Demolish the status quo in entrepreneurial education 082311

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Demolish the status quo in entrepreneurial education 082311

  1. Demolishing the Status Quo in Entrepreneurial Education<br />And I think I’m liking it<br />
  2. I Write a Blog <br />www.steveblank.com<br />
  3. This Talk is Based On<br />Business Model Generation<br />Four Steps to the Epiphany<br />The Lean Startup<br />
  4. This Talk<br />What’s a Startup?<br />Search versus Execution<br />Entrepreneurship As a Mgmt Science<br />B-Schools = Large company mgmt<br />Incubators = the transition<br />E-School = the conclusion<br />
  5. First -What’s A Startup?<br />Five Types of Startups<br />
  6. Small Business<br />Startup<br />Small Business Startups<br /><ul><li>Serve known customer with known product
  7. Feed the family</li></li></ul><li>Small Business<br />Startup<br />Exit Criteria<br /><ul><li> Business Model found</li></ul>- Profitable business<br /><ul><li> Existing team</li></ul>< $1M in revenue<br />Small Business Startups<br /><ul><li>known customer known product
  8. Feed the family</li></li></ul><li>Small Business<br />Startup<br />- Business Model found<br />- Profitable business<br /><ul><li> Existing team</li></ul>< $10M in revenue<br />Small Business Startups<br /><ul><li>5.7 million small businesses in the U.S. <500 employees
  9. 99.7% of all companies
  10. ~ 50% of total U.S. workers</li></ul>http://www.sba.gov/advo/stats/sbfaq.pdf<br />
  11. Large Non-Profit<br />Social Startup<br />Social Entrepreneurship Startups<br /><ul><li>Solve pressing social problems
  12. Social Enterprise: Profitable
  13. Social Innovation: NewStrategies</li></li></ul><li>Scalable<br />Startup<br />Large Company<br />Scalable Startup<br />Search<br />Goal is to solve for:<br /> unknown customer and unknown features <br />
  14. Execute<br />Search<br />Scalable<br />Startup<br />Large Company<br />Exit Criteria<br /><ul><li> Business model found
  15. Total Available Market > $500m -$1B
  16. Can grow to $100m/year</li></ul>Scalable Startup<br />
  17. Scalable<br />Startup<br />Large Company<br /><ul><li> Total Available Market > $500m
  18. Company can grow to $100m/year
  19. Business model found
  20. Focused on execution and process
  21. Typically requires “risk capital”</li></ul>Scalable Startup<br />Execute<br />Search<br /><ul><li> In contrast a scalable startup is designed to grow big
  22. Typically needs risk capital
  23. What Silicon Valley means when they say “Startup”</li></li></ul><li>The Transition – Founders Leave<br />Scalable<br />Startup<br />Transition<br />Large Company<br />Build<br />Execute<br />Search<br />Founders depart<br /><ul><li> Operating executives
  24. Professional Mgmt
  25. Process
  26. Beginning of scale</li></li></ul><li>Buyable Startup<br />Search<br />Sell<br />Scalable<br />Startup<br />$5 to 50M Acquisition<br />Goal is to solve for:<br /> Internet and Mobile Apps<br />
  27. Buyable Startup<br />Search<br />Sell<br />Scalable<br />Startup<br />$5 to 50M Acquisition<br />Goal is to solve for:<br /> Internet and Mobile Apps<br />Sell to larger company<br />
  28. Scalable<br />Startup<br />Large Company<br /><ul><li>Business Model found
  29. i.e. Product/Market fit</li></ul>- Repeatable sales model<br />- Managers hired<br />What’s A Startup?<br />Search <br />Execute<br />A Startup is a temporary organization used to search for a repeatable and scalable business model <br />
  30. Large Company Sustaining Innovation<br />Sustaining Innovation<br />Transition<br />Scalable<br />Startup<br />Large Company<br /><ul><li> Existing Market / Known customer
  31. Known product feature needs</li></li></ul><li>Large Company Disruptive Innovation<br />New Division<br />Transition<br />Large Company<br />Disruptive Innovation<br /><ul><li>New Market
  32. New tech, customers, channels</li></li></ul><li>Large Company Disruptive Innovation<br />New Division<br />Transition<br />Large Company<br />Disruptive Innovation<br /><ul><li>Build
  33. Acquire</li></ul> - IP- Talent<br /> - Product<br /> - Customers<br /> - Business<br />
  34. Search Versus ExecutionWhy Accountants Don’t Run Startups<br />
  35. Startups Search and Pivot<br />The Search for the Business Model<br />Scalable<br />Startup<br />Transition<br />Large Company<br /> Business Model found<br /><ul><li> customer needs/product features found</li></ul> i.e. Product/Market fit<br /><ul><li>Found by founders, not employees
  36. Repeatable sales model</li></ul>- Managers hired<br />
  37. Startups Search, Companies Execute<br />The Execution of the Business Model<br />The Search for the Business Model<br />Scalable<br />Startup<br />Transition<br />Large Company<br />- Cash-flow breakeven<br />- Profitable<br />- Rapid scale<br />- New Senior Mgmt<br />~ 150 people<br /><ul><li>Business Model found
  38. Product/Market fit</li></ul>- Repeatable sales model<br />- Managers hired<br />
  39. Metrics Versus Accounting<br />The Execution of the Business Model<br />Scalable<br />Startup<br />Transition<br />Large<br />Company<br />Traditional Accounting<br /><ul><li>Balance Sheet
  40. Cash Flow Statement
  41. Income Statement</li></li></ul><li>Metrics Versus Accounting<br />The Search for the Business Model<br />The Execution of the Business Model<br />Scalable<br />Startup<br />Transition<br />Large<br />Company<br />Startup Metrics<br /><ul><li> Customer Acquisition Cost
  42. Viral coefficient
  43. Customer Lifetime Value
  44. Average Selling Price/Order Size
  45. Monthly burn rate
  46. etc. </li></ul> Traditional Accounting<br /><ul><li> Balance Sheet
  47. Cash Flow Statement
  48. Income Statement</li></li></ul><li>Customer Validation Versus Sales<br />The Execution of the Business Model<br />Scalable<br />Startup<br />Transition<br />Large<br />Company<br />Sales<br /><ul><li>Sales Organization
  49. Scalable
  50. Price List/Data Sheets
  51. Revenue Plan</li></li></ul><li>Customer Validation Versus Sales<br />The Search for the Business Model<br />The Execution of the Business Model<br />Scalable<br />Startup<br />Transition<br />Large<br />Company<br />Customer Validation<br /><ul><li> Early Adopters
  52. Pricing/Feature unstable
  53. Not yet repeatable
  54. “One-off’s”
  55. Done by founders</li></ul>Sales<br /><ul><li> Sales Organization
  56. Scalable
  57. Price List/Data Sheets
  58. Revenue Plan</li></li></ul><li>Customer Development VersusProduct Management<br />The Execution of the Business Model<br />Scalable<br />Startup<br />Transition<br />Large Company<br /> Product Management<br /><ul><li> Delivers MRD’s
  59. Feature Spec’s
  60. Competitive Analysis
  61. Prod Mgmt driven</li></li></ul><li>Customer Development Versus Product Management<br />The Search for the Business Model<br />The Execution of the Business Model<br />Scalable<br />Startup<br />Transition<br />Large Company<br /> Product Management<br /><ul><li> Delivers MRD’s
  62. Feature Spec’s
  63. Competitive Analysis</li></ul>Customer Development<br /><ul><li> Hypothesis Testing
  64. Minimum Feature Set
  65. Pivots
  66. Founder-driven</li></li></ul><li>Engineering Versus Agile Development<br />The Execution of the Business Model<br />Scalable<br />Startup<br />Transition<br />Large Company<br />Engineering<br /><ul><li> Requirements Docs.
  67. Waterfall Development
  68. QA
  69. Tech Pubs</li></li></ul><li>Engineering Versus Agile Development<br />The Search for the Business Model<br />The Execution of the Business Model<br />Scalable<br />Startup<br />Transition<br />Large Company<br />Engineering<br /><ul><li> Requirements Docs.
  70. Waterfall Development
  71. QA
  72. Tech Pubs</li></ul>Agile Development<br /><ul><li> Continuous Deployment
  73. Continuous Learning
  74. Self Organizing Teams
  75. Minimum Feature Set
  76. Pivots</li></li></ul><li>Startups Model, Companies Plan<br />The Execution of the Business Model<br />Scalable<br />Startup<br />Transition<br />Large Company<br />Business Plan<br /><ul><li>Plan describes “knowns”
  77. Known features for line extensions
  78. Known customers/markets
  79. Known business model</li></li></ul><li>Startups Model, Companies Plan<br />The Search for the Business Model<br />The Execution of the Business Model<br />Scalable<br />Startup<br />Transition<br />Large Company<br />Business Model<br /><ul><li> Unknown customer needs
  80. Unknown feature set
  81. Unknown business model
  82. Model found by iteration
  83. Plan describes “knowns”
  84. Known features for line extensions
  85. Known customers/markets
  86. Known business model</li></li></ul><li>Startups Are Not Small Versions of Large Companies<br />Scalable<br />Startup<br />Transition<br />Large Company<br />Build<br />Execute<br />Search<br />Yet our curriculums assume they are – we teach that the knowledge is interchangeable<br />
  87. Entrepreneurship as a Management Science<br />E-School instead of B-School<br />
  88. Business as a Management Science<br /><ul><li> 1601 East India Company
  89. 300 years of companies without MBA credentials
  90. 1908 Harvard first MBA</li></li></ul><li>Business School Topics<br />Business School<br />Scalable<br />Startup<br />Transition<br />Large Company<br /><ul><li>Execution
  91. Strategy
  92. Accounting
  93. Products
  94. Engineering
  95. Management
  96. Administration</li></li></ul><li>Business School Courses<br />Business School<br />Scalable<br />Startup<br />Transition<br />Large Company<br />Courses<br /><ul><li>Managerial Finance/Accounting
  97. Managing Groups and Teams
  98. Financial Accounting
  99. Operations
  100. Modeling for Optimization
  101. Global Value Chain Strategies</li></li></ul><li>B-School Results?<br /><ul><li>U.S. corporations went from local to national then international
  102. Cadre of experienced managers to match
  103. Experts on finance and growth (Dupont/GM)</li></ul>B-Schools made the 20th Century the American business century<br />
  104. Business School Focus on Large Company StrategiesExecution versus Search<br />
  105. Business School Limitations<br /><ul><li>Most Professors consult for large corporations
  106. Most believe startups are just smaller versions of large companies
  107. Most B-school entrepreneurship programs are side-shows</li></li></ul><li>Irony:21st Century Job Growth will Come from New Ventures<br />
  108. Incubators a Reaction to the lack of Practical University Entrepreneurship<br /><ul><li> 1959 Josephy Mancuso - Batavia Industrial Ctr.
