How Are The World’s Best Brands Using CrowdsourcingHow Crowdsourcing Can Help MedicalDevice Companies  David Bratvold     ...
How Crowdsourcing Can Help Medical Device CompaniesUmbrella of Crowdsourcing                                              ...
PROBLEMTraditional VentureCapital is Not working aswell as it used to                   …and predicting Success           ...
IDEATION   Crowdfunding Pre-Sales, a Predictor of Success
SOLUTION                     The Average Project on                    MedStartr raised $12,043                   online a...
SOLUTION           Consumer Oriented, Non-FDA        clearance required Medical Devices                      45K          ...
The JOBS Act & the Future of               Crowdfunding• Estimated that equity will be sold by Q3 2013 – and already  bein...
Medical Devices with Rewards and       Donation Based Crowdfunding“Crowd Rounds”allow early stagestartups to gain the    #...
INDUSTRY                  An Industry for Innovation Crowdfunding                                                         ...
PARTNERSCrowdfunding is where Partners Meet    Companies that are partnering with MedStartr and our clients:              ...
How Are The World’s Best Brands Using CrowdsourcingHow Are The World’sBest Brands UsingCrowdsourcing
How Are The World’s Best Brands Using Crowdsourcing?Graphic DesignHow Are The World’s Best Brands Using Crowdsourcing
How Are The World’s Best Brands Using Crowdsourcing?AdvertisingHow Are The World’s Best Brands Using Crowdsourcing
How Are The World’s Best Brands Using Crowdsourcing?Open InnovationHow Are The World’s Best Brands Using Crowdsourcing
How Are The World’s Best Brands Using Crowdsourcing?Blog Post CreationHow Are The World’s Best Brands Using Crowdsourcing
How Are The World’s Best Brands Using Crowdsourcing?Several Other Common UsesHow Are The World’s Best Brands Using Crowdso...
Crowdsourcing Innovation
Innovating The Way We Innovate                                                                Co-Creation                 ...
What’s Your Reality?                                                         Yes       NoI have perfect knowledge of my co...
Some Leading Co-Creators
And Some Surprises …
Why?1. K-C investment in innovation cannot keep up with increasing   demands of marketplace.2. The best innovators will no...
Unanticipated InnovationAllison Phillips: Tilty Cup   Amy Baxter: Buzzy Pain Relief Romy Taormina: PsiBands        Lauren ...
How Are The World’s Best Brands Using CrowdsourcingBenefits ofCrowdsourcing
Benefits of CrowdsourcingDiversityHow Are The World’s Best Brands Using Crowdsourcing
Benefits of CrowdsourcingBetter QualityHow Are The World’s Best Brands Using Crowdsourcing
Benefits of CrowdsourcingEngage Potential CustomersHow Are The World’s Best Brands Using Crowdsourcing
Potential Problems of CrowdsourcingHow Are The World’s Best Brands Using Crowdsourcing Difficult to Manage Social Backla...
How Are The World’s Best Brands Using CrowdsourcingIn Summary
In SummaryKey TakeawaysHow Are The World’s Best Brands Using CrowdsourcingCrowdsourcing Is a work process Works across a...
In SummaryResearchHow Are The World’s Best Brands Using Crowdsourcing Crowdsourcing Research – http://bit.ly/microtasking...
In SummaryLearn More by Attending CrowdopolisHow Are The World’s Best Brands Using Crowdsourcing
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Crowdsourcing for Medical Devices

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Oftentimes – especially in the medical device industry – when we hear about the “crowd” we think “funding.” Founder of DailyCrowdsource David Bratvold explains in this practical webinar there’s much more to crowds than funding. In this informative hour, David is joined by MedStartr Founder Alex Fair to discuss crowdfunding. Stephen Paljieg from Kimberly-Clark gives a real-life example.

Learn how the world’s largest companies are using their target audience to develop the products they want to buy

How crowdsourcing as a work process can help you dramatically cut costs (up to 80% in some cases)

Understand how you can use crowdsourcing to build in instant scalability and speed up turnaround time on repetitive tasks

Understand the new medical device funding models, & why every new product should be
crowdfunded

Learn several methods for improving the ROI of your marketing and advertising, while spending less time on it

Learn how to navigate through the broad crowds to find the specialists that will give you the answers you need

Published in: Health & Medicine
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Crowdsourcing for Medical Devices

