features
  11. 11. Scalable Startup Born to Be BigSearch ExecuteScalable LargeStartup Company Exit Criteria - Business model found - Total Available Market > €300m - Can grow to €50/year
  12. 12. Scalable Startup Search Execute Scalable Large Startup Company - Total Available Market > $500m - Company can grow to $100m/year - Business model found - Focused on execution and process - Typically requires “risk capital”• In contrast a scalable startup is designed to grow big• Typically needs risk capital• What Silicon Valley means when they say “Startup”
  13. 13. The Transition – Founders Leave Scalable Large Transition Startup Company Search Build Execute Founders depart - Operating executives - Professional Mgmt - Process - Beginning of scale
  14. 14. Buyable Startup Born to Be Big Search Sell Scalable €3 to 30M Startup AcquisitionGoal is to solve for: Internet, Mobile, Gaming Apps
  15. 15. Buyable Startup Search Sell Scalable €3 to e0M Startup AcquisitionGoal is to solve for: Sell to larger company Internet and Mobile Apps
  16. 16. What’s A Startup? Search Execute Scalable Large Startup Company -Business Model found - i.e. Product/Market fit - Repeatable sales model - Managers hiredA Startup is a temporary organization used to search for a repeatable and scalable business model
  17. 17. Large Company Sustaining Innovation Innovate or Evaporate Sustaining Innovation Scalable Large Transition Startup Company • Existing Market / Known customer •Known product feature needs
  18. 18. Large Company Disruptive Innovation New Large Transition Division Company Disruptive Innovation•New Market•New tech, customers, channels
  19. 19. Large Company Disruptive Innovation New Large Transition Division Company Disruptive Innovation •Build •Acquire - IP - Talent - Product - Customers - Business
  20. 20. Social Entrepreneurship Startups Social Large Startup Non-Profit• Solve pressing social problems• Social Enterprise: Profitable• Social Innovation: New Strategies
  21. 21. Each of these startups require different skillsThey Can Not Be Taught the Same Way
  22. 22. Search Versus ExecutionWhy Accountants Don’t Run Startups
  23. 23. Startups Search and PivotThe Search for the Business Model Scalable Large Transition Startup Company Business Model found - customer needs/product features found i.e. Product/Market fit -Found by founders, not employees - Repeatable sales model - Managers hired
  24. 24. Startups Search, Companies ExecuteThe Search for the Business Model The Execution of the Business Model Scalable Large Transition Startup Company -Business Model found - Cash-flow breakeven - Product/Market fit - Profitable - Repeatable sales model - Managers hired - Rapid scale - New Senior Mgmt ~ 150 people
  25. 25. Metrics Versus Accounting The Execution of the Business ModelScalable Large TransitionStartup Company Traditional Accounting -Balance Sheet - Cash Flow Statement - Income Statement
  26. 26. Metrics Versus AccountingThe Search for the Business Model The Execution of the Business Model Scalable Large Transition Startup CompanyStartup Metrics- Customer Acquisition Cost Traditional Accounting - Balance Sheet- Viral coefficient - Cash Flow Statement- Customer Lifetime Value - Income Statement- Average Selling Price/Order Size- Monthly burn rate- etc.
  27. 27. Customer Validation Versus Sales The Execution of the Business Model Scalable Large Transition Startup Company Sales -Sales Organization - Scalable - Price List/Data Sheets - Revenue Plan
  28. 28. Customer Validation Versus SalesThe Search for the Business Model The Execution of the Business Model Scalable Large Transition Startup CompanyCustomer Validation- Early Adopters Sales - Sales Organization- Pricing/Feature unstable - Scalable- Not yet repeatable - Price List/Data Sheets-“One-off’s” - Revenue Plan- Done by founders
  29. 29. Customer Development Versus Product Management The Execution of the Business ModelScalable Large TransitionStartup Company Product Management - Delivers MRD’s - Feature Spec’s - Competitive Analysis - Prod Mgmt driven
  30. 30. Customer Development Versus Product ManagementThe Search for the Business Model The Execution of the Business Model Scalable Large Transition Startup Company Customer Development Product Management - Delivers MRD’s - Hypothesis Testing - Feature Spec’s - Minimum Feature Set - Competitive Analysis - Pivots - Founder-driven
  31. 31. Engineering Versus Agile Development The Execution of the Business ModelScalable Large TransitionStartup Company Engineering - Requirements Docs. - Waterfall Development - QA - Tech Pubs
  32. 32. Engineering Versus Agile DevelopmentThe Search for the Business Model The Execution of the Business Model Scalable Large Transition Startup CompanyAgile Development Engineering - Requirements Docs.- Continuous Deployment - Waterfall Development- Continuous Learning - QA- Self Organizing Teams - Tech Pubs- Minimum Feature Set- Pivots
  33. 33. Startups Model, Companies Plan The Execution of the Business ModelScalable Large TransitionStartup Company Business Plan -Plan describes “knowns” - Known features for line extensions - Known customers/markets - Known business model