  109. 1996 IdeaLab
  110. 2005 Y-Combinator
  111. 2011 100+ Incubators world-wide</li></li></ul><li>Startup Incubators <br /><ul><li>Hands-on (experience vs. theory)
  112. Goal: create a company and jobs
  113. Full-time residential, stipend-based program
  114. Curriculum: product development + best practices</li></li></ul><li>What’s Missing?A Repeatable Methodology Not Just War Stories<br />
  115. Startups Are Not Smaller Versions of Large Companies<br />Large Companies Execute Known Business Models<br />
  116. Startups Are Not Smaller Versions of Large Companies<br />Startups Search for Unknown Business Models<br />
  117. E-School <br /><ul><li>Complete curriculum with Hands-on emphasis
  118. Goal: methodology for startup creation
  119. Can be taught anywhere
  120. University
  121. Incubator
  122. Remotely
  123. Curriculum: about the search for a business model</li></li></ul><li>The Business Model:<br />Any company can be described in 9 building blocks<br />
  124. CUSTOMER SEGMENTS<br />which customers and users are you serving? <br />which jobs do they really want to get done?<br />
  125. VALUE PROPOSITIONS<br />what are you offering them? what is that <br />getting done for them? do they care?<br />
  126. CHANNELS<br />how does each customer segment want to be reached? through which interaction points?<br />
  127. CUSTOMER RELATIONSHIPS<br />what relationships are you establishing with each segment? personal? automated? acquisitive? retentive?<br />
  128. REVENUE STREAMS<br />what are customers really willing to pay for? how? <br />are you generating transactional or recurring revenues?<br />
  129. KEY RESOURCES<br />which resources underpin your business model? which assets are essential?<br />
  130. KEY ACTIVITIES<br />which activities do you need to perform well in your business model? what is crucial?<br />55<br />
  131. KEY PARTNERS<br />which partners and suppliers leverage your model? <br />who do you need to rely on?<br />
  132. COST STRUCTURE<br />what is the resulting cost structure? <br />which key elements drive your costs?<br />
  133. value proposition<br />customer relationships<br />key activities<br />customer segments<br />key partners<br />cost structure<br />revenue streams<br />key <br />resources<br />channels<br />58<br />images by JAM<br />
  134. sketch out your business model<br />
  135. sketch out your business models<br />
  136. But,Realize They’re Hypotheses<br />
  137. 9 Guesses<br />Guess<br />Guess<br />Guess<br />Guess<br />Guess<br />Guess<br />Guess<br />Guess<br />Guess<br />
  138. Customer Development<br />The founders<br />^<br />Get Out of the Building<br />
  139. Customer DevelopmentThe Search For the Business Model<br />Company<br />Building<br />CustomerDiscovery<br />CustomerValidation<br />Customer Creation<br />Pivot<br />
  140. Customer Discovery<br />CustomerDiscovery<br />CustomerValidation<br />Company<br />Building<br />CustomerCreation<br />Stop selling, start listening<br />Test your hypotheses<br />Continuous Discovery<br />Done by founders<br />
  141. Test Hypotheses:<br /><ul><li>Product
  142. Market Type
  143. Competition</li></ul>Turning Hypotheses to Facts<br />
  144. Test Hypotheses:<br /><ul><li>Problem
  145. Customer
  146. User
  147. Payer</li></li></ul><li>Test Hypotheses:<br /><ul><li>Channel</li></li></ul><li>Test Hypotheses:<br /><ul><li>Demand Creation</li></ul>Test Hypotheses:<br /><ul><li>Problem
  148. Customer
  149. User
  150. Payer</li></ul>Test Hypotheses:<br /><ul><li>Product
  151. Market Type
  152. Competitive</li></ul>Test Hypotheses:<br /><ul><li>Channel
  153. (Customer)
  154. (Problem)</li></ul>Test Hypotheses:<br /><ul><li>Channel</li></ul>Test Hypotheses:<br /><ul><li>Size of Opportunity/Market
  155. Validate Business Model</li></ul>Test Hypotheses:<br /><ul><li>Pricing Model / Pricing</li></li></ul><li>Test Hypotheses:<br /><ul><li>Demand Creation</li></ul>Test Hypotheses:<br /><ul><li>Problem
  156. Customer
  157. User
  158. Payer</li></ul>Agile Development<br />Test Hypotheses:<br /><ul><li>Product
  159. Market Type
  160. Competitive</li></ul>Test Hypotheses:<br /><ul><li>Channel
  161. (Customer)
  162. (Problem)</li></ul>Customer Development Team<br />Test Hypotheses:<br /><ul><li>Channel</li></ul>Test Hypotheses:<br /><ul><li>Size of Opportunity/Market
  163. Validate Business Model</li></ul>Test Hypotheses:<br /><ul><li>Pricing Model / Pricing</li></li></ul><li>The Minimum Viable Product (MVP)<br /><ul><li> Smallest feature set that gets you the most …</li></ul> - orders, learning, feedback, failure…<br />
  164. The Pivot<br /><ul><li>The heart of Customer Development
  165. Iteration without crisis
  166. Fast, agile and opportunistic</li></li></ul><li>Pivot Cycle Time Matters<br /><ul><li>Speed of cycle minimizes cash needs
  167. Minimum feature set speeds up cycle time
  168. Near instantaneous customer feedback drives feature set</li></li></ul><li>The Pivot<br />A Pivot is the change of one or more Business Model Canvas Components <br />
  169. The Pivot<br />Strong clinical data<br />Training<br />Maintenance<br />Conferences<br />CME courses<br />Product Development<br />IP<br />Clinical trials<br />FDA<br />Publishing<br />Doctors:<br />Earlier detection<br />Price<br />Accuracy<br />Patients:<br />Radiation Free<br />Non-Invasive<br />A Pivot is the change of one or more Business Model Canvas Components <br />Leading doctors<br />Key Opinion Leaders<br />3rd party manufacturers<br />Distributors<br />Breast Cancer Foundations<br />ACOGACS<br />OB/GYNs<br />PCPs<br />Direct Sales to hospitals<br />Distributor<br />IP <br />Leading doctors<br />Technical Expertise<br />Product Development<br />Clinical trials<br />Operating Costs<br />Marketing Costs<br />Capital Equipment Sales and disposable item<br />Per use fees<br />
  170. How Does This Really Work?Stanford Lean LaunchPad Class<br />
  171. How Does This Really Work?Stanford Lean LaunchPad Class<br />8 Weeks From an Idea to a Business<br />
  172. Pivot ExampleRobotic Weeding<br />Talked 75 Customers in 8 Weeks<br />
  173. Our initial plan<br />Confidential<br />
  174. 20 interviews, 6 site visits…We got OUR Boots dirty<br />Weeding<br />Visited two farms in Salinas Valley to better understand problem<br />Interviewed:<br /><ul><li>Bolthouse Farms, Large Agri-Industry in Bakersfield
  175. White Farms, Large Peanut farmer in Georgia
  176. REFCO Farms, large grower in Salinas Valley
  177. Rincon Farms, large grower in Salinas Valley
  178. Small Organic Corn/Soy grower in Nebraska
  179. Heirloom Organics, small owner/operator, Santa Cruz Mts
  180. Two small organic farmers at farmers market
  181. Ag Services of Salinas, Fertilizer applicator</li></ul>Mowing<br />Interviewed:<br /><ul><li>Golf: Stanford Golf course
  182. Parks: Stanford Grounds Supervisor, head of maintenance and lead operator (has crew of 6)
  183. Toro dealer (large mower manufacturer)
  184. User of back-yard mowing system
  185. Maintenance Services for City of Los Altos
  186. Colony Landscaping (Mowing service for stadiums)</li></li></ul><li>Business Plan Autonomous Vehicles for Mowing & Weeding<br />Dealers sell, installs and supports customer<br />Co. trains dealers, supports dealers<br />- Innovation<br />- Customer Education<br />- Dealer training<br />Mowing<br />- Owners of public or commercially used green spaces (e.g. golf courses)<br />- Landscaping service provider<br />Weeding<br />- Farmers with manual weeding operations<br />We reduce operating cost<br />- Labor reduction<br />- Better utilization of assets (eg mow or weed at nights)<br />- Improved performance (less rework, food safety)<br />- Dealers (Mowing and Ag)<br />- Vehicle OEMs (John Deere, Toro, Jacobsen, etc)<br />- Research labs<br />- Mowing Dealers<br />- Ag Dealers<br />Engineers on Autonomous vehicles, GPS, path-planning<br />Asset sale<br />Our revenue stream derives from selling the equipment<br />Dealer discount <br />COGS seek a 50-60% Gross Margin<br />Heavy R&D investment <br />
  187. Found weeding in organic crops is HUGE problem; 50 - 75% of costs<br />Crews of 100s-1000<br />Back-breaking task<br />(Ilegal) labor harder to get <br />1-5 weedings per year/field<br />$250-3,500 per acre and increasing<br />Food contamination risk<br />
  188. Decision to make – mowing vs weeding<br />
  189. Autonomous vehiclesWEEDING<br />Dealers sell, installs and supports customer<br />Co. trains dealers, supports dealers<br />- Innovation<br />- Customer Education<br />- Dealer training<br />- Low density vegetable growers<br />- High density vegetable growers<br />- Thinning operations<br />- Conventional vegetables<br />We reduce operating cost<br />- Labor reduction (100 to 1)<br />- Reduced risk of contamination<br />- Mitigate labor availability concerns<br />- Ag Dealers<br />- Ag Service providers<br />- Research labs<br />- Ag Dealers<br />- Ag Service providers<br />Engineers on Machine Vision<br />Two problems:<br />- Identification<br />- Elimination<br />Asset sale<br />Our revenue stream derives from selling the equipment<br />Dealer discount <br />COGS seek a 50-60% Gross Margin<br />Heavy R&D investment <br />
  190. 1 Week – 1 CarrotBot<br />Confidential<br />
  191. CarrotBot<br />Machine Vision data collection platform<br />Monochrome & Color Cameras<br />Laser-line sweep (depth measurement)<br />Encoders (position/velocity)<br />Onboard data acquisition & power<br />CarrotBot 1.0<br />
