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Accelerating Medical Innovation - from Penn to Pathfinder

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Pathfinder Founder and President Bernhard Kappe on what he learned about innovation during his time at Penn and through application of the lean startup approach, and howe he applies it to enterprise innovation in the FDA regulated medical space. Delivered to Penn and Wharton Alumni in Chicago.

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Accelerating Medical Innovation - from Penn to Pathfinder

  1. 1. ©2014 Pathfinder Software 1 Accelerating Medical Innovation Pennovations – Penn/Wharton Alumni Bernhard Kappe, Founder and President, Pathfinder Software bkappe@pathf.com
  2. 2. ©2014 Pathfinder Software Mobile and Cloud User Engagement Regulatory and Compliance Big Data – Analytics and Insights Wireless Devices and Sensors Accelerated Product Timelines Accelerating Medical Innovation
  3. 3. ©2014 Pathfinder Software Heart Monitoring System
  4. 4. ©2014 Pathfinder Software Heart Monitoring System
  5. 5. ©2014 Pathfinder Software What I’m Going toTellYou 1. What I Learned About Innovation at Penn 2. Finding Lean Startup 3. Lean Startup in the Enterprise 4. Help from the Chicago Entrepreneurial Ecosystem 5. Next Steps in the Ecosystem’s Evolution 6. How to Get Involved
  6. 6. ©2014 Pathfinder Software What I Learned About Innovation at Penn
  7. 7. ©2014 Pathfinder Software Penn Philomathean Society – translated Rosetta Stone, started a number of departments – can do, try it.
  8. 8. ©2014 Pathfinder Software Philomathean Society – translated Rosetta Stone, started a number of departments – can do, try it.
  9. 9. ©2014 Pathfinder Software
  10. 10. ©2014 Pathfinder Software Product Development at Pathfinder
  11. 11. ©2014 Pathfinder Software Lean Startup/Customer Development
  12. 12. ©2014 Pathfinder Software More startups fail from a lack of customers than from a failure of product development
  13. 13. ©2014 Pathfinder Software All I Need to Do is Execute the Plan
  14. 14. ©2014 Pathfinder Software All I Need to Do is Make the Forecast
  15. 15. ©2014 Pathfinder Software Plan Meets First Contact With Customers
  16. 16. ©2014 Pathfinder Software Previous 5-Year Plans
  17. 17. ©2014 Pathfinder Software No Business Plan survives first contact with customers
  18. 18. ©2014 Pathfinder Software Business Models
  19. 19. ©2014 Pathfinder Software 9 Guesses Guess Guess Guess Guess Guess Guess Guess GuessGuess
  20. 20. ©2014 Pathfinder Software Customer Development
  21. 21. ©2014 Pathfinder Software 21 Turning Guesses into Facts
  22. 22. ©2014 Pathfinder Software
  23. 23. ©2014 Pathfinder Software
  24. 24. ©2014 Pathfinder Software Lean Startup Data Driven Process to Find a Scalable Business Model Reduce RiskThrough Rapid HypothesisTesting Get Out of the Building (Genchi Genbutsu) Eliminate Waste through Minimal Experiments (Build-Measure-Learn Loops) Growing Body of Knowledge, Lots of Techniques
  25. 25. ©2014 Pathfinder Software Enterprise Innovation
  26. 26. ©2014 Pathfinder Software
  27. 27. ©2014 Pathfinder Software The Effect of Product LifecycleCompression? Fortune 500 Turnover
  28. 28. ©2014 Pathfinder Software Your Product Portfolio Share of Wallet Rev/Customer New Product Development Loyalty Churn LTV New Customers New Customer Revenue Customers/Markets Products Existing New Existing New High Uncertainty Low Uncertainty
  29. 29. ©2014 Pathfinder Software Lean Startup in the Enterprise • Need Lots of “Shots on Goal” • Enterprises are Bad at Funding, Bad at Killing New Products – Lots of HIPPOs • Need to protect the startup from the enterprise … and the enterprise from the startup.
  30. 30. ©2014 Pathfinder Software Lean Startup in the Enterprise: Lean Portfolio Management
  31. 31. ©2014 Pathfinder Software Lean Portfolio Management Example $1MM total portfolio $300K for initial funding ($75K/quarter) If an EIR costs $100K, you could fund 3 new projects/quarter. This ratio would be adjusted based on failure rate. 31
  32. 32. ©2014 Pathfinder Software Lean Innovation Stages Brainstorming, Business Model Generation, Hypotheses Problem Interviews, Landing Pages Stage Activities Solution Interviews, Wireframing, Proto typing, MVP, Channel Testing, First Sales Improve product - make it indispensable Validate UVP, Full User Lifecycle Funnel (AAARR), test channels, messaging, scaling Test pricing plans, optimize/reduce customer acquisition costs, increase LTV, improve NPS Scale sales and marketing, build organization
  33. 33. ©2014 Pathfinder Software The Four Ps of Lean Portfolio Management Pivot - change hypotheses, go back and validate Persevere - keep optimizing, stay in stage Punt - Kill the project Promote - Move up a stage/investment level
  34. 34. ©2014 Pathfinder Software Managing the Funnel with the 4 Ps Projects 100 50 25 12 8 6 3 Stage PuntPivot Persevere Promote
  35. 35. ©2014 Pathfinder Software Portfolio Management Goals/Metrics - Get projects to move from idea to handoff as quickly and inexpensively as possible - When they fail, fail fast - Ultimately, IRR  But that takes 3-5 years - Average throughout by stage and overall  Use cohort analysis for this - Mean time to failure - Mean cost of failure Goals Metrics 35
  36. 36. ©2014 Pathfinder Software Help from the Chicago Ecosystem
  37. 37. ©2014 Pathfinder Software 37
  38. 38. ©2014 Pathfinder Software 38
  39. 39. ©2014 Pathfinder Software 39
  40. 40. ©2014 Pathfinder Software What’s Next
  41. 41. ©2014 Pathfinder Software
  42. 42. ©2014 Pathfinder Software Heart Monitoring System
  43. 43. ©2014 Pathfinder Software Getting Involved
  44. 44. ©2014 Pathfinder Software Lean Startup/Customer Development
  45. 45. ©2014 Pathfinder Software 45 http://pathfindersoftware.com T: 877.548.7248 F: 312.803.1941 bkappe@pathf.com Accelerating Medical Innovation

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