  34. 34. Startups Model, Companies Plan The Search for the Business Model The Execution of the Business Model Scalable Large Transition Startup CompanyBusiness Model -Plan describes “knowns” - Known features for line extensions- Unknown customer needs - Known customers/markets- Unknown feature set - Known business model- Unknown business model- Model found by iteration
  35. 35. Startups Are Not Small Versions of Large Companies Scalable Large Transition Startup Company Search Build Execute Yet our curriculums assume they are –we teach that the knowledge is interchangeable
  36. 36. Entrepreneurship as aManagement ScienceE-School instead of B-School
  37. 37. Business as a Management Science• 1601 East India Company• 300 years of companies without MBA credentials•1908 Harvard first MBA
  38. 38. Business School Topics Business SchoolScalable Large TransitionStartup Company -Execution - Strategy - Accounting - Products - Engineering - Management -Administration
  39. 39. Business School Courses Business SchoolScalable Large TransitionStartup Company Courses -Managerial Finance/Accounting - Managing Groups and Teams - Financial Accounting - Operations - Modeling for Optimization - Global Value Chain Strategies
  40. 40. B-School Results?• U.S. corporations went from local to national then international•Cadre of experienced managers to match• Experts on finance and growth (Dupont/GM) B-Schools made the 20th Century the American business century
  41. 41. Business School Focus onLarge Company Strategies Execution versus Search
  42. 42. Business School Limitations•Most Professors consult for large corporations• Most believe startups are just smaller versions of large companies• Most B-school entrepreneurship programs are side-shows
  43. 43. Irony:21st Century Job Growth will Come from New Ventures
  44. 44. Incubators a Reaction to the lack of Practical University Entrepreneurship• 1959 Josephy Mancuso - Batavia Industrial Ctr.• 1996 IdeaLab•2005 Y-Combinator•2011 100+ Incubators world-wide
  45. 45. Startup Incubators•Hands-on (experience vs. theory)• Goal: create a company and jobs• Full-time residential, stipend-based program• Curriculum: product development + best practices
  46. 46. What’s Missing?A Repeatable Methodology Not Just War Stories
  47. 47. Startups Are Not Smaller Versions of Large Companies Large Companies Execute Known Business Models
  48. 48. Startups Are Not Smaller Versions of Large Companies Startups Search for Unknown Business Models
  49. 49. E-School•Complete curriculum with Hands-on emphasis• Goal: methodology for startup creation• Can be taught anywhere - University - Incubator - Remotely• Curriculum: about the search for a business model
  50. 50. The Business Model:Any company can be described in 9 building blocks
  51. 51. CUSTOMER SEGMENTSwhich customers and users are you serving?which jobs do they really want to get done?
  52. 52. VALUE PROPOSITIONS what are you offering them? what is that getting done for them? do they care?
  53. 53. CHANNELShow does each customer segment want to be reached? through which interaction points?
  54. 54. CUSTOMER RELATIONSHIPS what relationships are you establishing with eachsegment? personal? automated? acquisitive? retentive?
  55. 55. REVENUE STREAMS what are customers really willing to pay for? how?are you generating transactional or recurring revenues?
  56. 56. KEY RESOURCESwhich resources underpin your business model? which assets are essential?
  57. 57. KEY ACTIVITIESwhich activities do you need to perform well in your business model? what is crucial? 57
  58. 58. KEY PARTNERSwhich partners and suppliers leverage your model? who do you need to rely on?
  59. 59. COST STRUCTUREwhat is the resulting cost structure?which key elements drive your costs?
  60. 60. key value customer activities proposition relationships key customerpartners segments cost revenuestructure key streams resources channels 60 images by JAM
  61. 61. sketch out yourbusiness model
  62. 62. sketch out yourbusiness models
  63. 63. But,Realize They’re Hypotheses
  64. 64. 9 Guesses GuessGuess Guess Guess Guess Guess Guess Guess Guess
  65. 65. Customer DevelopmentThe founders ^Get Out of the Building
  66. 66. Customer DevelopmentThe Search For the Business ModelCustomer Customer Customer CompanyDiscovery Validation Creation Building Pivot
  67. 67. Customer Discovery Customer Customer Customer Company Discovery Validation Creation Building• Stop selling, start listening• Test your hypotheses• Continuous Discovery• Done by founders
  68. 68. Turning Hypotheses to Facts Test Hypotheses: •Product • Market Type • Competition
  69. 69. TestHypotheses: •Problem• Customer • User • Payer
  70. 70. Test Hypotheses: •Channel
  71. 71. Test Hypotheses Test Test : Hypothese Test Hypotheses: •Demand s:Hypothese •Product Creation •Problem s: • Market • •Channel Type Customer • • Test • User(Customer Competitive Hypotheses: • Payer ) •Channel • Test Hypotheses: Test Hypotheses:(Problem) •Size of •Pricing Model / Opportunity/Market Pricing
  72. 72. Test Agile Hypotheses Test Test : Hypothese Test Developme Hypotheses: •Demand s: ntHypothese •Product Creation •Problem s: • Market • •Channel Customer Type Customer • Developme • Test • User(Customer nt Team Competitive Hypotheses: • Payer ) •Channel • Test Hypotheses: Test Hypotheses:(Problem) •Size of •Pricing Model / Opportunity/Market Pricing