  192. The Business Plan Canvas Updated<br /><ul><li>Farming conventions.
  193. Demo, demo, and demo!!
  194. Proximity is paramount
  195. Technology Design
  196. Marketing
  197. Demo and customer feedback
  198. Organic Farmers
  199. Weeding Service Providers
  200. Conventional Farmers
  201. Cost Reduction
  202. Remove labor force pains
  203. Eliminate bio-waste hazards
  204. Research Labs
  205. Equipment Manufacturers
  206. Distribution Network
  207. Service Providers
  208. IP – Patents
  209. Video Classifier Files
  210. Robust Technology
  211. Dealers
  212. Direct Service
  213. Indirect Service
  214. … then Dealers
  215. Asset Sale
  216. Direct Service with equipment rental
  217. … then Asset Sale</li></ul>Value-Driven<br />
  218. Visit Highlights<br />Above: Organic Carrots, 7wks. <br />Top right: Conventional carrots<br />Bottom Right: Very weedy. Will require multiple passes of hand weeding<br />
  219. Visit Highlights<br />Carrot vs. Weeds<br />Due to small root systems, carrots have no chance against weeds <br />
  220. Visit Highlights<br />Organic Broccoli, closely cultivated. Weeds close to plants are hand-picked<br />
  221. Visit Highlights<br />State of the Art in Weeding Technology for Organic Crops<br />
  222. Customer Hypothesis<br />Pre-Test<br />Hypothesis Confirmed<br /><ul><li> Growers interested in own equipment
  223. Industrial (10,000s of acres)
  224. Large (1,000s of acres)
  225. Willing to pay $100k for one unit
  226. Smaller growers (100s of acres) usually subcontract the labor services or rent equipment
  227. All purchases through local dealers
  228. Customer service is essential</li></ul>Post-Test<br />
  229. Customer Map #1 – Industrial Growers<br />Example: Bolthouse Farms – Large Industrial Carrot Producer – 8K acres/yr<br /><ul><li> Equipment Operator
  230. Local Farm Mgr
  231. Cliff Kirkpatrick, visited
  232. Director, Ag Technology
  233. Justin Grove, interviewed</li></ul>Equipment Operator<br /><ul><li> VP, Growing Operations
  234. CFO, CEO (Jeff Dunn)</li></ul>Cliff, Farm Mgr<br />
  235. Customer Map #2 – Service Providers<br />Example: Ag Services – Service Provider, Salinas Valley<br /><ul><li> Equipment Operator
  236. Grower
  237. Service Mgr</li></ul>Me (left), Marty (middle, Service Mgr), Doug (right, Grower)<br /><ul><li> ?? (service mgr’s boss)</li></li></ul><li>The Business Plan Canvas Updated<br /><ul><li>Farming conventions.
  238. Demo, demo, and demo!!
  239. Proximity is paramount
  240. Technology Design
  241. Marketing
  242. Demo and customer feedback
  243. Mid/Large Organic Farmers
  244. Agricultural corporations
  245. Weeding Service Providers
  246. Mid/Large Conventional Farmers
  247. Cost Reduction
  248. Remove labor force pains
  249. Eliminate bio-waste hazards
  250. Research Labs
  251. Equipment Manufacturers
  252. Distribution Network
  253. Service Providers
  254. IP – Patents
  255. Video Classifier Files
  256. Robust Technology
  257. Direct Service
  258. Indirect Service
  259. … then Dealers
  260. Direct Service with equipment rental
  261. ($1,500/d; 120d/yr )
  262. Low density: $1,500/d
  263. High density: $6,000/d</li></ul>Value-Driven<br />
  264. World Ag Expo interviews:the need is real and wide spread<br />10+ interviews at show<br />Everyone confirmed the need<br />Robocrop, UK based, crude competitor sells for $171 K<br />Revenue Stream<br />Mid to small growers prefer a service<br />Large growers prefer to buy, but OK with service until technology is proven<br />Charging for labor cost saved is OK, as we provide other benefits (food safety, labor availability)<br />Confidential<br />
  265. The Business Plan Canvas Updated<br /><ul><li>Farming conventions.
  266. Demo, demo, and demo!!
  267. Proximity is paramount
  268. Technology Design
  269. Marketing
  270. Demo and customer feedback
  271. Mid/Large Organic Farmers
  272. Agricultural corporations
  273. Weeding Service Providers
  274. Mid/Large Conventional Farmers
  275. Research Labs
  276. Equipment Manufacturer
  277. Distribution Network
  278. Service Providers
  279. 2 or 3 Key Farms
  280. Cost Reduction
  281. Remove labor force pains
  282. Eliminate bio-waste hazards
  283. IP – Patents
  284. Video Classifier Files
  285. Robust Technology
  286. Direct Service
  287. Indirect Service
  288. … then Dealers
  289. Direct Service with equipment rental
  290. Low density: $1,500/d
  291. High density: $6,000/d</li></ul>Value-Driven<br /><ul><li> R&D
  292. Bill of Materials
  293. Training & Service
  294. Sales</li></li></ul><li>Autonomous weeding - Final<br />Direct<br />- Provide high quality service at competitive price<br />- Innovation<br />- Customer Education<br />- Dealer training<br />- Low density vegetable growers<br />- High density vegetable growers<br />- Thinning operations<br />- Conventional vegetables<br />We reduce operating cost<br />- Labor reduction (100 to 1)<br />- Reduced risk of contamination<br />- Mitigate labor availability concerns<br />- Ag Service providers<br />- Research Institutes (eg UC Davis, Laser Zentrum Hannover)<br />- 3-4 key farms<br />Direct <br />- Alliance with service providers<br />- Eventually sell through dealers<br />Engineers on Machine Vision<br />Two problems:<br />- Identification<br />- Elimination<br />Service provision<br />- Charge by the acre with modifier according to weed density <br />- Eventually move to asset sale<br />Costs for service provision<br />COGS seek a 50-60% Gross Margin<br />Heavy R&D investment <br />
  295. MammOptics<br />Final project presentation for E 245 Winter 2011<br />
  296. MammOptics<br />Initial Idea<br />Breast cancer<br />Mammography<br />Leading cause of cancer in women<br />190,000 diagnosis every year US<br />41,000 deaths every year US<br />Increasing diagnosis rates<br />15%-25% false negatives rate<br />25% false positives rate<br />Requires X-ray radiation<br />Low resolution<br />MammOptics<br />Novel technology based on RF-modulated optical spectroscopy<br /><ul><li> Earlier detection
  297. Non-radiative
  298. Non-invasive</li></li></ul><li>MammOptics<br />Technology Comparison<br />I.I.T.Y.I.W.H.T.K.Y<br />
  299. MammOptics<br />Business Model Canvas 1 of 4<br />Strong clinical data<br />Training<br />Maintenance<br />Product Development<br />IP<br />Clinical trials<br />FDA<br />Hospitals<br />Leading doctors<br />3rd party manufacturers<br />Distributors<br />Pioneering radiologists in<br />hospitals<br />Radiation-free<br />Earlier detection<br />Non-invasive<br />IP <br />Leading doctors<br />Technical Expertise<br />Direct sales to hospitals<br />Product Development<br />Clinical trials<br />Operating Costs<br />Capital equipment sales and disposable item<br />
  300. MammOptics<br />MammOptics<br />Business Model Canvas 1 of 4<br />Business Model Canvas 1 of 4<br />Strong clinical data<br />Training<br />Maintenance<br />Product Development<br />IP<br />Clinical trials<br />FDA<br />Initial guess<br />Initial guess<br />Hospitals<br />Leading doctors<br />3rd party manufacturers<br />Distributors<br />Pioneering radiologists in<br />hospitals<br />Radiation-free<br />Earlier detection<br />Non-invasive<br />Test:<br /> Customer segment<br /> Value proposition<br />Initial guess<br />IP <br />Leading doctors<br />Technical Expertise<br />Direct sales to hospitals<br />Product Development<br />Clinical trials<br />Operating Costs<br />Initial guess<br />Capital equipment sales and disposable item<br />
  301. Finding the right customer<br />From radiologists to gynecologists<br />
  302. MammOptics<br />Excursions into hospitals<br />Debra Ikeda<br />Jason Davies<br />Jafi Alissa Lipson<br />Sunita Pal<br />Leading doctors<br />6 women >40 <br />8 women <40<br />Patients<br />Alicia X-ray mammography<br />Technicians<br />Hospital Managers<br />Paul Billings<br />Holly V. Gautier<br />
  303. MammOptics<br />Hospital purchasing decision tree<br />
  304. MammOptics<br />Hospital purchasing decision tree<br />Hospitals<br />Complex purchasing decision tree. Several saboteours<br />
  305. MammOptics<br />Private practice purchasing decision tree<br />
  306. MammOptics<br />Private practice purchasing decision tree<br />Private practice<br />Faster adoption rate<br />Attractive value proposition<br />✔<br />
