• Save
BioInnovation presentation
Upcoming SlideShare
Loading in...5
×

Like this? Share it with your network

Share

BioInnovation presentation

  • 1,435 views
Uploaded on

This is a presentation given to the WVU General Surgery Department on innovation, inventing, and entrepreneurship. My takes on the ideal bioentrepreneur and the basic steps to getting started.

This is a presentation given to the WVU General Surgery Department on innovation, inventing, and entrepreneurship. My takes on the ideal bioentrepreneur and the basic steps to getting started.

  • Full Name Full Name Comment goes here.
    Are you sure you want to
    Your message goes here
    Be the first to comment
    Be the first to like this
No Downloads

Views

Total Views
1,435
On Slideshare
1,382
From Embeds
53
Number of Embeds
2

Actions

Shares
Downloads
0
Comments
0
Likes
0

Embeds 53

http://www.intermedpartners.com 41
http://intermedpartners.com 12

Report content

Flagged as inappropriate Flag as inappropriate
Flag as inappropriate

Select your reason for flagging this presentation as inappropriate.

Cancel
    No notes for slide

Transcript

  • 1. Bio.Innovation + Entrepreneurship
    • W. Thomas McClellan, MD FACS
    • www.intermedpartners.com
  • 2.
    • Everyone should carefully observe which way his heart draws him, and then choose that way with all his strength.
        • Hasidic saying
  • 3. Why in the hell am I here talking to you about Entrepreneurship?
    • Simple, I’m here to challenge you to change the world.
  • 4. Why in the hell am I here talking to you about Entrepreneurship?
    • Did you want to grow up to be a doctor?
    • In Bangalore, Beijing, Jerusalem they want to be innovators too. (oh… and they are good at it!)
      • Israel 100 th smallest nation
      • #2 in companies listed on the Nasdaq
  • 5. Why do we need to innovate @ WVU?
    • 60 Minutes 11/13/11
    • UMBC –
      • University of Maryland Baltimore County
      • UMBC budget 304 Million
      • 76 start-ups on campus
    • WVU
          • WVU budget 938 Million
          • How many on WVU campus?
          • What do we strive to be?
  • 6. Why do we need to innovate @ WVU?
    • Are they smarter than us?
    • More creative, collaborative, focused, and have less fear of failure.
    • WVU must establish and support a CULTURE of innovation and entrepreneurship.
  • 7. My Story
    • Invented Novel Sternal Closure System
    • 4 years: initial idea on napkin
    • 2 years: since first pitch
    • 50k of personal money
    • >2000 emails
    • 26 trips to SFO, and 6 other cities
  • 8. My Story
    • Pitched to >10 angels/VC
    • Funded 2.0M
    • Assembled a 5 person team
    • Built a product
    • 3 patents
    • FDA Approval July 2011 (13mon)
    • Clinical Trial Initiated August 2011
  • 9. 3 types of Bio.Innovator
    • Idea people
    • most common
    • smart, thinkers, interest in building value is fleeting and their ideas are just that, ideas.
  • 10. 3 types of Bio.Innovator
    • Toe-Testers
    • take ideas a few steps further, pursue a patent and then lose interest or direction after encountering difficulties.
    • However most Toe-Testers lack the vision, collaborative skills, and simple elbow grease to take the next steps.
  • 11. 3 types of Bio.Innovator
    • Bio.Entrepreneurs
    • believe enough in their ideas to investigate, sacrifice, overcome, and build something.
  • 12. Subset - The Ninja Assassin
  • 13. The Ninja Assassin
    • A creative, fearless, nimble, and focused entrepreneur.
      • - Ann Miura-Ko, Floodgate Venture Partners
    • Most importantly they have the ability to make others believe, the sheer will to succeed, and the resolve to recover from failure.
  • 14. Ideal Bio.Entrepreneur
    • Spent a significant time with medical inventors.
    • All have similar characteristics
    • My 8 critical qualities for Bio.Entrepreneurs
    • Are you this person?
  • 15. Ideal Bio.Entrepreneur
    • Creative and question status quo.
      • “ I am always questioning, always questioning, with a revolutionary mindset.” - Aaron Garrity
      • “ Creativity is connecting things.” - Steve Jobs
    • Creative association – ability to make surprising connections across areas of knowledge and industry by questioning, observing, networking, and experimenting .
        • Innovators DNA
  • 16. Ideal Bio.Entrepreneur
    • Have true honest passion