  73. 73. The Minimum Viable Product (MVP) • Smallest feature set that gets you the most … - orders, learning, feedback, failure…
  74. 74. The Pivot•The heart of Customer Development •Iteration without crisis •Fast, agile and opportunistic
  75. 75. Pivot Cycle Time Matters •Speed of cycle minimizes cash needs•Minimum feature set speeds up cycle time • Near instantaneous customer feedback drives feature set
  76. 76. The PivotA Pivot is the change of one or moreBusiness Model Canvas Components
  77. 77. The Pivot Product Strong clinical Development Doctors: data IP Earlier TrainingLeading doctors A Pivot is the change of one or more Clinical trials FDA detection Maintenance Conferences Key Opinion Price OB/GYNs Leaders Business Model Canvas Components PCPs Publishing Accuracy CME courses 3rd party manufacturers Patients: Distributors Radiation Free Breast Cancer Non-Invasive IP Direct Sales to Foundations hospitals Leading doctors ACOG Distributor Technical ACS Expertise Product Development Clinical trials Capital Equipment Sales Operating Costs and disposable item Marketing Costs Per use fees
  78. 78. How Does This Really Work?Stanford Lean LaunchPad Class
  79. 79. How Does This Really Work?Stanford Lean LaunchPad Class 8 Weeks From an Idea to a Business
  80. 80. Pivot Example Robotic WeedingTalked 75 Customers in 8 Weeks
  81. 81. Our initial plan
  82. 82. 20 interviews, 6 site visits… We got OUR Boots dirty Weeding Visited two farms in Salinas Valley to better understand problem Interviewed: • Bolthouse Farms, Large Agri-Industry in Bakersfield • White Farms, Large Peanut farmer in Georgia • REFCO Farms, large grower in Salinas Valley • Rincon Farms, large grower in Salinas Valley • Small Organic Corn/Soy grower in Nebraska • Heirloom Organics, small owner/operator, Santa Cruz Mts • Two small organic farmers at farmers market • Ag Services of Salinas, Fertilizer applicator Mowing Interviewed: • Golf: Stanford Golf course• Parks: Stanford Grounds Supervisor, head of maintenance and lead operator (has crew of 6) • Toro dealer (large mower manufacturer) • User of back-yard mowing system • Maintenance Services for City of Los Altos • Colony Landscaping (Mowing service for stadiums)
  83. 83. Business Plan Autonomous Vehicles for Mowing & Weeding - Innovation Dealers sell, Mowing - Dealers - Customer We reduce installs and - Owners of (Mowing and Education operating cost supports customer public or Ag) - Dealer training - Labor reduction commercially- Vehicle OEMs - Better Co. trains dealers, used green (John Deere, utilization of supports dealers spaces (e.g. golfToro, Jacobsen, assets (eg mow or courses) etc) weed at nights) - Landscaping Engineers on - Improved - Mowing service provider- Research labs Autonomous performance (less Dealers vehicles, GPS, rework, food - Ag Dealers Weeding path-planning safety) - Farmers with manual weeding operations Dealer discount Asset sale COGS seek a 50-60% Gross Margin Our revenue stream derives from selling the Heavy R&D investment equipment
  84. 84. Found weeding in organic crops is HUGE problem; 50 - 75% of costs Crews of 100s-1000 Back-breaking task (Ilegal) labor harder to get 1-5 weedings per year/field $250-3,500 per acre and increasing Food contamination risk
  85. 85. Decision to make – mowing vs weedingApplication If ROI is < 1 Labor costs Autonomous TAM yr they will significant? would solve buy problem?Mowing of Yes. Yes Yes Adjusted up to Professionally xxxlarge fields run organizationsWeeding in Agri Industry: YES! for TAM increased YES! organic crops Not necessarily to $2.6 B (TotalAgriculture organic) Large They are Key need is Growers: Yes spending weed vs. crop Target Market $500/ac! differentiation (organic Small specialty) Growers: No 162 M/yr 18%/yr growth
  86. 86. Autonomous vehiclesWEEDING - Innovation Dealers sell, - Low density - Ag Dealers - Customer We reduce installs and vegetable - Ag Service Education operating cost supports customer growers providers - Dealer training - Labor reduction - High density (100 to 1) Co. trains dealers, vegetable- Research labs - Reduced risk of supports dealers growers contamination - Thinning - Mitigate labor operations Engineers on availability - Ag Dealers - Conventional Machine Vision concerns - Ag Service vegetables Two problems: providers - Identification - Elimination Dealer discount Asset sale COGS seek a 50-60% Gross Margin Our revenue stream derives from selling the Heavy R&D investment equipment
  87. 87. 1 Week – 1 CarrotBot
  88. 88. CARROTBOT Machine Vision data collection platform  Monochrome & Color Cameras  Laser-line sweep (depth measurement)  Encoders CarrotBot 1.0 (position/velocity)  Onboard data acquisition & power
  89. 89. The Business Plan Canvas Updated •Technology •Farming Design conventions. •Marketing •Demo, demo, •Demo and and demo!! customer •Cost •Proximity is •Organic•Research Labs feedback paramount Farmers Reduction •Equipment •Weeding •Remove labor Manufacturers Service force pains •Distribution Providers •Eliminate bio- Network •Conventional waste hazards •Service •IP – Patents Farmers Providers •Video •Dealers Classifier Files •Direct Service •Robust •Indirect Service Technology • … then Dealers •Asset Sale Value-Driven •Direct Service with equipment rental •… then Asset Sale