  307. MammOptics<br />Business Model Canvas 2 of 4<br />Strong clinical data<br />Training<br />Maintenance<br />Product Development<br />IP<br />Clinical trials<br />FDA<br />Doctors:<br />Earlier detection<br />Price<br />Accuracy<br />Patients:<br />Radiation Free<br />Non-Invasive<br />Hospitals (Capital Spending Committee)<br />Leading doctors<br />3rd party manufacturers<br />Distributors<br />Research Hospitals<br />Pioneering Doctors<br />Hospitals<br />OB/GYNs<br />PCPs<br />Direct Sales to doctors<br />IP <br />Leading doctors<br />Technical Expertise<br />Product Development<br />Clinical trials<br />Operating Costs<br />Capital Equipment Sales and disposable item<br />
  308. MammOptics<br />Business Model Canvas 2 of 4<br />Strong clinical data<br />Training<br />Maintenance<br />Product Development<br />IP<br />Clinical trials<br />FDA<br />Doctors:<br />Earlier detection<br />Price<br />Accuracy<br />Patients:<br />Radiation Free<br />Non-Invasive<br />Hospitals (Capital Spending Committee)<br />Leading doctors<br />3rd party manufacturers<br />Distributors<br />Research Hospitals<br />Pioneering Doctors<br />Hospitals<br />OB/GYNs<br />PCPs<br />How do we get to our customer?<br />Need sensitivity and specificity<br />Direct Sales to doctors<br />IP <br />Leading doctors<br />Technical Expertise<br />Product Development<br />Clinical trials<br />Operating Costs<br />Capital Equipment Sales and disposable item<br />
  309. Getting to our customer<br />The world of direct sales and medical marketing<br />
  310. MammOptics<br />Interviews<br />Breast Cancer Advocacy Groups<br />Be Bright Pink<br />Jennifer Glover<br />Dr. Cindy Woo<br />Dr. Jags Powers<br />Dr. Aaron Shuvkan<br />OB/GYNs<br />Katrina Bell<br />Tanay Dudhela<br />Jed Hwang<br />Medical Sales<br />FDA/Clinical Trials<br />Phyllis Whitely<br />Carl Simpson<br />
  311. MammOptics<br />Marketing<br />
  312. MammOptics<br />Marketing<br />Strong influence on doctors via ACOG Standard of Care<br />Strongly influenced by KOLs<br />Access to ACOG by former member<br />
  313. MammOptics<br />Marketing<br />Researchers with strong peer recommendations<br />Researchers conducting important clinical trials<br />Outsourced survey research<br />Researchers with numerous publications<br />
  314. MammOptics<br />Marketing<br />Focus on prominent journals <br />Need two big publications<br />Choose KOL as Principal Investigators (PI)<br />
  315. MammOptics<br />Marketing<br />Effective method for educating doctors<br />Workshop must be approved by ACOG<br />Doctors required to attend workshops<br />Taught by objective medical experts<br />
  316. MammOptics<br />Marketing<br />ACOG Annual Clinical Meeting <br />Opportunity for feedback from doctors<br />Miami Breast Cancer Conference <br />
  317. MammOptics<br />Marketing<br />Trusted information source for patients<br />Access to media outlets<br />Critical opinion leader for technology adoption<br />
  318. MammOptics<br />Channel Strategies and Costs<br />Individual<br />Doctors<br />High value medical products<br />(e.g. cardiovascular stents)<br />Direct Sales<br /><ul><li>Doctor education
  319. Direct feedback from doctors
  320. Very expensive</li></ul>Individual Doctors<br />Purchasing Administrators<br />Purchasing Administrators<br />Commodity medical products<br />(e.g. latex gloves)<br />Distributors<br /><ul><li>No doctor education
  321. No customer feedback
  322. Inexpensive</li></li></ul><li>MammOptics<br />Channel Strategies and Costs<br />Sales strategy 1<br />Sales strategy 2<br />5 dedicated sales people<br />$150,000 each/year<br />Hire nurses or technicians<br />with established<br />relationships<br />Early adopter feedback<br />Continue with core group of sales people<br />Use women’s healthcare equipment distributor<br />Already established network of customers<br />
  323. MammOptics<br />Pricing Strategy<br />Equipment <br />Lease model<br />Per-use model<br />Consumable<br />Cost of the device<br />$50,000<br />$5,000<br />$5,000<br />$25,000<br />Service per year<br />$3,000<br />$10,000<br />0<br />0<br />Per-use fee<br />0<br />0<br />$50<br />0<br />Consumable<br />0<br />0<br />0<br />$20<br />
  324. MammOptics<br />Pricing Strategy<br />Approved by customers and investors<br />Equipment <br />Lease model<br />Per-use model<br />Consumable<br />Cost of the device<br />$50,000<br />$5,000<br />$5,000<br />$25,000<br />Service per year<br />$3,000<br />$10,000<br />0<br />0<br />Per-use fee<br />0<br />0<br />$50<br />0<br />Consumable<br />0<br />0<br />0<br />$20<br />
  325. MammOptics<br />Customer Workflow<br />Current market<br />Insurance<br />Mammography<br />Radiologist<br />Hospital Administration<br />Technician<br />ACOG<br />ACS<br />Doctor specialty committee <br />
  326. MammOptics<br />Customer Workflow<br />Current market<br />But what would happen if we replace mammography?<br />Insurance<br />Mammography<br />Radiologist<br />Hospital Administration<br />Technician<br />ACOG<br />ACS<br />Doctor specialty committee <br />
  327. MammOptics<br />Customer Workflow<br />Insurance<br />Mammography<br />Radiologist<br />Breast Radiologists<br />Hospitals<br />Technicians<br />Loss of jobs<br />Eliminates loss leader<br />Puts emphasis on biopsies<br />Loss of jobs<br />Hospital Administration<br />Technician<br />ACOG<br />ACS<br />Doctor specialty committee <br />
  328. MammOptics<br />Customer Workflow<br />Insurance<br />Mammography<br />Radiologist<br />Hospital Administration<br />Technician<br />ACOG<br />ACS<br />Doctor specialty committee <br />
  329. MammOptics<br />Customer Workflow<br />Insurance<br />Mammography<br />Radiologist<br />Insurance<br />ACOG/ACS<br />Same cost as mammography ($140)<br />Reduced number of biopsies ($1000)<br />Improved healthcare<br />(mammography weak technique)<br />Hospital Administration<br />Technician<br />ACOG<br />ACS<br />Doctor specialty committee <br />
  330. MammOptics<br />Customer Workflow<br />Insurance<br />Mammography<br />Radiologist<br />Hospital Administration<br />Technician<br />ACOG<br />ACS<br />Doctor specialty committee <br />
  331. MammOptics<br />Customer Workflow<br />Insurance<br />PCP<br />OB/GYN<br />Mammography<br />Patient<br />Radiologist<br />Hospital Administration<br />Technician<br />MammOptics<br />Doctor specialty committee <br />ACOG<br />ACS<br />
  332. MammOptics<br />Customer Workflow<br />Insurance<br />PCP<br />OB/GYN<br />PCP<br />OB/GYN<br />Mammography<br />Mammography<br />Patient<br />Patient<br />Radiologist<br />Radiologist<br />PCP OB/GYNs<br />Patient<br />MammOptics<br />Increased revenue<br />More complete patient care<br />Improved healthcare<br />Comfort<br />Revenue<br />Hospital Administration<br />Technician<br />Hospital Administration<br />Technician<br />MammOptics<br />MammOptics<br />Doctor specialty committee <br />ACOG<br />ACS<br />
  333. MammOptics<br />Customer Workflow<br />Insurance<br />PCP<br />OB/GYN<br />Mammography<br />Patient<br />Radiologist<br />Hospital Administration<br />Technician<br />MammOptics<br />ACOG<br />ACS<br />Doctor specialty committee <br />
  334. MammOptics<br />Business Model Canvas 3 of 4<br />Strong clinical data<br />Training<br />Maintenance<br />Conferences<br />CME courses<br />Product Development<br />IP<br />Clinical trials<br />FDA<br />Publishing<br />Doctors:<br />Earlier detection<br />Price<br />Accuracy<br />Patients:<br />Radiation Free<br />Non-Invasive<br />Leading doctors<br />Key Opinion Leaders<br />3rd party manufacturers<br />Distributors<br />Breast Cancer Foundations<br />ACOGACS<br />OB/GYNs<br />PCPs<br />Direct Sales to hospitals<br />Distributor<br />IP <br />Leading doctors<br />Technical Expertise<br />Product Development<br />Clinical trials<br />Operating Costs<br />Marketing Costs<br />Capital Equipment Sales and disposable item<br />Per use fees<br />
  335. MammOptics<br />Business Model Canvas 3 of 4<br />Strong clinical data<br />Training<br />Maintenance<br />Conferences<br />CME courses<br />Product Development<br />IP<br />Clinical trials<br />FDA<br />ReimbursementPublishing<br />Doctors:<br />Earlier detection<br />Price<br />Accuracy<br />Patients:<br />Radiation Free<br />Non-Invasive<br />Leading doctors<br />Key Opinion Leaders<br />3rd party manufacturers<br />Distributors<br />Breast Cancer Foundations<br />ACOGACS<br />OB/GYNs<br />PCPs<br />Learned how to reach the customer<br />How do we build a company based on this?<br />Direct Sales to hospitals<br />Distributor<br />IP <br />Leading doctors<br />Technical Expertise<br />Product Development<br />Clinical trials<br />Operating Costs<br />Marketing Costs<br />Capital Equipment Sales and disposable item<br />Per use fees<br />
