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Nurturing The Start Up Company

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Nurturing The Start Up Company

  1. 1. The Role of the Incubator in Nurturing Viable Start-up Companies Is there a way to do it right? Dr. Dan Gelvan 14.9.2007
  2. 2. Novelty
  3. 3. Real Goal of the Company? <ul><li>Commercialize scientific discoveries? </li></ul><ul><li>A terrific technological development? </li></ul><ul><li>An impressive solution to an annoying medical problem? </li></ul><ul><li>Bring new products to the world? </li></ul><ul><li>Sell products? </li></ul><ul><li>Make money? </li></ul>
  4. 4. The Answer is:
  5. 5. Growing Companies <ul><li>Do we really need to nurture the young start-up company? </li></ul>
  6. 6. The Top-Down Approach
  7. 7. The Structured Approach
  8. 8. Basic Life of a Company Idea R&D Prototype Product Regulatory Approval Market
  9. 9. <ul><li>R.I.P. </li></ul>
  10. 10. The Structured Approach <ul><li>For your product to make money somebody must: </li></ul><ul><li>Like it </li></ul><ul><li>Want it </li></ul><ul><li>Be allowed to buy it </li></ul><ul><li>Be able to pay for it </li></ul>- good product - good marketing - reimbursement - regulatory approval
  11. 11. Getting the Product Right
  12. 12. Getting the Product Right
  13. 13. Oops! The Market You are here
  14. 14. Nurturing <ul><li>How do we nurture the young start-up? </li></ul><ul><ul><li>It is a real company </li></ul></ul><ul><ul><ul><li>Typically, it has </li></ul></ul></ul><ul><ul><ul><ul><li>No experience </li></ul></ul></ul></ul><ul><ul><ul><ul><li>No corporate identity </li></ul></ul></ul></ul><ul><ul><ul><ul><li>No corporate culture </li></ul></ul></ul></ul><ul><ul><ul><li>Needs </li></ul></ul></ul><ul><ul><ul><ul><li>Basic support </li></ul></ul></ul></ul><ul><ul><ul><ul><li>Positioning </li></ul></ul></ul></ul><ul><ul><ul><ul><li>KIS </li></ul></ul></ul></ul><ul><ul><ul><ul><li>Perspective and strategy </li></ul></ul></ul></ul>
  15. 15. Knowledge Intensive Services <ul><li>Incubator level: </li></ul><ul><ul><ul><li>Deal flow </li></ul></ul></ul><ul><ul><ul><li>Due Diligence </li></ul></ul></ul><ul><ul><ul><li>Project evaluation </li></ul></ul></ul><ul><ul><ul><li>Positioning </li></ul></ul></ul><ul><ul><ul><li>Strategy </li></ul></ul></ul><ul><li>Company level </li></ul><ul><ul><ul><li>Management </li></ul></ul></ul><ul><ul><ul><li>Intellectual property </li></ul></ul></ul><ul><ul><ul><li>Business development </li></ul></ul></ul><ul><ul><ul><li>Product strategy </li></ul></ul></ul><ul><ul><ul><li>Regulatory issues </li></ul></ul></ul><ul><ul><ul><li>Reimbursement </li></ul></ul></ul><ul><ul><ul><li>Presentations </li></ul></ul></ul><ul><ul><ul><li>Partnering </li></ul></ul></ul><ul><ul><ul><li>Investments </li></ul></ul></ul><ul><ul><ul><li>Exits </li></ul></ul></ul>If you ain’t got it – buy it
  16. 16. The Incubator and the TTO <ul><li>Many models of cooperation </li></ul><ul><ul><ul><li>Passive </li></ul></ul></ul><ul><ul><ul><li>Active interaction </li></ul></ul></ul><ul><ul><ul><li>Hyperactive </li></ul></ul></ul><ul><li>Create a win-win situation </li></ul><ul><li>Educate the researcher </li></ul><ul><li>Attitude and role of the academic institution </li></ul>
  17. 17. <ul><li>Motivation! </li></ul>
  18. 18. The Incubator as a Private Investor <ul><li>Public vs. private? </li></ul><ul><li>Or nothing at all? </li></ul><ul><li>Is it good or bad? </li></ul><ul><li>Does it provide more motivation for the incubator? </li></ul>
  19. 19. The Maturing Company <ul><li>Changing needs: </li></ul><ul><ul><ul><li>Investors </li></ul></ul></ul><ul><ul><ul><li>Market issues </li></ul></ul></ul><ul><ul><ul><li>Advisory boards </li></ul></ul></ul><ul><ul><ul><li>Regulatory issues </li></ul></ul></ul><ul><ul><ul><li>Reimbursement </li></ul></ul></ul><ul><ul><ul><li>Clinical trials </li></ul></ul></ul><ul><ul><ul><li>Commercial connections </li></ul></ul></ul><ul><ul><ul><li>Exit </li></ul></ul></ul><ul><li>Increasing the odds! </li></ul>
  20. 20. רשע מה הוא אומר ? <ul><li>מה העבודה הזאת לכם ? </li></ul>Let’s just sell the company and hit the beaches…
  21. 21. תם מה הוא אומר ? <ul><li>How do we pass the regulatory hurdle?? </li></ul>
  22. 22. Building a Regulatory Bridge Sales Product Clinical studies Money Regulatory
  23. 23. חכם מה הוא אומר ? <ul><li>How do we create a strong market position?? </li></ul>
  24. 24. Bridging the Chasm Sales Money Product Clinical studies Money Sales Money Regulatory Marketing! Reimbursement Sales
  25. 25. וזה שאינו יודע לשאול ? <ul><li>את פתח לו ... ואמור לו </li></ul><ul><li>Go find yourself a good strategic consultant and then find a fine reimbursement specialist </li></ul>
  26. 26. The Regulatory Expert The Company Product Expertise Reimbursement Advisor Process Expertise Product information Reimbursement advice Company Reimbursement Anchor
  27. 27. Thank you! 
  28. 28. Contact Information <ul><li>Dr. Dan Gelvan </li></ul><ul><li>Managing Director </li></ul><ul><li>Medical Dimensions Ltd. </li></ul><ul><li>Mobile: +972 54 4900 118 </li></ul><ul><li>E-mail: [email_address] </li></ul>

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