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Aalto demolish the status quo in entrepreneurial education 090511 Presentation Transcript

  • 1. Demolishing the Status Quo in Entrepreneurial Education
  • 2. I Write a Blog
    www.steveblank.com
  • 3. This Talk is Based On
    Business Model Generation
    Four Steps to the Epiphany
    The Lean Startup
  • 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. First -What’s A Startup?
    Six Types of Startups
  • 6. Startup
    Lifestyle Startups Work to Live their Passion
    • Serve known customer with known product
    • 7. Pay for their passion
  • Small Business
    Startup
    Small Business StartupsWork to Feed the Family
    • Serve known customer with known product
    • 8. Feed the family
  • Small Business
    Startup
    Exit Criteria
    • Business Model found
    - Profitable business
    • Existing team
    < €100K in revenue
    Small Business StartupsWork to Feed the Family
    • known customer known product
    • 9. Feed the family
  • Small Business
    Startup
    - Business Model found
    - Profitable business
    • Existing team
    < $10M in revenue
    Small Business Startups
    • 5.7 million small businesses in the U.S. <500 employees
    • 10. 99.7% of all companies
    • 11. ~ 50% of total U.S. workers
    http://www.sba.gov/advo/stats/sbfaq.pdf
  • 12. Scalable
    Startup
    Large Company
    Scalable Startup
    Search
    Goal is to solve for:
    unknown customer and unknown features
  • 13. Execute
    Search
    Scalable
    Startup
    Large Company
    Exit Criteria
    • Business model found
    • 14. Total Available Market > €300m
    • 15. Can grow to €50/year
    Scalable StartupBorn to Be Big
  • 16. Scalable
    Startup
    Large Company
    • Total Available Market > $500m
    • 17. Company can grow to $100m/year
    • 18. Business model found
    • 19. Focused on execution and process
    • 20. Typically requires “risk capital”
    Scalable Startup
    Execute
    Search
    • In contrast a scalable startup is designed to grow big
    • 21. Typically needs risk capital
    • 22. What Silicon Valley means when they say “Startup”
  • The Transition – Founders Leave
    Scalable
    Startup
    Transition
    Large Company
    Build
    Execute
    Search
    Founders depart
    • Operating executives
    • 23. Professional Mgmt
    • 24. Process
    • 25. Beginning of scale
  • Buyable StartupBorn to Be Big
    Search
    Sell
    Scalable
    Startup
    €3 to 30M Acquisition
    Goal is to solve for:
    Internet, Mobile, Gaming Apps
  • 26. Buyable Startup
    Search
    Sell
    Scalable
    Startup
    €3 to e0M Acquisition
    Goal is to solve for:
    Internet and Mobile Apps
    Sell to larger company
  • 27. Scalable
    Startup
    Large Company
    • Business Model found
    • 28. i.e. Product/Market fit
    - Repeatable sales model
    - Managers hired
    What’s A Startup?
    Search
    Execute
    A Startup is a temporary organization used to search for a repeatable and scalable business model
  • 29. Large Company Sustaining InnovationInnovate or Evaporate
    Sustaining Innovation
    Transition
    Scalable
    Startup
    Large Company
    • Existing Market / Known customer
    • 30. Known product feature needs
  • Large Company Disruptive Innovation
    New Division
    Transition
    Large Company
    Disruptive Innovation
    • New Market
    • 31. New tech, customers, channels
  • Large Company Disruptive Innovation
    New Division
    Transition
    Large Company
    Disruptive Innovation
    • Build
    • 32. Acquire
    - IP- Talent
    - Product
    - Customers
    - Business
  • 33. Large Non-Profit
    Social Startup
    Social Entrepreneurship Startups
    • Solve pressing social problems
    • 34. Social Enterprise: Profitable
    • 35. Social Innovation: New Strategies
  • Each of these startups require different skills
    They Can Not Be Taught the Same Way
  • 36. Search Versus ExecutionWhy Accountants Don’t Run Startups
  • 37. Startups Search and Pivot
    The Search for the Business Model
    Scalable
    Startup
    Transition
    Large Company
    Business Model found
    • customer needs/product features found
    i.e. Product/Market fit
    • Found by founders, not employees
    • 38. Repeatable sales model
    - Managers hired
  • 39. Startups Search, Companies Execute
    The Execution of the Business Model
    The Search for the Business Model
    Scalable
    Startup
    Transition
    Large Company
    - Cash-flow breakeven
    - Profitable
    - Rapid scale
    - New Senior Mgmt
    ~ 150 people
    • Business Model found
    • 40. Product/Market fit
    - Repeatable sales model
    - Managers hired
  • 41. Metrics Versus Accounting
    The Execution of the Business Model
    Scalable
    Startup
    Transition
    Large
    Company
    Traditional Accounting
    • Balance Sheet
    • 42. Cash Flow Statement
    • 43. Income Statement
  • Metrics Versus Accounting
    The Search for the Business Model
    The Execution of the Business Model
    Scalable
    Startup
    Transition
    Large
    Company
    Startup Metrics
    • Customer Acquisition Cost
    • 44. Viral coefficient
    • 45. Customer Lifetime Value
    • 46. Average Selling Price/Order Size
    • 47. Monthly burn rate
    • 48. etc.
    Traditional Accounting
    • Balance Sheet
    • 49. Cash Flow Statement
    • 50. Income Statement
  • Customer Validation Versus Sales
    The Execution of the Business Model
    Scalable
    Startup
    Transition
    Large
    Company
    Sales
    • Sales Organization
    • 51. Scalable
    • 52. Price List/Data Sheets
    • 53. Revenue Plan
  • Customer Validation Versus Sales
    The Search for the Business Model
    The Execution of the Business Model
    Scalable
    Startup
    Transition
    Large
    Company
    Customer Validation
    • Early Adopters
    • 54. Pricing/Feature unstable
    • 55. Not yet repeatable
    • 56. “One-off’s”
    • 57. Done by founders
    Sales
    • Sales Organization
    • 58. Scalable
    • 59. Price List/Data Sheets
    • 60. Revenue Plan
  • Customer Development VersusProduct Management
    The Execution of the Business Model
    Scalable
    Startup
    Transition
    Large Company
    Product Management
    • Delivers MRD’s
    • 61. Feature Spec’s
    • 62. Competitive Analysis
    • 63. Prod Mgmt driven
  • Customer Development Versus Product Management
    The Search for the Business Model
    The Execution of the Business Model
    Scalable
    Startup
    Transition
    Large Company
    Product Management
    • Delivers MRD’s
    • 64. Feature Spec’s
    • 65. Competitive Analysis
    Customer Development
    • Hypothesis Testing
    • 66. Minimum Feature Set
    • 67. Pivots
    • 68. Founder-driven
  • Engineering Versus Agile Development
    The Execution of the Business Model
    Scalable
    Startup
    Transition
    Large Company
    Engineering
    • Requirements Docs.
    • 69. Waterfall Development
    • 70. QA
    • 71. Tech Pubs
  • Engineering Versus Agile Development
    The Search for the Business Model
    The Execution of the Business Model
    Scalable
    Startup
    Transition
    Large Company
    Engineering
    • Requirements Docs.