  90. 90. Visit Highlights Above: Organic Carrots, 7wks. Top right: Conventional carrotsBottom Right: Very weedy. Will require multiple passes of hand weeding
  91. 91. Visit Highlights Carrot vs. WeedsDue to small root systems, carrots have no chance against weeds
  92. 92. Visit HighlightsOrganic Broccoli, closelycultivated. Weeds close to plants are hand-
  93. 93. Visit HighlightsState of the Art in Weeding Technology
  94. 94. Customer HypothesisPre- LargeTest Growers Us Dealer Industrial Growers Industrial Hypothesis Confirmed • Growers interested in own equipment Growers • Industrial (10,000s of acres)Post- • Large (1,000s of acres) Large • Willing to pay $100k for oneTest Growers unit Us Dealer Service • Smaller growers (100s of acres) Providers usually subcontract the labor services or rent equipment Equipment Rental • All purchases through local dealers •Customer service is essential
  95. 95. Customer Map #1 – Industrial Growers Example: Bolthouse Farms – Large Industrial Carrot Producer – 8K acres/yr End User • Equipment Operator Influencer • Local Farm Mgr • Cliff Kirkpatrick, visited Recommender • Director, Ag Equipment Technology Operator • Justin Grove, interviewed Decision Maker • VP, Growing Operations Approver • CFO, CEO (Jeff Dunn) Cliff, Farm Mgr
  96. 96. Customer Map #2 – Service Providers Example: Ag Services – Service Provider, Salinas Valley End User • Equipment Operator Influencer • GrowerRecommender • Service Mgr Me (left), Marty (middle, Service Mgr), Doug (right, Grower)Decision Maker & Approver • ?? (service mgr’s boss)
  97. 97. The Business Plan Canvas Updated •Technology •Farming Design conventions. •Marketing •Demo, demo, •Mid/Large •Demo and and demo!! Organic Farmers customer •Cost •Proximity is •Agricultural•Research Labs feedback paramount Reduction corporations •Equipment •Remove labor •Weeding Service Manufacturers force pains Providers •Distribution •Eliminate bio- Network •Service •IP – Patents waste hazards •Mid/Large Providers •Video •Direct Service Conventional Classifier Files •Indirect Service Farmers •Robust • … then Dealers Technology •Direct Service with equipment rental Value-Driven •($1,500/d; 120d/yr ) •Low density: $1,500/d •High density: $6,000/d
  98. 98. World Ag Expo interviews:the need is real and wide spread • 10+ interviews at show – Everyone confirmed the need – Robocrop, UK based, crude competitor sells for $171 K • Revenue Stream – Mid to small growers prefer a service – Large growers prefer to buy, but OK with service until technology is proven – Charging for labor cost saved is OK, as we provide other benefits (food safety, labor availability)
  99. 99. The Business Plan Canvas Updated •Technology •Farming Design conventions. •Marketing •Demo, demo, •Mid/Large•Research Labs •Demo and and demo!! Organic Farmers •Equipment customer •Cost •Proximity is •Agricultural Manufacturer feedback Reduction paramount corporations •Distribution •Remove labor •Weeding Service Network force pains Providers •Service •Eliminate bio- Providers •IP – Patents waste hazards •Mid/Large •2 or 3 Key •Video •Direct Service Conventional Farms Classifier Files •Indirect Service Farmers •Robust • … then Dealers Technology Value-Driven •Direct Service with • R&D equipment rental • Bill of Materials •Low density: $1,500/d • Training & Service •High density: $6,000/d • Sales
  100. 100. Autonomous weeding - Final - Innovation Direct - Low density - Ag Service - Customer We reduce - Provide high vegetable providers Education operating cost quality service at growers - Dealer training - Labor reduction competitive price - High density - Research (100 to 1) vegetableInstitutes (eg UC - Reduced risk of growers Davis, Laser contamination - Thinning Zentrum - Mitigate labor operations Hannover) Engineers on availability Direct - Conventional Machine Vision concerns - Alliance with vegetables- 3-4 key farms Two problems: service providers - Identification - Eventually sell - Elimination through dealers Costs for service provision Service provision COGS seek a 50-60% Gross Margin - Charge by the acre with modifier according to Heavy R&D investment weed density - Eventually move to asset sale
  101. 101. MammOpticsFinal project presentation for E 245 Winter 2011
  102. 102. MammOptics Initial Idea Breast cancer Mammography Leading cause of cancer in women 15%-25% false negatives rate 190,000 diagnosis every year US 25% false positives rate 41,000 deaths every year US Requires X-ray radiation Increasing diagnosis rates Low resolution MammOptics Novel technology based on RF-modulated optical spectroscopy - Earlier detection - Non- radiative
  103. 103. MammOptics Technology Comparison Invasivenes False False Device Time Risk Resolution s Pos. Neg. Cost Required MammOptics I.I.T.Y.I.W.H.T.K.Y Mammography High High .6 cm 25% 30% 20-50k 20 min. MRI Medium Medium .1 cm 70% 5% 1000k 45 min. Ultra-Sound Very Low Very Low >.6 cm >30% >40% 5-15k 20 min.
