0
Moneyball
Evidence-Based Entrepreneurship
&
Investment Readiness Levels

Steve Blank www.steveblank.com
@sgblank

Jim Horn...
Lean Startup
Business Model
Canvas

Lean Startup
Business Model
Canvas

+

Customer
Development

Lean Startup
Business Model
Canvas

+

Customer
Development

Lean Startup

+

Agile Engineering
Evidence-based Methodology (NSF I-Corps/Lean LaunchPad)

Business Model
Canvas

+

Customer
Development

Lean Startup

+

...
Hypotheses

Evidence-based Methodology (NSF I-Corps/Lean LaunchPad)

Business Model
Canvas

+

Customer
Development

Lean ...
Hypotheses

Experiments

Evidence-based Methodology (NSF I-Corps/Lean LaunchPad)

Business Model
Canvas

+

Customer
Devel...
Hypotheses

Experiments

Data

Evidence-based Methodology (NSF I-Corps/Lean LaunchPad)

Business Model
Canvas

+

Customer...
Mentors

Hypotheses

Experiments

Data

Evidence-based Methodology (NSF I-Corps/Lean LaunchPad)

Business Model
Canvas

+
...
LaunchPad Central Software

Hypotheses

Experiments

Data

Evidence-based Methodology (NSF I-Corps/Lean LaunchPad)

Busine...
Weekly Data
Progress
Data
Data

LaunchPad Central Software

Hypotheses

Experiments

Data

Evidence-based Methodology (NSF...
Weekly Data
Progress
Data
Data

+

Experiment
Scorecard

LaunchPad Central Software

Hypotheses

Experiments

Data

Eviden...
Weekly Data
Progress
Data
Data

+

Experiment
Scorecard

=

Data, Experiments,
Trajectory, IRL

LaunchPad Central Software...
Data on Hypotheses, Pivots,
MVPs, Metrics
Evidence and Trajectory
Cohort
Leaderboard
Customer
Interviews
Hypotheses
to Test
Invalidated
Hypotheses
Weekly Canvas
Updates
Track All
Hypotheses
Testing
Scorecard:
9 way Kanban Board
with data
NASA
NASA/DOD
Technology Readiness Level (TRL)
•
•
•
•

Formal Way to assess project maturity
Quantify Relative Risks
Data Driv...
InvestmentReadiness Level

We can do the same
for new ventures
InvestmentReadiness Level

We can do the same
for new ventures

Emphasis is on data
Technology
Readiness Level

Investment
Readiness Level

Metrics that Matter

Validate
Left side of Canvas
Validate
Right s...
Remote monitoring device to prevent
severe flares in pediatric asthmatics
Total interviews: 117
Lessons Learned
December 1...
DEV. 2:
Michael Harrison
Michael Danty
Dillon Kwiat
Elisabeth Leeflang
Matt Clark
December 10, 2013

FINAL PRESENTATION

V...
FINAL CANVAS

MAGNAMOSIS, Inc.
37
INVESTMENT READINESS LEVEL

IRL 6

Plausible exit
Cash to 1st inflection point
Unit economics validated

Reimbursement / o...
Total
Interviews: 88

Vantage Realized is building a wheelchair attachment that increases mobility and
reduces joint damag...
Final Canvas

Strong
emphasis on
protective IP

End users don’t rely
on magazines for new
product information.
The wheelch...
Investment Readiness Level
Vitruvian
Preventing Hernias Before They Happen

December 10, 2013
Mentor: Julie Cherrington
Team:
Cindy Chang, PhD
Hobart...
Business Model Canvas

???
Therapeutic Investment Readiness Level

Plausible exit
Cash to exit
Unit economics Validated
Reimbursement
Regulatory
Inte...
Pharma interactions: 25
Chagas KOL interactions: 25
Veterinary interactions: 20
Diagnostic interactions: 5
TOTAL interacti...
Business Model Canvas
WEEK 10
INVESTOR READINESS
“Proof of Relevance” Path to Revenue Fully Articulated
High Fidelity MVP
Business Case Defined