    • 72. Waterfall Development
    • 73. QA
    • 74. Tech Pubs
    Agile Development
    • Continuous Deployment
    • 75. Continuous Learning
    • 76. Self Organizing Teams
    • 77. Minimum Feature Set
    • 78. Pivots
  • Startups Model, Companies Plan
    The Execution of the Business Model
    Scalable
    Startup
    Transition
    Large Company
    Business Plan
    • Plan describes “knowns”
    • 79. Known features for line extensions
    • 80. Known customers/markets
    • 81. Known business model
  • Startups Model, Companies Plan
    The Search for the Business Model
    The Execution of the Business Model
    Scalable
    Startup
    Transition
    Large Company
    Business Model
    • Unknown customer needs
    • 82. Unknown feature set
    • 83. Unknown business model
    • 84. Model found by iteration
    • 85. Plan describes “knowns”
    • 86. Known features for line extensions
    • 87. Known customers/markets
    • 88. Known business model
  • Startups Are Not Small Versions of Large Companies
    Scalable
    Startup
    Transition
    Large Company
    Build
    Execute
    Search
    Yet our curriculums assume they are – we teach that the knowledge is interchangeable
  • 89. Entrepreneurship as a Management Science
    E-School instead of B-School
  • 90. Business as a Management Science
    • 1601 East India Company
    • 91. 300 years of companies without MBA credentials
    • 92. 1908 Harvard first MBA
  • Business School Topics
    Business School
    Scalable
    Startup
    Transition
    Large Company
    • Execution
    • 93. Strategy
    • 94. Accounting
    • 95. Products
    • 96. Engineering
    • 97. Management
    • 98. Administration
  • Business School Courses
    Business School
    Scalable
    Startup
    Transition
    Large Company
    Courses
    • Managerial Finance/Accounting
    • 99. Managing Groups and Teams
    • 100. Financial Accounting
    • 101. Operations
    • 102. Modeling for Optimization
    • 103. Global Value Chain Strategies
  • B-School Results?
    • U.S. corporations went from local to national then international
    • 104. Cadre of experienced managers to match
    • 105. Experts on finance and growth (Dupont/GM)
    B-Schools made the 20th Century the American business century
  • 106. Business School Focus on Large Company StrategiesExecution versus Search
  • 107. Business School Limitations
    • Most Professors consult for large corporations
    • 108. Most believe startups are just smaller versions of large companies
    • 109. Most B-school entrepreneurship programs are side-shows
  • Irony:21st Century Job Growth will Come from New Ventures
  • 110. Incubators a Reaction to the lack of Practical University Entrepreneurship
    • 1959 Josephy Mancuso - Batavia Industrial Ctr.
    • 111. 1996 IdeaLab
    • 112. 2005 Y-Combinator
    • 113. 2011 100+ Incubators world-wide
  • Startup Incubators
    • Hands-on (experience vs. theory)
    • 114. Goal: create a company and jobs
    • 115. Full-time residential, stipend-based program
    • 116. Curriculum: product development + best practices
  • What’s Missing?A Repeatable Methodology Not Just War Stories
  • 117. Startups Are Not Smaller Versions of Large Companies
    Large Companies Execute Known Business Models
  • 118. Startups Are Not Smaller Versions of Large Companies
    Startups Search for Unknown Business Models
  • 119. E-School
    • Complete curriculum with Hands-on emphasis
    • 120. Goal: methodology for startup creation
    • 121. Can be taught anywhere
    • 122. University
    • 123. Incubator
    • 124. Remotely
    • 125. Curriculum: about the search for a business model
  • The Business Model:
    Any company can be described in 9 building blocks
  • 126. CUSTOMER SEGMENTS
    which customers and users are you serving?
    which jobs do they really want to get done?
  • 127. VALUE PROPOSITIONS
    what are you offering them? what is that
    getting done for them? do they care?
  • 128. CHANNELS
    how does each customer segment want to be reached? through which interaction points?
  • 129. CUSTOMER RELATIONSHIPS
    what relationships are you establishing with each segment? personal? automated? acquisitive? retentive?
  • 130. REVENUE STREAMS
    what are customers really willing to pay for? how?
    are you generating transactional or recurring revenues?
  • 131. KEY RESOURCES
    which resources underpin your business model? which assets are essential?
  • 132. KEY ACTIVITIES
    which activities do you need to perform well in your business model? what is crucial?
    57
  • 133. KEY PARTNERS
    which partners and suppliers leverage your model?
    who do you need to rely on?
  • 134. COST STRUCTURE
    what is the resulting cost structure?
    which key elements drive your costs?
  • 135. value proposition
    customer relationships
    key activities
    customer segments
    key partners
    cost structure
    revenue streams
    key
    resources
    channels
    60
    images by JAM
  • 136. sketch out your business model
  • 137. sketch out your business models
  • 138. But,Realize They’re Hypotheses
  • 139. 9 Guesses
    Guess
    Guess
    Guess
    Guess
    Guess
    Guess
    Guess
    Guess
    Guess
  • 140. Customer Development
    The founders
    ^
    Get Out of the Building
  • 141. Customer DevelopmentThe Search For the Business Model
    Company
    Building
    CustomerDiscovery
    CustomerValidation
    Customer Creation
    Pivot
  • 142. Customer Discovery
    CustomerDiscovery
    CustomerValidation
    Company
    Building
    CustomerCreation
    Stop selling, start listening
    Test your hypotheses
    Continuous Discovery
    Done by founders
  • 143. Test Hypotheses:
    • Product
    • 144. Market Type
    • 145. Competition
    Turning Hypotheses to Facts
  • 146. Test Hypotheses:
    • Problem
    • 147. Customer
    • 148. User
    • 149. Payer
  • Test Hypotheses:
    • Channel
  • Test Hypotheses:
    • Demand Creation
    Test Hypotheses:
    • Problem
    • 150. Customer
    • 151. User
    • 152. Payer
    Test Hypotheses:
    • Product
    • 153. Market Type
    • 154. Competitive
    Test Hypotheses:
    • Channel
    • 155. (Customer)
    • 156. (Problem)
    Test Hypotheses:
    • Channel
    Test Hypotheses:
    • Size of Opportunity/Market
    • 157. Validate Business Model
    Test Hypotheses:
    • Pricing Model / Pricing
  • Test Hypotheses:
    • Demand Creation
    Test Hypotheses:
    • Problem
    • 158. Customer
    • 159. User
    • 160. Payer
    Agile Development
    Test Hypotheses:
    • Product
    • 161. Market Type
    • 162. Competitive
    Test Hypotheses:
    • Channel
    • 163. (Customer)
    • 164. (Problem)
    Customer Development Team
    Test Hypotheses:
    • Channel
    Test Hypotheses:
    • Size of Opportunity/Market
    • 165. Validate Business Model
    Test Hypotheses:
    • Pricing Model / Pricing
  • The Minimum Viable Product (MVP)