  104. 104. MammOptics Business Model Canvas 1 of 4 Product Strong clinical Development data IP Training Hospitals Clinical trials Maintenance Leading doctors Pioneering FDA Radiation-free 3rd party radiologists in Earlier detection manufacturers hospitals Non-invasive Distributors IP Leading doctors Direct sales to Technical hospitals Expertise Product Development Clinical trials Capital equipment sales Operating Costs and disposable item
  105. 105. MammOptics Business Model Canvas 1 1 of 4 Business Model Canvas of 4 Product Strong clinical Development data IP Training Hospitals Clinical trials Maintenance Leading doctors Pioneering FDA Radiation-free 3rd party radiologists in Earlier detection manufacturers hospitals Non-invasive Distributors IP Leading doctors Direct sales to Technical hospitals Expertise Product Development Clinical trials Capital equipment sales Operating Costs and disposable item
  106. 106. Finding the right customer From radiologists to gynecologists
  107. 107. MammOptics Excursions into hospitals Debra Ikeda Leading Jason Davies doctors Jafi Alissa Lipson Sunita Pal 6 women >40 Patients 8 women <40 Alicia X-ray Technicians mammography Hospital Paul Billings Managers Holly V. Gautier
  108. 108. MammOptics Hospital purchasing decision tree
  109. 109. MammOptics Hospital purchasing decision tree
  110. 110. MammOptics Private practice purchasing decision tree
  111. 111. MammOptics Private practice purchasing decision tree
  112. 112. MammOptics Business Model Canvas 2 of 4 Product Doctors: Strong clinical Development Earlier dataHospitals (Capital IP detection Training Spending Clinical trials Price Maintenance Pioneering Committee) FDA Accuracy DoctorsLeading doctors Hospitals 3rd party Patients: OB/GYNs manufacturers Radiation Free PCPs Distributors Non-Invasive IP Direct Sales to Research doctors Leading doctors Hospitals Technical Expertise Product Development Clinical trials Capital Equipment Sales Operating Costs and disposable item
  113. 113. MammOptics Business Model Canvas 2 of 4 Product Doctors: Strong clinical Development Earlier dataHospitals (Capital IP detection Training Spending Clinical trials Price Maintenance Pioneering Committee) FDA Accuracy DoctorsLeading doctors Hospitals 3rd party Patients: OB/GYNs manufacturers Radiation Free PCPs Distributors Non-Invasive IP Direct Sales to Research doctors Leading doctors Hospitals Technical Expertise Product Development Clinical trials Capital Equipment Sales Operating Costs and disposable item
  114. 114. Getting to our customerhe world of direct sales and medical marketing
  115. 115. MammOptics Interviews Breast Cancer Be Bright Pink Advocacy Groups Jennifer Glover Dr. Cindy Woo OB/GYNs Dr. Jags Powers Dr. Aaron Shuvkan Katrina Bell Medical Sales Tanay Dudhela Jed Hwang FDA/Clinical Phyllis Whitely Trials Carl Simpson
  116. 116. MammOptics Marketing Key Opinion Leaders (KOLs) American College of Obstetricians Medical Journals and Gynecologists (ACOG) Market Adoption Breast Cancer Continuing Advocacy Groups Medical Education Conferences
  117. 117. MammOptics MarketingStrong influence on doctors via ACOG Key Opinion Leaders Standard of Care Strongly (KOLs) American College influenced by of Obstetricians and Gynecologists KOLs Medical Journals (ACOG) Access to ACOG by Market former Adoption member American College of Obstetricians Continuing and Gynecologists Medical Education (ACOG) Conferences
  118. 118. MammOptics Marketing Researchers Researchers with strong conducting peer important Key Opinion Leaders recommendati clinical trials (KOLs) Researchers ons American College Outsourced of Obstetricians with survey Journals Medical numerous and Gynecologists (ACOG) research publications Market Adoption American College of Obstetricians Continuing and Gynecologists Medical Education (ACOG) Conferences
  119. 119. MammOptics Marketing Focus on Key Opinion Leaders prominent (KOLs) Needtwo big journals publications American College of Obstetricians Medical Journals and Gynecologists (ACOG) Market Choose KOL as Adoption Principal Investigators (PI) American College of Obstetricians Continuing and Gynecologists Medical Education (ACOG) Conferences
  120. 120. MammOptics Marketing Key Opinion Leaders (KOLs) American College of Obstetricians Medical Journals and Gynecologists (ACOG) Effective Market method for Adoption educating doctors American College of Obstetricians Workshop must Continuing and Gynecologists Medical Education (ACOG) be approved by ACOG Doctors Conferences required to Taught by attend objective workshops medical
  121. 121. MammOptics Marketing Key Opinion Leaders (KOLs) American College of Obstetricians Medical Journals and Gynecologists (ACOG) Market Adoption American College of Obstetricians Continuing ACOG Education and Gynecologists Medical (ACOG) Annual Opportunity Clinical for feedback Conferences Meeting from doctors Miami Breast Cancer Conference
