This document discusses bioentrepreneurship and provides guidance for those interested in pursuing opportunities in the biomedical field. It defines bioentrepreneurship as pursuing biomedical opportunities with limited resources in an uncertain environment, with the goal of creating customer-defined value through innovation. The document outlines different types of biomedical innovations and notes unique challenges, including regulatory hurdles, long development timelines, and complex business models. It emphasizes the importance of intellectual property protection, regulatory plans, strong teams, and product-market fit. The document concludes by recommending entrepreneurs focus on understanding customer needs, validating ideas, planning feasibility, and developing commercialization strategies and exit plans.

1. Arlen D Meyers, MD, MBA
University of Colorado School of Medicine
CEO, Society of Physician Entrepreneurs

2. Learning objectives
State the definition and goals of bioentrepreneurship
Understand the major reasons for new product failure
and how to avoid them
Next steps

3. Pretest
What is the purpose of entrepreneurship?
What are the 2 most common causes of startup
failure?
What are the three most important questions you
should ask yourself if you intend to sell a product?

4. https://youtu.be/NPxWeIM8v3k
WHY Entrepreneurship?

6. Biomedical and Health Innovation
Health
Digital Health
Care delivery platforms
Business process innovation
Biomedical
Drugs
Devices
Diagnostics
Vaccines
Combined products

7. Why is biomedicine different?
IP issues
Regulatory hurdles
High risk
Long time to market
Clinical trial issues
Reimbursement issues
Changing business models
Third party payer issues: Who is the customer?
Multisided market: users, influencers, payers,
saboteurs

8. Bioentrepreneurship
The pursuit of biomedical and clinical opportunity
With uncontrolled resources in an environment of
uncertainty
Goal is to create customer/user/patient defined value
By deploying biomedical and health product, process,
systems and service innovation

9. Value
The difference between the perceived tangible and
intangible benefits and the perceived tangible and
intangible costs of a an offering compared to
competition
Defined by the user/customer/patient/stakeholder
What you think is not relevant
Value= Quality of user defined weighted value
factors/price
Value factors: experience, product, service,easy to
use, convenience, speed, emotional, social benefits
Customers want benefits, not features

10. Where do you want to be?

12. Idea?
Invention?
Improvement?
Innovation?

13. old
new
No new value 10 x value
Waste of time
A solution looking for a problem
Disruptive innovation
Incremental innovation
improvement
tinkering

14. Foundations
Intellectual Property Protection
Regulatory Affairs and Reimbursement Plan
Team
Business Opportunity
Solution with sustainable competitive advantage
Business model
Product Market Fit

15. 3 Questions
If you plan to sell a product (good
or service), there are only 3
questions you need to answer:
1. What is the job the customer wants done?
2.Does your solution have a product-market fit?
3. Can you make enough money to justify the effort?

16. Fail it and nail it
Phase 1: Scoping the opportunity (SO)
Opportunity spotting
Customer discovery and validation
Phase 2: Planning, vetting, feasibility, validating (P)
Problem solving
Feasibility Analysis
Validation and testing
Commercialzation Strategy

17. Scale it and sale it (exit)
Execution
Exit strategy: start with the end in mind
Companies are bought not sold

20. State your value prop
For _______
Who are dissatisfied
with____________
Our product is __
That provides ______
Unlike our competition
______
We provide______

22. Alternative careers
Startup founder/CxO
Business development
Advisor
Sales
Medical science liaison
Account executive
Grant writer
All things data
Reg affairs
Legal/IP
Consultant
Finance/due diligence
Technology transfer
Digital marketer
Content marketer
Freelance/ghost writing
Research analyst
Product development

23. To do list
Education
Find local ecosystem resources
Network
Find a mentor
Get experience
Join social support groups
Adopt an entrepreneurial mindset
Create a personal and professional career
development plan and start now

24. Value Proposition Design
https://www.youtube.com/watch?v=aN36EcTE54Q

25. Customer Discovery/Validation
https://youtu.be/vw1_-WyOtxk

26. Life Science Innovation Roadmap
https://hbr.org/video/5712986167001/why-the-lean-
startup-changes-everything

27. Business Model Canvas
https://youtu.be/IP0cUBWTgpY

28. Questions?
Arlen.Meyers@ucdenver.edu
303-548-0654
Resources
https://careerdevelopment.aaas.org/
http://www.sopenet.org
https://www.nsf.gov/i-corps