    • Smallest feature set that gets you the most …
    - orders, learning, feedback, failure…
  • 166. The Pivot
    • The heart of Customer Development
    • 167. Iteration without crisis
    • 168. Fast, agile and opportunistic
  • Pivot Cycle Time Matters
    • Speed of cycle minimizes cash needs
    • 169. Minimum feature set speeds up cycle time
    • 170. Near instantaneous customer feedback drives feature set
  • The Pivot
    A Pivot is the change of one or more Business Model Canvas Components
  • 171. The Pivot
    Strong clinical data
    Training
    Maintenance
    Conferences
    CME courses
    Product Development
    IP
    Clinical trials
    FDA
    Publishing
    Doctors:
    Earlier detection
    Price
    Accuracy
    Patients:
    Radiation Free
    Non-Invasive
    A Pivot is the change of one or more Business Model Canvas Components
    Leading doctors
    Key Opinion Leaders
    3rd party manufacturers
    Distributors
    Breast Cancer Foundations
    ACOGACS
    OB/GYNs
    PCPs
    Direct Sales to hospitals
    Distributor
    IP
    Leading doctors
    Technical Expertise
    Product Development
    Clinical trials
    Operating Costs
    Marketing Costs
    Capital Equipment Sales and disposable item
    Per use fees
  • 172. How Does This Really Work?Stanford Lean LaunchPad Class
  • 173. How Does This Really Work?Stanford Lean LaunchPad Class
    8 Weeks From an Idea to a Business
  • 174. Pivot ExampleRobotic Weeding
    Talked 75 Customers in 8 Weeks
  • 175. Our initial plan
    Confidential
  • 176. 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
    • 177. White Farms, Large Peanut farmer in Georgia
    • 178. REFCO Farms, large grower in Salinas Valley
    • 179. Rincon Farms, large grower in Salinas Valley
    • 180. Small Organic Corn/Soy grower in Nebraska
    • 181. Heirloom Organics, small owner/operator, Santa Cruz Mts
    • 182. Two small organic farmers at farmers market
    • 183. Ag Services of Salinas, Fertilizer applicator
    Mowing
    Interviewed:
    • Golf: Stanford Golf course
    • 184. Parks: Stanford Grounds Supervisor, head of maintenance and lead operator (has crew of 6)
    • 185. Toro dealer (large mower manufacturer)
    • 186. User of back-yard mowing system
    • 187. Maintenance Services for City of Los Altos
    • 188. Colony Landscaping (Mowing service for stadiums)
  • Business Plan Autonomous Vehicles for Mowing & Weeding
    Dealers sell, installs and supports customer
    Co. trains dealers, supports dealers
    - Innovation
    - Customer Education
    - Dealer training
    Mowing
    - Owners of public or commercially used green spaces (e.g. golf courses)
    - Landscaping service provider
    Weeding
    - Farmers with manual weeding operations
    We reduce operating cost
    - Labor reduction
    - Better utilization of assets (eg mow or weed at nights)
    - Improved performance (less rework, food safety)
    - Dealers (Mowing and Ag)
    - Vehicle OEMs (John Deere, Toro, Jacobsen, etc)
    - Research labs
    - Mowing Dealers
    - Ag Dealers
    Engineers on Autonomous vehicles, GPS, path-planning
    Asset sale
    Our revenue stream derives from selling the equipment
    Dealer discount
    COGS seek a 50-60% Gross Margin
    Heavy R&D investment
  • 189. 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
  • 190. Decision to make – mowing vs weeding
  • 191. Autonomous vehiclesWEEDING
    Dealers sell, installs and supports customer
    Co. trains dealers, supports dealers
    - Innovation
    - Customer Education
    - Dealer training
    - Low density vegetable growers
    - High density vegetable growers
    - Thinning operations
    - Conventional vegetables
    We reduce operating cost
    - Labor reduction (100 to 1)
    - Reduced risk of contamination
    - Mitigate labor availability concerns
    - Ag Dealers
    - Ag Service providers
    - Research labs
    - Ag Dealers
    - Ag Service providers
    Engineers on Machine Vision
    Two problems:
    - Identification
    - Elimination
    Asset sale
    Our revenue stream derives from selling the equipment
    Dealer discount
    COGS seek a 50-60% Gross Margin
    Heavy R&D investment
  • 192. 1 Week – 1 CarrotBot
    Confidential
  • 193. CarrotBot
    Machine Vision data collection platform
    Monochrome & Color Cameras
    Laser-line sweep (depth measurement)
    Encoders (position/velocity)
    Onboard data acquisition & power
    CarrotBot 1.0
  • 194. The Business Plan Canvas Updated
    • Farming conventions.
    • 195. Demo, demo, and demo!!
    • 196. Proximity is paramount
    • 197. Technology Design
    • 198. Marketing
    • 199. Demo and customer feedback
    • 200. Organic Farmers
    • 201. Weeding Service Providers
    • 202. Conventional Farmers
    • 203. Cost Reduction
    • 204. Remove labor force pains
    • 205. Eliminate bio-waste hazards
    • 206. Research Labs
    • 207. Equipment Manufacturers
    • 208. Distribution Network
    • 209. Service Providers
    • 210. IP – Patents
    • 211. Video Classifier Files
    • 212. Robust Technology
    • 213. Dealers
    • 214. Direct Service
    • 215. Indirect Service
    • 216. … then Dealers
    • 217. Asset Sale
    • 218. Direct Service with equipment rental
    • 219. … then Asset Sale
    Value-Driven
  • 220. Visit Highlights
    Above: Organic Carrots, 7wks.
    Top right: Conventional carrots
    Bottom Right: Very weedy. Will require multiple passes of hand weeding
  • 221. Visit Highlights
    Carrot vs. Weeds
    Due to small root systems, carrots have no chance against weeds
  • 222. Visit Highlights
    Organic Broccoli, closely cultivated. Weeds close to plants are hand-picked
  • 223. Visit Highlights
    State of the Art in Weeding Technology for Organic Crops
  • 224. Customer Hypothesis
    Pre-Test
    Hypothesis Confirmed
    • Growers interested in own equipment
    • 225. Industrial (10,000s of acres)
    • 226. Large (1,000s of acres)
    • 227. Willing to pay $100k for one unit
    • 228. Smaller growers (100s of acres) usually subcontract the labor services or rent equipment
    • 229. All purchases through local dealers
    • 230. Customer service is essential
    Post-Test
  • 231. Customer Map #1 – Industrial Growers
    Example: Bolthouse Farms – Large Industrial Carrot Producer – 8K acres/yr
    • Equipment Operator
    • 232. Local Farm Mgr
    • 233. Cliff Kirkpatrick, visited
    • 234. Director, Ag Technology
    • 235. Justin Grove, interviewed
    Equipment Operator
    • VP, Growing Operations
    • 236. CFO, CEO (Jeff Dunn)
    Cliff, Farm Mgr
  • 237. Customer Map #2 – Service Providers
    Example: Ag Services – Service Provider, Salinas Valley
    • Equipment Operator
    • 238. Grower
    • 239. Service Mgr
    Me (left), Marty (middle, Service Mgr), Doug (right, Grower)
    • ?? (service mgr’s boss)
  • The Business Plan Canvas Updated
    • Farming conventions.
    • 240. Demo, demo, and demo!!
