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From image to knowledge                      NSF I-Corps Final Presentation – Story of the Journey
From image to knowledge                              PHI OPTICS, INC.               University of Illinois at Urbana-Champ...
From image to knowledge                              PHI OPTICS, INC.               University of Illinois at Urbana-Champ...
From image to knowledge                               The Team  Dr. Catalin Chiritescu, EL    Tim Hoerr, BM         Prof. ...
From image to knowledge                                        The Problem     Current technology:       • destructive (ki...
From image to knowledge                                The Market                          TAM: Light microscopy $3B     ...
From image to knowledge                          The Competition •   Lyncée Tec (Swiss):      $$$, low-Q, no upgrade, fast...
From image to knowledge    What we thought we knew…
Canvas 1.0 7. Key Partners    5. Key ActivitiesFrom image to knowledge                  1. Value              4. Customer ...
From image to knowledge                   What we learned…
101 contactsFrom image to knowledge
From image to knowledge                               Customer Archetypes                                • Manager instrum...
101 contactsFrom image to knowledge
From image to knowledge                   Customer Archetypes (OEM)                                  • Decision maker     ...
From image to knowledge                                 The Split • Hi-Q                            Direct Sales          ...
From image to knowledge      Not the same business      done twice      But two different businesses
Parting of the canvasesFrom image to knowledge
From image to knowledge
From image to knowledge                          Lessons Learned    • Features NOT Value Prop    • Startups NOT smaller ve...
From image to knowledge
Canvas 1.0 7. Key Partners       5. Key Activities       1. Value                4. Customer            2. Customer       ...
Canvas 2.0 7. Key Partners       5. Key Activities       1. Value                4. Customer            2. Customer       ...
Canvas 3.0 7. Key Partners       5. Key Activities       1. Value                4. Customer            2. Customer       ...
Canvas 4.0 7. Key Partners       5. Key Activities       1. Value                4. Customer            2. Customer       ...
Canvas 5.1 7. Key Partners       5. Key Activities       1. Value                4. Customer            2. Customer       ...
Canvas 5.2 7. Key Partners       5. Key Activities       1. Value                4. Customer          2. Customer         ...
Canvas 6.1 7. Key Partners      5. Key Activities     1. Value               4. Customer            2. Customer           ...
Canvas 6.2 7. Key Partners      5. Key Activities     1. Value               4. Customer              2. Customer         ...
Canvas 7.1 7. Key Partners      5. Key Activities     1. Value               4. Customer            2. Customer           ...
Canvas 7.2 7. Key Partners      5. Key Activities     1. Value               4. Customer              2. Customer         ...
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PhiOptics NSF FInal Presentation

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PhiOptics NSF FInal Presentation

  1. From image to knowledge NSF I-Corps Final Presentation – Story of the Journey
  2. From image to knowledge PHI OPTICS, INC. University of Illinois at Urbana-Champaign Disruptive light microscopy technology: accurate, nondestructive (label-free), fast, inexpensive Hardware + Software Image source: PerkinElmer
  3. From image to knowledge PHI OPTICS, INC. University of Illinois at Urbana-Champaign Disruptive light microscopy technology: accurate, nondestructive (label-free), fast, inexpensive Hardware + Software Image source: PerkinElmer
  4. From image to knowledge The Team Dr. Catalin Chiritescu, EL Tim Hoerr, BM Prof. Gabriel Popescu, PI • Staff Scientist, UIUC Serra Ventures, CEO ECE Faculty, UIUC • 10 years in Materials 25 years in Business 20 years in Optics
  5. From image to knowledge The Problem Current technology: • destructive (kills cells) • inaccurate • labor-intensive • expensive Phi Optics technology (QPI*): • non-destructive • accurate (quantitative, nanoscale) • no preparation • inexpensive G. Popescu, Quantitative phase imaging of cells and tissues (McGraw-Hill, New York, 2011).
