Bioniks final 2013 berkeley

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  • Mark – can you work on this. It should be based on what you originally thought (not what you’ve learnt through the course). I like Mamoptics slide #5 as a sample.Mark got hurt…broad problem: MSK diseases, current solution: $$ measurements in lab or qualitative tools our solution: low-cost, depth cameras + innovation -> research grade motion captureMark had an idea……but who are our customers??
  • Nick – can you work on this…
  • Nick – can you work on this…
  • Nick – can you work on this…
  • Nick – can you work on this…
  • This is the Business model Canvas from Week #5. This is where we pretty much finalized our Product market fit. We also started understanding our customer relationships & channels better through the conversations we’d had with the customer segments.
  • This is the Business model Canvas from Week #5. This is where we pretty much finalized our Product market fit. We also started understanding our customer relationships & channels better through the conversations we’d had with the customer segments.
  • Unlike the other projects in the class, we cannot rely on online advertising and virality for our product to sell.While we are a software company, we have to sell like a medical device company.Our customers are used to learning about products in a certain way.Over time as our product gains recognition and as 3D cameras are more ubiquitous, this will change and we will benefit from being established.But to begin with, we need to be effective at Direct Sales.Sales will be a critical key activity and a cornerstone of our partnerships.
  • Points:We don’t need a large sales team 3 people.We need to effectively use broad get activities to make the DS team efficient.The costs of some of these activities (conferences, webinars, Ads) are surprisingly low.This is a tight knit community. So there are primarily 2 journals, a handful of conferences we can start with.
  • This is the Business model Canvas from Week #7.
  • This is the Business model Canvas from Week #7
  • This should be our final canvas.I need to update the final on LPC.
  • Bioniks final 2013 berkeley

    1. Delivering research-grade movement analysis to health professionals and their patientsTeam:Nick JenningsAyesha MascarenhasMark SenaTotal # of Interviews: 101
    2. The Team Mark Sena Ayesha Nick Jennings Mascarenhas- - MBA, UC Berkeley - MBA, UC BerkeleyPhD, Bioengineering, - BS, Chemical UC Berkeley/ - MS, Computer Science EngineeringUCSF - Product - Finance, marketing- BS, Bioengineering and business management and- Deep knowledge of business developmentknee biomechanics development experience- Invented core experiencetechnology andestablished proof ofconcept
    3. ?
    4. Business model canvas 1 of 4 Legend: Clinical Non-clinical • Building the • Sales and post sales • Research centers sales, support and support team (UCSF / UC distribution channels For healthcare/fitness • Co-development Clinical Professionals Berkeley) • Validation, managem professionals who need with professionals • Physical therapists ent, and analysis of to monitor their • End user network • Orthopedists/Qualifie • Depth camera application data patient’s/client’s • Patient-provider- d medical evaluators vendors (e.g. • Tech R&D musculoskeletal payer health triangle Microsoft, Primesen health/fitness, we offer a Fitness Professionals se) computer application for • Fitness gyms the Microsoft Kinect (and • Athletic trainers • Wearables vendor similar devices) that… • Personal fitness reliably assesses a trainers • Hospitals and person’s joint function. • IP • Sales team to identify patient networks …Unlike visual or End users • Biomech expertise and reach customers (2nd level target) (e.g. Kaiser) manual assessment • Software dev • All-in-one: • Patients methods, our application • Hardware PC/camera/software • Athletes • Sports performance is /fitness /wearables quantitative, objective, a • Downloadable: • Fitness clients • Sales and Biz Dev Kinect web-store organizations (e.g. nd accessible in a wide • Secure data cloud • Microsoft: Xbox or Nike) range of settings. • Finance to fund Kinect-for-Windows FDA approval• Hardware and wearables • Sale/lease of software/computer package• Software development • Usage fee per patient/client (with possible• Software hosting/maintenance reimbursement from insurance)• Sales and Support Consultants • For professionals, monthly subscription for product• Validation and user testing (UCSF) and support• Marketing • For end users, freemium subscription for data/user• FDA approval, network
