2. ™
Total contacts since 3/20: 106
• WHERE WE STARTED: A custom optics design and manufacturing
company specializing in creating directional light devices to support the
photo-medical market. opportunity
$10M
• NOW:
We are an optics design company centered on light shaping, nonimaging
applications and freeform optical components and subsystems.
$500M opportunity
5/23/2012 2
3. ™
Good lighting often requires
more sophisticated designs
Bad lighting Good lighting
P. R. Boyce – LRI – Rensselaer Polytechnic Institute
Conventional symmetric floodlighting Asymmetric floodlighting
3
4. ™
Market Size
Total
Addressable
Market
--Worldwide
$50 Billion
Annually Served
Available
$25B - lighting Market
Target
$25B - medical optical systems $15 Billion Market
$0.5 B
Based on Photonics 21 “Leverage Effect”
Final Report March 2011
Primarily European and
Page 26 N & S American markets
5/23/2012 4
5. ™
Team Members
Jannick Rolland Cristina Canavesi Mike Riedlinger
(PI) (EL) (Mentor)
Chair Professor PhD candidate Technology entrepreneur
of Optics and in Optics Director of Rochester
Biomedical Bioventure Center
Engineering
5/23/2012 5
6. ™
3/20 Canvas v1.0
KEY ACTIVITIES
KEY PARTNERS VALUE CUSTOMER CUSTOMER
PROPOSITIONS RELATIONSHIPS SEGMENTS
Doctors:
More effective
Individual doctors
Laser Engineering treatment; easy Dermatology:
procedure Dermatology Pre-cancer
manufacturer Manufacturing
office Cancer
Regulatory Cosmetic
Patients: Hospital
IP
Here’s what we did…
More effective
treatment; minimum
discomfort; excellent
Drug First key interviewsoutcome
cosmetic at Stanford
and in San
KEY RESOURCES Oral cancer
companies
Francisco; more lessons learned during the
CHANNELS
Hospital/Office:
following weeks…
New treatment
Injection
options; increased
molding profitability
OEM Veterinary
Doctors ? OEM: distributor
– early Reliable partner that
adopters Engineering/ sustains
engineering issues
development throughout product
life-cycle
COST STRUCTURE REVENUE STREAMS
Injection
Engineering/ molding Source sale?
Disposable
development OEM with high
distributor Training?
5/23/2012 margin
www.businessmodelgeneration.com
7. ™
Here’s what we found
• Photodynamic therapy (PDT) is still in the
early stages for cancer treatment.
• There are other customer segments that make
a much larger market in which custom
illumination solutions are needed.
• … so we pivoted.
5/23/2012 7
8. ™
4/11 Canvas v2.0
KEY ACTIVITIES
KEY PARTNERS VALUE CUSTOMER CUSTOMER
PROPOSITIONS RELATIONSHIPS SEGMENTS
Optical Development of Rapid design of
“reference kits” based Highly consultative
materials prototype medical
on proprietary and “co-creative” Medical Device
providers devices that need
LighTip™ technology using reference kits OEMs with
advanced illumination for LighTip™
Specialty Problem solving and technology requirements
proprietary products for advanced
injection design to meet
molders for customer specified Reduced time-to- optical
optic needs market for new optical components
components KEY RESOURCES products via “Design
for manufacturing” CHANNELS Optical system
Specialist Advanced and “reference kit” firms that lack
machine shops optics design, approach advanced optical
for rapid simulation, and Alliances with design capability
prototyping of engineering Design risk reduction medical device
optics software and for optical systems integrators
computers firms that need & Direct for optical
Precision optical advanced illumination systems firms
manufacturers Trained optics system components
engineers
COST STRUCTURE REVENUE STREAMS
Labor costs (trained optical design Design engineering fees
engineers) Reference design “kits”
Computers, software, other equipment Component and subsystem unit sales
Prototyping and production costs Royalties from manufactures (in some cases)
5/23/2012
www.businessmodelgeneration.com
9. ™
4/11 Canvas v2.0
KEY ACTIVITIES
KEY PARTNERS VALUE CUSTOMER CUSTOMER
PROPOSITIONS RELATIONSHIPS SEGMENTS
Optical Development of Rapid design of
“reference kits” based Highly consultative
materials prototype medical
on proprietary and “co-creative” Medical Device
providers devices that need
LighTip™ technology Key Partners & Revenue Streams
advanced illumination
using reference kits
for LighTip™
OEMs with
Specialty technology requirements
Customer Segments &
injection
Problem solving and
design to meet
Hypothesis: Manufacturers are
proprietary products for advanced
molders for Reduced time-to- provide royalties if LighTip™
willing to optical
Value Prop Hypothesis:
optic
customer specified
needs market for new optical components
components products via “Design customers.