  1. 1. How Are The World’s Best Brands Using CrowdsourcingHow Crowdsourcing Can Help MedicalDevice Companies David Bratvold Stephen Paljieg Alex Fair Founder Senior Marketing Director Co-Founder & CEO Daily Crowdsource Kimberly-Clark MedStartr
  2. 2. How Crowdsourcing Can Help Medical Device CompaniesUmbrella of Crowdsourcing Contests Microtasks • Logo design Crowdfunding Macrotasks • Business names • Data validation • Research • Image tagging • Project fundraising • Disaster relief • Research • Artistic support & Development • Startups • Product Innovation • Market research
  3. 3. PROBLEMTraditional VentureCapital is Not working aswell as it used to …and predicting Success in Healthcare is difficult… which constrains capital, which limits innovation, which makes healthcare continue to suck
  4. 4. IDEATION Crowdfunding Pre-Sales, a Predictor of Success
  5. 5. SOLUTION The Average Project on MedStartr raised $12,043 online and $405,531 Offline >2M 45K 125K 25K + SOLD in 4d + 24 partners + 4 partners + 2 partners + 996 views + defacto std + FDA Pass + new confrnce 1.6M 25K, 5K, 300K Knight found. 2 distributors, + Kimberley + 4 partners + 1,500 views US Army deal Clark partner StartupAmerica
  6. 6. SOLUTION Consumer Oriented, Non-FDA clearance required Medical Devices 45K 125K + 24 partners + 4 partners + defacto std + FDA Pass Consumer Oriented Medical Devices on various platforms
  7. 7. The JOBS Act & the Future of Crowdfunding• Estimated that equity will be sold by Q3 2013 – and already being done on some sites (• JOBS Act allows anyone and everyone to invest at least $2,000/year; Before, investors had to have over $200K in income or $1 million in assets• If an investor makes less than $100,000/year or have less than $100,000 in assets, they can invest 5% of that each year• JOBS Act requires the SEC to go through a 9 month rule- making period before Crowd Investors can start investing in startups (that was 12 months ago)
  8. 8. Medical Devices with Rewards and Donation Based Crowdfunding“Crowd Rounds”allow early stagestartups to gain the #HCCF Sweet Spotmoney, traction, andconsumer awarenessthey need to leveragewhen appealing toVCs, Angels, grantcommittees, IRBs, andmore.
  9. 9. INDUSTRY An Industry for Innovation Crowdfunding Crowd Sourcing Reward or Equity Crowdfunding Flavors: • Challenges • Donations • Grant • Rewards Decision • Credit Support • Equity • Contests Healthcare Accelerators Prize / Challenge Providers
  10. 10. PARTNERSCrowdfunding is where Partners Meet Companies that are partnering with MedStartr and our clients: Dozens more have begun or closed Indicates Direct Corporate Challenge or other MedStartr Sponsor
  11. 11. How Are The World’s Best Brands Using CrowdsourcingHow Are The World’sBest Brands UsingCrowdsourcing
  12. 12. How Are The World’s Best Brands Using Crowdsourcing?Graphic DesignHow Are The World’s Best Brands Using Crowdsourcing
  13. 13. How Are The World’s Best Brands Using Crowdsourcing?AdvertisingHow Are The World’s Best Brands Using Crowdsourcing
  14. 14. How Are The World’s Best Brands Using Crowdsourcing?Open InnovationHow Are The World’s Best Brands Using Crowdsourcing
  15. 15. How Are The World’s Best Brands Using Crowdsourcing?Blog Post CreationHow Are The World’s Best Brands Using Crowdsourcing
  16. 16. How Are The World’s Best Brands Using Crowdsourcing?Several Other Common UsesHow Are The World’s Best Brands Using Crowdsourcing Landing page optimization Market research Cleansing UGC content PPC optimization Community engagement App development & testing
  17. 17. Crowdsourcing Innovation
  18. 18. Innovating The Way We Innovate Co-Creation Customer Customer Customer Focused Centered DrivenCentral entity Organization Customer & Customer OrganizationDegree of Innovation for Innovation with Innovation bycustomer customers customers customersinvolvementRole of Innovator Communicator CoordinatororganizationDegree of control Easy to control Difficult to control Impossible to controlIdea richness Scarce More Plentiful Abundant Needs defined by Needs defined by Needs and organization organization and solutions defined solutions defined by users by users.
  19. 19. What’s Your Reality? Yes NoI have perfect knowledge of my consumer and/orcustomer’s needs. I can see the future of my markets without ambiguityor uncertainty. All the best ideas occur within the walls of mybusiness. I have too many resources to work on the things thatreally matter. I can pick out the best innovations before anyone elsecan.  If you answered “no” to any of these statements, co-creation might be for you!
  20. 20. Some Leading Co-Creators
  21. 21. And Some Surprises …
  22. 22. Why?1. K-C investment in innovation cannot keep up with increasing demands of marketplace.2. The best innovators will not just deliver business building innovations but they will also innovate the way they innovate.3. The world is an increasingly complex place and it’s foolish to believe that we can measure and predict with absolute accuracy.4. The “democratization of innovation” is upon us; great innovations are no long exclusive to large industrial, governmental, or academic research enterprises.
  23. 23. Unanticipated InnovationAllison Phillips: Tilty Cup Amy Baxter: Buzzy Pain Relief Romy Taormina: PsiBands Lauren Levy: Magnificent Baby
  24. 24. How Are The World’s Best Brands Using CrowdsourcingBenefits ofCrowdsourcing
  25. 25. Benefits of CrowdsourcingDiversityHow Are The World’s Best Brands Using Crowdsourcing
  26. 26. Benefits of CrowdsourcingBetter QualityHow Are The World’s Best Brands Using Crowdsourcing
  27. 27. Benefits of CrowdsourcingEngage Potential CustomersHow Are The World’s Best Brands Using Crowdsourcing
  28. 28. Potential Problems of CrowdsourcingHow Are The World’s Best Brands Using Crowdsourcing Difficult to Manage Social Backlash Cost Creep Inconsistent Branding Lower Quality Legal Exposure
  29. 29. How Are The World’s Best Brands Using CrowdsourcingIn Summary
  30. 30. In SummaryKey TakeawaysHow Are The World’s Best Brands Using CrowdsourcingCrowdsourcing Is a work process Works across all industries & fields Solves existing business problems Can improve quality, speed, & engagement Can lower costs Can go bad
  31. 31. In SummaryResearchHow Are The World’s Best Brands Using Crowdsourcing Crowdsourcing Research – http://bit.ly/microtasking Crowdfunding Research – http://bit.ly/funding-research
  32. 32. In SummaryLearn More by Attending CrowdopolisHow Are The World’s Best Brands Using Crowdsourcing

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