    5. Business model canvas 1 of 4 Legend: Clinical Non-clinical • Building the • Sales and post sales • Research centers sales, support and support team (UCSF / UC distribution channels For healthcare/fitness • Co-development Clinical Professionals Berkeley) • Validation, managem professionals who need with professionals • Physical therapists ent, and analysis of to monitor their • End user network • Orthopedists/Qualifie • Depth camera application data patient’s/client’s • Patient-provider- d medical evaluators vendors (e.g. • Tech R&D musculoskeletal payer health triangle Microsoft, Primesen health/fitness, we offer a Fitness Professionals se) computer application for • Fitness gyms the Microsoft Kinect (and • Athletic trainers • Wearables vendor similar devices) that… • Personal fitness reliably assesses a trainers • Hospitals and person’s joint function. • IP • Sales team to identify patient networks …Unlike visual or End users • Biomech expertise and reach customers (2nd level target) (e.g. Kaiser) manual assessment • Software dev • All-in-one: • Patients methods, our application • Hardware PC/camera/software • Athletes • Sports performance is /fitness /wearables quantitative, objective, a • Downloadable: • Fitness clients • Sales and Biz Dev Kinect web-store organizations (e.g. nd accessible in a wide • Secure data cloud • Microsoft: Xbox or Nike) range of settings. • Finance to fund Kinect-for-Windows FDA approval• Hardware and wearables • Sale/lease of software/computer package• Software development • Usage fee per patient/client (with possible• Software hosting/maintenance reimbursement from insurance)• Sales and Support Consultants • For professionals, monthly subscription for product• Validation and user testing (UCSF) and support• Marketing • For end users, freemium subscription for data/user• FDA approval, network
    6. Testing:Product Market Fit
    7. We talked to…Fitness Professionals Clinical Professionals Consumers (Athletes/ Patients)
    8. We learnt… • Mostly concerned with “bigFitness picture” – weight loss, strength training, endurance…
    9. We learnt… • Mostly concerned with “bigFitness picture” – weight loss, strength training, endurance… • PTs do care about accuracy…but in different ways…actually 2 segmentsClinical • Insurance-dependent PT clinics • Self-pay PT clinics
    10. Physical Therapy Clinic Profiles Insurance-Dependent Clinics Self-Pay ClinicsNameSize 12 Physical Therapists 6 Physical TherapistsJobs • See patients at home or in-clinic • See patients at home or in-clinic • Initial and follow-up evaluations • Initial and follow-up evaluations • Spend 30 mins 1:1 w/ patient (aids) • Spend 1 hour session 1:1 w/ patientPatient needs • Functional issue improvement • Functional issue improvement • Sport improvement (e.g. Bike fit)How do patients • Co-pay + Insurance reimbursement • Pay full cost upfront, and getpay reimbursed later (out of network) OR fully out of pocketSession Price • Initial $150; Follow-up $75 • $165 for 1 hr sessionChannels to • Conferences • Conferencesdiscover new • Journals • Journalstools • Continuing Medical Education • Direct Sales
    11. Insurance-Dependent Clinic Workflow Physical Therapy Initial evaluation • Collect patient history • Evaluate diagnosed issue • Collect initial measurements (ROM, flexibility) • Formulate treatment plan (goals, # of visits, duration) • Submit Insurance billing information • If Medicare, must satisfy new G-code requirements Pain: Spending way too much time filing/ re-filing reports for reimbursement Physical Therapy follow-up evaluation • 1:1 exercise evaluation with patient • Collect measurements • SOAP note documentation • Submit Insurance billing information
    12. Self-Pay Clinic Workflow Physical Therapy Initial evaluation • Collect patient history • Evaluate diagnosed issue • Use Video Analysis Tool to collect measurements • Apply markers • Record motion (running, biking) • Post process and analyze video • Formulate treatment plan (goals, # of visits, duration) Pain: Spending too much time doing post processing of video analysis Physical Therapy follow-up evaluatio • 1:1 exercise time with patient • Video Analysis measurement • SOAP note documentation
    13. We learnt… • Mostly concerned with “bigFitness picture” – weight loss, strength training, endurance… • PTs do care about accuracy…but in different ways…actually 2 segmentsClinical • Insurance-dependent PT clinics • Self-pay PT clinics • Frequent visits are burdensomeConsumers (Athletes/ • Often quit before full program is completed Patients) • At home exercises often don’t get done
    14. Regulatory & Insurance Related Findings In Clinic Product: Existing CPT Codes: 97001 Physical Therapy Evaluation No FDA Approval Needed 97002 Physical Therapy Re-Evaluation Self-care/home management training (ie. 97535 ADLs, safety procedures, instructions) 97116 Gait training Physical performance test or measurement 97750 (*not evaluation)Consumer/ In Home Product:Class Description1 Low risk – simpler in design  510k exempt2 Moderate risk – typically non-invasive ~ 2 years to  Subject to 510k submission, cleared by FDA FDA 510k clearance3 High risk – used to support life or prevent harmful medical conditions  Subject to full premarket approval by FDA
    15. We learnt… • Jobs: big picture – mostlyFitness weight loss, strength training, endurance • Jobs: PTs do care about accuracy…but in different ways…actually 2 segmentsClinical • Insurance-dependent PT clinics • Self-pay PT clinicsConsumers • Frequent visits are burdensome (Athletes/ • Often quit before full care complete Patients) • At home exercises often don’t get done