  122. 122. MammOptics Marketing Key Opinion Leaders (KOLs) American College of Obstetricians Medical Journals and Gynecologists (ACOG) Trusted information Market source for Adoption patients Breast Cancer Continuing Advocacy Groups Access to Medical Education media Critical opinion outlets Conferences leader for technology adoption
  123. 123. MammOptics Channel Strategies and Costs High value Direct Sales Individual Individual medical products Doctors Doctors (e.g. cardiovascular stents) • Doctor education • Direct feedback from doctors • Very expensive Commodity Purchasing Purchasing Distributors Administrators Administrators medical products (e.g. latex gloves) • No doctor education • No customer feedback • Inexpensive
  124. 124. MammOptics Channel Strategies and Costs Sales strategy 1 Sales strategy 2 5 dedicated sales people Continue with core $150,000 each/year group of sales people Hire nurses or technicians with established Use women’s relationships healthcare equipment Early adopter feedback distributor Already established network of customers
  125. 125. MammOptics Pricing Strategy Equipment Lease model Per-use Consumable model Cost of the $50,000 $5,000 $5,000 $25,000 deviceService per $3,000 $10,000 0 0 yearPer-use fee 0 0 $50 0Consumable 0 0 0 $20
  126. 126. MammOptics Pricing Strategy Equipment Lease model Per-use Consumable model Cost of the $50,000 $5,000 $5,000 $25,000 deviceService per $3,000 $10,000 0 0 yearPer-use fee 0 0 $50 0Consumable 0 0 0 $20
  127. 127. MammOptics Customer Workflow Current market Insurance Mammography Radiologist Technician Hospital Administration ACOG Doctor ACS specialty committee
  128. 128. MammOptics Customer Workflow Current market Insurance But what would happen if we Mammography Radiologist replace mammography? Technician Hospital Administration ACOG Doctor ACS specialty committee
  129. 129. MammOptics Customer Workflow Insurance Mammography Radiologis Breast Technicians Hospitals t Radiologists Loss of jobs Eliminates loss leader Loss of jobs Puts emphasis on biopsies Technician Hospital Administration ACOG Doctor ACS specialty committee
  130. 130. MammOptics Customer Workflow Insurance Mammography Radiologist Technician Hospital Administration ACOG Doctor ACS specialty committee
  131. 131. MammOptics Customer Workflow Insurance Mammography Radiologis Insurance ACOG/ACS t Same cost as mammography Improved healthcare ($140) (mammography weak technique) Reduced number of biopsies ($1000) Technician Hospital Administration ACOG Doctor ACS specialty committee
  132. 132. MammOptics Customer Workflow Insurance Mammography Radiologist Technician Hospital Administration ACOG Doctor ACS specialty committee
  133. 133. MammOptics Customer Workflow Insurance Patient PCP Mammography Radiologist OB/GY N Technician Hospital MammOptics Administration ACOG Doctor ACS specialty committee
  134. 134. MammOptics Customer Workflow Insurance Patient PCP Mammography Radiologis PCP OB/GYNs OB/GY Patient MammOptics t N Increased revenue Improved healthcare Revenue More complete patient care Comfort Technician Hospital MammOptic Administration s ACOG Doctor ACS specialty committee
  135. 135. MammOptics Customer Workflow Insurance Patient PCP Mammography Radiologist OB/GY N Technician Hospital MammOptics Administration ACOG Doctor ACS specialty committee
  136. 136. MammOptics Business Model Canvas 3 of 4 Product Strong clinical Development Doctors: data IP Earlier Training Clinical trials detection Maintenance Leading doctors FDA Conferences Key Opinion Price OB/GYNs Publishing Accuracy CME courses PCPs Leaders 3rd party manufacturers Patients: Distributors Radiation Free Breast Cancer Non-Invasive IP Direct Sales to Foundations hospitals Leading doctors ACOG Distributor Technical ACS Expertise Product Development Clinical trials Capital Equipment Sales Operating Costs and disposable item Marketing Costs Per use fees
  137. 137. MammOptics Business Model Canvas 3 of 4 Product Strong clinical Development Doctors: data IP Earlier Training Clinical trials detection Maintenance Leading doctors FDA Conferences Key Opinion Price OB/GYNs Reimburseme Accuracy CME courses PCPs Leaders ntPublishing 3rd party manufacturers Patients: Distributors Radiation Free Breast Cancer Non-Invasive IP Direct Sales to Foundations hospitals Leading doctors ACOG Distributor Technical ACS Expertise Product Development Clinical trials Capital Equipment Sales Operating Costs and disposable item Marketing Costs Per use fees
  138. 138. Building the companyThe backstage of a medical device company
  139. 139. MammOptics Interviews Stanford FDA Clinical Trials StatisticsSteve Axelrod Marga Ortigas- Wedekind Manufacturing Nick Mourlas Don Archambault Shannon Bergstedt Reimbursement Ali Habib Venture Dana Mead Capitalists Bill Starling Doctors/Sales Dr. Aron Shuftan Jed Hwang
  140. 140. MammOptics Partners Manufacturing Choose manufacturing facility close to home
  141. 141. MammOptics Partners Manufacturing Reimbursement Difficult to get coverage for new product.