    • 241. Proximity is paramount
    • 242. Technology Design
    • 243. Marketing
    • 244. Demo and customer feedback
    • 245. Mid/Large Organic Farmers
    • 246. Agricultural corporations
    • 247. Weeding Service Providers
    • 248. Mid/Large Conventional Farmers
    • 249. Cost Reduction
    • 250. Remove labor force pains
    • 251. Eliminate bio-waste hazards
    • 252. Research Labs
    • 253. Equipment Manufacturers
    • 254. Distribution Network
    • 255. Service Providers
    • 256. IP – Patents
    • 257. Video Classifier Files
    • 258. Robust Technology
    • 259. Direct Service
    • 260. Indirect Service
    • 261. … then Dealers
    • 262. Direct Service with equipment rental
    • 263. ($1,500/d; 120d/yr )
    • 264. Low density: $1,500/d
    • 265. High density: $6,000/d
    Value-Driven
  • 266. 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)
    Confidential
  • 267. The Business Plan Canvas Updated
    • Farming conventions.
    • 268. Demo, demo, and demo!!
    • 269. Proximity is paramount
    • 270. Technology Design
    • 271. Marketing
    • 272. Demo and customer feedback
    • 273. Mid/Large Organic Farmers
    • 274. Agricultural corporations
    • 275. Weeding Service Providers
    • 276. Mid/Large Conventional Farmers
    • 277. Research Labs
    • 278. Equipment Manufacturer
    • 279. Distribution Network
    • 280. Service Providers
    • 281. 2 or 3 Key Farms
    • 282. Cost Reduction
    • 283. Remove labor force pains
    • 284. Eliminate bio-waste hazards
    • 285. IP – Patents
    • 286. Video Classifier Files
    • 287. Robust Technology
    • 288. Direct Service
    • 289. Indirect Service
    • 290. … then Dealers
    • 291. Direct Service with equipment rental
    • 292. Low density: $1,500/d
    • 293. High density: $6,000/d
    Value-Driven
    • R&D
    • 294. Bill of Materials
    • 295. Training & Service
    • 296. Sales
  • Autonomous weeding - Final
    Direct
    - Provide high quality service at competitive price
    - Innovation
    - Customer Education
    - Dealer training
    - Low density vegetable growers
    - High density vegetable growers
    - Thinning operations
    - Conventional vegetables
    We reduce operating cost
    - Labor reduction (100 to 1)
    - Reduced risk of contamination
    - Mitigate labor availability concerns
    - Ag Service providers
    - Research Institutes (eg UC Davis, Laser Zentrum Hannover)
    - 3-4 key farms
    Direct
    - Alliance with service providers
    - Eventually sell through dealers
    Engineers on Machine Vision
    Two problems:
    - Identification
    - Elimination
    Service provision
    - Charge by the acre with modifier according to weed density
    - Eventually move to asset sale
    Costs for service provision
    COGS seek a 50-60% Gross Margin
    Heavy R&D investment
  • 297. MammOptics
    Final project presentation for E 245 Winter 2011
  • 298. MammOptics
    Initial Idea
    Breast cancer
    Mammography
    Leading cause of cancer in women
    190,000 diagnosis every year US
    41,000 deaths every year US
    Increasing diagnosis rates
    15%-25% false negatives rate
    25% false positives rate
    Requires X-ray radiation
    Low resolution
    MammOptics
    Novel technology based on RF-modulated optical spectroscopy
    • Earlier detection
    • 299. Non-radiative
    • 300. Non-invasive
  • MammOptics
    Technology Comparison
    I.I.T.Y.I.W.H.T.K.Y
  • 301. MammOptics
    Business Model Canvas 1 of 4
    Strong clinical data
    Training
    Maintenance
    Product Development
    IP
    Clinical trials
    FDA
    Hospitals
    Leading doctors
    3rd party manufacturers
    Distributors
    Pioneering radiologists in
    hospitals
    Radiation-free
    Earlier detection
    Non-invasive
    IP
    Leading doctors
    Technical Expertise
    Direct sales to hospitals
    Product Development
    Clinical trials
    Operating Costs
    Capital equipment sales and disposable item
  • 302. MammOptics
    MammOptics
    Business Model Canvas 1 of 4
    Business Model Canvas 1 of 4
    Strong clinical data
    Training
    Maintenance
    Product Development
    IP
    Clinical trials
    FDA
    Initial guess
    Initial guess
    Hospitals
    Leading doctors
    3rd party manufacturers
    Distributors
    Pioneering radiologists in
    hospitals
    Radiation-free
    Earlier detection
    Non-invasive
    Test:
    Customer segment
    Value proposition
    Initial guess
    IP
    Leading doctors
    Technical Expertise
    Direct sales to hospitals
    Product Development
    Clinical trials
    Operating Costs
    Initial guess
    Capital equipment sales and disposable item
  • 303. Finding the right customer
    From radiologists to gynecologists
  • 304. MammOptics
    Excursions into hospitals
    Debra Ikeda
    Jason Davies
    Jafi Alissa Lipson
    Sunita Pal
    Leading doctors
    6 women >40
    8 women <40
    Patients
    Alicia X-ray mammography
    Technicians
    Hospital Managers
    Paul Billings
    Holly V. Gautier
  • 305. MammOptics
    Hospital purchasing decision tree
  • 306. MammOptics
    Hospital purchasing decision tree
    Hospitals
    Complex purchasing decision tree. Several saboteours
  • 307. MammOptics
    Private practice purchasing decision tree
  • 308. MammOptics
    Private practice purchasing decision tree
    Private practice
    Faster adoption rate
    Attractive value proposition

  • 309. MammOptics
    Business Model Canvas 2 of 4
    Strong clinical data
    Training
    Maintenance
    Product Development
    IP
    Clinical trials
    FDA
    Doctors:
    Earlier detection
    Price
    Accuracy
    Patients:
    Radiation Free
    Non-Invasive
    Hospitals (Capital Spending Committee)
    Leading doctors
    3rd party manufacturers
    Distributors
    Research Hospitals
    Pioneering Doctors
    Hospitals
    OB/GYNs
    PCPs
    Direct Sales to doctors
    IP
    Leading doctors
    Technical Expertise
    Product Development
    Clinical trials
    Operating Costs
    Capital Equipment Sales and disposable item
  • 310. MammOptics
    Business Model Canvas 2 of 4
    Strong clinical data
    Training
    Maintenance
    Product Development
    IP
    Clinical trials
    FDA
    Doctors:
    Earlier detection
    Price
    Accuracy
    Patients:
    Radiation Free
    Non-Invasive
    Hospitals (Capital Spending Committee)
    Leading doctors
    3rd party manufacturers
    Distributors
    Research Hospitals
    Pioneering Doctors
    Hospitals
    OB/GYNs
    PCPs
    How do we get to our customer?
