Synbio london 040214
 

Synbio london 040214

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  • Enjoyed the presentation in London this week Steve.

    I teach Bioentrepreneurship here in Belfast. This material is very helpful.

    I would be interested in participating in any on-line courses you are running.
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    Synbio london 040214 Synbio london 040214 Presentation Transcript

    • The Lean LaunchPad for Biotech Steve Blank @sgblank www.steveblank.com
    • 21 Years Executing the Plan
    • Actual Photo of What Happened When My Plan Had First Contact With Customers
    • Is this all there is?
    • ?
    • It Resulted in a Few Hypotheses
    • Startups Are Not Smaller Versions of Large Companies
    • Startups Are Not Smaller Versions of Large Companies Large Companies Execute Known Business Models
    • Startups Are Not Smaller Versions of Large Companies Startups Search for Unknown Business Models
    • What’s A Startup?
    • A temporary organization designed to search for a repeatable and scalable business model
    • A temporary organization designed to search for a repeatable and scalable business model
    • A temporary organization designed to search for a repeatable and scalable business model
    • A temporary organization designed to search for a repeatable and scalable business model
    • Startups Fail Because They Confuse Search with Execute
    • Startups need their own tools, different from those used in existing companies
    • Startups need their own tools, different from those used in existing companies
    • And a Question
    • Can We Build a Process to Search? Before we Execute
    • 1. Startups are a series of untested hypotheses 2. You can test these hypotheses with the same scientific method you use in the lab, but… 3. There are no facts inside your building, so get the hell outside 3 Big Ideas
    • Customer Development Process This was Formalized in a
    • +
    • + +
    • So I Wrote A “Book”
    • And Then A Class MBA 295: Customer Development
    • Eric Ries Extends the Model • Took my class at U.C. Berkeley • Co-founded IMVU, I sat on his board – 1st implementation of Customer Development – Paired it with an Agile Development Model • Called it the Lean Startup
    • Which Turned Into A Better Model +Agile Development
    • Alex Osterwalder - Business Model • Business Model Generation • Defines what the “search” is about
    • Which Turned Intoan Even Better Model + +
    • We now know how to make startups fail less
    • We now know how to make startups fail less Lean Startup
    • And that Turned into Another Book
    • Lean Startup = 3 parts Business Model Canvas Part 1
    • Lean Startup Part 1 Part 2 Customer Development +
    • Lean Startup Part 1 Agile Engineering + + Part 2 Agile Engineering Part 3
    • And Then Into Another Class Engr 245: The Lean LaunchPad
    • Lean Startup Business Model Canvas
    • Lean Startup Business Model Canvas Customer Development Agile Engineering+ + Evidence-based Curriculum (NSF I-Corps/Lean LaunchPad)
    • Lean Startup Business Model Canvas Customer Development Agile Engineering+ + Evidence-based Curriculum (NSF I-Corps/Lean LaunchPad) Hypotheses
    • Lean Startup Business Model Canvas Customer Development Agile Engineering+ + Evidence-based Curriculum (NSF I-Corps/Lean LaunchPad) Hypotheses Experiments
    • Lean Startup Business Model Canvas Customer Development Agile Engineering+ + Evidence-based Curriculum (NSF I-Corps/Lean LaunchPad) Hypotheses Experiments Data
    • Lean Startup Business Model Canvas Customer Development Agile Engineering+ + Evidence-based Curriculum (NSF I-Corps/Lean LaunchPad) Hypotheses Experiments Data Mentors
    • Then It Turned Into Another Class A Scientific Method For Entrepreneurship
    • LaunchPad Central Software Lean Startup Business Model Canvas Customer Development Agile Engineering+ + Evidence-based Curriculum (NSF I-Corps/Lean LaunchPad) Hypotheses Experiments Data
    • LaunchPad Central Software DataDataData Lean Startup Business Model Canvas Customer Development Agile Engineering+ + Evidence-based Curriculum (NSF I-Corps/Lean LaunchPad) Hypotheses Experiments Data Weekly Progress
    • LaunchPad Central Software DataDataData Lean Startup Business Model Canvas Customer Development Agile Engineering+ + Evidence-based Curriculum (NSF I-Corps/Lean LaunchPad) Hypotheses Experiments Data Weekly Progress Experiment Scorecard +
