This document discusses minimum viable products (MVPs) and their application to early stage medical ventures. It begins by outlining the MVP design process of observing user needs, pitching initial designs, testing prototypes, and learning from feedback to iterate the product. The document emphasizes validating problems and solutions quickly through experiments and metrics rather than assumptions. Examples are provided of digital health MVPs like PillPack's paper prototyping and Figure 1's crowdsourced medical image database. The document stresses focusing MVPs on the fastest path to return on investment by prioritizing risks upfront. It advocates spending equal time on product development and customer traction testing to achieve product-market fit. Overall, the document promotes applying lean startup principles of

1. MINIMUM VIABLE
PRODUCTS
+
MEDICAL VENTURES
ZEN CHU
MIT HEALTHCARE VENTURES HST.978

2. EARLY STAGE MEDICALVENTURES

3. DISCOVER
PAINFUL UNMET NEEDS
USER EMPATHY
DESIGNTHINKING
PRODUCT + EXPERIENCE
RAPID OPENTESTING
ACCELERATED EVIDENCE
VIA
EVIDENCE-BASED
ENTREPRENEURSHIP

4. – Frank Robinson
“product with the
highest return on investment
versus risk"
MVP DEFINITION

5. EXAMPLE
DIGITAL HEALTHCARE
MINIMUMVIABLE PRODUCTS
I INVESTED ATTHE PROTOTYPE STAGE

6. PILLPACK’S FIRST 48 HOURS
MVP PAPER PROTOTYPING CUSTOMER EXPERIENCE

7. PILLPACK.COMTODAY

8. INSTAGRAM 4 DOCTORS
JOB: SOLVE DOCTOR SMARTPHONE HIPAAVIOLATIONS
Figure1.com

9. FIGURE1.COM MVP
12 MONTHS TO
CROWDSOURCE
LARGEST SET OF
CONSENTED MEDICAL IMAGES!

11. CROWDSOURCED DIAGNOSIS MVP:
REASON I INVESTED!

12. MVP DEFINITION

13. – Eric Ries
“… MVP is that product which has
just those features (and no more) that
allows you to ship a product that
resonates with early adopters; some of whom will
pay you money or give you feedback.”
“The MVP is often an ad on Google.
Or a PowerPoint slide. Or a dialog box. Or a landing page.
You can often build it in a day or a week.”
MVP DEFINITION

14. PRODUCT IS INSUFFICIENT
MARKET = PRODUCT * CUSTOMERS
WILL CUSTOMERSVALUE
+
CHANGE BEHAVIOR?
VENTURE = MARKET*ADOPTION*SHARE

15. MVP DESIGN PROCESS
OBSERVE
PITCHDESIGN
TEST
+
LEARN
PITCH to
efficiently communicate
gather external feedback
(in)validate problems/solutions
and recruit team

16. EARLY STAGEVENTURES
SEARCH FOR QUICK TRUTH
MEASURE
NOT WHAT THEY SAY
WHAT THEY DO!

17. OBSERVE GROUNDTRUTH
EX) CHINA HEALTHCARE EXPERIENCES

18. VALUE
TIMECRITICAL MILESTONES
Acquisition/IPO Exit
Reimbursement
Published clinical results
Market Introduction
Salesforce hired
Europe & Japan distribution
FDA Approval
Manufacturing ramp
Human pivotal study
Corporate partnership
First human data
First Hiccup & Danger of Momentum Loss
CEO hired
Pilot manufacturing
Patent grant
First FDA meeting
Regulatory opinions
Money raised & team hired
Animal testing
Clinician feedback
Patent disclosure
Prototype/Reduction to Practice
Market Analysis
Idea
MILESTONES +VALUE
ENTREPRENEURS SEE ALL AS CRITICAL

19. VALUE
TIMECRITICAL MILESTONES
Acquisition/IPO Exit
Reimbursement
Published clinical results
Market Introduction
Salesforce hired
Europe & Japan distribution
FDA Approval
Manufacturing ramp
Human pivotal study
Corporate partnership
First human data
First Hiccup & Danger of Momentum Loss
CEO hired
Pilot manufacturing
Patent grant
First FDA meeting
Regulatory opinions
Money raised & team hired
Animal testing
Clinician feedback
Patent disclosure
Prototype/Reduction to Practice
Market Analysis
Idea
SO MANY MILESTONES
ENTREPRENEURS SEE ALL AS CRITICAL
FOCUS MVP
FASTER LAUNCH, ROI
PRIORITIZE RISKS