    Need sensitivity and specificity
    Direct Sales to doctors
    IP
    Leading doctors
    Technical Expertise
    Product Development
    Clinical trials
    Operating Costs
    Capital Equipment Sales and disposable item
  • 311. Getting to our customer
    The world of direct sales and medical marketing
  • 312. MammOptics
    Interviews
    Breast Cancer Advocacy Groups
    Be Bright Pink
    Jennifer Glover
    Dr. Cindy Woo
    Dr. Jags Powers
    Dr. Aaron Shuvkan
    OB/GYNs
    Katrina Bell
    Tanay Dudhela
    Jed Hwang
    Medical Sales
    FDA/Clinical Trials
    Phyllis Whitely
    Carl Simpson
  • 313. MammOptics
    Marketing
  • 314. MammOptics
    Marketing
    Strong influence on doctors via ACOG Standard of Care
    Strongly influenced by KOLs
    Access to ACOG by former member
  • 315. MammOptics
    Marketing
    Researchers with strong peer recommendations
    Researchers conducting important clinical trials
    Outsourced survey research
    Researchers with numerous publications
  • 316. MammOptics
    Marketing
    Focus on prominent journals
    Need two big publications
    Choose KOL as Principal Investigators (PI)
  • 317. MammOptics
    Marketing
    Effective method for educating doctors
    Workshop must be approved by ACOG
    Doctors required to attend workshops
    Taught by objective medical experts
  • 318. MammOptics
    Marketing
    ACOG Annual Clinical Meeting
    Opportunity for feedback from doctors
    Miami Breast Cancer Conference
  • 319. MammOptics
    Marketing
    Trusted information source for patients
    Access to media outlets
    Critical opinion leader for technology adoption
  • 320. MammOptics
    Channel Strategies and Costs
    Individual
    Doctors
    High value medical products
    (e.g. cardiovascular stents)
    Direct Sales
    • Doctor education
    • 321. Direct feedback from doctors
    • 322. Very expensive
    Individual Doctors
    Purchasing Administrators
    Purchasing Administrators
    Commodity medical products
    (e.g. latex gloves)
    Distributors
    • No doctor education
    • 323. No customer feedback
    • 324. Inexpensive
  • MammOptics
    Channel Strategies and Costs
    Sales strategy 1
    Sales strategy 2
    5 dedicated sales people
    $150,000 each/year
    Hire nurses or technicians
    with established
    relationships
    Early adopter feedback
    Continue with core group of sales people
    Use women’s healthcare equipment distributor
    Already established network of customers
  • 325. MammOptics
    Pricing Strategy
    Equipment
    Lease model
    Per-use model
    Consumable
    Cost of the device
    $50,000
    $5,000
    $5,000
    $25,000
    Service per year
    $3,000
    $10,000
    0
    0
    Per-use fee
    0
    0
    $50
    0
    Consumable
    0
    0
    0
    $20
  • 326. MammOptics
    Pricing Strategy
    Approved by customers and investors
    Equipment
    Lease model
    Per-use model
    Consumable
    Cost of the device
    $50,000
    $5,000
    $5,000
    $25,000
    Service per year
    $3,000
    $10,000
    0
    0
    Per-use fee
    0
    0
    $50
    0
    Consumable
    0
    0
    0
    $20
  • 327. MammOptics
    Customer Workflow
    Current market
    Insurance
    Mammography
    Radiologist
    Hospital Administration
    Technician
    ACOG
    ACS
    Doctor specialty committee
  • 328. MammOptics
    Customer Workflow
    Current market
    But what would happen if we replace mammography?
    Insurance
    Mammography
    Radiologist
    Hospital Administration
    Technician
    ACOG
    ACS
    Doctor specialty committee
  • 329. MammOptics
    Customer Workflow
    Insurance
    Mammography
    Radiologist
    Breast Radiologists
    Hospitals
    Technicians
    Loss of jobs
    Eliminates loss leader
    Puts emphasis on biopsies
    Loss of jobs
    Hospital Administration
    Technician
    ACOG
    ACS
    Doctor specialty committee
  • 330. MammOptics
    Customer Workflow
    Insurance
    Mammography
    Radiologist
    Hospital Administration
    Technician
    ACOG
    ACS
    Doctor specialty committee
  • 331. MammOptics
    Customer Workflow
    Insurance
    Mammography
    Radiologist
    Insurance
    ACOG/ACS
    Same cost as mammography ($140)
    Reduced number of biopsies ($1000)
    Improved healthcare
    (mammography weak technique)
    Hospital Administration
    Technician
    ACOG
    ACS
    Doctor specialty committee
  • 332. MammOptics
    Customer Workflow
    Insurance
    Mammography
    Radiologist
    Hospital Administration
    Technician
    ACOG
    ACS
    Doctor specialty committee
  • 333. MammOptics
    Customer Workflow
    Insurance
    PCP
    OB/GYN
    Mammography
    Patient
    Radiologist
    Hospital Administration
    Technician
    MammOptics
    Doctor specialty committee
    ACOG
    ACS
  • 334. MammOptics
    Customer Workflow
    Insurance
    PCP
    OB/GYN
    PCP
    OB/GYN
    Mammography
    Mammography
    Patient
    Patient
    Radiologist
    Radiologist
    PCP OB/GYNs
    Patient
    MammOptics
    Increased revenue
    More complete patient care
    Improved healthcare
    Comfort
    Revenue
    Hospital Administration
    Technician
    Hospital Administration
    Technician
    MammOptics
    MammOptics
    Doctor specialty committee
    ACOG
    ACS
  • 335. MammOptics
    Customer Workflow
    Insurance
    PCP
    OB/GYN
    Mammography
    Patient
    Radiologist
    Hospital Administration
    Technician
    MammOptics
    ACOG
    ACS
    Doctor specialty committee
  • 336. MammOptics
    Business Model Canvas 3 of 4
    Strong clinical data
    Training
    Maintenance
    Conferences
    CME courses
    Product Development
    IP
    Clinical trials
    FDA
    Publishing
    Doctors:
    Earlier detection
    Price
    Accuracy
    Patients:
    Radiation Free
    Non-Invasive
    Leading doctors
    Key Opinion Leaders
    3rd party manufacturers
    Distributors
    Breast Cancer Foundations
    ACOGACS
    OB/GYNs
    PCPs
    Direct Sales to hospitals
    Distributor
    IP
    Leading doctors
    Technical Expertise
    Product Development
    Clinical trials
    Operating Costs
    Marketing Costs
    Capital Equipment Sales and disposable item
    Per use fees
  • 337. MammOptics
    Business Model Canvas 3 of 4
    Strong clinical data
    Training
    Maintenance
    Conferences
    CME courses
    Product Development
    IP
    Clinical trials
    FDA
    ReimbursementPublishing
    Doctors:
    Earlier detection
    Price
    Accuracy
    Patients:
    Radiation Free
    Non-Invasive
    Leading doctors
    Key Opinion Leaders
    3rd party manufacturers
    Distributors
    Breast Cancer Foundations
    ACOGACS
    OB/GYNs
    PCPs
    Learned how to reach the customer
    How do we build a company based on this?
    Direct Sales to hospitals
    Distributor
    IP
    Leading doctors
    Technical Expertise
    Product Development
    Clinical trials
    Operating Costs
    Marketing Costs
    Capital Equipment Sales and disposable item
    Per use fees
  • 338. Building the company
    The backstage of a medical device company
  • 339. MammOptics
    Interviews
    Stanford StatisticsSteve Axelrod
    Marga Ortigas-Wedekind
    FDA Clinical Trials
    Nick Mourlas
    Don Archambault
    Manufacturing
    Shannon Bergstedt
    Ali Habib
    Reimbursement
    Venture Capitalists
    Dana Mead
    Bill Starling
    Doctors/Sales
    Dr. Aron Shuftan
    Jed Hwang
    Michael J. Nohr
  • 340. MammOptics
    Partners
    Manufacturing
    Choose manufacturing facility close to home
  • 341. MammOptics
    MammOptics
    Partners
    Partners
    Manufacturing
    Reimbursement
    Manufacturing
    Difficult to get coverage for new product.