    • LaunchPad Central Software DataDataData Lean Startup Business Model Canvas Customer Development Agile Engineering+ + Evidence-based Curriculum (NSF I-Corps/Lean LaunchPad) Hypotheses Experiments Data Weekly Progress Experiment Scorecard Data, Experiments, T rajectory, IRL + =
    • Cohort Leaderboard
    • Customer Interviews
    • Hypotheses to Test
    • Weekly Canvas Updates
    • Trained the Trainers Added two More Schools
    • Taught by Takashi Tsutsumi@ Hosei Co-taught with Murray Low @ Columbia Bob Dorf Co-taught with: Jon Feiber @ MDV Taught by Jim Hornthal And Four More Schools Add 5-day version of the class 5-day Version
    • 59 Put the class online 150,000 students
    • Train 9 More Universities
    • Lean LaunchPad Educators Class •Train educators each quarter
    • Lean Startup Business Model Canvas Customer Development Agile Engineering+ +
    • Lean Startup Business Model Canvas Customer Development Agile Engineering+ +
    • Question Will this Work for Biotech? 64
    • Lean LaunchPad for Life Sciences • Therapeutics • Diagnostics • Devices • Digital Health
    • Insight Commercialization in the 21st Century 66
    • National Science Foundation Commercialization Problem Prior to I-Corps • Disparate centers – All thought their culture was different – All had their own commercialization program – No best practices – No common training/education – No common platform – All had technology-centric focus • No centralized leadership
    • Insight Technology Evidence but no Commercialization Evidence 68
    • 69 Current Thinking about Translational Medicine Research Performing Institutions Technology (diagnostic, device, therapeutic) Solicit & Select Develop Technology Obtain Additional Capital
    • Research Institutions Technology (diagnostic, device, therapeutic) Solicit & Select Existing Company New Company Technology Development Process Regulatory Intellectual Property Business Development Project Management Medical, Scientific, an d Business Review Licensing and Exit Accepted independent financing Product Development Additional Capital Current Thinking about Translational Medicine Mentors
    • Insight Add a Formal Path for Commercialization Evidence 71
    • physical space & equipment seed $’s Mentorship Workshops/Webinars Technology Progress Clinical Trials, etc. Commercialization Progress Accelerating Commercialization: – Requires Parallel Paths
    • Answers to Hypotheses are Outside The Lab • You may be the smartest person in your lab • But you are not smarter than the collective intelligence of your potential customers, partners, payers and regulators • You can’t learn this by reading papers or listening to lectures Need a process for hypotheses testing
    • Insight Commercialization Evidence Require Outward Focus 74
    • Research Institutions Technology (diagnostic, device, therapeutic) Solicit & Select Add Evidence-based Commercialization Medical, Scientific, an d Business Review Accepted Additional Capital Inward-facing
    • Research Institutions Technology (diagnostic, device, therapeutic) Solicit & Select Add Evidence-based Commercialization Medical, Scientific, an d Business Review Accepted Additional Capital Reimburse -men Partners Customers (users, payers, etc. ) Commercialization Development Process Value Propositio n Distribution Channels Add a parallel Commercialization Process Inward-facing Outward-facing
    • Research Performing Institutions Technology (diagnostic, device, therapeutic) Solicit & Select Add Evidence-based Commercialization Medical, Scientific, an d Business Review Accepted Additional Capital Customers Value Proposition Channels Partners Reimburse- ment Intellectual Property Commercialization
    • Magnamosis • Create a magnetic compression anastomosis with improved outcomes • Team: – Michael Harrison, MD, Pediatric Surgeon – Elisabeth Leeflang, MD, General Surgery Resident – Michael Danty, MS, Business Development – Dillon Kwiat, BS, Medical Device Engineer
    • 79
    • Insight We Know How To Build these Programs 80
    • The Tactics • Organize P.I.’s into Commercialization Teams • Offer a 10-week training program • Get them out of the building
    • Framework = Business Model Canvas Customers Revenue Partners Activities Resources Costs Channel Get/Keep/ Grow Product / Service
    • Experiential • Getting out of the building – 10-15 hours/weekly • Formal methodology for customer interaction • Focus on MVP and Pivots
    • Teams Present Results Weekly
    • Update Business Model Canvas Weekly
