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Ink space berkeley 2015

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Berkeley Lean LaunchPad 2015 engineering

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Ink space berkeley 2015

  1. Mentors Mar Hershenson - Managing Partner, Pejman Mar Ventures Jim Patterson - Chief Product Officer, BandPage Supporting Officer Kevin Wang, Ph.D. candidate, MSE InkSpace Bringing comfort and a kind touch to MR imaging Total Number of People Interviewed: 138 (+34 calls) Priyanka Potdar UG Econ/Bio Joseph Corea EECS Ph.D Adrian Gomez Haas MBA Balthazar Lechene EECS Postdoc Onur Ergen Physics Ph.D *Let’s make sure that we can scan kids as well as scan adults*
  2. Team Background Team Members Department Expertise Role Joe Corea PhD Candidate, Electrical Engineering Prototyping, engineering development Developer of Coil Domain Expert Onur Ergen PhD Candidate, Physics MS, Electrical Engineering Energy harvesting and conversion, nanoelectronics, Condensed matter physics Specs for coil manufacture Adrian Gomez MBA, Marketing & Entrepreneurship Energy Consulting, Transportation VC Sales, Business Development Balthazar Lechêne Post-doc, Electrical Engineering Solar Cell Manufacturing Coil Manufacture Domain Expert Priyanka Potdar BS, Applied Econ & Math BS, Computational Biology Neurotechnology, software, AI Research Medical Companies Mentors Jim Patterson - Chief Product Officer, BandPage Mar Hershenson - Managing Partner, Pejman Mar Ventures Supporting Officer: Kevin Wang, Ph.D. candidate, MSE
  3. Started with Trucks Team Name: Sunny Drive Original Idea: “Use solar panels to power auxiliary powered refrigeration units, reduce fuel consumption, save planet” “If you can make a truck that never breaks, but runs on $10 fuel I would buy that in a heartbeat” -Owner Operator Got out of the building: 21 interviews later
  4. Started with Trucks Team Name: Sunny Drive Original Idea: “Use solar panels to power auxiliary powered refrigeration units, reduce fuel consumption, save planet” Predictive Maintenance (A Truck that Never Breaks) Got out of the building: 31 interviews later + (30 phone calls)
  5. Started with Trucks Team Name: Sunny Drive Original Idea: “Use solar panels to power auxiliary powered refrigeration units, reduce fuel consumption, save planet” Got out of the building: 51 interviews later + (30 phone calls) “We love the idea of predictive maintenance so much we have been doing it for 8 years now.” -UPS Fleet manager
  6. Startup Reboot: Week 5 “Go with what you (think you) know” 5th year Ph.D. & 2nd year Postdoc Working on MRI Coils Photograph of coil from Ph.D. work Realization: We haven’t gone out of the building! We really only have hypothesis!