  6. From image to knowledge The Market TAM: Light microscopy $3B SAM: Life sciences 27%  $0.8B $0.43B * “Microscopy: The Global Market”, BCC Research, August 2011
  7. From image to knowledge The Competition • Lyncée Tec (Swiss): $$$, low-Q, no upgrade, fast • Ovizio (France): $$$, low-Q, no upgrade, fast • Phasics (France): $, low-Q, upgrade, fast • IATIA (Australia): $$, low-Q, upgrade, slow • Phi Optics (USA): $, high-Q, upgrade, fast
  8. From image to knowledge What we thought we knew…
  9. Canvas 1.0 7. Key Partners 5. Key ActivitiesFrom image to knowledge 1. Value 4. Customer 2. Customer Proposition Relationships SegmentsJoint ventures with New tech Nanoscale Imaging Personal assistance IndustriesOEM Refine and improve Affordable Value Co-creation Nanotech existing tech Better ThanBuyer-supplier Customer contact Semiconductor Competitionrelations with for newour equipment applications Easy To Integrate Life Sciencesproviders Attract talent Customers we Where do 6. Key Resources 3. Channels focus first? OEM companies Human resources Trade shows Academia Prototypes Website Industry R&D Distributors of Medical Institutions Patents Scientific Licensing/royalty Equipment deals9. Cost Structure 8. Revenue Streams Co-development deals, royalties from OEMFIXED: people, R&D facilities, manufacturing Transaction revenues from direct salesVARIABLE: marketing & sales Post-sales customer support incl. software updates
  10. From image to knowledge What we learned…
  11. 101 contactsFrom image to knowledge
  12. From image to knowledge Customer Archetypes • Manager instrument facility • Seek new technology • Large equipment budgets • Potential earlyvangelists • Many users, 1-2 instruments Dr. Radu Moldovan Dr. Sung Chang Manager Microscopy Suite Manager Imaging Facility U. Colorado-Denver Amgen Inc. • Principal investigator •Develop new technology •Limited equipment budgets • Potential earlyvangelists, Kols • Few users, one instrument Prof. Audrey Eberlee PI, EE Stanford University Dr. Richard Smith Principal Scientist at Amgen Inc.
  13. 101 contactsFrom image to knowledge
  14. From image to knowledge Customer Archetypes (OEM) • Decision maker • Seeks new technologies • Manages long term projects and large budgets Scott Crowder • Potential earlyvangelists James Sharp Manager • Many customers, many President Business Development Carl Zeiss MicroImaging instruments USA
  15. From image to knowledge The Split • Hi-Q Direct Sales Academia • $$ R&D • Our customers • Direct sales and software updates• Low-Q Co-development OEM• $/10 • Their customers • Royalties/sub-licensing deals
  16. From image to knowledge Not the same business done twice But two different businesses
  17. Parting of the canvasesFrom image to knowledge
  18. From image to knowledge
  19. From image to knowledge Lessons Learned • Features NOT Value Prop • Startups NOT smaller version of big companies • Listen to customers • …
  20. From image to knowledge
  21. Canvas 1.0 7. Key Partners 5. Key Activities 1. Value 4. Customer 2. Customer Proposition Relationships SegmentsJoint ventures with New tech Nanoscale Imaging Personal assistance IndustriesOEM Refine and improve Affordable Value Co-creation Nanotech existing tech Better Than Buyer-supplier Semiconductor Customer contact for Competition relations with new applications Life Sciences our equipment Easy To Integrate providers Attract talent Customers 6. Key Resources 3. Channels OEM companies Human resources Trade shows Academia Prototypes Website Industry R&D Patents Distributors of Medical Institutions Scientific Equipment Licensing/royalty deals 9. Cost Structure 8. Revenue Streams Co-development deals, royalties from OEMFIXED: people, R&D facilities, manufacturing Transaction revenues from direct salesVARIABLE: marketing & sales Post-sales customer support incl. software updates