  336. Building the company<br />The backstage of a medical device company<br />
  337. MammOptics<br />Interviews<br />Stanford StatisticsSteve Axelrod<br />Marga Ortigas-Wedekind<br />FDA Clinical Trials<br />Nick Mourlas<br />Don Archambault<br />Manufacturing<br />Shannon Bergstedt<br />Ali Habib<br />Reimbursement<br />Venture Capitalists<br />Dana Mead<br />Bill Starling<br />Doctors/Sales<br />Dr. Aron Shuftan<br />Jed Hwang<br />Michael J. Nohr<br />
  338. MammOptics<br />Partners<br />Manufacturing<br />Choose manufacturing facility close to home<br />
  339. MammOptics<br />MammOptics<br />Partners<br />Partners<br />Manufacturing<br />Reimbursement<br />Manufacturing<br />Difficult to get coverage for new product. <br />
  340. MammOptics<br />Reimbursement Partners<br />Insurances<br />CPT Codes<br />$75-$150<br />
  341. MammOptics<br />Partners<br />Manufacturing<br />Reimbursement<br />510K vs. PMA<br />Largest cost<br />Biggest financial risk<br />FDA Clinical Trials<br />
  342. MammOptics<br />Clinical Trials<br />Stage 1<br />Pilot trials<br />Feasibility<br />Comparison with mammography<br />50 patients<br />$600K<br />6 months<br />12/4/2009<br />
  343. MammOptics<br />Clinical Trials<br />Stage 2<br />Interim trials<br />Prove superior safety-efficacy & sensitivity<br />Stage 1<br />Pilot trials<br />500 patients<br />$7.2M<br />6 months<br />15 months<br />12/4/2009<br />
  344. MammOptics<br />Clinical Trials<br />Stage 2<br />Interim trials<br />Stage 3<br />FDA pivotal trials<br />Stage 1<br />Pilot trials<br />FDA class II, 510(K) w/ trials<br />Focus on superiority & economic end-points<br />1500 patients<br />$20.5M<br />6 months<br />15 months<br />24 months<br />12/4/2009<br />
  345. MammOptics<br />Clinical Trials<br />Stage 4<br />Post-market studies<br />Stage 2<br />Interim trials<br />2000 patients<br />$26.8M<br />Stage 3<br />FDA pivotal trials<br />Stage 1<br />Pilot trials<br />Specific Cat III CPT/ACP Codes<br />Market traction<br />6 months<br />15 months<br />24 months<br />24 months<br />12/4/2009<br />
  346. MammOptics<br />Clinical Trials<br />Stage 4<br />Post-market studies<br />Stage 2<br />Interim trials<br />$26.8M<br />Stage 3<br />FDA pivotal trials<br />Stage 1<br />Pilot trials<br />$7.2M<br />$600K<br />$20.5M<br />6 months<br />15 months<br />24 months<br />24 months<br />12/4/2009<br />
  347. MammOptics<br />Clinical Trials<br />12/4/2009<br />
  348. MammOptics<br />MammOptics<br />Partners<br />Partners<br />Manufacturing<br />Reimbursement<br />Financial timeline <br />Funding<br />FDA Clinical Trials<br />
  349. MammOptics<br />MammOptics<br />Financial / Operations Timeline<br />2016<br />2012<br />2013<br />2014<br />2015<br />2017<br />2018<br />M&A / IPO $50 MM<br />Q1<br />Q2<br />Q3<br />Q4<br />Q1<br />Q2<br />Q3<br />Q4<br />Q1<br />Q2<br />Q3<br />Q4<br />Q1<br />Q2<br />Q3<br />Q4<br />Q1<br />Q2<br />Q3<br />Q4<br />Q1<br />Q2<br />Q1<br />Q2<br />Q3<br />Q4<br />Q3<br />Series D $35 MM<br />$40M<br />Series C $30.5 MM<br />$30M<br />$20M<br />Cash Reserve<br />Series B $9 MM<br />$15M<br />Series A $3.5 MM<br />$10M<br />$5M<br />Financial timeline <br />System<br />Initialize<br />Launch <br />Regulatory / Clinical<br />Marketable Product<br />Proof of Concept<br />Second Release<br />Beta Prototype<br />Design Milestones<br />1st Release Test<br />2nd Release Test<br />Beta-Version Testing<br />Laboratory Prototype<br />Publication<br />Publication<br />Clinical Results<br />Post-Market Clinical Studies<br />Pilot Studies<br />US Pivotal Clinical Trials<br />Clinical Milestones<br />US Interim Trials<br />Non-Specific Codes <br />Provisional Patent<br />IRB / IDE<br />Specific Codes <br />(Cat. I CPT / APC)<br />Cat III CPT<br />FDA – Class II – 510 (k) with Clinical Trials<br />Regulatory/ IP Milestones<br />Application and System Patents<br />Initial Product Launch<br />IC and Processing Patents<br />Technology Licensing<br />149<br />12/4/2009<br />
  350. MammOptics<br />MammOptics<br />Financial / Operations Timeline<br />2016<br />2012<br />2013<br />2014<br />2015<br />2017<br />2018<br />Q1<br />Q2<br />Q3<br />Q4<br />Q1<br />Q2<br />Q3<br />Q4<br />Q1<br />Q2<br />Q3<br />Q4<br />Q1<br />Q2<br />Q3<br />Q4<br />Q1<br />Q2<br />Q3<br />Q4<br />Q1<br />Q2<br />Q1<br />Q2<br />Q3<br />Q4<br />Q3<br />$40M<br />$30M<br />$20M<br />Cash Reserve<br />$15M<br />$10M<br />$5M<br />Initialize<br />Proof of Concept<br />Design Milestones<br />Clinical Milestones<br />Provisional Patent<br />Regulatory/ IP Milestones<br />Technology Licensing<br />150<br />12/4/2009<br />
  351. MammOptics<br />MammOptics<br />Financial / Operations Timeline<br />2016<br />2012<br />2013<br />2014<br />2015<br />2017<br />2018<br />Q1<br />Q2<br />Q3<br />Q4<br />Q1<br />Q2<br />Q3<br />Q4<br />Q1<br />Q2<br />Q3<br />Q4<br />Q1<br />Q2<br />Q3<br />Q4<br />Q1<br />Q2<br />Q3<br />Q4<br />Q1<br />Q2<br />Q1<br />Q2<br />Q3<br />Q4<br />Q3<br />$40M<br />$30M<br />$20M<br />Cash Reserve<br />$15M<br />Series A $3.5 MM<br />$10M<br />$5M<br />System<br />Initialize<br />Proof of Concept<br />Beta Prototype<br />Design Milestones<br />Beta-Version Testing<br />Laboratory Prototype<br />Pilot Studies<br />Clinical Milestones<br />Provisional Patent<br />Regulatory/ IP Milestones<br />Technology Licensing<br />151<br />12/4/2009<br />
  352. MammOptics<br />MammOptics<br />Financial / Operations Timeline<br />2016<br />2012<br />2013<br />2014<br />2015<br />2017<br />2018<br />Q1<br />Q2<br />Q3<br />Q4<br />Q1<br />Q2<br />Q3<br />Q4<br />Q1<br />Q2<br />Q3<br />Q4<br />Q1<br />Q2<br />Q3<br />Q4<br />Q1<br />Q2<br />Q3<br />Q4<br />Q1<br />Q2<br />Q1<br />Q2<br />Q3<br />Q4<br />Q3<br />$40M<br />$30M<br />$20M<br />Cash Reserve<br />Series B $9 MM<br />$15M<br />Series A $3.5 MM<br />$10M<br />$5M<br />System<br />Regulatory / Clinical<br />Marketable Product<br />Beta Prototype<br />Design Milestones<br />Beta-Version Testing<br />Laboratory Prototype<br />Pilot Studies<br />Clinical Milestones<br />IRB / IDE<br />Regulatory/ IP Milestones<br />Application and System Patents<br />IC and Processing Patents<br />152<br />12/4/2009<br />
  353. MammOptics<br />MammOptics<br />Financial / Operations Timeline<br />2016<br />2012<br />2013<br />2014<br />2015<br />2017<br />2018<br />Q1<br />Q2<br />Q3<br />Q4<br />Q1<br />Q2<br />Q3<br />Q4<br />Q1<br />Q2<br />Q3<br />Q4<br />Q1<br />Q2<br />Q3<br />Q4<br />Q1<br />Q2<br />Q3<br />Q4<br />Q1<br />Q2<br />Q1<br />Q2<br />Q3<br />Q4<br />Q3<br />$40M<br />Series C $30.5 MM<br />$30M<br />$20M<br />Cash Reserve<br />Series B $9 MM<br />$15M<br />$10M<br />$5M<br />System<br />Regulatory / Clinical<br />Second Release<br />Design Milestones<br />1st Release Test<br />Publication<br />Pilot Studies<br />US Pivotal Clinical Trials<br />Clinical Milestones<br />US Interim Trials<br />IRB / IDE<br />Cat III CPT<br />Regulatory/ IP Milestones<br />Application and System Patents<br />IC and Processing Patents<br />153<br />
  354. MammOptics<br />MammOptics<br />Financial / Operations Timeline<br />2016<br />2012<br />2013<br />2014<br />2015<br />2017<br />2018<br />Q1<br />Q2<br />Q3<br />Q4<br />Q1<br />Q2<br />Q3<br />Q4<br />Q1<br />Q2<br />Q3<br />Q4<br />Q1<br />Q2<br />Q3<br />Q4<br />Q1<br />Q2<br />Q3<br />Q4<br />Q1<br />Q2<br />Q1<br />Q2<br />Q3<br />Q4<br />Q3<br />Series D $35 MM<br />$40M<br />Series C $30.5 MM<br />$30M<br />$20M<br />Cash Reserve<br />$15M<br />$10M<br />$5M<br />Launch <br />Regulatory / Clinical<br />Second Release<br />Design Milestones<br />2nd Release Test<br />Publication<br />Publication<br />Clinical Results<br />US Pivotal Clinical Trials<br />Clinical Milestones<br />US Interim Trials<br />Non-Specific Codes <br />FDA – Class II – 510 (k) with Clinical Trials<br />Regulatory/ IP Milestones<br />Initial Product Launch<br />154<br />12/4/2009<br />
  355. MammOptics<br />MammOptics<br />Financial / Operations Timeline<br />2016<br />2012<br />2013<br />2014<br />2015<br />2017<br />2018<br />M&A / IPO $50 MM<br />Q1<br />Q2<br />Q3<br />Q4<br />Q1<br />Q2<br />Q3<br />Q4<br />Q1<br />Q2<br />Q3<br />Q4<br />Q1<br />Q2<br />Q3<br />Q4<br />Q1<br />Q2<br />Q3<br />Q4<br />Q1<br />Q2<br />Q1<br />Q2<br />Q3<br />Q4<br />Q3<br />Series D $35 MM<br />$40M<br />$30M<br />$20M<br />Cash Reserve<br />$15M<br />$10M<br />$5M<br />Launch <br />Regulatory / Clinical<br />Design Milestones<br />Publication<br />Post-Market Clinical Studies<br />Clinical Results<br />Clinical Milestones<br />Non-Specific Codes <br />Specific Codes <br />(Cat. I CPT / APC)<br />FDA – Class II – 510 (k) with Clinical Trials<br />Regulatory/ IP Milestones<br />Initial Product Launch<br />12/4/2009<br />