20. DE-RISK PRODUCTS +VENTURES
VALUE
TIME
Market Adoption Risk
Reimbursement + Consumer Drivers
Physician & Patient Adoption
Distribution
Regulatory Risk
Safety & Efficacy
Management Risk
Technology Risk
PRIORITIZE
UP FRONT

21. THE 50% RULE
Almost every failed company has a product.
What failed startups don’t have
is enough paying customers.
Spend your time
building product and
testing channels in parallel
50% product and
50% traction/distribution
– Ash Maurya, Lean Canvas

22. SMALLVENTURETAKE JUST AS
MUCHTIME AS BIG ONES
PAINxUSERS=VALUE
TIME
1
aim
bigger!
RIGHT
NEED?
BIG
PROBLEM
WIN! accelerate
FAST
TRACTION

23. PRODUCT MARKET FIT
OBSERVE > SEGMENT > DESIGN
BUSINESSMODELGENERATION.COM

24. VALUE PROP > BUSINESS MODEL
DESIGN >TEST > ITERATE

25. TESTING BUSINESS MODELS

26. MEDICAL BIZ MODEL
10 STEPS TO DESCRIBE WHO USES, PRESCRIBES, PAYS, DISTRIBUTES
10) PITCH THE NEW EXPERIENCE:
PRIMARY
USER
DECIDER
PRESCRIBER
LOCATION +
DISTRIBUTOR
WHO PAYS?
HOW MUCH?
1) WHO VALUES & PAYS? 2) HIGH VALUE SEGMENTS + ROI
HIGH RISK SEGMENTS
KEY METRICS
3) WHERE DO LOW COST + HIGH
ACTIVATION, JOURNEY INTERSECT?
ACTIVATION
4) WHAT ACTIVATES PRIMARY USER?
WHEN IN JOURNEY?
5) TECH OR TRUSTED INFLUENCER?
WHEN INTERVENE + TRIGGERS?
6) HOW CLOSE LOOP TO DELIVER NEW
EXPERIENCE + BETTER CARE?
RETENTION
VALUE
7) WHAT BRINGS USER BACK?
MONITORING OR SUBSCRIBER BIZ?
ADD-ON REVENUES?
8) WHAT NEW MACRO TRENDS DRIVE? 9) HOW PARTNERS REVISIT/EXTEND?
HOW IS SOLUTION DISCOVERED?
WHY WILL THEY CHANGE & ADOPT?
PRICE VERSUS VALUE
ONE-TIME USE? CHRONIC SUBSCRIBER?
LIFETIME VALUE VS COST OF REACHING
IS A PRESCRIBER REQUIRED?
NON-TRADITIONAL INFLUENCER?
EMPLOYER? DISCHARGE NURSE?
WHERE IS THE BEST EXPERIENCE?
NEW MODES/PLACES TO REACH
RETAILER, APP STORE, ECOM…
HOME, HOSPITAL, CLINIC, PHARMACY…PATIENT, PCP, CAREGIVER, PARENT….
© HACKINGMEDICINE.MIT.EDU

27. 1) Need / Problem
2)Validated Unmet Need
3) Customer / User
4) Sub-Segment Customers + Markets
5)Value Proposition
6) Business Model
7) Experiment + Learn
8) Quantify
9) Repeat
MVP DESIGN PROCESS
PITCH AT EACH STEP!

28. PILLPACK.COM CASE STUDY
Founder Domain Knowledge
Unmet Need?
Which Customers?
Which Segments?
What Model?
What Experiments?
What Metric?
1) Need / Problem
2)Validated Unmet Need
3) Customer / User
4) Sub-Segment Customers + Markets
5)Value Proposition
6) Business Model
7) Experiment + Learn
8) Quantify
9) Repeat