    • Use Canvas As a Weekly Scorecard Week 2 Week 1 Week 3
    • Insight 100% Visibility on Progress LaunchPad Central 87
    • Insight Predication of Team Trajectory 88
    • • 17 out of 233 teams were identified as high performer teams from 10 NSF I-Corps 2012-13 cohorts Evidence-Based Entrepreneurship
    • Signal: Customer Interviews High Performers: • Interview ~ 2X more customers on average • Peak customer interviews during week 4 Average Customer Interviews Per Week Week Week Interviews
    • Increased Focus On Testing Customer Segment Hypotheses
    • High Performance Teams demonstrate significant cadence by mid-point (week 4) • The highest number of hypotheses invalidation occurs in week 4 • The highest number of customer interviews occur in week 4 • High performance teams maintain a relentless pace of customer interviews reaching 50% of 100 interviews goal by week 4 Average Customer Interviews by Week Weeks Interviews
    • Average Mentor Interactions Engagements Weeks Mentor Engagement Top Performers: • Engage with mentors often compared to average teams
    • Average Faculty Interactions Engagements Weeks Instructor Engagement Top Performers: • Engage with instructors early and often compared to average teams
    • Insights National Science Foundation Innovation Corps 95
    • I-Corps – Insights • It’s not just about the science – Technology and commercialization progress require separate processes – PI’s can’t figure out commercialization sitting in their labs – Technology mentorship is part of the process but it’s insufficient – You can’t outsource commercialization to a proxy (consultants, market researchers, etc.)
    • Outward-Facing Commercialization & Translational Medicine • Getting out of the building is a big idea • It accelerates speed of translation • It makes our national research enormously more efficient
    • NSF Commercialization Solution I-Corps • One commercialization program – Common Platform – Centralized Leadership • Best practices – Disruptive idea – Lean/Evidence-based – Common training/education – Consistent evaluation criteria • Nodes not centers – Linkages between nodes
    • NSF I-Corps Results • Early evidence of success in SBIR Phase I funding – 18% of teams who did not take the class – 60% of teams who did take the class
    • NSF Program Outcomes • Scientists & Engineers trained as Entrepreneurs – pass on their knowledge to students • Network of Mentors/Advisors • Increased impact of NSF-funded basic research
    • Evidence-Based Entrepreneurship • What we now know – Commercialization must be a parallel track – Effort must be experiential (No Proxies) – New metrics allow for rational discussion – IT Platform provides tracking capacity: Continuous improvement
    • Not About Picking the Winners • Enable lots of low cost experiments • Kill the Losers • Double down on the ones that show progress
    • Insight Will it Work for SynBio? 103
    • Early Stage Therapeutic Myths The Idea is Key Better ideas create value Funding Gap Early Stage Investment as a market failure Data Quality Findings in preclinical research are often not reproducible Karl@CodonCapital.com
    • Early Stage Therapeutic Myths The Idea is Key Better ideas create value Funding Gap Early Stage Investment as a market failure Data Quality Findings in preclinical research are often not reproducible Karl@CodonCapital.com The real gap is the expertise to move early stage research toward industrial relevance
    • Early Stage Therapeutic Myths Karl@CodonCapital.com Data Quality Findings in preclinical research are often not reproducible Data addressing key development criteria
    • Early Stage Therapeutic Myths Karl@CodonCapital.com Data Quality Findings in preclinical research are often not reproducible Data addressing key development criteria The Idea is Key Better ideas create value Clear path to modifying a disease
    • Early Stage Therapeutic Myths Karl@CodonCapital.com Data Quality Findings in preclinical research are often not reproducible Data addressing key development criteria The Idea is Key Better ideas create value Clear path to modifying a disease Funding Gap Early Stage Investment as a market failure Operational planjustifying investment
    • Summary Will it Work for SynBio? 109
    • Summary Will it Work for SynBio? Yes 110
    • “God is not on the side of the big arsenals, but on the side of those who shoot best.” Voltaire
    • Thanks More info at www.steveblank.com 112
    • The Lean LaunchPad for Biotech Steve Blank @sgblank www.steveblank.com