  • 342. MammOptics
    Reimbursement Partners
    Insurances
    CPT Codes
    $75-$150
  • 343. MammOptics
    Partners
    Manufacturing
    Reimbursement
    510K vs. PMA
    Largest cost
    Biggest financial risk
    FDA Clinical Trials
  • 344. MammOptics
    Clinical Trials
    Stage 1
    Pilot trials
    Feasibility
    Comparison with mammography
    50 patients
    $600K
    6 months
    12/4/2009
  • 345. MammOptics
    Clinical Trials
    Stage 2
    Interim trials
    Prove superior safety-efficacy & sensitivity
    Stage 1
    Pilot trials
    500 patients
    $7.2M
    6 months
    15 months
    12/4/2009
  • 346. MammOptics
    Clinical Trials
    Stage 2
    Interim trials
    Stage 3
    FDA pivotal trials
    Stage 1
    Pilot trials
    FDA class II, 510(K) w/ trials
    Focus on superiority & economic end-points
    1500 patients
    $20.5M
    6 months
    15 months
    24 months
    12/4/2009
  • 347. MammOptics
    Clinical Trials
    Stage 4
    Post-market studies
    Stage 2
    Interim trials
    2000 patients
    $26.8M
    Stage 3
    FDA pivotal trials
    Stage 1
    Pilot trials
    Specific Cat III CPT/ACP Codes
    Market traction
    6 months
    15 months
    24 months
    24 months
    12/4/2009
  • 348. MammOptics
    Clinical Trials
    Stage 4
    Post-market studies
    Stage 2
    Interim trials
    $26.8M
    Stage 3
    FDA pivotal trials
    Stage 1
    Pilot trials
    $7.2M
    $600K
    $20.5M
    6 months
    15 months
    24 months
    24 months
    12/4/2009
  • 349. MammOptics
    Clinical Trials
    12/4/2009
  • 350. MammOptics
    MammOptics
    Partners
    Partners
    Manufacturing
    Reimbursement
    Financial timeline
    Funding
    FDA Clinical Trials
  • 351. MammOptics
    MammOptics
    Financial / Operations Timeline
    2016
    2012
    2013
    2014
    2015
    2017
    2018
    M&A / IPO $50 MM
    Q1
    Q2
    Q3
    Q4
    Q1
    Q2
    Q3
    Q4
    Q1
    Q2
    Q3
    Q4
    Q1
    Q2
    Q3
    Q4
    Q1
    Q2
    Q3
    Q4
    Q1
    Q2
    Q1
    Q2
    Q3
    Q4
    Q3
    Series D $35 MM
    $40M
    Series C $30.5 MM
    $30M
    $20M
    Cash Reserve
    Series B $9 MM
    $15M
    Series A $3.5 MM
    $10M
    $5M
    Financial timeline
    System
    Initialize
    Launch
    Regulatory / Clinical
    Marketable Product
    Proof of Concept
    Second Release
    Beta Prototype
    Design Milestones
    1st Release Test
    2nd Release Test
    Beta-Version Testing
    Laboratory Prototype
    Publication
    Publication
    Clinical Results
    Post-Market Clinical Studies
    Pilot Studies
    US Pivotal Clinical Trials
    Clinical Milestones
    US Interim Trials
    Non-Specific Codes
    Provisional Patent
    IRB / IDE
    Specific Codes
    (Cat. I CPT / APC)
    Cat III CPT
    FDA – Class II – 510 (k) with Clinical Trials
    Regulatory/ IP Milestones
    Application and System Patents
    Initial Product Launch
    IC and Processing Patents
    Technology Licensing
    151
    12/4/2009
  • 352. MammOptics
    MammOptics
    Financial / Operations Timeline
    2016
    2012
    2013
    2014
    2015
    2017
    2018
    Q1
    Q2
    Q3
    Q4
    Q1
    Q2
    Q3
    Q4
    Q1
    Q2
    Q3
    Q4
    Q1
    Q2
    Q3
    Q4
    Q1
    Q2
    Q3
    Q4
    Q1
    Q2
    Q1
    Q2
    Q3
    Q4
    Q3
    $40M
    $30M
    $20M
    Cash Reserve
    $15M
    $10M
    $5M
    Initialize
    Proof of Concept
    Design Milestones
    Clinical Milestones
    Provisional Patent
    Regulatory/ IP Milestones
    Technology Licensing
    152
    12/4/2009
  • 353. MammOptics
    MammOptics
    Financial / Operations Timeline
    2016
    2012
    2013
    2014
    2015
    2017
    2018
    Q1
    Q2
    Q3
    Q4
    Q1
    Q2
    Q3
    Q4
    Q1
    Q2
    Q3
    Q4
    Q1
    Q2
    Q3
    Q4
    Q1
    Q2
    Q3
    Q4
    Q1
    Q2
    Q1
    Q2
    Q3
    Q4
    Q3
    $40M
    $30M
    $20M
    Cash Reserve
    $15M
    Series A $3.5 MM
    $10M
    $5M
    System
    Initialize
    Proof of Concept
    Beta Prototype
    Design Milestones
    Beta-Version Testing
    Laboratory Prototype
    Pilot Studies
    Clinical Milestones
    Provisional Patent
    Regulatory/ IP Milestones
    Technology Licensing
    153
    12/4/2009
  • 354. MammOptics
    MammOptics
    Financial / Operations Timeline
    2016
    2012
    2013
    2014
    2015
    2017
    2018
    Q1
    Q2
    Q3
    Q4
    Q1
    Q2
    Q3
    Q4
    Q1
    Q2
    Q3
    Q4
    Q1
    Q2
    Q3
    Q4
    Q1
    Q2
    Q3
    Q4
    Q1
    Q2
    Q1
    Q2
    Q3
    Q4
    Q3
    $40M
    $30M
    $20M
    Cash Reserve
    Series B $9 MM
    $15M
    Series A $3.5 MM
    $10M
    $5M
    System
    Regulatory / Clinical
    Marketable Product
    Beta Prototype
    Design Milestones
    Beta-Version Testing
    Laboratory Prototype
    Pilot Studies
    Clinical Milestones
    IRB / IDE
    Regulatory/ IP Milestones
    Application and System Patents
    IC and Processing Patents
    154
    12/4/2009
  • 355. MammOptics
    MammOptics
    Financial / Operations Timeline
    2016
    2012
    2013
    2014
    2015
    2017
    2018
    Q1
    Q2
    Q3
    Q4
    Q1
    Q2
    Q3
    Q4
    Q1
    Q2
    Q3
    Q4
    Q1
    Q2
    Q3
    Q4
    Q1
    Q2
    Q3
    Q4
    Q1
    Q2
    Q1
    Q2
    Q3
    Q4
    Q3
    $40M
    Series C $30.5 MM
    $30M
    $20M
    Cash Reserve
    Series B $9 MM
    $15M
    $10M
    $5M
    System
    Regulatory / Clinical
    Second Release
    Design Milestones
    1st Release Test
    Publication
    Pilot Studies
    US Pivotal Clinical Trials
    Clinical Milestones
    US Interim Trials
    IRB / IDE
    Cat III CPT
    Regulatory/ IP Milestones
    Application and System Patents
    IC and Processing Patents
    155
  • 356. MammOptics
    MammOptics
    Financial / Operations Timeline
    2016
    2012
    2013
    2014
    2015
    2017
    2018
    Q1
    Q2
    Q3
    Q4
    Q1
    Q2
    Q3
    Q4
    Q1
    Q2
    Q3
    Q4
    Q1
    Q2
    Q3
    Q4
    Q1
    Q2
    Q3
    Q4
    Q1
    Q2
    Q1
    Q2
    Q3
    Q4
    Q3
    Series D $35 MM