    • “ Infectious passion”
    • Build excitement, esprit de corps
    • Selling your dream to complete strangers
    • Most investors invest in the person not the product.
  • 17. Ideal Bio.Entrepreneur
    • Have Chutzpah
    • Yiddish for gall, grit, non-conformist
    • West Virginian - Balls
    • Outliers – plenty of smart people, its what you do with it.
    • Go get it
  • 18. Ideal Bio.Entrepreneur
    • Not afraid to Fail
    • You will fail. How will you respond?
    • “ The difference between me and everyone else was that I believed in my ideas and took the risk to develop them.” – Tom Fogarty
  • 19. Ideal Bio.Entrepreneur
    • High motor
    • “ Energetic to the point of being driven”
      • Alan Walton – Oxford Ventures
    • It’s a 24/365 experience.
    • Just like pregnancy you cant be ½ an entrepreneur.
  • 20. Ideal Bio.Entrepreneur
    • Be Inclusive not Exclusive
    • An idea in the drawer doesn’t help any patient or generate any value.
    • You need expertise you simply don’t have.
    • Learn to share equity and ownership of an idea.
    • Plus its fun to go through the process with someone.
    • Partnering with an ethical, intelligent, and intrepid business partner was essential to my success.
      • Greg Ruff, MD – inventor barbed suture
  • 21. Ideal Bio.Entrepreneur
    • Demand excellence
    • “ Be a yardstick of quality. Most aren’t used to an environment where excellence is expected.” - Steve Jobs
    • Don’t bathe in mediocrity
    • Excellence is reflected in your product.
    • Apple verses Microsoft
  • 22. Ideal Bio.Entrepreneur
    • Be George Washington
    • Your not a serial CEO, VC, or sold 3 companies.
    • You need to recognize your limitations and let others share leadership.
    • Listen
  • 23. Got an idea?
    • Have you ever had an idea for a medical device?
    • Drug?
    • App?
    • Commerce website?
    • “ Getting an academic to turn their idea into a company is like getting a cat to jump into water”.
      • Glenn Prestwich - chemist
  • 24. How do you start? Observation
    • “ I find out what the world needs. Then, I go ahead and invent it.”
      • - Thomas Edison
    • What problems do you see around you?
    • What problems do you have?
    • How does your idea solve that problem?
  • 25. Do your research
    • Its difficult to come up with a truly novel idea.
    • But…just because its been invented doesn’t mean it can’t be a business. (facebook)
    • How can you make that idea better/different?
    • Competition?
    • Market size, costs?
    • Regulatory pathway? (510k, PMA- pre market approval)
  • 26. Provisional Patent
    • An easy/ cheap way to protect your idea for one year. < $500
    • Limited legal protection but draws a line in the sand.
    • Better to have an attorney write it. (more expensive)
  • 27. Get an NDA
    • Non-disclosure agreement
    • Can find free ones on the web.
    • Better ones are from your attorney specific to you.
  • 28. What you need to assemble
  • 29. Surround yourself with a great team – @ a minimum
    • “ Face man”
      • COO, MBA, Facilitator
    • Engineer
      • Prototyping
      • Start-up Experience
      • Huge Differences
  • 30. Legal
    • A good legal team is ESSENTIAL.
    • Corporate
      • Company structure
      • Contract negotiation
      • Advice
    • IP
      • What to protect?
      • Strategies for protection globally
    • Introductions
  • 31. Capital
    • Friends, Family and Fools
    • Angel
    • VC – ROI (return on investment)
    • Good verses Bad
    • Experienced in your field
    • Boot-strapping, Seed, Series A…
  • 32. Luck
    • Everyone needs it
    • Preparation + Opportunity = Luck
    • Networking
    • Twitter, Blogging, Website
  • 33. Ideal Future Opportunities Stanford Biodesign – The Medical Device Innovation Process 2008 Medical apps Upstream/Remote/Smarter diagnostics EHR – portable + compatible Ortho, Eye, General
  • 34. Resources
    • Outliers – Malcolm Gladewell
    • Art of the Start – Guy Kawasaki (much influence this presentation)
    • Start-up Nation – Dan Senor, Saul Singer
    • How Venture Capital Works – Bob Zider
    • Stanford Biodesign Fellowship
    • MBA school – focus on entrepreneurship
  • 35. What does it mean to be an entrepreneur? @sgblank – Steve Blank
  • 36. Summary
    • Think big
    • Make Meaning
    • Believe in Yourself
    • and Get Going!
  • 37.
    • Questions?