29. EARLY STAGE
VENTURE TOOLSET

30. The Value Proposition Canvas
Gain Creators
Describe how your products and services create customer gains.
How do they create benefits your customer expects, desires or would be surprised
by, including functional utility, social gains, positive emotions, and cost savings?
Pain Relievers
Do they…
Create savings that make your customer happy?
(e.g. in terms of time, money and effort, …)
Produce outcomes your customer expects or that go
beyond their expectations?
(e.g. better quality level, more of something, less of something, …)
Copy or outperform current solutions that delight your
customer?
(e.g. regarding specific features, performance, quality, …)
Make your customer’s job or life easier?
(e.g. flatter learning curve, usability, accessibility, more services, lower
cost of ownership, …)
Create positive social consequences that your
customer desires?
(e.g. makes them look good, produces an increase in power, status, …)
Do something customers are looking for?
(e.g. good design, guarantees, specific or more features, …)
Fulfill something customers are dreaming about?
(e.g. help big achievements, produce big reliefs, …)
Produce positive outcomes matching your customers
success and failure criteria?
(e.g. better performance, lower cost, …)
Help make adoption easier?
(e.g. lower cost, less investments, lower risk, better quality,
performance, design, …)
Rank each gain your products and services create according to its relevance to your
customer. Is it substantial or insignificant? For each gain indicate how often it occurs.
Describe how your products and services alleviate customer pains. How do they
eliminate or reduce negative emotions, undesired costs and situations, and risks
your customer experiences or could experience before, during, and after getting
the job done?
Do they…
Produce savings?
(e.g. in terms of time, money, or efforts, …)
Make your customers feel better?
(e.g. kills frustrations, annoyances, things that give them a headache, …)
Fix underperforming solutions?
(e.g. new features, better performance, better quality, …)
Put an end to difficulties and challenges your
customers encounter?
(e.g. make things easier, helping them get done, eliminate resistance, …)
Wipe out negative social consequences your
customers encounter or fear?
(e.g. loss of face, power, trust, or status, …)
Eliminate risks your customers fear?
(e.g. financial, social, technical risks, or what could go awfully wrong, …)
Help your customers better sleep at night?
(e.g. by helping with big issues, diminishing concerns, or eliminating worries, …)
Limit or eradicate common mistakes customers make?
(e.g. usage mistakes, …)
Get rid of barriers that are keeping your customer
from adopting solutions?
(e.g. lower or no upfront investment costs, flatter learning curve, less
resistance to change, …)
Rank each pain your products and services kill according to their intensity
for your customer. Is it very intense or very light?
For each pain indicate how often it occurs. Risks your customer experiences or
could experience before, during, and after getting the job done?
Products & Services
List all the products and services your value proposition is built around.
Which products and services do you offer that help your customer get either a
functional, social, or emotional job done, or help him/her satisfy basic needs?
Which ancillary products and services help your customer perform the roles of:
Buyer
(e.g. products and services that help customers compare offers,
decide, buy, take delivery of a product or service, …)
Co-creator
(e.g. products and services that help customers co-design
solutions, otherwise contribute value to the solution, …)
Transferrer
(e.g. products and services that help customers dispose of
a product, transfer it to others, or resell, …)
Products and services may either by tangible (e.g. manufactured goods, face-to-
face customer service), digital/virtual (e.g. downloads, online recommendations),
intangible (e.g. copyrights, quality assurance), or financial (e.g. investment funds,
financing services).
Rank all products and services according to their importance to your customer.
Are they crucial or trivial to your customer?
Gains
Describe the benefits your customer expects, desires or would be surprised by.
This includes functional utility, social gains, positive emotions, and cost savings.
Pains
Customer Job(s)
Describe negative emotions, undesired costs and situations, and risks that your
customer experiences or could experience before, during, and after getting the
job done.
What does your customer find too costly?
(e.g. takes a lot of time, costs too much money, requires substantial efforts, …)
What makes your customer feel bad?
(e.g. frustrations, annoyances, things that give them a headache, …)
How are current solutions underperforming for
your customer?
(e.g. lack of features, performance, malfunctioning, …)
What are the main difficulties and challenges
your customer encounters?
(e.g. understanding how things work, difficulties getting things done,
resistance, …)
What negative social consequences does your
customer encounter or fear?
(e.g. loss of face, power, trust, or status, …)
What risks does your customer fear?
(e.g. financial, social, technical risks, or what could go awfully wrong, …)
What’s keeping your customer awake at night?
(e.g. big issues, concerns, worries, …)
What common mistakes does your customer make?
(e.g. usage mistakes, …)
What barriers are keeping your customer from
adopting solutions?
(e.g. upfront investment costs, learning curve, resistance to change, …)
Describe what a specific customer segment is trying to get done. It could be the tasks
they are trying to perform and complete, the problems they are trying to solve, or the
needs they are trying to satisfy.
What functional jobs are you helping your customer get done?
(e.g. perform or complete a specific task, solve a specific problem, …)
What social jobs are you helping your customer get done?
(e.g. trying to look good, gain power or status, …)
What emotional jobs are you helping your customer get done?
(e.g. esthetics, feel good, security, …)
What basic needs are you helping your customer satisfy?
(e.g. communication, sex, …)
Besides trying to get a core job done, your customer performs ancillary jobs in differ-
ent roles. Describe the jobs your customer is trying to get done as:
Buyer (e.g. trying to look good, gain power or status, …)
Co-creator (e.g. esthetics, feel good, security, …)
Transferrer (e.g. products and services that help customers dispose
of a product, transfer it to others, or resell, …)
Rank each job according to its significance to your customer. Is it
crucial or is it trivial? For each job indicate how often it occurs.
Outline in which specific context a job
is done, because that may impose
constraints or limitations.
(e.g. while driving, outside, …)
Which savings would make your customer happy?
(e.g. in terms of time, money and effort, …)
What outcomes does your customer expect and what
would go beyond his/her expectations?
(e.g. quality level, more of something, less of something, …)
How do current solutions delight your customer?
(e.g. specific features, performance, quality, …)
What would make your customer’s job or life easier?
(e.g. flatter learning curve, more services, lower cost of ownership, …)
What positive social consequences does your
customer desire?
(e.g. makes them look good, increase in power, status, …)
What are customers looking for?
(e.g. good design, guarantees, specific or more features, …)
What do customers dream about?
(e.g. big achievements, big reliefs, …)
How does your customer measure success and failure?
(e.g. performance, cost, …)
What would increase the likelihood of adopting a solution?
(e.g. lower cost, less investments, lower risk, better quality, performance,
design, …)
Rank each gain according to its relevance to
your customer.
Is it substantial or is it insignificant?
For each gain indicate how often it occurs.
Rank each pain according to the intensity it
represents for your customer.
Is it very intense or is it very light.?
For each pain indicate how often it occurs.
On:
Iteration:
Designed by:Designed for:
Day Month Year
No.
Customer Segment
www.businessmodelgeneration.com
Use in Conjunction with the Business Model Canvas Copyright of Business Model Foundry GmbH
Value Proposition
Create one for each Customer Segment in your Business Model