    $40M
    Series C $30.5 MM
    $30M
    $20M
    Cash Reserve
    $15M
    $10M
    $5M
    Launch
    Regulatory / Clinical
    Second Release
    Design Milestones
    2nd Release Test
    Publication
    Publication
    Clinical Results
    US Pivotal Clinical Trials
    Clinical Milestones
    US Interim Trials
    Non-Specific Codes
    FDA – Class II – 510 (k) with Clinical Trials
    Regulatory/ IP Milestones
    Initial Product Launch
    156
    12/4/2009
  • 357. MammOptics
    MammOptics
    Financial / Operations Timeline
    2016
    2012
    2013
    2014
    2015
    2017
    2018
    M&A / IPO $50 MM
    Q1
    Q2
    Q3
    Q4
    Q1
    Q2
    Q3
    Q4
    Q1
    Q2
    Q3
    Q4
    Q1
    Q2
    Q3
    Q4
    Q1
    Q2
    Q3
    Q4
    Q1
    Q2
    Q1
    Q2
    Q3
    Q4
    Q3
    Series D $35 MM
    $40M
    $30M
    $20M
    Cash Reserve
    $15M
    $10M
    $5M
    Launch
    Regulatory / Clinical
    Design Milestones
    Publication
    Post-Market Clinical Studies
    Clinical Results
    Clinical Milestones
    Non-Specific Codes
    Specific Codes
    (Cat. I CPT / APC)
    FDA – Class II – 510 (k) with Clinical Trials
    Regulatory/ IP Milestones
    Initial Product Launch
    12/4/2009
  • 358. MammOptics
    MammOptics
    Financial / Operations Timeline
    2016
    2012
    2013
    2014
    2015
    2017
    2018
    M&A / IPO $50 MM
    Q1
    Q2
    Q3
    Q4
    Q1
    Q2
    Q3
    Q4
    Q1
    Q2
    Q3
    Q4
    Q1
    Q2
    Q3
    Q4
    Q1
    Q2
    Q3
    Q4
    Q1
    Q2
    Q1
    Q2
    Q3
    Q4
    Q3
    Series D $35 MM
    $40M
    Series C $30.5 MM
    $30M
    $20M
    Cash Reserve
    Series B $9 MM
    $15M
    Series A $3.5 MM
    $10M
    $5M
    System
    Initialize
    Launch
    Regulatory / Clinical
    Marketable Product
    Proof of Concept
    Second Release
    Beta Prototype
    Design Milestones
    1st Release Test
    Beta-Version Testing
    2nd Release Test
    Laboratory Prototype
    Publication
    Publication
    Post-Market Clinical Studies
    Clinical Results
    Pilot Studies
    US Pivotal Clinical Trials
    Clinical Milestones
    US Interim Trials
    Non-Specific Codes
    Provisional Patent
    IRB / IDE
    Specific Codes
    (Cat. I CPT / APC)
    Cat III CPT
    FDA – Class II – 510 (k) with Clinical Trials
    Regulatory/ IP Milestones
    Application and System Patents
    Initial Product Launch
    IC and Processing Patents
    Technology Licensing
    158
    12/4/2009
  • 359. MammOptics
    Business Model Canvas 4 of 4
    Strong clinical data
    Training
    Maintenance
    Conferences
    CME courses
    Product Development
    IP
    Clinical trials
    FDA
    Reimbursement Publishing
    Doctors:
    Earlier detection
    Price
    Accuracy
    Immediate Results
    Patients:
    Radiation Free
    Non-Invasive
    KOLs
    3rd party manufacturers
    Distributors
    Breast Cancer Foundations
    ACOGACS
    Clinical trial designer
    OB/GYNs
    PCPs
    Direct Sales to hospitals
    Distributor
    Online
    IP
    Leading doctors
    Technical Expertise
    Product Development
    Clinical trials
    Operating Costs
    Marketing Costs
    Per use fees
  • 360. MammOptics
    Business Model Canvas 4 of 4
    Strong clinical data
    Training
    Maintenance
    Conferences
    CME courses
    Product Development
    IP
    Clinical trials
    FDA
    Reimbursement Publishing
    KOLs
    3rd party manufacturers
    Breast Cancer Foundations
    ACOGACS
    Clinical trial designer
    Earlier detection
    Non invasive
    Price
    Accuracy
    Immediate Results
    OB/GYNs
    PCPs
    Final iteration of our business model
    But… need to think about the big picture…
    Direct Sales to hospitals
    Distributor
    Online
    IP
    Leading doctors
    Technical Expertise
    Product Development
    Clinical trials
    Operating Costs
    Marketing Costs
    Per use fees
  • 361. MammOptics
    Business Model Canvas 1
    Strong clinical data
    Training
    Maintenance
    Product Development
    IP
    Clinical trials
    FDA
    Hospitals
    Leading doctors
    3rd party manufacturers
    Distributors
    Radiation-free
    Earlier detection
    Non invasive
    Pioneering Doctors
    Hospitals
    Direct Sales to hospitals
    IP
    Leading doctors
    Technical Expertise
    Product Development
    Clinical trials
    Operating Costs
    Capital Equipment Sales and disposable item
  • 362. MammOptics
    Business Model Canvas 2
    Strong clinical data
    Training
    Maintenance
    Product Development
    IP
    Clinical trials
    FDA
    Hospitals
    Leading doctors
    3rd party manufacturers
    Distributors
    Research Hospitals
    Radiation-free
    Earlier detection
    Non invasive
    Pioneering Doctors
    Hospitals
    Direct Sales to hospitals
    IP
    Leading doctors
    Technical Expertise
    Product Development
    Clinical trials
    Operating Costs
    Capital Equipment Sales and disposable item
  • 363. MammOptics
    Business Model Canvas 3
    Strong clinical data
    Training
    Maintenance
    Product Development
    IP
    Clinical trials
    FDA
    Doctors:
    Earlier detection
    Price
    Accuracy
    Patients:
    Radiation Free
    Non-Invasive
    Hospitals (Capital Spending Committee)
    Leading doctors
    3rd party manufacturers
    Distributors
    Research Hospitals
    Pioneering Doctors
    Hospitals
    Direct Sales to hospitals
    IP
    Leading doctors
    Technical Expertise
    Product Development
    Clinical trials
    Operating Costs
    Capital Equipment Sales and disposable item
  • 364. MammOptics
    Business Model Canvas 4
    Strong clinical data
    Training
    Maintenance
    Product Development
    IP
    Clinical trials
    FDA
    Doctors:
    Earlier detection
    Price
    Accuracy
    Immediate Results
    Patients:
    Radiation Free
    Non-Invasive
    Hospitals (Capital Spending Committee)
    Leading doctors
    3rd party manufacturers
    Distributors
    Research Hospitals
    Breast Cancer Foundations
    Pioneering Doctors
    Hospitals
    OB/GYNs
    PCPs
