How can innovators leverage crowdfunding and strategic investments to gain distribution reach?
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With distribution as a common bottleneck to the sustainable commercialization of innovation, value-added capital is often critical to enable steady progress in the translation of brain science from lab to life. This is especially true in non-medical areas, which lack appropriate infrastructure to commercialize and distribute innovative solutions. What can innovators learn from Discovery’s investment in Lumosity, AAA’s partnership with Posit Science, and Emotiv’s Kickstarter crowdfunding campaign? - Chair: Matthew Bishop, US Business Editor and New York Bureau Chief of The Economist, YGL Class of 2005 - Dan Fox, Senior VP Corporate Development at Discovery Communications - Jeff Zimman, Chairman of Posit Science - Tan Le, CEO of Emotiv Lifesciences, YGL Class of 2009
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How can innovators leverage crowdfunding and strategic investments to gain distribution reach?
- 1. How can innovators leverage crowdfunding and strategic investments to gain distribution reach?
- 2. Chaired by: Matthew Bishop, US Business Editor and New York Bureau Chief of The Economist, YGL Class of 2005 Dan Fox, Senior VP Corporate Development at Discovery Communications Jeff Zimman, Chairman of Posit Science Tan Le, CEO of Emotiv Lifesciences, YGL Class of 2009 How can innovators leverage crowdfunding and strategic investments to gain distribution reach?
- 3. Dan Fox, Senior VP Corporate Development at Discovery Communications How can innovators leverage crowdfunding and strategic investments to gain distribution reach?
- 4. Discovery Communications / Lumos Labs Investment September 2013
- 5. Discovery Overview 5 • 58+ million unique monthly visitors to Discovery websites • 14 US television brands • 100 million subscribing households • 881 million cumulative subscribers • 1 million US teachers served by Discovery Education products and services Discovery is the world’s #1 non-fiction media company More than 2.4 billion cumulative subscribers… reaching 224 countries & territories • 33 International television brands • 333 million subscribing households • 1.5+ billion cumulative subscribers Content Library • 100,000+ hours of programming in world class library EV / 2013E EBITDA: 13.2x 2013E Revenue²: $5.6bn 2013E EBITDA²: $2.4bn ’13E EBITDA Margin: 44% Market Capitalization¹: $27.8bn Enterprise Value (EV)¹: $31.7bn ¹As of September16, 2013. ²Mean analyst estimates per CapIQ as of August 20, 2013.
- 6. Discovery Has World-Class Brands 6 U.S. Networks: Revenue $2.7bn (+5%), AOIBDA $1.6bn (+8%) International Networks: Revenue $1.6bn (+17%), AOIBDA $0.7bn (+16%) Digital Media Education/Commerce/Other
- 7. Truly Global Content Company With Significant Reach 7 2.4 Billion Total Subscribers Worldwide All data as of May 7, 2013. 328 Million Households Reached 162 Worldwide Networks over 223 Countries & Territories 45 Languages
- 8. Top Brands Have Partnered with Discovery to Drive Growth 8 • Multi-platform venture focused on lifestyle, self- help & empowerment, targeting women • Launched in 2011 • Oprah contributions include Oprah.com, Oprah show multiple times/week, and 25-year library • JV dedicated to high-quality children’s / family entertainment & educational content • Launched in 2010 • JV to develop first 24/7 dedicated 3D net • Launched in 2011 Key Discovery Contributions • Cable expertise • Advertising sales • Affiliate sales & marketing • Transmission services • US network operational services • Corporate back office
- 9. #1 Nonfiction Content Company Across All Screens Discovery Digital Networks • Discovery’s original online video networks • Dozens of shows tackling topics from animals to tech • More than 300 million monthly streams, tripled YOY • New networks include TestTube and Animalist 9
- 10. Lumosity Overview • Provider of online and mobile brain training games designed to improve brain health and performance • Clear leader in users, subscribers, revenue, international reach • More than 40 games • 40+ million members • Paying subscribers from 180 countries • Established the Human Cognition Project to encourage scientists to utilize Lumosity data • Scientific Advisory Board keeps company focused rooted in science • Launched in 2007 • Based in San Francisco Core Mission: Pioneering the Understanding and Enhancement of the Human Brain to Give Each Person the Power to Unlock Their Full Potential 10
- 11. Multiple Touch Points Across Discovery Lumosity Uniquely Touches Multiple Key Discovery Operating Divisions 11
- 12. Q&A 10 minutes (Included in session recording)
- 13. Jeff Zimman, Chairman of Posit Science How can innovators leverage crowdfunding and strategic investments to gain distribution reach?