  7. Receive Coils MRI Scanner Receive coils are resonant loops of wire Hypothesized Problem: Current receive coils are bulky, heavy, expensive, prone to failure, and do not fit certain patients well. Original Hypotheses Pictures from Corea et al. “Screen Printed Flexible MRI Receive Coil” Nature Communications (Submitted)
  8. Hypothesized Solution: Use electronic printing technologies to drastically reduce cost, create an extremely flexible device to best fit pediatric patients Original Hypotheses Pictures from Corea et al. “Screen Printed Flexible MRI Receive Coil” Nature Communications (Submitted)
  9. Size of MRI market in the US Size of Pediatric MRI procedures in the US Size of Pediatric MRI procedures in California • $4.76bn • 30 million scans in US • 25% Spine, 22% Brain, 13% Lower extremities, 40% Other • 10% of MRI market → 3 million pediatric scans per year in US • Approx 200k pediatric scans InkSpace - Our market
  10. Key Hypothesis: Radiologists at hospitals will buy our coils InkSpace Formed Business Model Canvas Week 5 Reboot
  11. Week 6 2 Radiologist 1 neurologist 1 Technician Shreyas Vasanawala MD/PhD LPCH Pediatric Radiologist - Key source of flexible coil idea Key Interview How hospitals buy equipment
  12. How hospitals buy equipment Doctor wants new equipment Capital CommitteeInfluencers Technicians Other Hospitals Salespeople Conferences Doctor gets new equipment Fast Week 6 Slow Operational Budget
  13. How hospitals buy equipment Week 7 Low Cost Disposable Coil Doctor wants new equipment Capital CommitteeInfluencers Technicians Other Hospitals Salespeople Conferences Doctor gets new equipment Fast Slow Operational Budget
  14. How hospitals buy equipment Week 8 Low Cost Disposable Coil +7 Radiologist +2 Medical Reimbursement experts +3 Non-Coil Medical Manufacturer (endoscope) Hospitals don’t replace a non-disposable items with a disposable ones. “We would never pay for something ‘per scan’ that we don’t have to” -UCSF Radiologist Doctor wants new equipment Capital CommitteeInfluencers Technicians Other Hospitals Salespeople Conferences Doctor gets new equipment Fast Slow Operational Budget
  15. How hospitals buy equipment Week 7 Team spent a day watching all pediatric MRI scans at Lucile Packard Children’s Hospital Doctor wants new equipment Capital CommitteeInfluencers Technicians Other Hospitals Salespeople Conferences Doctor gets new equipment Fast Slow Operational Budget +4 Technicians/Center Directors +1 Anesthesiologist +2 Radiology Fellows +1 Radiologist +1 Nurse
  16. “Talk to the sales people to know how things really are” -Allan May (Life Science Angels) How hospitals buy equipment Week 8-10 Need to justify how this is going to make the hospital money 1. Selling Directly to a hospital is very hard, uncommon, and prohibitively slow. 2. A hospital is a business too! +4 Technicians/Center Directors +1 Anesthesiologist +7 radiologists +2 Nurse Doctor wants new equipment Capital CommitteeInfluencers Technicians Other Hospitals Salespeople Conferences Doctor gets new equipment Fast Slow Operational Budget +1 Life Science Entrepreneur/Angel +2 Medical Reimbursement experts +3 GE Salespeople +3 GE Researchers +1 3rd Party Coil Builder Avg. 3 years
  17. So, how are coils bought? Week 6 Radiologists at hospitals will buy our coils InkSpace Reminder: Hypothesis at restart
  18. So, how are coils bought? Week 7-10 Radiologists at hospitals will buy our coils InkSpace Reminder: Hypothesis at restart It is extremely rare for hospitals to buy from small vendors. 95% of coil purchases are made bundled with scanner. Doctors rarely have the budget after initial purchase to get additional coils. +11 Technicians/Center Directors +7 radiologists +3 GE Salespeople +3 GE Researchers Got out of the building “My budgets for hardware this year is $0” – Radiologist “We don’t buy from small vendors because the majority of them go out of business and we can’t get support” -Lead Technician
  19. So, how are coils bought? Week 7-10 It is extremely rare for hospitals to buy from small vendors. 95% of coil purchases are made bundled with scanner. Doctors rarely have the budget after initial purchase to get additional coils. OEM manufacturers are not gatekeepers nor distributors… they are our customers. +11 Technicians/Center Directors +7 radiologists +3 GE Salespeople +3 GE Researchers We need to focus on their pains and gains.