brings them
Our customers lack RESOURCES KEY
for manufacturing” Optical system
expertise in illumination
Specialist Advanced Key Partners & Revenue Streams lack
and “reference kit”
CHANNELS
firms that
machine shops
design. We provide and
for rapid
optics design,
simulation,
Test: Talked to potential partners capability
approach
Alliances with design
in
advanced optical
prototyping of
innovation and rapid
optics
engineering optical manufacturing.
Design risk reduction medical device
software and for optical systems integrators
problem solving.
Precision optical
computers firms that need & Direct for optical
advanced illumination systems firms
manufacturers Segments &
Customer Trained optics system components
engineers
Value Prop Test: Talked
to potential costs STRUCTUREoptical design
Labor
customers
COST
(trained
REVENUE STREAMS
Design engineering fees
in medical and
engineers) lighting Reference design “kits”
Computers, software, other equipment Component and subsystem unit sales
industry.
5/23/2012 Prototyping and production costs Royalties from manufactures (in some cases)
www.businessmodelgeneration.com
10. ™
Final Canvas
KEY ACTIVITIES
KEY PARTNERS VALUE CUSTOMER CUSTOMER
PROPOSITIONS RELATIONSHIPS SEGMENTS
Optical Rapid design of
Problem solving and
materials prototype and
design to meet
providers reduced time to Firms that lack
customer specified
market for innovative advanced
Specialty needs
devices that need illumination/
injection Development of a advanced illumination optical design
molders for catalog of products technology via co- capability
optic creative design
components •LED based
KEY RESOURCES Cost reduction with fixtures
Specialist redesign of existing CHANNELS integrators for
machine shops Advanced optics products lighting
for rapid design, & •Medical device
prototyping of engineering software Design risk reduction Alliances with
for optical systems developers
optics & computers medical device
firms that need •Sustainable
integrators
Precision optical Trained optical and advanced illumination energy
& Direct for optical
manufacturers mechanical system components architects
systems firms
engineers; industrial
Light source
designers;
manufacturers
manufacturing
engineers
COST STRUCTURE REVENUE STREAMS
Labor costs (trained engineers) Design engineering contracts
Computers, software, other equipment Component and subsystem unit sales
Prototyping and production costs Commission from manufactures
5/23/2012
www.businessmodelgeneration.com
11. ™
Customer Archetype
• CTO for an LED lighting company
• Electrical engineering background
O • Focused on thermal management and
CT
electrical components of the LED fixture
• Little or no background in optics
• Needs to design optics for a new product
• Expects us to interact with manufacturers
Jonathan, CTO Roger, CTO
Ephesus Technologies Energy Focus
5/23/2012 11
13. Revenue Model & Payment
™
Flows
Customer:
LED company
LighTip™ Engineering contract ($150-300/hour)
Light source
Advanced
Quantity purchase of
Illumination
components for prototype
Engineering Reflector
& mass production .
Desired
target
Key Partner: Our
deliverable
Prototype & High Optical Manufacturer
Volume Production
Customer’s final product
(0.25%-8% commission)
5/23/2012 13
15. ™
3/20 Canvas
KEY ACTIVITIES
KEY PARTNERS VALUE CUSTOMER CUSTOMER
PROPOSITIONS RELATIONSHIPS SEGMENTS
Doctors:
More effective
Laser Engineering treatment; easy Individual doctors Dermatology:
manufacturer Manufacturing procedure Dermatology office Pre-cancer
Cancer
Regulatory Hospital
Patients: Cosmetic
IP More effective
treatment; minimum
discomfort; excellent
Drug cosmetic outcome
KEY RESOURCES Oral cancer
companies
Hospital/Office: CHANNELS
New treatment
Injection options; increased
molding profitability
OEM Veterinary
Doctors ? OEM: distributor
– early Reliable partner that
sustains
adopters Engineering/ engineering issues
development throughout product
life-cycle
COST STRUCTURE REVENUE STREAMS
Injection
Engineering/ molding Source sale?