  22. Canvas 2.0 7. Key Partners 5. Key Activities 1. Value 4. Customer 2. Customer Proposition Relationships SegmentsJoint ventures with Nanoscale Imaging Personal assistanceOEM Hardware/software Affordable Value Co-creation development Nanotech Better Than Online Customer Buyer-supplier Semiconductor Search for new Competition Communities relations with applications our component Easy To Integrate vendors Life Sciences Attract talent - academia Label-free imaging of - bio-pharma R&D live cells, quickly, 6. Key Resources accurately, 3. Channels inexpensively Website “inform” and Human resources Optical Instruments connect OEM Prototypes Direct Sales Patents Distributors of Scientific Equipment Medical Institutions Licensing/royalty deals OEM Distributors 9. Cost Structure 8. Revenue Streams Co-development deals, royalties from OEMFIXED: people, R&D facilities, manufacturing Transaction revenues from direct salesVARIABLE: marketing & sales Post-sales customer support incl. software updates
  23. Canvas 3.0 7. Key Partners 5. Key Activities 1. Value 4. Customer 2. Customer Proposition Relationships SegmentsJoint ventures with Nanoscale Imaging Personal assistanceOEM Hardware/software Affordable Value Co-creation development Nanotech Better Than Online Customer Buyer-supplier Semiconductor Search for new Competition Communities relations with applications our component Easy To Integrate vendors Live Cells and Tissues Attract talent - academia Label-free, non-UIUC OTM for - bio-pharma R&D invasivelicensing rights imaging, quickly, acc 3. Channels 6. Key Resources urately, inexpensively Website “inform” and Human resources Optical Instruments connect OEM Prototypes Direct Sales Patents Distributors of Scientific Equipment Medical Institutions Licensing/royalty deals OEM Distributors 9. Cost Structure 8. Revenue Streams Co-development deals, royalties from OEMFIXED: people, R&D facilities, manufacturing Transaction revenues from direct salesVARIABLE: marketing & sales Post-sales customer support incl. software updates
  24. Canvas 4.0 7. Key Partners 5. Key Activities 1. Value 4. Customer 2. Customer Proposition Relationships SegmentsJoint ventures with Nanoscale Imaging Personal assistanceOEM Hardware/software Affordable Value co-creation development Nanotech Better Than Online Customer Buyer-supplier Semiconductor Search for new Competition Communities relations with applications our component Easy To Integrate vendors Live Cells and Tissues Attract talent - academiaUIUC OTM for - bio-pharma R&D ACCURATE and TIME-licensing rights , COST-EFFICIENT 6. Key Resources 3. Channels imaging Website “inform” and Human resources Optical Instruments connect OEM Prototypes Direct Sales Patents Distributors of Scientific Equipment Medical Institutions Licensing/royalty deals OEM Distributors 9. Cost Structure 8. Revenue Streams Co-development deals, royalties from OEMFIXED: people, R&D facilities, manufacturing Transaction revenues from direct salesVARIABLE: marketing & sales Post-sales customer support incl. software updates
  25. Canvas 5.1 7. Key Partners 5. Key Activities 1. Value 4. Customer 2. Customer Proposition Relationships Segments Nanoscale Imaging Feasibility tests Hardware/software Earned media Affordable development Trade-shows Nanotech Better Than Workshops Buyer-supplier Semiconductor Search for new Competition relations with Online communities applications our component Easy To Integrate Technology updates vendors Live Cells and Tissues Attract talent Value co-creation - academia - bio-pharma R&DUIUC OTM for ACCURATE and TIME- Referralslicensing rights , COST-EFFICIENT 6. Key Resources 3. Channels imaging Website “inform” and Human resources connect Prototypes Direct Sales Patents Medical Institutions 9. Cost Structure 8. Revenue StreamsFIXED: people, R&D facilities, manufacturing Transaction revenues from direct salesVARIABLE: marketing & sales Post-sales customer support incl. software updates
  26. Canvas 5.2 7. Key Partners 5. Key Activities 1. Value 4. Customer 2. Customer Proposition Relationships SegmentsJoint ventures with Nanoscale Imaging Feasibility testsOEM Hardware/software Affordable development Trade-shows Nanotech Better Than Workshops Buyer-supplier Semiconductor Search for new Competition relations with applications our component Easy To Integrate Technology updates vendors Attract talent Value co-creationUIUC OTM forlicensing rights TIME-, COST- 6. Key Resources EFFICIENT imaging 3. Channels Human resources Website “inform” and OEM of Optical connect Instruments (Carl Prototypes Zeiss GmbH, Bio-Rad OEM Distribution Labs) Patents Licensing/royalty Medical Institutions deals 9. Cost Structure 8. Revenue StreamsFIXED: people, R&D facilities, manufacturing Co-development deals, royalties from OEMVARIABLE: marketing & sales