- 14. Partnering on Mission with Non-Profits Jeff Zimman September 2013
- 15. ©2008 Posit Science Corporation CONFIDENTIAL www.PositScience.com Posit Science – Who Are We Really? • Our Requirements: It works! People use it! + = • Our Mission is to apply breakthroughs in brain research to enhance human performance and to promote brain health • Our Goal is to be the leading provider of scientifically validated brain health programs • Our Creed is “Science to the People!” • Our Actions? What do they say about who we are? Follow the money: ~$45 MM in Venture Capital ~$80 MM in Direct & Indirect Grants ~70 Scholarly Articles in Science & Medical Journals
- 16. ©2008 Posit Science Corporation CONFIDENTIAL www.PositScience.com Improves Performance & How We Age Some highlights from randomized controlled trials Mental Benefits • Improves speed of processing by >100% (Smith 2009; Edwards, 2003,2005) • Improves & generalizes to standard measures of memory & attention by ~10 years (Smith, 2009) • Improves working memory (Berry 2010) • Improves & generalizes to measures of everyday cognitive function (Smith, 2009) • Gains of ~2-7 years persist one year later (Wolinsky 2013) Real-World Benefits • Better performance at measures of functional independence (Willis, 2006) • Reduces predicted medical expenditures by ~3.3%; ~$250/yr (Wolinsky, 2009a) • Better self-rated health (Wolinsky 2010) ;Reduces risk of decline in health-related quality of life (Wolinsky, 2006a,b) • Reduces risk of depressive symptoms onset by ~38% and deepening by ~30% (Wolinsky, 2009b,c) • Improves feelings of control over life by ~68%(Wolinsky, 2009d) • Improves hearing and signal-in-noise comprehension ( Anderson 2013) Mobility Benefits • Reduces at-fault auto crash incidence by ~50% (Ball, 2010)) • Improves stopping distance by 22 feet at 55mph (Roenker, 2003) • Maintains driving frequency, distance, and ability (Edwards, 2005) • Reduces risk of driving cessation by ~40% (Edwards, 2009) • Predicts loss of mobility and fall risk (Vance, 2006; Broman 2006) ~70 peer-reviewed articles on life benefits from Posit Science training 68.0 70.0 72.0 74.0 76.0 78.0 80.0 82.0 0 1 2 3 5 Posit Control 5-year; self-rated health 1000s of study participants; ages 50-100; 10 or 40 hours of training; randomized, controlled studies
- 17. ©2008 Posit Science Corporation CONFIDENTIAL www.PositScience.com Applicable to Wide Array of Clinical Conditions 17 HIV/AIDS • Improved visual speed & attention (UFOV), timed IADLS, and self reported cognition (Vance 2012) Mild Cognitive Impairment • Improved delayed memory (Barnes 2009) • Improved hippocampal activation (Rosen 2011) Traumatic Brain Injury • Improved attention and speed in out-patient setting (Lebowitz 2009, 2012) • Feasible in an in-patient setting (Dams O’Connor 2009) • UFOV shown useful for driving assessment of TBI patients (Fiske 2002) Chemobrain • Improved in health-related quality of life (HRQoL) and self-reported cognitive function (Kim 2008) • Improved speed, memory, HRQoL; lessened fatigue, depression and anxiety (Von Ah 2012) Schizophrenia • Improved general cognitive function (Fisher 2009, Keefe 2012) • Improvements persist six months after training stops but begin to wane (Fisher 2010) • Improvements in cognitive function and in levels of Brain Derived Neurotrophic Factor (Vinogradov 2009) • Users are better able to work more hours and hold jobs (Bell 2008) Heart Failure Recovery • Improved delayed recall (Pressler 2011) Stroke Recovery • Improved visual field function in visual neglect (DeGutis 2010)