  356. MammOptics<br />MammOptics<br />Financial / Operations Timeline<br />2016<br />2012<br />2013<br />2014<br />2015<br />2017<br />2018<br />M&A / IPO $50 MM<br />Q1<br />Q2<br />Q3<br />Q4<br />Q1<br />Q2<br />Q3<br />Q4<br />Q1<br />Q2<br />Q3<br />Q4<br />Q1<br />Q2<br />Q3<br />Q4<br />Q1<br />Q2<br />Q3<br />Q4<br />Q1<br />Q2<br />Q1<br />Q2<br />Q3<br />Q4<br />Q3<br />Series D $35 MM<br />$40M<br />Series C $30.5 MM<br />$30M<br />$20M<br />Cash Reserve<br />Series B $9 MM<br />$15M<br />Series A $3.5 MM<br />$10M<br />$5M<br />System<br />Initialize<br />Launch <br />Regulatory / Clinical<br />Marketable Product<br />Proof of Concept<br />Second Release<br />Beta Prototype<br />Design Milestones<br />1st Release Test<br />Beta-Version Testing<br />2nd Release Test<br />Laboratory Prototype<br />Publication<br />Publication<br />Post-Market Clinical Studies<br />Clinical Results<br />Pilot Studies<br />US Pivotal Clinical Trials<br />Clinical Milestones<br />US Interim Trials<br />Non-Specific Codes <br />Provisional Patent<br />IRB / IDE<br />Specific Codes <br />(Cat. I CPT / APC)<br />Cat III CPT<br />FDA – Class II – 510 (k) with Clinical Trials<br />Regulatory/ IP Milestones<br />Application and System Patents<br />Initial Product Launch<br />IC and Processing Patents<br />Technology Licensing<br />156<br />12/4/2009<br />
  357. MammOptics<br />Business Model Canvas 4 of 4<br />Strong clinical data<br />Training<br />Maintenance<br />Conferences<br />CME courses<br />Product Development<br />IP<br />Clinical trials<br />FDA<br />Reimbursement Publishing<br />Doctors:<br />Earlier detection<br />Price<br />Accuracy<br />Immediate Results<br />Patients:<br />Radiation Free<br />Non-Invasive<br />KOLs<br />3rd party manufacturers<br />Distributors<br />Breast Cancer Foundations<br />ACOGACS<br />Clinical trial designer<br />OB/GYNs<br />PCPs<br />Direct Sales to hospitals<br />Distributor<br />Online<br />IP <br />Leading doctors<br />Technical Expertise<br />Product Development<br />Clinical trials<br />Operating Costs<br />Marketing Costs<br />Per use fees<br />
  358. MammOptics<br />Business Model Canvas 4 of 4<br />Strong clinical data<br />Training<br />Maintenance<br />Conferences<br />CME courses<br />Product Development<br />IP<br />Clinical trials<br />FDA<br />Reimbursement Publishing<br />KOLs<br />3rd party manufacturers<br />Breast Cancer Foundations<br />ACOGACS<br />Clinical trial designer<br />Earlier detection<br />Non invasive<br />Price<br />Accuracy<br />Immediate Results<br />OB/GYNs<br />PCPs<br />Final iteration of our business model<br />But… need to think about the big picture…<br />Direct Sales to hospitals<br />Distributor<br />Online<br />IP <br />Leading doctors<br />Technical Expertise<br />Product Development<br />Clinical trials<br />Operating Costs<br />Marketing Costs<br />Per use fees<br />
  359. MammOptics<br />Business Model Canvas 1<br />Strong clinical data<br />Training<br />Maintenance<br />Product Development<br />IP<br />Clinical trials<br />FDA<br />Hospitals<br />Leading doctors<br />3rd party manufacturers<br />Distributors<br />Radiation-free<br />Earlier detection<br />Non invasive<br />Pioneering Doctors<br />Hospitals<br />Direct Sales to hospitals<br />IP <br />Leading doctors<br />Technical Expertise<br />Product Development<br />Clinical trials<br />Operating Costs<br />Capital Equipment Sales and disposable item<br />
  360. MammOptics<br />Business Model Canvas 2<br />Strong clinical data<br />Training<br />Maintenance<br />Product Development<br />IP<br />Clinical trials<br />FDA<br />Hospitals<br />Leading doctors<br />3rd party manufacturers<br />Distributors<br />Research Hospitals<br />Radiation-free<br />Earlier detection<br />Non invasive<br />Pioneering Doctors<br />Hospitals<br />Direct Sales to hospitals<br />IP <br />Leading doctors<br />Technical Expertise<br />Product Development<br />Clinical trials<br />Operating Costs<br />Capital Equipment Sales and disposable item<br />
  361. MammOptics<br />Business Model Canvas 3<br />Strong clinical data<br />Training<br />Maintenance<br />Product Development<br />IP<br />Clinical trials<br />FDA<br />Doctors:<br />Earlier detection<br />Price<br />Accuracy<br />Patients:<br />Radiation Free<br />Non-Invasive<br />Hospitals (Capital Spending Committee)<br />Leading doctors<br />3rd party manufacturers<br />Distributors<br />Research Hospitals<br />Pioneering Doctors<br />Hospitals<br />Direct Sales to hospitals<br />IP <br />Leading doctors<br />Technical Expertise<br />Product Development<br />Clinical trials<br />Operating Costs<br />Capital Equipment Sales and disposable item<br />
  362. MammOptics<br />Business Model Canvas 4 <br />Strong clinical data<br />Training<br />Maintenance<br />Product Development<br />IP<br />Clinical trials<br />FDA<br />Doctors:<br />Earlier detection<br />Price<br />Accuracy<br />Immediate Results<br />Patients:<br />Radiation Free<br />Non-Invasive<br />Hospitals (Capital Spending Committee)<br />Leading doctors<br />3rd party manufacturers<br />Distributors<br />Research Hospitals<br />Breast Cancer Foundations<br />Pioneering Doctors<br />Hospitals<br />OB/GYNs<br />PCPs<br />Direct Sales to hospitals<br />IP <br />Leading doctors<br />Technical Expertise<br />Product Development<br />Clinical trials<br />Operating Costs<br />Capital Equipment Sales and disposable item<br />
  363. MammOptics<br />Business Model Canvas 5<br />Strong clinical data<br />Training<br />Maintenance<br />Conferences<br />CME courses<br />Product Development<br />IP<br />Clinical trials<br />FDA<br />ReimbursementPublishing<br />Doctors:<br />Earlier detection<br />Price<br />Accuracy<br />Patients:<br />Radiation Free<br />Non-Invasive<br />Leading doctors<br />Key Opinion Leaders<br />3rd party manufacturers<br />Distributors<br />Breast Cancer Foundations<br />ACOGACS<br />OB/GYNs<br />PCPs<br />Direct Sales to hospitals<br />Distributor<br />IP <br />Leading doctors<br />Technical Expertise<br />Product Development<br />Clinical trials<br />Operating Costs<br />Marketing Costs<br />Capital Equipment Sales and disposable item<br />
  364. MammOptics<br />Business Model Canvas 6<br />Strong clinical data<br />Training<br />Maintenance<br />Conferences<br />CME courses<br />Product Development<br />IP<br />Clinical trials<br />FDA<br />Reimbursement Publishing<br />Doctors:<br />Earlier detection<br />Price<br />Accuracy<br />Immediate Results<br />Patients:<br />Radiation Free<br />Non-Invasive<br />KOLs<br />3rd party manufacturers<br />Distributors<br />Breast Cancer Foundations<br />ACOGACS<br />OB/GYNs<br />PCPs<br />Direct Sales to hospitals<br />Distributor<br />IP <br />Leading doctors<br />Technical Expertise<br />Product Development<br />Clinical trials<br />Operating Costs<br />Marketing Costs<br />Capital Equipment Sales and disposable item<br />Per use fees<br />
  365. MammOptics<br />Business Model Canvas 7<br />Strong clinical data<br />Training<br />Maintenance<br />Conferences<br />CME courses<br />Product Development<br />IP<br />Clinical trials<br />FDA<br />Reimbursement Publishing<br />Doctors:<br />Earlier detection<br />Price<br />Accuracy<br />Immediate Results<br />Patients:<br />Radiation Free<br />Non-Invasive<br />KOLs<br />3rd party manufacturers<br />Distributors<br />Breast Cancer Foundations<br />ACOGACS<br />Clinical trial designer<br />OB/GYNs<br />PCPs<br />Direct Sales to hospitals<br />Distributor<br />IP <br />Leading doctors<br />Technical Expertise<br />Product Development<br />Clinical trials<br />Operating Costs<br />Marketing Costs<br />Per use fees<br />
  366. MammOptics<br />Business Model Canvas 8<br />Strong clinical data<br />Training<br />Maintenance<br />Conferences<br />CME courses<br />Product Development<br />IP<br />Clinical trials<br />FDA<br />Reimbursement Publishing<br />Doctors:<br />Earlier detection<br />Price<br />Accuracy<br />Immediate Results<br />Patients:<br />Radiation Free<br />Non-Invasive<br />KOLs<br />3rd party manufacturers<br />(local)<br />Breast Cancer Foundations<br />ACOGACS<br />Clinical trial designer<br />OB/GYNs<br />PCPs<br />Direct Sales to hospitals<br />Distributor<br />IP <br />Leading doctors<br />Technical Expertise<br />Product Development<br />Clinical trials<br />Operating Costs<br />Marketing Costs<br />Per use fees<br />