Disposable
development OEM with high
distributor Training?
3/20/2012 margin
www.businessmodelgeneration.com
16. ™
3/22 Canvas
KEY ACTIVITIES
KEY PARTNERS VALUE CUSTOMER CUSTOMER
PROPOSITIONS RELATIONSHIPS SEGMENTS
For Doctors:
Engineering As or More effective, Individual doctors
Laser faster, and specific Dermatology office Dermatology
Manufacturing treatment; easy Hospital Practice
manufacturer
Regulatory procedure Pre-cancer
IP For Patients: Cancer
Cosmetic
As or more effective
treatment; less
Drug discomfort; excellent Dentist Offices
KEY RESOURCES cosmetic outcome
companies
CHANNELS Veterinary
For Practice
Injection Hospital/Office:
molding New treatment
UV Curing
options; increased OEM
profitability
Doctors ? – distributor
early For OEM:
adopters Engineering/ Reliable partner that
Oral Cancer
sustains engineering
development issues throughout Practice
product life-cycle
COST STRUCTURE REVENUE STREAMS
Tip + Source sale?
Injection OEM Disposable
Tip + Diagnostics device?
molding distributor with high
Training?
3/22/2012 margin
www.businessmodelgeneration.com
17. ™
3/28 Canvas
KEY ACTIVITIES
KEY PARTNERS VALUE CUSTOMER CUSTOMER
PROPOSITIONS RELATIONSHIPS SEGMENTS
For Doctors:
Engineering As or more effective, Individual doctors
Laser faster, and specific Dermatology office Dermatology
Manufacturing treatment; for Hospital Practice
manufacturer
Regulatory deeper lesions Pre-cancer
IP For Patients: Cancer
As or more effective Cosmetic
treatment; for deeper
Drug lesions; less Dentist Offices
KEY RESOURCES discomfort; excellent
companies cosmetic outcome CHANNELS Veterinary
For Practice
Injection Hospital/Office:
molding New complete
UV Curing
treatment options; OEM
increased profitability
Doctors ? – distributor
early For OEM:
adopters Engineering/ Reliable partner that Drug company
sustains engineering
development issues throughout distributor
product life-cycle
COST STRUCTURE REVENUE STREAMS
OEM
Tip + Source sale?
Injection distributor Disposable
Tip + Diagnostics device?
molding Drug company with high
Training?
3/28/2012 distributor margin
www.businessmodelgeneration.com
18. ™
4/4 Canvas
KEY ACTIVITIES
KEY PARTNERS VALUE CUSTOMER CUSTOMER
PROPOSITIONS RELATIONSHIPS SEGMENTS
For Doctors:
Illumination design As or more effective, Individual doctors
Laser faster, and specific Dermatology
Engineering treatment; for Dermatology office Practice
manufacturer
Manufacturing deeper lesions Hospital Pre-cancer
Regulatory For Patients: Cancer
Cosmetic
IP As or more effective
treatment; for deeper
Marketing lesions; less CUSTOMER
Drug
KEY RESOURCES discomfort; excellent DISCOVERY
companies cosmetic outcome CHANNELS (non medical)
For
Hospital/Office: Solar collection
Injection New complete OEM
molding treatment options for distributor
Doctors ? – cancer; increased Bioreactors
profitability
early
adopters Engineering/ Drug company Night lamp
development distributor
direct sales Jewelry/art
COST STRUCTURE REVENUE STREAMS
Injection OEM Drug company Disposable Tip + Source sale?
molding distributor distributor with high Tip + Diagnostics device?
direct sales margin Training?
