CFO in a Start-up environment – Dealing with Creativity, Structure and Changes -Phil huber
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Improve patient lives and drive-down health care costs by providing innovative implantable pump systems to manage fluid overload within the body
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CFO in a Start-up environment – Dealing with Creativity, Structure and Changes -Phil huber
- 1. CFO in a Start-up environment – Dealing with Creativity, Structure and Changes
- 2. Clear concepts Motivation & Integrity Passionate Management Human Resources Production Engineering Sales Operations Creative - Structured Dynamic - Conservative Reassessment Start-Up Computer Science Project management IT-innovation management Data structuring IT Business plan modeling Financial rounds Controlling & Reporting IR, Legal & IP Finance Corporate Governance Management Accounting Business & Industry Marketing & Operations Business Administration Phil Huber
- 3. Concept developed in California, US Company Founded in Switzerland in 2006 Company Mission Improve patient lives and drive-down health care costs by providing innovative implantable pump systems to manage fluid overload within the body 3
- 4. The automated low-flow ascites pump system is an intelligent pump, charging device and patient monitor What It Is How It Works alfapump & catheters smart charger remote data monitoring 4
- 5. Product platform: Fully implantable battery powered pump system that continually collects and moves excess fluid Have identified four key fluid management markets that can benefit from an automated pump system therapy Fluid Overload due to End- Stage Renal Disease Fluid Overload due to Congestive Heart Failure Ascites Independent of Underlying Disease Chronic Pleural Effusion Target Fluid Management Patient Conditions 5
- 6. Creativity „An essential aspect of creativity is not being afraid to fail. “ Edwin Land „Creativity involves breaking out of established patterns in order to look at things in a different way.“ Edward de Bono
- 7. Creativity – a “SWOT” analysis Market advantage Analyze Check costs „OUTCH“ Opportunity: right product Threat: wrong product Strength: drives innovation Weakness: drives resources
- 8. • Keep the big picture – the market in focus • Watch where the money and time is spent • Evaluate; i.e. Quality Control uses the 5W Method Creativity – what can a CFO do?
- 9. Structure „…The higher your structure is to be, the deeper must be its foundation. “ Saint Augustine „Structure is more important than content in the transmission of information.“ Abbie Hoffman
- 10. Structure – the focus changes Research Development Clincal Regulatory Quality Manufacturing Commerical
- 11. Structure – changes affect all levels Structure Company OrganizationProcesses
- 12. • Build an organization for the future • Budget the changes, keep forecasting • Hire overqualified • Fill gaps with consultants Structure – what can a CFO do?
- 13. Changes- Restart Today „If you find out, that you are riding a dead horse, …“ Tribal Wisdom of the Dakota Indians
- 14. Changes „If you find out, that you are riding a dead horse, …“ Tribal Wisdom of the Dakota Indians
- 15. Changes Right Strategy Wrong Strategy CONTINUE STOP Type I error Type II error
- 16. …quite human reasons not to stop a project: 1. Against intuition 2. Admitting failure 3. Remaining uncertainty 4. Sunk cost bias 5. Bad risk / reward profile
- 17. Changes – allow them - Error detection means survival - Personal integrity - Safes money - … and last but not least
- 18. Changes „You are never too old to set another goal or to dream a new dream.“ C. S. Lewis 18