31. What are the most important costs inherent in our business model?
Which Key Resources are most expensive?
Which Key Activities are most expensive?
Through which Channels do our Customer Segments
want to be reached?
How are we reaching them now?
How are our Channels integrated?
Which ones work best?
Which ones are most cost-efficient?
How are we integrating them with customer routines?
For what value are our customers really willing to pay?
For what do they currently pay?
How are they currently paying?
How would they prefer to pay?
How much does each Revenue Stream contribute to overall revenues?
For whom are we creating value?
Who are our most important customers?
What type of relationship does each of our Customer
Segments expect us to establish and maintain with them?
Which ones have we established?
How are they integrated with the rest of our business model?
How costly are they?
What value do we deliver to the customer?
Which one of our customer’s problems are we helping to solve?
What bundles of products and services are we offering to each Customer Segment?
Which customer needs are we satisfying?
What Key Activities do our Value Propositions require?
Our Distribution Channels?
Customer Relationships?
Revenue streams?
Who are our Key Partners?
Who are our key suppliers?
Which Key Resources are we acquiring from partners?
Which Key Activities do partners perform?
What Key Resources do our Value Propositions require?
Our Distribution Channels? Customer Relationships?
Revenue Streams?
Day Month Year
No.
This work is licensed under the Creative Commons Attribution-Share Alike 3.0 Unported License.
To view a copy of this license, visit http://creativecommons.org/licenses/by-sa/3.0/
or send a letter to Creative Commons, 171 Second Street, Suite 300, San Francisco, California, 94105, USA.

