Ls InnoBiotech
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    Ls InnoBiotech Ls InnoBiotech Presentation Transcript

    • n  #lsin an @ lionz LearningStartupFrom Business_Idea to Business_Venture «Inventors - Entrepreneurs» Lean Startup, Customer Development, Pretotyping Leonardo Zangrando, MBA, MEng LearningStartup CoachDecember 2012 LearningStartup
    • n #lsin Leonardo Zangrando  @ lionz an Profile● Mechanical Engineer, MBA● First Level Degree in Pharma & Biotech Licensing – PLG-UK● Business Management Consulting ● Strategy, Licensing, Marketing & Sales, Production ● Pharma/Biotech, Wines & Spirits, Mechanical, Transportation and Logistics● Training/Coaching ● sales organizations in Pharma and Biotech ● institutions supporting innovation and entrepreneurship● Innovation entrepreneur ● founder of LearningStartup, the first Italian, hands-on methodology supporting innovation and company creation ● founder of Pretotype.it, the European website for Pretotyping, the innovation process developed in Google and used in several startups and Fortune 500 companies ● developing Pretotyping adoption in Europe, translated the Pretotype it book to Italian● Seminars and hands-on workshops for innovation companies Pretotype.it ● “Lean” methodology for the validation and implementation of innovation ● experimental process for validation - Pretotyping30 Nov 2012 ©2012 Leonardo Zangrando, LearningStartup 2
    • n  #lsin an lionz Product Development Cycle  @  Phase  Research  Development  Industrialization Clinical trials  Activity Experimentation Optimization Prototyping Laboratory Journal Production Specs  Output Production plant Experimental tests Product Plans  Questions What Does It Do? How Is It Made? How Is It Built?30 Nov 2012 ©2012 Leonardo Zangrando, LearningStartup 3
    • n  #lsin an lionz Message  @ The Inventor / Researcher / The Entrepreneur Scientist / Engineer follows a path follows a path to transform to transform an Idea into a Product an Idea into a Business the Business is the Product of the Entrepreneur30 Nov 2012 ©2012 Leonardo Zangrando, LearningStartup 4
    • n  #lsin an lionz Business Development Cycle  @  Phase  Research  Development  Industrialization pre- or early-  Activity Start-up Scale-up Start-up  Output Product/Market Fit Business Model Business Plan  Questions What Does It Do? How Is It Made? How Is It Built?30 Nov 2012 ©2012 Leonardo Zangrando, LearningStartup 5
    • n  #lsin an lionz Message  @ The Business works around Value what it does and for whom  Create  Deliver Value Value Value Proposition  how does it create value how the value gets to the customer  Capture Value how can it extract value30 Nov 2012 ©2012 Leonardo Zangrando, LearningStartup 6
    • n #lsin How does the Business “Develop”?  @ lionz an Activities  Remember, the Business is the Entrepreneurs “Product” The Startup does “R&D” on how to Create, Deliver, and Capture Value Create Deliver Value Value  Product  Customer Development Development  Business Modelling Capture Value30 Nov 2012 ©2012 Leonardo Zangrando, LearningStartup 7
    • n  #lsin What do we Look for in Value Perspectives? an @ lionz Focus  Create Value – is it Feasible? Deliver Value – is it Desirable? Capture Value – is it Viable? Create Deliver Value Value  Feasibility  Desirability  Viability Profitable Repeatable Scalable Capture Value30 Nov 2012 ©2012 Leonardo Zangrando, LearningStartup 8
    • n #lsin Lets Put it All Together  @ lionz an  Phase  Research  Development  Industrialization Create How is it done  Product  Value What does it do? How is it made? production Development Feasibility Deliver How to get How is it done  Customr Questions  Value For whom? marketing & sales Desirability to them? Development Capture  Value How does it How is it done  Business How does it work? overall business Viability make money? Modelling  Activity pre- or early- Start-up Scale-up Start-up  Output Product/Market Fit Business Model Business Plan30 Nov 2012 ©2012 Leonardo Zangrando, LearningStartup 9
    • n #lsin Lets Put it All Together  @ lionz an (and heres the inventor again)  Phase  Research  Development  Industrialization Not enough being a good inventor... Create How is it done  Product  Value What does it do? How is it made? production Development Feasibility Deliver How to get How is it done  Customr Questions  Value For whom? marketing & sales Desirability to them? Development Capture How does it How is it done  Business  Value How does it work? overall business Viability make money? Modelling  Activity pre- or early- Start-up Scale-up Start-up  Output Product/Market Fit Business Model Business Plan30 Nov 2012 ©2012 Leonardo Zangrando, LearningStartup 10
    • n #lsin Lets Put it All Together  @ lionz an (and heres the inventor again)  Phase  Research  Development  Industrialization Not enough being a good inventor... Create How is it done  Product  Value What does it do? How is it made? production Development Feasibility Deliver How to get How is it done  Customr Questions  Value For whom? marketing & sales Desirability to them? Development Capture How does it How is it done  Business  Value How does it work? overall business Viability make money? Modelling ...you must also think transversally!  Activity pre- or early- Start-up Scale-up Start-up  Output Product/Market Fit Business Model Business Plan30 Nov 2012 ©2012 Leonardo Zangrando, LearningStartup 11
    • n  #lsin an lionz “Product / Market Fit”    @ The initial startup phase works on the Value Proposition answering the questions “What Does the Business Do and For Whom” These two pieces must match!30 Nov 2012 ©2012 Leonardo Zangrando, LearningStartup 12
    • n  #lsin an lionz “What Does the Business Do...”   @ Which is the Product How Does the Business Create Value Is the product Feasible? For an Inventor these are the fundamental questions30 Nov 2012 ©2012 Leonardo Zangrando, LearningStartup 13
    • n  #lsin an lionz “...and For Whom”   @ Who is the Business Customer To Whom Does it Deliver Value Is it Desirable? (= do they care?) For an Entrepreneur these are the key questions The Customer is a key piece from the very beginning!30 Nov 2012 ©2012 Leonardo Zangrando, LearningStartup 14