4/4/2012
www.businessmodelgeneration.com
19. ™
4/11 Canvas
KEY ACTIVITIES
KEY PARTNERS VALUE CUSTOMER CUSTOMER
PROPOSITIONS RELATIONSHIPS SEGMENTS
Optical Development of Rapid design of
“reference kits” based Highly consultative
materials prototype medical
on proprietary and “co-creative” Medical Device
providers devices that need
LighTip™ technology using reference kits OEMs with
advanced illumination for LighTip™
Specialty Problem solving and technology requirements
proprietary products for advanced
injection design to meet
molders for customer specified Reduced time-to- optical
optic needs market for new optical components
components KEY RESOURCES products via “Design
for manufacturing” CHANNELS Optical system
Specialist Advanced and “reference kit” firms that lack
machine shops optics design, approach advanced optical
for rapid simulation, and Alliances with design capability
prototyping of engineering Design risk reduction medical device
optics software and for optical systems integrators
computers firms that need & Direct for optical
Precision optical advanced illumination systems firms
manufacturers Trained optics system components
engineers
COST STRUCTURE REVENUE STREAMS
Labor costs (trained optical design
Design engineering fees
engineers)
Reference design “kits”
Computers, software, other equipment
Component and subsystem unit sales
Prototyping and production costs
4/11/2012 Royalties from manufactures (in some cases)
www.businessmodelgeneration.com
20. ™
4/18 Canvas
KEY ACTIVITIES
KEY PARTNERS VALUE CUSTOMER CUSTOMER
PROPOSITIONS RELATIONSHIPS SEGMENTS
Optical Development of Rapid design of
“reference kits” based prototype and Highly consultative
materials
on proprietary reduced time to and “co-creative”
providers
LighTip™ technology market for innovative using reference kits
Specialty medical devices that for LighTip™
injection Problem solving and proprietary products
need advanced
molders for design to meet
illumination
optic customer specified
technology via
components needs
“reference kit”
KEY RESOURCES
Specialist approach and co-
CHANNELS
machine shops Advanced creative design
for rapid optics design, Cost reduction with
prototyping of simulation, and redesign of existing Alliances with
optics engineering products medical device
software and integrators
Precision optical computers Design risk reduction & Direct for optical
manufacturers for optical systems systems firms
Trained optical and firms that need
Light source mechanical advanced illumination
manufacturers engineers, system components
industrial designers
COST STRUCTURE REVENUE STREAMS
Labor costs (trained optical design Design engineering fees
engineers) Reference design “kits”
Computers, software, other equipment Component and subsystem unit sales
4/18/2012 Prototyping and production costs Royalties from manufactures
www.businessmodelgeneration.com
21. ™
4/25 Canvas
KEY ACTIVITIES
KEY PARTNERS VALUE CUSTOMER CUSTOMER
PROPOSITIONS RELATIONSHIPS SEGMENTS
Optical
materials
providers Medical Device
OEMs and
Specialty suppliers with
injection requirements
molders for for advanced
optic optical
components components
KEY RESOURCES
Specialist CHANNELS Firms that lack
machine shops Advanced optics advanced
for rapid design, & illumination/
prototyping of engineering software Alliances with optical design
optics & computers medical device capability
integrators
Precision optical Trained optical and
& Direct for optical
manufacturers mechanical
systems firms
engineers; industrial
Light source
designers;
manufacturers
manufacturing
engineers
COST STRUCTURE REVENUE STREAMS
4/25/2012
www.businessmodelgeneration.com
22. ™
Final Canvas
KEY ACTIVITIES
KEY PARTNERS VALUE CUSTOMER CUSTOMER
PROPOSITIONS RELATIONSHIPS SEGMENTS
Optical Rapid design of
Problem solving and
materials prototype and
design to meet
providers reduced time to Firms that lack
customer specified
market for innovative advanced
Specialty needs
devices that need illumination/
injection Development of a advanced illumination optical design
molders for catalog of products technology via co- capability
optic creative design
components •LED based
KEY RESOURCES Cost reduction with fixtures
Specialist redesign of existing CHANNELS integrators for
machine shops Advanced optics products lighting
for rapid design, & •Medical device
prototyping of engineering software Design risk reduction Alliances with
for optical systems developers
optics & computers medical device
firms that need •Sustainable
integrators
Precision optical Trained optical and advanced illumination energy
& Direct for optical
manufacturers mechanical system components architects
systems firms
engineers; industrial
Light source
designers;
manufacturers
manufacturing
engineers
COST STRUCTURE REVENUE STREAMS
Labor costs (trained engineers) Design engineering contracts
Computers, software, other equipment Component and subsystem unit sales
Prototyping and production costs Commission from manufactures
5/23/2012
www.businessmodelgeneration.com