32. ELEVATOR PITCHTEMPLATE
• I AM A _____________________ AND I CARE ABOUT ________________________________________
• MY GOAL IS TO IMPROVE
• EXPERIENCE OF ______________________________ (ALS PATIENT, CAREGIVER, ER NURSE…)
• QUALITY OF ______________________________ (CLINICAL METRIC, EXPERIENCE, PAIN…)
• ACCESS TO _______________________________ (SERVICE, EXPERTISE, PROCEDURE, PRODUCT)
• FREQUENCY/RATE OF ____________________________________ (TEST, BEHAVIOR, DX, SURG)
• EFFICIENCY OF _______________________________________ (TEST, DX, EXPERIENCE, SURG…)
• PROFITS OF _________________________________________ (PHARMACY, DOC, HOSP, FIELD…)
• FIRST TARGET CUSTOMER IS ___________________________________ (DESCRIBE SINGLE USER TYPE)
• THEY SUFFER FROM __________________________________________ (DISEASE, EXPERIENCE, PAIN…)
• WE CAN IMPROVE THEIR EXPERIENCE/HEALTH BY __________________________________________
• TODAY THEY SOLVE THIS BY __________________ BUT THE PROBLEM IS ________________________
• OUR SOLUTION IS TO ATTACK __________________________________________________________
• STARTING WITH ___________________________________________ (FOCUSED POPULATION)
• THEY WILL BE EARLY ADOPTERS BECAUSE __________________(PAIN, COST, RISK, FEAR, PAYER…)
• WE WILL REACH THEM THROUGH _____________ (CHANNEL, SPECIALTY, RETAIL, PHARMACIES…)
• IDEAL STRATEGIC PARTNERS _______________________________________________________
• BUT WE CAN ALSO ATTACK LARGER MARKET OF ________________________ (NEXT USER TYPE)
• OUR PRODUCT/SERVICE WILL BE PAID FOR BY __________________________________________
• BECAUSE THEYVALUE ____________________________________________ (UNIQUE QUALITIES)
© HACKINGMEDICINE.MIT.EDU

33. PATIENT
SYMPTOMS
PATIENT JOURNEY
MAP THE EXPERIENCE OF DIAGNOSING,TREATING, MONITORING
PRIORITIZE FOCUSED HIGH-IMPACT SOLUTION AROUND ONE PLAYER
MONITOR
OR
PREVENT
EDUCATION
+
ACTIVATION
DIAGNOSIS
+
TESTS
SEGMENTS
+
TREATMENTS
BIGGEST
GAPS, COSTS
OUTCOMES
MONITORING
+
MANAGING
PATIENT
CAREGIVER
NURSE
IDEAL
LOCATION:
PCP PHYSICIAN
PHARMACIST
SPECIALIST
CLINICAL PI
PRIORITIZE
ONE PLAYER:
© HACKINGMEDICINE.MIT.EDU

34. HEALTHCARE BIZ MODEL CANVAS
IDENTIFY KEY ADOPTER:
Patient
Specialist/PCP/Nurse
Hospital/Department
Insurer
Payor/Employer
Patient/DTC
Specialist/Nurse
Hospital
Payor
DISEASE SEGMENTS
NATURAL HISTORY
KEY RISKS/LIABILITIES
REGULATORY PRO/CON
PERFORMANCE & EFFICACY METRICS
Clin Data Cost/Timepoints
VALUE INFLECTION MILESTONES
SUBSTITUTES & COMPETITION
EXECUTION DIFFERENTIATION
GO TO MARKET DIFFERENTIATION
Regulatory Path
Reimbursement Codes
Data Accelerants
Prescribers
Payors
Fulfillment
© HACKINGMEDICINE.MIT.EDU

35. EXPERIMENTAL PLAN
KEY METRICS, CLEAR HYPOTHESIS, QUICK DATA CHEAPLY
IF METRIC DOES NOT CHANGE BEHAVIOR, IT IS A BAD METRIC
© HACKINGMEDICINE.MIT.EDU
DESCRIBE THE PROBLEM: ________________________________________________________________________________________________________
DESCRIBE MIN VIABLE PRODUCT: ________________________________________________________________________________________________________
EXPERIMENT HYPOTHESIS: ________________________________________________________________________________________________________
EXPECTED OUTCOME: ________________________________________________________________________________
SUCCESS CRITERIA: ________________________________________________________________________________
KEY PARTNERS FOR EXPERIMENT ________________________________________________________________________________________________________
VARIABLES TO TEST: ________________________________________________________________________________________________________
CLINICAL METRICS (i.e. OUTCOMES, PAIN SCALE, DIAGNOSIS RATE, COMPLICATION RATE, READMISSION RATE)
TECHNOLOGY METRICS (i.e. PERFORMANCE, SPECIFICITY, SELECTIVITY, FAILURE RATE, COST PER TEST)
CUSTOMER METRICS ( i.e. SATISFACTION, RETURN VISITS, REPLY/CALL-BACK RATE)
BUSINESS METRICS (i.e. USER ADOPTION, COST, BUYING DECISIONS, TIME REQUIRED, EFFICIENCY
HOW LOWER BARRIERS TO DATA GENERATION? ____________________________________________________________
WHO/HOW MEASURES? ______________________________________________________________________(INCENTIVE OR AGENCY PROBLEMS?)
WHAT ARE YOU DE-RISKING? ______________(USER ADOPTION RISK, SAFETY RISK, TECHNOLOGY RISK, MANUFACTURING RISK, SALES RISK, ETC)
TARGET POPULATION ________________________________________________________________________________________________________
SUB-SEGMENT POPULATIONS & COMORBIDITIES ____________________________________________________________
IS THERE A CONTROL GROUP?____________________________________________________________________________
SELECTION BIASES?_____________________________________________________________________________________
EXPERIMENT SAFETY ISSUES ________________________________________________________________________________________________________
HOW DOES THIS MAXIMIZE LEARNING? ________________________________________________________________________________________________________
WHAT CAN YOU TEST FAST + CHEAP? ________________________________________________________________________________________________________