    • n  #lsin “From the very beginning!”...but Biotech is different! lionzan @ Really? Lets think where the Risk is “What does the business do” “For whom does it do it” Product Market Technology Risk Customer Risk Can we do it? Will they want it? In my sector where is the risk? Watch out! Do not underestimate Customer Risk Also big pharmaceuticals suffered for this mistake Year 2005 Pfizer Exhubera – inhalation insulin  Forecast Sales $2bn → Actual Sales $12M Product withdrawn, total loss $2.8bn 30 Nov 2012 ©2012 Leonardo Zangrando, LearningStartup 15
    • n  #lsin an lionz Tragical Errors @   Technology Risk Technology Risk ● “But I...” ● “But you...”● I am clearly in a sector where “if you ● Probably only a truly life-saving cure make it they will buy it” falls in this category● Before having a working product I ● Its certainly easier and more cant do anything to verify the satisfying to focus on the things we market know and manage better...● I start making it, then someone will ● Not taking all responsibility for the sell it success from the beginning is daring too much!30 Nov 2012 ©2012 Leonardo Zangrando, LearningStartup 16
    • n  #lsin an lionz Tragical Errors @  Phase  Research  Development  Industrialization Create How is it done  Product  Value What does it do? How is it made? production Development Feasibility Deliver How to get How is it done  Customr Questions  Value For whom? marketing & sales Desirability to them? Development Capture  Value How does it How is it done  Business How does it work? overall business Viability make money? Modelling  Activity pre- or early- Start-up Scale-up Start-up  Output Product/Market Fit Business Model Business Plan30 Nov 2012 ©2012 Leonardo Zangrando, LearningStartup 17
    • n  #lsin an lionz OK, but how do you do it? @ ● Product/Market Fit ● Test the market from day one with product concepts or “Pretotypes” to identify Product/Market Fit ● Minimum Viable Product ● Focus research on getting to MVPs that allow to test the market ASAP ● Early Customer Development ● Explore from the very beginning adjacent markets for the use of my technology30 Nov 2012 ©2012 Leonardo Zangrando, LearningStartup 18
    • n #lsin -Tool-  @ lionz an Pretotyping Pretotype* Any low-cost, mocked, or virtual version of a productthat doesnt exist yet, used to to observe the reactions of interest and use of customers Can we validate some market assumption without using the product but only a mockup of it? (Think Exhubera) * Pretotype it book available for free download pretotype.it/english/download30 Nov 2012 ©2012 Leonardo Zangrando, LearningStartup 19
    • n #lsin -Tool-  @ lionz an MVP – Minimum Viable Product Minimum Viable Product The minimum product from which we can get some relevant information from the market Can we validate any assumption about the market before completing product development?30 Nov 2012 ©2012 Leonardo Zangrando, LearningStartup 20
    • n #lsin -Activity-  @ lionz an Early Customer Development Validate market assumptions by interacting with the market from day one From the Interaction we learn about our customers: ● Who could become our first customer ● Which ones could be our customers, which ones not Explore and validate the Value Proposition: ● in what its better than existing solution, in what its not?30 Nov 2012 ©2012 Leonardo Zangrando, LearningStartup 21
    • n  #lsin an lionz Validate Assumptions About the Market @● These are the assumptions about which will be the market  we could discover unexplored market (e.g. Sildenafil for angina pectoris) ●  we could discover that for some reason the market does not accept our soulution even if it needs it, e.g.  marginally better product  “side effects” not considered in our assmptions (relations with other stakeholders, common practice, etc.)  change of consolidated processes● These are also the assumptions we make about the product, that somehow interact with the market ● e.g. Exhubera, use an inhaler for insulin30 Nov 2012 ©2012 Leonardo Zangrando, LearningStartup 22
    • n  #lsin an lionz Example Biotech Onco @● Create a product profile and interact early on with potential stakeholder ● prepare a product profile including – delivery – therapeutic progression – interaction with other products – potential collateral effects ● present it to all stakeholders involved in a particular indication, e.g. – oncologists – patients – payers● Understand how the product could be integrated in the current therapeutic progression: quite often clinical decisions are made on factors other than what molecular target is being targeted by the product.● Learn more on pretotype.it/industries/biotech30 Nov 2012 ©2012 Leonardo Zangrando, LearningStartup 23
    • n  #lsin an lionz Wrapping up @● From Inventor to Entrepreneur: get (serious) in business ● consider market in the business equation from day one ● design product development activities to allow for learning about the market ● consider also market aspects not strictly product-related● Additionally ● if Im a research purist, I SHOULDNT think of myself as an entrepreneur (I hurt myself and the others), rather I seek help! ● if Im not taking the market into account because “I dont know how to do it”, I seek help! ● if I look for investors without experience of the sector “so they dont meddle with my business,” WATCH OUT! (I hurt myself and them) money alone is not enough to get a business off the ground ● I do look for investors that know my sector, I want a hand from who is into the business already, investors who can guide me are worth more than their money30 Nov 2012 ©2012 Leonardo Zangrando, LearningStartup 24
    • n  #lsin an lionz Enjoy your startup! @ This presentation is available on learningstartup.org/LSinn-biotech LearningStartup From Business_Idea to Business_Venture Leonardo Zangrando Learning Startup leonardo@learningstartup.org +39 349 4627 18630 Nov 2012 ©2012 Leonardo Zangrando, LearningStartup 25