  27. Canvas 6.1 7. Key Partners 5. Key Activities 1. Value 4. Customer 2. Customer Proposition Relationships Segments Nanoscale Imaging Feasibility tests Hardware/software Earned media Affordable development Trade-shows Nanotech Better Than Workshops Buyer-supplier Semiconductor Search for new Competition relations with Online communities applications our component Easy To Integrate Technology updates vendors Live Cells and Tissues Attract talent Value co-creation - academia - bio-pharma R&DUIUC OTM for ACCURATE and TIME- Referralslicensing rights , COST-EFFICIENT 6. Key Resources 3. Channels imaging Website “inform” and Human resources connect Prototypes Direct Sales Patents Medical Institutions 9. Cost Structure 8. Revenue StreamsFIXED: Facilities Software add-onsVARIABLE: People, manufacturing, marketing & sales Transaction revenues from direct sales Post-sales customer support incl. software updates
  28. Canvas 6.2 7. Key Partners 5. Key Activities 1. Value 4. Customer 2. Customer Proposition Relationships SegmentsJoint ventures with Nanoscale Imaging Feasibility testsOEM Hardware/software Affordable development Trade-shows Nanotech Better Than Workshops Buyer-supplier Semiconductor Search for new Competition relations with applications our component Easy To Integrate Technology updates vendors Attract talent Value co-creationUIUC OTM forlicensing rights TIME-, COST- 6. Key Resources EFFICIENT imaging 3. Channels OEM of Optical Human resources Website “inform” and Industry R&D(Carl Instruments connect Zeiss GmbH, Bio-Rad Prototypes Labs) OEM Distribution Patents Medical Institutions Licensing/royalty deals 9. Cost Structure 8. Revenue StreamsFIXED: Facilities Co-development agreementsVARIABLE: People, manufacturing, marketing & sales Royalties and sub-licensing deals
  29. Canvas 7.1 7. Key Partners 5. Key Activities 1. Value 4. Customer 2. Customer Proposition Relationships SegmentsEarlyvangelists Nanoscale Imaging Feasibility tests Hardware/software Earned mediaFunding sources Affordable development Trade-shows Nanotech Better Than Workshops Buyer-supplier Semiconductor Search for new Competition relations with Online communities applications our component Easy To Integrate Technology updates vendors Live Cells and Tissues Attract talent Value co-creation - academia - bio-pharma R&DUIUC OTM for ACCURATE and TIME- Referralslicensing rights , COST-EFFICIENT 6. Key Resources 3. Channels imaging Website “inform” and Human resources connect Prototypes Direct Sales Patents Funding sources Medical Institutions 9. Cost Structure 8. Revenue StreamsFIXED: Facilities Software add-onsVARIABLE: People, manufacturing, marketing & sales Transaction revenues from direct sales Post-sales customer support incl. software updates
  30. Canvas 7.2 7. Key Partners 5. Key Activities 1. Value 4. Customer 2. Customer Proposition Relationships SegmentsJoint ventures with Feasibility testsOEM (Carl Zeiss Nanoscale ImagingGmbH, Bio-Rad Labs) Hardware/software Affordable development Trade-shows Nanotech Better Than Workshops Buyer-supplier Semiconductor Search for new Competition relations with applications our component Easy To Integrate Technology updates vendors Attract talent Value co-creationUIUC OTM forlicensing rights TIME-, COST- 6. Key Resources EFFICIENT imaging 3. Channels OEM of Optical Human resources Website “inform” and Industry R&D(Carl Instruments connect Zeiss GmbH, Bio-Rad Prototypes Labs) OEM Distribution Patents Medical Institutions Licensing/royalty deals 9. Cost Structure 8. Revenue StreamsFIXED: Facilities Co-development agreementsVARIABLE: People, manufacturing, marketing & sales Royalties and sub-licensing deals

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