  142. 142. MammOptics Reimbursement Partners Insurances CPT Codes $75-$150
  143. 143. MammOptics Partners Manufacturing Reimbursement 510K vs. PMA Largest cost Biggest financial risk FDA Clinical Trials
  144. 144. MammOptics Clinical Trials Stage 1 Feasibility Pilot trials Comparison 50 patients with $600K mammograph y 6 months 12/4/2009
  145. 145. MammOptics Clinical Trials Stage 2 Interim trials Prove superior safety-efficacy Stage 1 500 patients & sensitivity Pilot trials $7.2M 6 months 15 months 12/4/2009
  146. 146. MammOptics Clinical Trials Stage 2 Interim trials Stage 1 Stage 3 FDA class II, Pilot trials FDA pivotal 510(K) w/ trials trials Focus on 1500 patients superiority & $20.5M economic end- points 6 months 15 months 24 months 12/4/2009
  147. 147. MammOptics Clinical Trials Stage 4 Post-market Stage 2 studies Interim trials 2000 patients Stage 1 Stage 3 $26.8M Pilot trials FDA pivotal trials Specific Cat III CPT/ACP Codes Market traction 6 months 15 months 24 months 24 months 12/4/2009
  148. 148. MammOptics Clinical Trials Stage 4 Post-market Stage 2 studies Interim trials $26.8M Stage 1 $7.2M Stage 3 Pilot trials FDA pivotal trials $600K $20.5M 6 months 15 months 24 months 24 months 12/4/2009
  149. 149. MammOptics Clinical Trials 12/4/2009
  150. 150. MammOptics Partners Manufacturing Reimbursement Financial timeline Funding FDA Clinical Trials
  151. 151. MammOptics Financial / Operations Timeline 2012 2013 2014 2015 2016 2017 2018 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2/ IPO M&A Q3 $40M Series D $50 MM Cash Reserve $30M Series C $30.5 MM $35 MM $20M $15M Series B $9 MM $10M Series A $5M $3.5 MM Initialize System Financial Regulatory / Clinical Launch Proof of Beta MarketableMilestones timeline Second Release Design Concept Prototype Product Beta- Laborator Versio 1st 2nd Release y n Release Test Prototype Testin Test Publicatio g Publicatio nMilestones n Clinical Pilot Clinical Post-Market Clinical Studie US Interim Trials US Pivotal Clinical Results Studies s Trials Non-Specific CodesRegulatory/ IP Provision IRB / Cat III FDA – Class II – 510 (k) Specific Codes Milestones al Patent IDE CPT with Clinical Trials (Cat. I CPT / APC) Applicatio IC and Initial n and Technolog Processin Product System y g Patents Launch Patents Licensing 151 12/4/2009
  152. 152. MammOptics Financial / Operations Timeline 2012 2013 2014 2015 2016 2017 2018 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 $40M Cash Reserve $30M $20M $15M $10M $5M Initialize Proof of Milestones Design Concept Milestones ClinicalProvision Regulatory/ IP Milestonesal PatentTechnolog yLicensing 152 12/4/2009
  153. 153. MammOptics Financial / Operations Timeline 2012 2013 2014 2015 2016 2017 2018 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 $40M Cash Reserve $30M $20M $15M $10M Series A $5M $3.5 MM Initialize System Proof of BetaMilestones Design Concept Prototype Beta- Laborator Versio y n Prototype Testin gMilestones Clinical Pilot Studie sRegulatory/ IP Provision Milestones al Patent Technolog y Licensing 153 12/4/2009
  154. 154. MammOptics Financial / Operations Timeline 2012 2013 2014 2015 2016 2017 2018 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 $40M Cash Reserve $30M $20M $15M Series B $9 MM $10M Series A $5M $3.5 MM System Regulatory / Clinical Beta MarketableMilestones Design Prototype Product Beta- Laborator Versio y n Prototype Testin gMilestones Clinical Pilot Studie sRegulatory/ IP IRB / Milestones IDE Applicatio IC and n and Processin System g Patents Patents 154 12/4/2009
  155. 155. MammOptics Financial / Operations Timeline 2012 2013 2014 2015 2016 2017 2018 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 $40M Cash Reserve $30M Series C $20M $30.5 MM $15M Series B $9 MM $10M $5M System Regulatory / ClinicalMilestones Second Release Design 1st Release Test PublicatioMilestones n Clinical Pilot Studie US Interim Trials US Pivotal Clinical s TrialsRegulatory/ IP IRB / Cat III Milestones IDE CPT Applicatio IC and n and Processin System g Patents Patents 155