- 18. ©2008 Posit Science Corporation CONFIDENTIAL www.PositScience.com BrainHQ Launched Last Year 18 Accessible • Free or Cheap • Online (Mac/Windows) • Mobile (iPad) Flexible • Fits Your Day (Minutes or Hours) • Fits You (Continuously Customizes) • Do it With or Without Friends • Courses or à la Carte • Compete or Collaborate Engaging • Fun; “Angry Bird”-like • Continuously Unlocks • Continuously View/See Progress • Compare to Baseline or Others • Select Courses & Reminders BrainHQ: Same Proven Science; Built to Evolve and For Partnering
- 19. ©2008 Posit Science Corporation CONFIDENTIAL www.PositScience.com Working with Strategic “Partners/Investors” Pros • Strategics may value your enterprise more highly (perceived synergies) • Strategics have other assets to leverage (eg, cash, distribution, brand) Cons • Divergence in goals (ie, maybe not about your values) • Reaching “your” customer indirectly (control issues) Some Key Differences We Found with Non-Profit Strategics • Mission-driven: What’s right for user? Not, what’s most profitable? • Respect for “customer” preferences (what’s best for “our shared” customer?) 19
- 20. ©2008 Posit Science Corporation CONFIDENTIAL www.PositScience.com Some Key Non-Profit Partners How We Work Together • Focus: Safe Driving • Who: Foundation, Clubs, Insurers • How: Distribution, Driver’s Education, R&D, Member Benefits • Of Interest: Cuts crash risk and premiums • Focus: Healthy Aging • Who: Digital Strategy & Ops, Membership, Publications • How: Distribution, Education, Publications, Member Benefits • Of Interest: AARP Brain Fitness is powered by BrainHQ • Focus: Cognitive Challenges • Who: (National/Chapters) Soldiers/Vets, Ready for Work & Mental Health Programs • How: Distribution, Education, R&D, Donor Premiums • Of Interest: Soldier R&D directly funded by key Easter Seals donors • Focus: Improve Your Mind • Who: National & Local Stations Pledge Drive Programming • How: Documentaries, Distribution, Donor Premiums • Of Interest: Holds record for most successful single pledge drive show 20
- 21. ©2008 Posit Science Corporation CONFIDENTIAL www.PositScience.com Our Approach: 4 Questions of Partnering 21 #1 What’s in it for them? #2 How do you make it easy? #3 How do you make it better? #4 How do you make them hugely successful?
- 22. ©2008 Posit Science Corporation CONFIDENTIAL www.PositScience.com Conclusion – How We Build These Relationships • Plasticity-based training should be: Intensive, Repetitive & Progressively Challenging • Good strategic deals require the same regimen: – Shared passion (what’s in it for them?) – Promises kept (how to make it easy to begin and perform?) – Gets bigger & bigger (how to make it better? hugely successful?) 22
- 23. Q&A 10 minutes (Included in session recording)
- 24. Tan Le, CEO of Emotiv Lifesciences, YGL Class of 2009 How can innovators leverage crowdfunding and strategic investments to gain distribution reach?
- 42. Q&A 10 minutes (Included in session recording)
- 44. To Learn More… Summit Recordings Book Market Report sharpbrains. com/book/ sharpbrains. com/summit/ sharpbrains.com /market-report/