36. ExperimentsStart here. Brainstorm with stickies, pull it over to the right to start your experiment.
Customer
Problem
Solution
Result &
Decision
Learning
Riskiest
Assumption
Method &
Success
Criterion
1 2 3 4 5
To form a Customer/Problem Hypothesis:
I believe my customer has a
problem achieving this goal.
To form your Assumptions:
In order for hypothesis to be
true, assumption needs to
be true.
Determine how you will test it:
The least expensive way to
test my assumption is...
Who is your customer? Be as specific as possible. Time Limit: 5 Min
What is the problem? Phrase it from your customer’s perspective. Time Limit: 5 Min
Define the solution only after you have validated a problem worth solving. Time Limit: 5 Min
List the assumptions that must hold true, for your hypothesis to be true. Time Limit: 10 Min
Need help? Use these sentences to help construct your experiment.
To form a Problem/Solution Hypothesis:
I believe this solution will result
in quantifiable outcome.
To identify your Riskiest Assumption:
The assumption with the least
amount of data, and core to the
viability of my hypothesis is...
Determine what success looks like:
I will run experiment with # of
customers and expect a strong
signal from # of customers.
Project Name: Team Leader Name:
GET OUT OF THE BUILDING!
© 2014 Javelin. You are free to use it and earn money with it as an entrepreneur, consultant, or executive, as long as you are not a software company (the latter need to license it from us).Download Experiment Board and watch case studies at www.javelin.com
DELIBERATE EXPERIMENTS

37. FIND ONE METRICTHAT MATTERS
DIGITAL BUSINESS METRICS WHICH DRIVE GROWTH
LEANANALYTICSBOOK.COM

38. HOW HIGH IS THE TIGHTROPE FOR YOU?
ENTREPRENEUR MINDSET
MATCH VENTURE + LIFE RISK
DELIBERATE PRACTICE IMPROVES
MVP HELPS FOCUS + LIFE BALANCE

39. THANKYOU!
ZEN CHU
ZENVEN@MIT.EDU
@ACCELMED

40. BACKUP

41. HOW FUND NEWVENTURES?
SEED
$2-5
MISSION
SER A
$5-15 EXIT/RETURN
FUNDING
$M
GRANTS
BOOTSTRAP
SER B
$10+
VENTURE PHILANTHROPY
PHILANTHROPY
GRANTS
CUSTOMER REVENUES
CROWDFUNDING
STRATEGIC INVESTORS
ACCELERATORS
MATCH MILESTONES, RISK, SOURCE

42. HOW FUND NEWVENTURES?
SEED
$2-5
MISSION
SER A
$5-15 EXIT/RETURN
FUNDING
$M
GRANTS
BOOTSTRAP
SER B
$10+
VENTURE PHILANTHROPY
FRIENDS/FAMILY
PHILANTHROPY
GRANTS
ANGEL FUNDING
CUSTOMER REVENUES
CROWDFUNDING
STRATEGIC INVESTORS
ACCELERATORS
* NOT OTHER PEOPLE’S MONEY
SO THEY REALLY CARE!
@MITHACKMED

43. MATCH STAGE TO SOURCE
ALLYOU NEED IS ONE TO SAYYES @ EACH STAGE
SEED
$2-5
MISSION
SER A
$5-15 EXIT/RETURN
FUNDING
$M
GRANTS
BOOTSTRAP
SER B
$10+
VENTURE PHILANTHROPY
FRIENDS/FAMILY
PHILANTHROPY
GRANTS
ANGEL FUNDING
STRATEGIC INVESTORS
ACCELERATORS
EARLY STAGE VC
VENTURE CAPITAL
PRIVATE EQUITY
* NOT OTHER PEOPLE’S MONEY
HIGH COST
PROFESSIONAL
JET FUEL
CUSTOMER REVENUES
CROWDFUNDING