  20. Week 6 What creates value? Regulatory Approval Intellectual Property What we knew about Regulatory Approval and Intellectual Property Before: “These things are probably important” (we didn’t know what we didn’t know)
  21. Week 7-10 What creates value? Regulatory Approval Intellectual Property “These are nice people, but they play hard. Protect your IP as soon as you can.” -Allan May Life Sciences Entrepreneur “University has to make money on filing. Has to be economically viable” -Marc Oettinger UCB Tech Office “[A small coil manufacture] sued GE for patent infringement. GE bleed them of money until they lost. ….You have about 3-5 years before someone finds their way around you” -Ken Bradshaw Coil Designer IP is important, but don’t always count on it to save you. Critical to survival, need to go faster route Get on as many existing Codes/Approvals as you can - 510k vs. clinical trials for FDA Approval - Get on an existing CPT code +1 Life Science Entrepreneur/Angle +2 Medical Reimbursement people +1 3rd Party Coil Builder +2 UCB Professors who have done 510k
  22. Lessons Learned A tangible MVP was way more effective than pictures
  23. Lessons Learned After a semester, interview totals: • Sunny drive: 53 interviews in person or video (and 26 phone calls) • InkSpace: 71 interviews in person or video: + 17 doctors of various specialties (pediatrics, anesthesiologists,..) + 7 radiologists + 11 MR technologists and nurses + 4 hospital managers + 4 hospital senior managers + 5 VC / Angels + 4 lawyers / patent experts + 13 healthcare business experts + 6 MR OEM business persons + 10 MR engineering experts and 9 phone calls (consultants, VC, …)
  24. Lessons Learned ● Figure out what you don’t know ● If you are going to fail, fail fast and cheap. ● Data rules and you need to be ‘deadly objective’
  25. Start a company? More interviews are needed to figure out if we can be successful selling to an OEM. If we can sell to or through them: Yes If we can’t: No If we can find something else in our interviews that people are willing to pay for: Of course!
  26. APPENDIX
  27. How hospitals buy equipment Doctor wants new equipment Large costs go to Capital Committee Small costs go to operational budget Comprised of hospital VP, CFO, random doctors, and advocate for new equipment Hospital pays for it out of annual budgetAnnual budget determined by patients/insurance money Smaller team of doctors, local financial people Advocate argues Safety, quality, obsolescence, other hospitals, or if it enables a new service Technicians Salespeople ConferencesOther hospitals Doctor gets new equipment Faster Week 6 Slower
  28. Key Market Players Imaging Market Key Influencers (specialists) MR OEM’s MR Service Providers MR Coil Manufacturers • 27,570 radiologists in US (Physician Specialty Data Book) • 229,300 MRI technologists in US • Locations (establishments v. population): California, Florida, New York, Texas • OEM’s: Siemens Healthcare (24% of mkt share), GE Healthcare (19%), Philips Healthcare (13%), Toshiba Medical Systems (12%) • Profit Margins (Annual Results 2014): Siemens (16.9% of revenue), GE (16.7%), Philips (14.8%), Toshiba (11%) • Main MR Service Suppliers: ScanMed, InVivo, Bayer (MEDRAD), etc. • Profit Margins: Bayer (9.44%), ScanMed (Unable to find), InVivo (Unable to find) • Main Coil Manufacturers: ScanMed, MEDRAD, Advanced Imaging Research Inc. (Sree Medical Systems), etc.
  29. - Business model canvas : Week 11 Main updates: validated the core hypothesis about the Value Proposition to hospitals The identities of the different customers come in focus validated hypothesis across the other boxes. Key Updates: 1. No more single-use disposable coils. New hypothesis: Hybrid system (re-usable with many spares?) 2. Value proposition for OEM has changed (cost reduction / competitive advantage) 3. Value proposition for Radiologist has been nuanced (SNR / New features) 4. Left side considerably modified 5. Not ready to eliminate MRI technicians as influencers 6. Hospitals are used to paying $30-120 per MRI scan on consumables 7. Healthcare is very different in each state. Selling directly to hospitals will be incredibly hard (will most likely need OEM’s as a channel or customer)
  30. - Business model canvas : Week 10
  31. - Business model canvas : Week 9
  32. - Business model canvas : Week 8
  33. - Business model canvas : Week 7
  34. - Business model canvas : Week 6
  35. - Business model canvas : Week 5
  36. - Business model canvas : Week 4
  37. - Business model canvas : Week 3
  38. - Business model canvas : Week 2
  39. - Business model canvas : Week 1

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