“Left S...
Probiotics for Agriculture

December 10th, 2013
Total interviews: 75
Week 10
Senior customer endorsement

Operational plan validated
Talent recruited
IP strategy and KOL network
“Proof of Relevance” ...
“God is not on the side of the big arsenals,
but on the side of those who shoot best.”
Voltaire
Startup Grind 020514
Startup Grind 020514
Startup Grind 020514
Startup Grind 020514
Startup Grind 020514
Startup Grind 020514
Startup Grind 020514
Upcoming SlideShare
Loading in...5
×

Startup Grind 020514

2,976

Published on

Published in: Education, Business, Technology
0 Comments
11 Likes
Statistics
Notes
  • Be the first to comment

No Downloads
Views
Total Views
2,976
On Slideshare
0
From Embeds
0
Number of Embeds
1
Actions
Shares
0
Downloads
106
Comments
0
Likes
11
Embeds 0
No embeds

No notes for slide
  • In this iteration, we learned that asthmatics were further subdivided into affluent and lower socioeconomic brackets.
  • In terms of investment readiness, we are fairly certain that we have a strong and capable team. We also believe that there is a compelling clinical need here, and if we are able to expand into the larger respiratory health market including monitoring in polluted areas or capturing adult asthma and COPD segments, we would also have a large enough market to sustain a company.
  • Our company is Vitruvian and we are developing a product to prevent incisional hernias. Introduce the whole team…
  • …we discovered that no one really owns this problem, not even some surgeons.
  • Transcript of "Startup Grind 020514"

