Finance I: Pam Randhawa


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  • Thank you for inviting me to your class today. I look forward to sharing some of my business experiences and insights with you. Hopefully, some of the topics and examples we talk about today will help you on your journey as an entrepreneur.
  • Finance I: Pam Randhawa

    1. 1. Pam Randhawa VP, Strategic Development Sermo Fulfilling Your Wildest Dreams: Sermo Case Study Discussion with TiE Young Entrepreneurs
    2. 2. <ul><li>Introductions </li></ul><ul><li>My journey and contribution to the industry </li></ul><ul><li>Lessons I’ve learned along the way </li></ul><ul><li>My endeavors at Sermo </li></ul><ul><li>Open discussion </li></ul>Today’s Discussion
    3. 3. <ul><li>Over 15 years of experience in the healthcare and pharmaceutical high-tech industries </li></ul><ul><li>Specialized knowledge of new market development, strategic planning, product management and marketing, analytics </li></ul><ul><li>Positions held: </li></ul><ul><ul><li>VP, Strategic Development, Sermo, Inc. </li></ul></ul><ul><ul><li>Vice President of Marketing, Phase Forward </li></ul></ul><ul><ul><li>Director of Product Development, InfoMedics </li></ul></ul><ul><ul><li>Director of Analytic Development, McKesson Corporation </li></ul></ul><ul><ul><li>Consultant for the MEDSTAT Group (Thomson Reuters) </li></ul></ul><ul><ul><li>Healthcare Policy Consultant, State of Ohio, Department of Health </li></ul></ul><ul><li>Advisory Boards: </li></ul><ul><ul><li>Strategic Advisor, GlobalCures </li></ul></ul><ul><ul><li>Strategic Advisor, Cognika </li></ul></ul>My Background
    4. 4. Key Ingredients for Success Great People Great Products Great Business Model Great Plan $$$ Luck
    5. 5. The Story of Sermo ™ <ul><ul><li>Where the idea began: </li></ul></ul><ul><ul><li>The idea behind Sermo™ was inspired by Dr. Daniel Palestrant in the spring of 2005 while he was a surgical resident in Boston. </li></ul></ul><ul><ul><li>In conversations with colleagues, he observed that they’d see something or have an “inkling” about it long before it showed up in medical journals. </li></ul></ul><ul><ul><li>This started him wondering if those insights could be captured and shared amongst doctors nationwide via a virtual “doctor’s lounge.” </li></ul></ul><ul><ul><li>How the idea became a reality: </li></ul></ul><ul><ul><li>Daniel knew the real issue was developing a business model that would be acceptable to physicians (no membership fees or advertising). </li></ul></ul><ul><ul><li>Daniel realized that the online community could be designed using innovative technology that authenticates and credentials physicians in real-time. </li></ul></ul><ul><ul><li>Daniel filed several patents to protect his idea. </li></ul></ul><ul><ul><li>Daniel named the company Sermo which means “conversation” in Latin. </li></ul></ul><ul><ul><li>When the company was launched: </li></ul></ul><ul><ul><li>September 2006 ( </li></ul></ul>
    6. 6. Funding History <ul><li>Series A: December 2005, Longworth Ventures </li></ul><ul><ul><li>$2MM Investment </li></ul></ul><ul><li>Series B: January 2007, Softbank Ventures </li></ul><ul><ul><li>$9MM Investment </li></ul></ul><ul><li>Series C: August 2007, Legg-Mason with Allen & Co. </li></ul><ul><ul><li>$26.7MM Investment </li></ul></ul>
    7. 7. Time Activity The “Arc” of Communities
    8. 8. War, Peace or Harmony Facebook Beacon In Harmony In Conflict Neutral MySpace Friendster Linked-In Sermo AlphaMD Sermo Learn Threadless Sermo Earn c 1996-2003 Ebay
    9. 9. What is Sermo? <ul><li>The largest online physician’s community in the U.S. </li></ul><ul><li>Almost 100,000 physician members </li></ul><ul><li>30,000 separate discussions </li></ul><ul><li>3,000,000 insights to date </li></ul>Sermo means “conversation” in Latin.
    10. 10. Sermo Business Model Outsiders access physician discussions through: Physicians collaborate on challenging patient cases, share observations and compare insights Insights Monitoring Engagement
    11. 11. What Happens On Sermo?
    12. 12. The ‘Anti-Arc” Observational data Hotspots: Learn Hotspots: Earn New pharma interactions Jobs Board recreational vocational want need The “Early Days of Sermo” “ The Danger Zone” Financial Industry (Bloomberg) New peer-reviewed data Clinical Trials Discuss on Sermo Addressing MD Critical Needs
    13. 13. Sermo’s Extended Value Proposition <ul><li>Today’s consumers are taking more active role in their health. </li></ul><ul><li>Existing relationships with physicians becomes strongest driver to engage with patients. </li></ul><ul><li>Technology enables more proactive and personalized interaction between physicians and patients. </li></ul>Enable pharma to leverage the Sermo physician community and technology platform to open a new communication channel with patients.
    14. 14. <ul><li>Strong management team/leadership </li></ul><ul><ul><li>Shared vision and common goals </li></ul></ul><ul><li>Industry/domain expertise </li></ul><ul><li>Focus on core competencies </li></ul><ul><li>Motivated employee base </li></ul><ul><ul><li>Passionate employees </li></ul></ul><ul><ul><li>Collaborative environment </li></ul></ul><ul><ul><li>Healthy balance between creativity, innovation and execution </li></ul></ul>Building a Strong Team: What Does It Take?
    15. 15. Sermo Today
    16. 16. A Typical Day at Sermo
    17. 17. Summary: Entrepreneurship is Humbling