    16. validated Accuracy motion capture Z Z system Near Term – In Clinicobjective Long Term – Home PT Dartfish PT Accessibility evaluationsubjective Reflexion Health Nike+Kinect Training Welfare Denmark fitnessmotivating assessment Jintronix Lumoback laboratory clinic / gym home-download mobile
    17. Testing:How to Get, Keep, Grow Customers Revenues and Costs
    18. Business model canvas 2 of 4
    19. Business model canvas 2 of 4
    20. We talked to…PT Conference Organizers PT Networks and JournalsMedical Sales Outsourcing Other Medical Software Companies Companies
    21. Direct Sales are crucial…but expensive Direct Sales Distributor/Partner Kinect App StoreDetails • Hire sales reps • Hire sales team • Clinics download app • Reps visit clinics outsourcing firm from Kinect App Store • Demo Product and • Pay them a % of educate customers sales • They build our pipeline of leads and also close some salesCost $100K+ per sales rep $100K Fixed retainer + TBD – Kinect for + travel costs margin (15%) Windows App store not launched yet.Why Direct Sales? It’s what our target segment is used to Other players are using it Build awareness and familiarity with the whole package
    22. Low cost ‘Get’ activities across a tightly knit community Creative Partnerships • EMRs • Co-sell into common customers • Continuing Education • Free training in continuing ed spaces PT Publication Ads• PT IN Motion magazine • “Contact me” request• PT Journal • Calls/E-mail requests for info Major PT Conferences and Communities • APTA Conference • Demos TechnicalSales Team • California PTA • Webinars • Follow-up visits/calls scheduled Follow-up with high potential leads • Florida PTA • Calls/ E-mail requests for info • In Clinic visit • Presentation Direct Sales Team • Proposal • 1-week free trial • Lease experienced reps • Identify and contact high quality leads • Schedule web or on-site demos Lead Generation Sales Close
    23. Low monthly pricing gets us a foot in the door Nike Video Value to Fitness Analysis customer $30 Tools $3000- $2000 $7000 Software sale Monthly subscription Price $2000 $100/mo LTV $2000 $3336
    24. Marketing and Sales are our highest cost • Conference • Software • Ads in mags Development • Management • Direct/Outsourc • Customer LTV - • Bio Mech R&D • Support ed sales team Cost • Sales margin Cost of Marketing product Administration & Sales Profit $400 $188 $1022 $1726 Price $3336Key Metrics:Cost of Acquisition = $1022Customer LTV = $3336
    25. Testing:Partnerships, Resources and Activities
    26. Business model canvas 3 of 4
    27. Business model canvas 3 of 4
    28. We talked to… Research Centers Electronic Medical Record Companies Key Opinion Leaders Camera VendorsDr. Paul Langer Rick Gawenda, PT
    29. Partner Map Depth Research camera Centers Thought / vendors Electronic Opinion Medical leaders Record data ecosystem Content/ differentiation CME opportunities validation pre-releases visibility API integration + Key Activity:Produce relevant content/ CME courses
    30. Business model canvas 4 of 4
    31. What’s next… Focus on user interface – develop beta version for clinics Get it out to early adopters Refresh, Launch, and……Keep Talking to Customers!
    32. Appendix
    33. Canvas Week by Week
    34. Week 1 Legend: Clinical Non-clinical • Building the • Sales and post sales • Research centers sales, support and support team (UCSF / UC distribution channels For healthcare/fitness • Co-development Clinical Professionals Berkeley) • Validation, managem professionals who need with professionals • Physical therapists ent, and analysis of to monitor their • End user network • Orthopedists/Qualifie • Depth camera application data patient’s/client’s • Patient-provider- d medical evaluators vendors (e.g. • Tech R&D musculoskeletal payer health triangle Microsoft, health/fitness, we offer a Fitness Professionals Primesense) computer application for • Fitness gyms the Microsoft Kinect (and • Athletic trainers • Wearables vendor similar devices) that… • Personal fitness reliably assesses a trainers • Hospitals and person’s joint function. • IP • Sales team to identify patient networks …Unlike visual or End users • Biomech expertise and reach customers (2nd level target) (e.g. Kaiser) manual assessment • Software dev • All-in-one: • Patients methods, our application • Hardware PC/camera/software • Athletes • Sports performance is /fitness /wearables quantitative, objective, a • Downloadable: • Fitness clients • Sales and Biz Dev Kinect web-store organizations (e.g. nd accessible in a wide • Secure data cloud • Microsoft: Xbox or Nike) range of settings. • Finance to fund Kinect-for-Windows FDA approval• Hardware and wearables • Sale/lease of software/computer package• Software development • Usage fee per patient/client (with possible• Software hosting/maintenance reimbursement from insurance)• Sales and Support Consultants • For professionals, monthly subscription for product• Validation and user testing (UCSF) and support• Marketing • For end users, freemium subscription for data/user• FDA approval, network
    35. Week 2
    36. Week 3
    37. Week 4
    38. Week 5
    39. Week 6
    40. Week 7
    41. Week 8
    42. Week 9
    43. Week 10
    44. Week 11

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