  156. 156. MammOptics Financial / Operations Timeline 2012 2013 2014 2015 2016 2017 2018 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 $40M Series D Cash Reserve $30M Series C $30.5 MM $35 MM $20M $15M $10M $5M Regulatory / Clinical LaunchMilestones Second Release Design 2nd Release Test Publicatio Publicatio nMilestones n Clinical Clinical US Interim Trials US Pivotal Clinical Results Trials Non-Specific CodesRegulatory/ IP FDA – Class II – 510 (k) Milestones with Clinical Trials Initial Product Launch 156 12/4/2009
  157. 157. MammOptics Financial / Operations Timeline 2012 2013 2014 2015 2016 2017 2018 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2/ IPO M&A Q3 $40M Series D $50 MM Cash Reserve $30M $35 MM $20M $15M $10M $5M Regulatory / Clinical LaunchMilestones Design Publicatio nMilestones Clinical Clinical Post-Market Clinical Results Studies Non-Specific CodesRegulatory/ IP FDA – Class II – 510 (k) Specific Codes Milestones with Clinical Trials (Cat. I CPT / APC) Initial Product Launch 12/4/2009
  158. 158. MammOptics Financial / Operations Timeline 2012 2013 2014 2015 2016 2017 2018 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2/ IPO M&A Q3 $40M Series D $50 MM Cash Reserve $30M Series C $30.5 MM $35 MM $20M $15M Series B $9 MM $10M Series A $5M $3.5 MM Initialize System Regulatory / Clinical Launch Proof of Beta MarketableMilestones Second Release Design Concept Prototype Product Beta- Laborator Versio 1st 2nd Release y n Release Test Prototype Testin Test Publicatio g Publicatio nMilestones n Clinical Pilot Clinical Post-Market Clinical Studie US Interim Trials US Pivotal Clinical Results Studies s Trials Non-Specific CodesRegulatory/ IP Provision IRB / Cat III FDA – Class II – 510 (k) Specific Codes Milestones al Patent IDE CPT with Clinical Trials (Cat. I CPT / APC) Applicatio IC and Initial n and Technolog Processin Product System y g Patents Launch Patents Licensing 158 12/4/2009
  159. 159. MammOptics Business Model Canvas 4 of 4 Product Strong clinical Development Doctors: data IP Earlier Training Clinical trials detection Maintenance KOLs FDA Conferences 3rdparty Price OB/GYNs Reimburseme Accuracy CME courses PCPs manufacturers nt Publishing Distributors Immediate Breast Cancer Results Foundations ACOG Patients: IP Radiation Free Direct Sales to ACS hospitals Leading doctors Non-Invasive Clinical trial Distributor Technical designer Online Expertise Product Development Clinical trials Per use fees Operating Costs Marketing Costs
  160. 160. MammOptics Business Model Canvas 4 of 4 Product Strong clinical Development data IP Training Clinical trials Maintenance KOLs FDA Conferences 3rdparty Earlier detection OB/GYNs Reimburseme Non invasive CME courses PCPs manufacturers nt Publishing Breast Cancer Price Foundations Accuracy ACOG Immediate Results ACS Direct Sales to IP Clinical trial hospitals Leading doctors designer Distributor Technical Expertise Online Product Development Clinical trials Per use fees Operating Costs Marketing Costs
  161. 161. MammOptics Business Model Canvas 1 Product Strong clinical Development data IP Training Hospitals Clinical trials Radiation-free Maintenance Pioneering Leading doctors FDA Earlier detection Doctors 3rd party Non invasive Hospitals manufacturers Distributors IP Direct Sales to Leading doctors hospitals Technical Expertise Product Development Clinical trials Capital Equipment Sales Operating Costs and disposable item
  162. 162. MammOptics Business Model Canvas 2 Product Strong clinical Development data IP Training Clinical trials Radiation-free Maintenance Pioneering Hospitals FDA Earlier detection Doctors Leading doctors Non invasive Hospitals 3rd party manufacturers Distributors Research IP Direct Sales to Hospitals Leading doctors hospitals Technical Expertise Product Development Clinical trials Capital Equipment Sales Operating Costs and disposable item
  163. 163. MammOptics Business Model Canvas 3 Product Doctors: Strong clinical Development Earlier dataHospitals (Capital IP detection Training Spending Clinical trials Price Maintenance Pioneering Committee) FDA Accuracy DoctorsLeading doctors Hospitals 3rd party Patients: manufacturers Radiation Free Distributors Non-Invasive IP Direct Sales to Research hospitals Leading doctors Hospitals Technical Expertise Product Development Clinical trials Capital Equipment Sales Operating Costs and disposable item
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