    1. 1. Moneyball Evidence-Based Entrepreneurship & Investment Readiness Levels Steve Blank www.steveblank.com @sgblank Jim Hornthal @hornthal
    2. 2. Lean Startup
    3. 3. Business Model Canvas Lean Startup
    4. 4. Business Model Canvas + Customer Development Lean Startup
    5. 5. Business Model Canvas + Customer Development Lean Startup + Agile Engineering
    6. 6. Evidence-based Methodology (NSF I-Corps/Lean LaunchPad) Business Model Canvas + Customer Development Lean Startup + Agile Engineering
    7. 7. Hypotheses Evidence-based Methodology (NSF I-Corps/Lean LaunchPad) Business Model Canvas + Customer Development Lean Startup + Agile Engineering
    8. 8. Hypotheses Experiments Evidence-based Methodology (NSF I-Corps/Lean LaunchPad) Business Model Canvas + Customer Development Lean Startup + Agile Engineering
    9. 9. Hypotheses Experiments Data Evidence-based Methodology (NSF I-Corps/Lean LaunchPad) Business Model Canvas + Customer Development Lean Startup + Agile Engineering
    10. 10. Mentors Hypotheses Experiments Data Evidence-based Methodology (NSF I-Corps/Lean LaunchPad) Business Model Canvas + Customer Development Lean Startup + Agile Engineering
    11. 11. LaunchPad Central Software Hypotheses Experiments Data Evidence-based Methodology (NSF I-Corps/Lean LaunchPad) Business Model Canvas + Customer Development Lean Startup + Agile Engineering
    12. 12. Weekly Data Progress Data Data LaunchPad Central Software Hypotheses Experiments Data Evidence-based Methodology (NSF I-Corps/Lean LaunchPad) Business Model Canvas + Customer Development Lean Startup + Agile Engineering
    13. 13. Weekly Data Progress Data Data + Experiment Scorecard LaunchPad Central Software Hypotheses Experiments Data Evidence-based Methodology (NSF I-Corps/Lean LaunchPad) Business Model Canvas + Customer Development Lean Startup + Agile Engineering
    14. 14. Weekly Data Progress Data Data + Experiment Scorecard = Data, Experiments, Trajectory, IRL LaunchPad Central Software Hypotheses Experiments Data Evidence-based Methodology (NSF I-Corps/Lean LaunchPad) Business Model Canvas + Customer Development Lean Startup + Agile Engineering
    15. 15. Data on Hypotheses, Pivots, MVPs, Metrics Evidence and Trajectory
    16. 16. Cohort Leaderboard
    17. 17. Customer Interviews
    18. 18. Hypotheses to Test
    19. 19. Invalidated Hypotheses
    20. 20. Weekly Canvas Updates
    21. 21. Track All Hypotheses Testing
    22. 22. Scorecard: 9 way Kanban Board with data
    23. 23. NASA
    24. 24. NASA/DOD Technology Readiness Level (TRL) • • • • Formal Way to assess project maturity Quantify Relative Risks Data Driven Adopted by NASA, DOD, FAA, ESA…
    25. 25. InvestmentReadiness Level We can do the same for new ventures
    26. 26. InvestmentReadiness Level We can do the same for new ventures Emphasis is on data
    27. 27. Technology Readiness Level Investment Readiness Level Metrics that Matter Validate Left side of Canvas Validate Right side of Canvas Product/Market Fit Problem/Solution Hypotheses
    28. 28. Remote monitoring device to prevent severe flares in pediatric asthmatics Total interviews: 117 Lessons Learned December 10, 2013 Basil Ayish Noel Jee Clare Pak CharviShetty Jingwei Zhang
    29. 29. DEV. 2: Michael Harrison Michael Danty Dillon Kwiat Elisabeth Leeflang Matt Clark December 10, 2013 FINAL PRESENTATION Vision: A new way to create a magnetic compression anastomosis with improved outcomes. Interviews completed: 90
    30. 30. FINAL CANVAS MAGNAMOSIS, Inc. 37
    31. 31. INVESTMENT READINESS LEVEL IRL 6 Plausible exit Cash to 1st inflection point Unit economics validated Reimbursement / other revenue Regulatory path certainty & difficulty IP freedom to operate & ability to block Attractive solution & ID of MVP Compelling clinical need + large market Effective team? MAGNAMOSIS, Inc. 38
    32. 32. Total Interviews: 88 Vantage Realized is building a wheelchair attachment that increases mobility and reduces joint damage for manual wheelchair users.
    33. 33. Final Canvas Strong emphasis on protective IP End users don’t rely on magazines for new product information. The wheelchair manufacturers are the best way to sell through DME or online retailers. Manufacturing cost ~$6 Most likely asset sale vs. licensing
    34. 34. Investment Readiness Level
    35. 35. Vitruvian Preventing Hernias Before They Happen December 10, 2013 Mentor: Julie Cherrington Team: Cindy Chang, PhD Hobart W. Harris, MD, MPH David M. Young, MD Customer Interviews : 74
    36. 36. Business Model Canvas ???
    37. 37. Therapeutic Investment Readiness Level Plausible exit Cash to exit Unit economics Validated Reimbursement Regulatory Intellectual Property Attractive solution & ID of MVP Compelling clinical need + large mkt Effective team?
    38. 38. Pharma interactions: 25 Chagas KOL interactions: 25 Veterinary interactions: 20 Diagnostic interactions: 5 TOTAL interactions: 75 December 10, 2013
    39. 39. Business Model Canvas WEEK 10
    40. 40. INVESTOR READINESS “Proof of Relevance” Path to Revenue Fully Articulated High Fidelity MVP Business Case Defined “Left Side of the Canvas” Build KOL network Deeper IP review and strategy Due diligence on partners Deeper cost analysis to each data point Team talent gaps identified “Right Side of the Canvas” Product Market Fit Problem/Solution Validation Low Fidelity MVP First Pass Canvas IRL6
    41. 41. Probiotics for Agriculture December 10th, 2013 Total interviews: 75
    42. 42. Week 10
    43. 43. Senior customer endorsement Operational plan validated Talent recruited IP strategy and KOL network “Proof of Relevance” defined Timeline and cost to data points Strategic fit in portfolio validated Technology confirmed First pass canvas
    44. 44. “God is not on the side of the big arsenals, but on the side of those who shoot best.” Voltaire
    1. A particular slide catching your eye?

      Clipping is a handy way to collect important slides you want to go back to later.

    ×