  367. MammOptics<br />Business Model Canvas 9<br />Strong clinical data<br />Training<br />Maintenance<br />Conferences<br />CME courses<br />Product Development<br />IP<br />Clinical trials<br />FDA<br />Reimbursement Publishing<br />Doctors:<br />Earlier detection<br />Price<br />Accuracy<br />Immediate Results<br />Patients:<br />Radiation Free<br />Non-Invasive<br />KOLs<br />3rd party manufacturers<br />(local)<br />Breast Cancer Foundations<br />ACOGACS<br />Clinical trial designer<br />OB/GYNs<br />PCPs<br />Direct Sales to hospitals<br />Distributor<br />IP <br />Leading doctors<br />Technical Expertise<br />Product Development<br />Clinical trials<br />Operating Costs<br />Marketing Costs<br />Per use fees<br />
  368. Personal Libraries<br />
  369. Insight: No more bookshelves<br />eBooks+150% YoY ‘10<br />Printed Books <br />-20% YoY ‘10<br />
  370. Version 1.0: Personal Libraries<br />
  371. Original Idea: Personal Digital Libraries<br />Import, organize and share thousands of digital papers<br />
  372. something-something-something.com<br />Original idea<br />Invincible Business Model: Version 1.0<br />SHORT TERMResearchers<br />Lawyers<br />Scientists <br />LONG TERMAvid book readers<br />Professionals <br />Import, organize and share thousands of papers<br />FB/TW posts from users you know<br />Company blog, FB, TW, support forums<br />Targeted marketing<br />Product development<br />Constant iteration & testing<br />Libraries, Universities, Research Centers<br />Bloggers and media targeting customer segment<br />Academic Database providers<br />Affiliate program<br />SEO/SEM/SM<br />IE/FF/Chrome App Stores<br />Developers<br />Marketers<br />AWS Infrastructure<br />SEM<br />Eng & Marketing OpEx<br />Affiliate program fees<br />Licensing<br />Subscription fees<br />Ad revenue<br />
  373. Here’s What We Did<br />Version 1.0: Personal Libraries<br />
  374. Got out of the building<br />
  375. Got out of the building<br /><ul><li>100+ Interviews</li></ul>Professors, Litigators, IP lawyers, Post-docs, PhD researchers, Engineering Students, Law Students…<br />
  376. Got out of the building<br /><ul><li>100+ Interviews
  377. Extensive Surveys</li></li></ul><li>Got out of the building<br /><ul><li>100+ Interviews
  378. Extensive Surveys
  379. 33,000+ Adwords</li></li></ul><li>Got out of the building<br /><ul><li>100+ Interviews
  380. Extensive Surveys
  381. 33,000+ Adwords
  382. Compete Review</li></li></ul><li>Got out of the building<br /><ul><li>100+ Interviews
  383. Extensive Surveys
  384. 33,000+ Adwords
  385. Compete Review
  386. Market Sizing</li></li></ul><li>Got out of the building<br /><ul><li>100+ Interviews
  387. Extensive Surveys
  388. 33,000+ Adwords
  389. Compete Review
  390. Market Sizing
  391. 50 bloggers</li></li></ul><li>Got out of the building<br /><ul><li>100+ Interviews
  392. Extensive Surveys
  393. 33,000+ Adwords
  394. Compete Review
  395. Market Sizing
  396. 50 bloggers
  397. 6 Social Networks</li></li></ul><li>Got out of the building<br /><ul><li>100+ Interviews
  398. Extensive Surveys
  399. 33,000+ Adwords
  400. Compete Review
  401. Market Sizing
  402. 50 bloggers
  403. 6 Social Networks
  404. Usability Tests</li></li></ul><li>Got out of the building<br /><ul><li>100+ Interviews
  405. Extensive Surveys
  406. 33,000+ Adwords
  407. Compete Review
  408. Market Sizing
  409. 50 bloggers
  410. 6 Social Networks
  411. Usability Tests
  412. Rapid Iteration</li></li></ul><li>Here’s What We Found<br />Version 1.0: Personal Libraries<br />
  413. Here's what we found: Version 1.0<br />A great business if we had more users…<br />GOOD<br /><ul><li>Subscriptions Rock</li></li></ul><li>Here's what we found: Version 1.0<br />Shorter pages raise conversions 80%<br />GOOD<br /><ul><li>Subscriptions Rock
  414. Pipelines Optimize</li></li></ul><li>Here's what we found: Version 1.0<br />Sites will feature your service<br />GOOD<br /><ul><li>Subscriptions Rock
  415. Pipelines Optimize
  416. The Web Listens</li></li></ul><li>Here's what we found: Version 1.0<br />GOOD<br /><ul><li>Subscriptions Rock
  417. Pipelines Optimize
  418. The Web Listens</li></ul>BAD<br /><ul><li>Academics = Cheap</li></ul>Teaching team saw pattern in our data<br />
  419. Run away from this customer as fast as possible. <br />
  420. Run away from this customer as fast as possible. <br />They don’t want to spend money and will incur infinite support and infinite cost.<br />
  421. Here's what we found: Version 1.0<br />Working for peanuts, and hitting wild product success leads to economic failure<br />GOOD<br /><ul><li>Subscriptions Rock
  422. Pipelines Optimize
  423. The Web Listens</li></ul>BAD<br /><ul><li>Academics = Cheap
  424. Negative Margins</li></li></ul><li>Here's what we found: Version 1.0<br />GOOD<br /><ul><li>Subscriptions Rock
  425. Pipelines Optimize
  426. The Web Listens</li></ul>BAD<br /><ul><li>Academics = Cheap
  427. Negative Margins
  428. ECM = Boring</li></ul>No adjacent pivots worked for the team<br />
  429. Version 2.0: Trusted Advice<br />
  430. something-something-something.com<br />Original idea<br />Invincible Business Model: Version 2.0<br />Upwardly mobile young professionals making $2-10K of discretionary online purchases a year (excluding travel)<br />Developing trusted advice and advisors<br />Web marketing <br />Affiliate partnerships<br />Constant iteration & testing<br />FB/TW posts from users you know<br />Company blog, FB, TW accounts<br />Discover online goods recommended by friends at the lowest possible price from trusted vendors<br />Bloggers and Media targeting customer segment<br />Retail marketing partners<br />IE/FF/Chrome teams<br />Affiliate Program Providers<br />Affiliate program<br />SEO/SEM/SM<br />IE/FF/Chrome App Stores<br />Developers<br />Marketers<br />Content Library<br />Install base<br />Readership base<br />AWS Infrastructure<br />SEM<br />Eng & Marketing OpEx<br />Affiliate program fees<br />Licensing<br />Subscription fees<br />Ad revenue<br />
  431. New Hypotheses<br />
  432. Here’s What We Did<br />Version 2.0: Trusted Advice<br />
  433. Got out of the building, again<br /><ul><li>40+ Interviews</li></li></ul><li>Got out of the building, again<br /><ul><li>40+ Interviews
  434. Extensive Surveys</li></li></ul><li>Got out of the building, again<br /><ul><li>40+ Interviews
  435. Extensive Surveys
  436. Landing Page Tests</li></ul>Landing pages tested on affluent, career aged professionals, approximately 70/30 male/female, N=800+<br />
  437. Got out of the building, again<br /><ul><li>40+ Interviews
  438. Extensive Surveys
  439. Landing Page Tests
  440. Market Research</li></li></ul><li>Got out of the building, again<br /><ul><li>40+ Interviews
  441. Extensive Surveys
  442. Landing Page Tests
  443. Market Research
  444. Compete Research</li></li></ul><li>Got out of the building, again<br /><ul><li>40+ Interviews
  445. Extensive Surveys
  446. Landing Page Tests
  447. Market Research
  448. Compete Research
  449. Revenue Analysis</li></li></ul><li>Got out of the building, again<br /><ul><li>40+ Interviews
  450. Extensive Surveys
  451. Landing Page Tests
  452. Market Research
  453. Compete Research
  454. Revenue Analysis
  455. Two Prototypes</li></ul>Insidely.com<br />wantio.com<br />
  456. Got out of the building, again<br /><ul><li>40+ Interviews
  457. Extensive Surveys
  458. Landing Page Tests
  459. Market Research
  460. Compete Research
  461. Revenue Analysis
  462. Two Prototypes
  463. Refined Personas</li></li></ul><li>Customer Segment: Professional-class consumers shopping frequently online<br /> Pat the Professional<br />Upwardly mobile professional (some Grad Students)<br />Salary: $40,000 – 150,000/year<br />Finance, Consulting, PR, Marketing<br />Follows fashion/technology trends<br />Spends $1-15K on discretionary items online<br />Purchased online in last 30 days<br />Demographics<br /><ul><li>Male/female, aged 18-35
  464. Minimum bachelors from expensive school</li></ul>Traits:<br /><ul><li>Ideas from blogs & shopping websites
  465. Values celebrity trends & friends’ opinions
  466. Wants high ticket items at lowest price
  467. Event-driven shopper—new release or sale</li></ul>Motivation<br /><ul><li>Craves new products
  468. Hates tedious work
  469. Identifies as influencer among friends
  470. Fears being cheated online</li></ul>Behavior<br /><ul><li>Spends 5 hour+ monthly hearing about products