    Direct Sales to hospitals
    IP
    Leading doctors
    Technical Expertise
    Product Development
    Clinical trials
    Operating Costs
    Capital Equipment Sales and disposable item
  • 365. MammOptics
    Business Model Canvas 5
    Strong clinical data
    Training
    Maintenance
    Conferences
    CME courses
    Product Development
    IP
    Clinical trials
    FDA
    ReimbursementPublishing
    Doctors:
    Earlier detection
    Price
    Accuracy
    Patients:
    Radiation Free
    Non-Invasive
    Leading doctors
    Key Opinion Leaders
    3rd party manufacturers
    Distributors
    Breast Cancer Foundations
    ACOGACS
    OB/GYNs
    PCPs
    Direct Sales to hospitals
    Distributor
    IP
    Leading doctors
    Technical Expertise
    Product Development
    Clinical trials
    Operating Costs
    Marketing Costs
    Capital Equipment Sales and disposable item
  • 366. MammOptics
    Business Model Canvas 6
    Strong clinical data
    Training
    Maintenance
    Conferences
    CME courses
    Product Development
    IP
    Clinical trials
    FDA
    Reimbursement Publishing
    Doctors:
    Earlier detection
    Price
    Accuracy
    Immediate Results
    Patients:
    Radiation Free
    Non-Invasive
    KOLs
    3rd party manufacturers
    Distributors
    Breast Cancer Foundations
    ACOGACS
    OB/GYNs
    PCPs
    Direct Sales to hospitals
    Distributor
    IP
    Leading doctors
    Technical Expertise
    Product Development
    Clinical trials
    Operating Costs
    Marketing Costs
    Capital Equipment Sales and disposable item
    Per use fees
  • 367. MammOptics
    Business Model Canvas 7
    Strong clinical data
    Training
    Maintenance
    Conferences
    CME courses
    Product Development
    IP
    Clinical trials
    FDA
    Reimbursement Publishing
    Doctors:
    Earlier detection
    Price
    Accuracy
    Immediate Results
    Patients:
    Radiation Free
    Non-Invasive
    KOLs
    3rd party manufacturers
    Distributors
    Breast Cancer Foundations
    ACOGACS
    Clinical trial designer
    OB/GYNs
    PCPs
    Direct Sales to hospitals
    Distributor
    IP
    Leading doctors
    Technical Expertise
    Product Development
    Clinical trials
    Operating Costs
    Marketing Costs
    Per use fees
  • 368. MammOptics
    Business Model Canvas 8
    Strong clinical data
    Training
    Maintenance
    Conferences
    CME courses
    Product Development
    IP
    Clinical trials
    FDA
    Reimbursement Publishing
    Doctors:
    Earlier detection
    Price
    Accuracy
    Immediate Results
    Patients:
    Radiation Free
    Non-Invasive
    KOLs
    3rd party manufacturers
    (local)
    Breast Cancer Foundations
    ACOGACS
    Clinical trial designer
    OB/GYNs
    PCPs
    Direct Sales to hospitals
    Distributor
    IP
    Leading doctors
    Technical Expertise
    Product Development
    Clinical trials
    Operating Costs
    Marketing Costs
    Per use fees
  • 369. MammOptics
    Business Model Canvas 9
    Strong clinical data
    Training
    Maintenance
    Conferences
    CME courses
    Product Development
    IP
    Clinical trials
    FDA
    Reimbursement Publishing
    Doctors:
    Earlier detection
    Price
    Accuracy
    Immediate Results
    Patients:
    Radiation Free
    Non-Invasive
    KOLs
    3rd party manufacturers
    (local)
    Breast Cancer Foundations
    ACOGACS
    Clinical trial designer
    OB/GYNs
    PCPs
    Direct Sales to hospitals
    Distributor
    IP
    Leading doctors
    Technical Expertise
    Product Development
    Clinical trials
    Operating Costs
    Marketing Costs
    Per use fees
  • 370. Blog Your Progress
  • 371. How?
    Customer Development
    The Process
    Narrative
    Interviews
    Surveys
    Videos
    Prototypes
    Business Model Canvas
    Scorekeeping
    Real-time Feedback
    Physical Reality Checks
    Skype
    Face-to-face
  • 372. We Made Students Blog Their Progress
    It Changed Everything
  • 373. Interview
  • 374. Photos
    Videos
  • 375. Surveys
  • 376. Interview
    & Photos
  • 377. Competitive Analysis
  • 378. Key Findings
  • 379. A/B Test Results
  • 380. Key Question
  • 381. Strategy
  • 382. Business Model Canvas as the Scorecard
  • 383. Business School Versus Entrepreneurship School
    Entrepreneurship School
    Business School
    Scalable
    Startup
    Transition
    Large Company
    • Hypothesis testing
    • 384. Business Model design
    • 385. Customer Development
    • 386. Agile Development
    • 387. Metrics
    • 388. Venture Finance
    • 389. Design Thinking
    • 390. Execution
    • 391. Accounting
    • 392. Products
    • 393. Engineering
    • 394. Management
    • 395. Administrative
  • Business School Versus Entrepreneurship Courses
    Business School
    Entrepreneurship School
    Scalable
    Startup
    Transition
    Large Company
    Courses
    • Lean Launchpad
    • 396. Customer/Agile Development
    • 397. Business Model Design
    • 398. Entrepreneurial Management
    • 399. Creativity and Innovation
    • 400. Entrepreneurial Finance
    • 401. User-centric design
    Courses
    • Managerial Finance/Accounting
    • 402. Managing Groups and Teams
    • 403. Financial Accounting
    • 404. Operations
    • 405. Modeling for Optimization
    • 406. Global Value Chain Strategies
  • Business School Versus Entrepreneurship Courses
    Business School
    Entrepreneurship School
    Scalable
    Startup
    Transition
    Large Company
    I teach this
    Courses
    • Lean Launchpad
    • 407. Customer/Agile Development
    • 408. Business Model Design
    • 409. Entrepreneurial Management
    • 410. Creativity and Innovation
    • 411. Entrepreneurial Finance
    • 412. User-centric design
  • E-School
    • 20th century focus on physical goods
    • 413. East coast manufacturing-centric
    • 414. East coast B-School-centric
    • 415. 21st century focus on virtual and physical goods and channels
    • 416. West coast engineering school-centric
  • One More Thing
  • 417. Adopted by the U.S. Government
  • 418. Thanks
    www.steveblank.com