Technology Commercialization - Biomed2010


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Case Study of Technology Commercialization by Robin Winsor.

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Technology Commercialization - Biomed2010

  1. 1. Technology Commercialization Case Study Robin Winsor
  2. 2. There is a tide in the affairs of men,Which, taken at the flood, leads on to fortune;Omitted, all the voyage of their lifeIs bound in shallows and in miseriesJulius Caesar. Act IV, Scene 3
  3. 3. Agenda•  Technology Description•  Timeline•  Struggles, Setbacks and Successes•  Lessons Learned•  What’s Changed
  4. 4. What does IDC do?
  5. 5. Competing Technologies circa 2000 Digital "Family Tree" Film Scanners Kodak CR Fuji Agfa DR Flat Panel CCD A:Se A:Si CMOS Multi-Camera Single CameraKodak GE / Seimens CaresBuilt SwissRay IDC
  6. 6. CMOS
  7. 7. Market 45 secs Large hospitals Foothills+ 350k DR 8.5 mins Small & Medium CR Hospitals 125k 8 mins FILM ClinicsCost (US$)
  8. 8. Market 750 Large hospitals 350k DR 10,000 Small & Medium CR Hospitals 125k Uncounted FILM ClinicsCost (US$)
  9. 9. Market 750 Large hospitals 350k DR 10,000 Small & Medium CR Hospitals 125k IDC : 45secs : <$150k Uncounted FILM ClinicsCost (US$)
  10. 10. TimeLineNovember 8th, 1895 November 8th, 1995
  11. 11. TimeLine New Products Downsize New Building U.S.”Expert” arrives Clinical Use Mgmt financing Rapid Expansion N.American Liquidate assets Production Ramp-Up Luminary Sites SalesU.S.”Expert” Growth Rapid Revenue Scientific Validation Regulatory Approvals Clinical Testing International Distribution leaves $$ Revenues $$Mutiny OEM Partners
  12. 12. Company Value Over Time$1,000,000,000 $100,000,000 $10,000,000 Market Cap $1,000,000 $100,000 20-Oct-93 16-Jul-96 12-Apr-99 06-Jan-02 02-Oct-04 29-Jun-07 25-Mar-10
  13. 13. Futures
  14. 14. Lessons Learned•  Trust•  It has to be earned•  Don’t discount the bizarre•  Beware of new friends in good times
  15. 15. Lessons Learned•  Contingency Plans•  Save for a rainy day… it rains a lot !
  16. 16. Lessons Learned•  Build The Right Team For Each Stage•  Scientists NEED marketers and financiers and …•  Management team must complement, not duplicate, each other•  Finder / Minder / Grinder•  Expect and celebrate change in the lineup•  Do the paperwork
  17. 17. Lessons Learned•  Build An Active Board•  Think carefully before putting a customer on BoD•  Don’t appoint for appearances sake, make it WORK•  Try for diversity
  18. 18. Lessons Learned•  Know When To Let Go•  If you can do it all, you’re not doing enough •  “There is no limit to how much a man can accomplish or how far he can succeed as long as he doesnt mind who gets the credit”
  19. 19. Lessons Learned•  Know What You Do•  Core competencies•  Be clear•  Keep checking for drift
  20. 20. Lessons Learned•  Lawyers Can Be Your Friends•  Don’t cheap out on legal services•  Understand their specialities•  Look for chemistry•  File plenty of patents
  21. 21. Lessons Learned•  Pay Your Taxes Happily•  Cybera•  National Research Council (NRC)•  Industrial Research Assistance Program (IRAP)•  Alberta Heritage Fund for Medical Research•  Shad Valley Keep it in Canada
  22. 22. Lessons Learned•  Culture•  Why do you and your staff work so hard – is it for the same reasons ? –  Fun –  $$$ / Options –  Vision
  23. 23. Corporate VisionTo provide the highest quality, most cost- effective digital radiography (DR) products in the healthcare market
  24. 24. Vision Tuberculosis35% of the world’s population infected
  25. 25. Lessons Learned•  Believe In Angels•  Douglas Street•  Geoffrey Galley•  …and be sure they believe in you
  26. 26. Lessons Learned•  Retail Investors•  Most brokers don’t care•  Learn the elevator pitch•  Expect turbulence
  27. 27. Lessons Learned•  Institutional Investors•  Fund Managers DO care•  Know your numbers•  Expect to be held accountable
  28. 28. Lessons Learned Image RadiationAREA Cost Quality Dose NorthAmerica 1 2 3Europe 2 1 3 Asia 2 3 1
  29. 29. Lessons LearnedChina is a huge marketChinese prefer ChineseProtect your IP, then go
  30. 30. What Has Changed•  Barriers to entry –  Equipment costs falling –  Information easy to access –  Regulatory is a little easier –  Computing power increased by ~8000 x –  Design, prototype cycle reduced from weeks to days –  Competitors know what you’re doing
  31. 31. What Hasn’t Changed•  Need for a good team•  Need for financing•  Need for hard work•  Need for speed
  32. 32. There is a tide in the affairs of men,Which, taken at the flood, leads on to fortune;Omitted, all the voyage of their lifeIs bound in shallows and in miseriesOn such a full sea are we now afloat,And we must take the current when serves,Or lose our ventures.Julius Caesar. Act IV, Scene 3
  33. 33. ? ? ? Questions ? ? ?