  471. Shares online and in person about products he loves</li></ul>Budget<br /><ul><li>$2-10K+/year in discretionary online purchases</li></ul>“The XXX is awesome, I really want one. I know I just bought the YYY, but it’s probably time to upgrade.” <br />~5.9M “Pat the Professionals” in US<br />Drawn from top 1/3 of 17.8M frequent online shoppers<br />17.8M based on 40.2M Professionals (2008 Census) * 0.762 US Internet Penetration (Nielsen 2010Q1) * 0.58 consumers shopping online in last month (Nielsen 2010Q1) <br />Online Recommendation Market Opportunity (conservative strawman #s)<br />Assuming 10% share, 5% affiliate fees<br />Top Shoppers (~$7B/year spend): ~ $35M/year <br />Professional-class frequent shoppers (~$1.8B/year): ~ $9M/year<br />Other Professional-class shoppers ($0.7B/year): ~3.5M/year <br />Source: US Bureau of Labor Statistics<br />
  472. Version 2.0: Trusted Advice<br />Top ~6M US Influentials (~$9B/year)<br />
  473. something-something-something.com<br />Original idea<br />Invincible Business Model: Version 2.0<br />Upwardly mobile young professionals making $2-10K of discretionary online purchases a year (excluding travel)<br />Developing trusted advice and advisors<br />Web marketing <br />Affiliate partnerships<br />Constant iteration & testing<br />FB/TW posts from users you know<br />Company blog, FB, TW accounts<br />Discover online goods recommended by friends at the lowest possible price from trusted vendors<br />Bloggers and Media targeting customer segment<br />Retail marketing partners<br />IE/FF/Chrome teams<br />Affiliate Program Providers<br />Affiliate program<br />SEO/SEM/SM<br />IE/FF/Chrome App Stores<br />Developers<br />Marketers<br />Content Library<br />Install base<br />Readership base<br />AWS Infrastructure<br />SEM<br />Eng & Marketing OpEx<br />Affiliate program fees<br />Licensing<br />Subscription fees<br />Ad revenue<br />
  474. Here’s What We Found<br />Version 2: Trusted Advice<br />
  475. Findings on "Trusted Advice"<br />GOOD<br /><ul><li>Fast Interest</li></ul>Insidely.com<br />Trusted advice site for <br />Silicon Valley/Stanford MBAs<br />Launched 2/15<br />425 visitors by 2/28<br />
  476. Findings on "Trusted Advice"<br />Ranked #6 by Google for “Stanford Admissions Books”<br />GOOD<br /><ul><li>Fast Interest</li></li></ul><li>Findings on "Trusted Advice"<br />GOOD<br /><ul><li>Fast Interest
  477. High Conversion</li></ul>43% clickthrough<br />on Top Admissions Books for Stanford MBAs article<br />Compare to 0.5% clickthrough on ads<br />~100x difference<br />
  478. Findings on "Trusted Advice"<br />Positive results on “Trusted Advice” Shopping Add-in testing<br />GOOD<br /><ul><li>Fast Interest
  479. High Conversion
  480. Needs Addressed </li></ul>See videos at http://factnote.com/c/e245<br />
  481. Findings on "Trusted Advice"<br />Positive results on “Trusted Advice” Shopping Add-in testing<br />GOOD<br /><ul><li>Fast Interest
  482. High Conversion
  483. Needs Addressed </li></ul>Super easy to install and use.<br />I really did enjoy it! <br />Great idea! I will keep the extension installed because I do think this is practical!<br />I could see myself using this regularly<br />
  484. Findings on "Trusted Advice"<br />Some negative results on “Trusted Advice” Shopping Add-in testing<br />GOOD<br /><ul><li>Fast Interest
  485. High Conversion
  486. Needs Addressed </li></ul>BAD<br /><ul><li>Missing Features</li></ul>See videos at http://factnote.com/c/e245<br />
  487. Findings on "Trusted Advice"<br />Some negative results on “Trusted Advice” Shopping Add-in testing<br />GOOD<br /><ul><li>Fast Interest
  488. High Conversion
  489. Needs Addressed </li></ul>BAD<br /><ul><li>Missing Features</li></ul>I was a little frustrated when it didn’t find the item I was looking for<br />I can find more thorough price comparisons elsewhere…<br />I usually don’t shop in Chrome, so that’s an inconvenience.<br />
  490. Findings on "Trusted Advice"<br />MBA Exchange spams us out of Google<br />GOOD<br /><ul><li>Fast Interest
  491. High Conversion
  492. Needs Addressed </li></ul>BAD<br /><ul><li>Missing Features
  493. SEO Battle</li></li></ul><li>Here’s Where We Ended Up <br />Version 2.1: Trusted Advice<br />
  494. The adventure continuesTrusted Advice 2.0<br />Protection against SEO-spammers<br />Next Experiments: <br /><ul><li>Trusted Lead Gen
  495. Trusted Advice website powered by Shopping Add-in</li></li></ul><li>something-something-something.com<br />Original idea<br />Invincible Business Model: Version 3.0<br />PAT THE PROFESSIONALUpwardly mobile young professionals making $2-10K of discretionary online purchases a year (excluding travel)<br />Developing trusted advice and advisors<br />Web marketing <br />Affiliate partnerships<br />Constant iteration & testing<br />FB/TW posts from users you know<br />Company blog, FB, TW accounts<br />Bloggers and Media targeting customer segment<br />Retail marketing partners<br />IE/FF/Chrome teams<br />Affiliate Program Providers<br />TRUSTED ADVICE Discover online goods recommended by friends at the lowest possible price from trusted vendors<br />Foil advertorial spammers polluting the Interweb with toxic pseudo-content<br />Affiliate program<br />SEO/SEM/SM<br />IE/FF/Chrome App Stores<br />Developers<br />Marketers<br />Content Library<br />Install base<br />Readership base<br />AWS Infrastructure<br />SEM<br />Eng & Marketing OpEx<br />Affiliate program fees<br />Licensing<br />Subscription fees<br />Ad revenue<br />
  496. What We Learned<br /><ul><li>Potential for disruption abounds</li></li></ul><li>What We Learned<br /><ul><li>Potential for disruption abounds
  497. Life is short, focus on big markets</li></li></ul><li>What We Learned<br /><ul><li>Potential for disruption abounds
  498. Life is short, focus on big markets
  499. All we need is to be relentless</li></li></ul><li>Blog Your Progress<br />
  500. How?<br />Customer Development<br />The Process<br />Narrative<br />Interviews<br />Surveys<br />Videos<br />Prototypes<br />Business Model Canvas<br />Scorekeeping<br />Real-time Feedback<br />Physical Reality Checks<br />Skype<br />Face-to-face<br />
  501. We Made Students Blog Their Progress<br />It Changed Everything<br />
  502. Interview<br />
  503. Photos<br />Videos<br />
  504. Surveys<br />
  505. Interview<br />& Photos<br />
  506. Competitive Analysis<br />
  507. Key Findings<br />
  508. A/B Test Results<br />
  509. Key Question<br />
  510. Strategy<br />
  511. Business Model Canvas as the Scorecard<br />
  512. Business School Versus Entrepreneurship School<br />Entrepreneurship School<br />Business School<br />Scalable<br />Startup<br />Transition<br />Large Company<br /><ul><li>Hypothesis testing
  513. Business Model design
  514. Customer Development
  515. Agile Development
  516. Metrics
  517. Venture Finance
  518. Design Thinking
  519. Execution
  520. Accounting
  521. Products
  522. Engineering
  523. Management
  524. Administrative</li></li></ul><li>Business School Versus Entrepreneurship Courses<br />Business School<br />Entrepreneurship School<br />Scalable<br />Startup<br />Transition<br />Large Company<br />Courses<br /><ul><li> Lean Launchpad
  525. Customer/Agile Development
  526. Business Model Design
  527. Entrepreneurial Management
  528. Creativity and Innovation
  529. Entrepreneurial Finance
  530. User-centric design</li></ul>Courses<br /><ul><li> Managerial Finance/Accounting
  531. Managing Groups and Teams
  532. Financial Accounting
  533. Operations
  534. Modeling for Optimization
  535. Global Value Chain Strategies</li></li></ul><li>Business School Versus Entrepreneurship Courses<br />Business School<br />Entrepreneurship School<br />Scalable<br />Startup<br />Transition<br />Large Company<br />I teach this<br />Courses<br /><ul><li> Lean Launchpad
  536. Customer/Agile Development
  537. Business Model Design
  538. Entrepreneurial Management
  539. Creativity and Innovation
  540. Entrepreneurial Finance
  541. User-centric design</li></li></ul><li>E-School <br /><ul><li>20th century focus on physical goods
  542. East coast manufacturing-centric
  543. East coast B-School-centric
  544. 21st century focus on virtual and physical goods and channels
  545. West coast engineering school-centric</li></li></ul><li>One More Thing<br />
  546. Adopted by the U.S. Government<br />
  547. Thanks<br />www.steveblank.com<br />

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