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Venture Secrets—Building a Compelling Value Proposition for Your Research

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Slides from my March 25, 2015 NYU BioVentures talk: Venture Secrets—Building a Compelling Value Proposition for Your Research

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Venture Secrets—Building a Compelling Value Proposition for Your Research

  1. @NYUEntrepreneur Venture Secrets: Building a Compelling Value Proposition for Your Research Frank Rimalovski Executive Director, NYU Entrepreneurial Institute Managing Director, NYU Innovation Venture Fund Instructor, NSF Innovation Corps (I-Corps) Mar 25, 2015
  2. @NYUEntrepreneur2 April&8th:&Meet&an&Entrepreneur:&Rachel&Meyer! Co$Founder!Shoots!&!Roots! Upcoming!Series!@!the!Leslie!eLab! Mid&May:&Life&Science&VC&1st&Pitch& Invita?on&Only& Preference&for&BioVenture&Speaker&Series&ADendees!
  3. @NYUEntrepreneur Agenda 3 1.  What makes for a successful startup? 2.  What we used to believe 3.  What we now know: The right way to start (up) 4.  Benefits to this approach
  4. @NYUEntrepreneur What makes for a successful startup?
  5. @NYUEntrepreneur Commercialization Myth 5 Basic & Applied Research Scientific Discovery/ Invention/ IP Creation Venture Formation & Growth
  6. @NYUEntrepreneurThe “valley of death” Commercialization Reality Basic & Applied Research Scientific Discovery/ Invention/ IP Creation Customer Discovery & Prototype Dev Business Model & Team Formation Venture Formation & Growth • Customer/market discovery • Engineering/prototypes • Mentors and advisors • Collaborative spaces • Business leadership • Legal counsel • Capital
  7. @NYUEntrepreneur Two parts to Translational Medicine 1.  Advancing the science/technology 2.  Finding a repeatable business model u  Current efforts focus on #1 u  Successful efforts require both 7
  8. @NYUEntrepreneur Answers are Outside Your Lab u  You may be smartest person in your lab u  Not smarter than collective intelligence of your potential customers, partners, payers & regulators u  Can’t learn by reading papers or lectures u  Experts are overrated You need to get outside your building
  9. @NYUEntrepreneur It’s Bigger Than the Revenue Model u  Testing hypotheses makes substantive changes to biz model before you do science/design o  Define clinical utility o  Who core & tertiary users/buyers/payers are o  Sales & marketing process required for initial revenues and downstream commercialization o  Data required for future partnerships/collaborations o  Intellectual property risks o  Regulatory pathways o  Reimbursement strategies o  Roles of partners u  Affects your biological & clinical hypotheses 9
  10. @NYUEntrepreneur Need to do this before finishing the science or building/designing the product
  11. @NYUEntrepreneur Evidence-based Entrepreneurship (aka the Lean Startup) 11
  12. @NYUEntrepreneur What We Used to Believe
  13. @NYUEntrepreneur Startups are a Smaller Version of a Large Company
  14. @NYUEntrepreneur Start with an Operating Plan and Financial Model
  15. @NYUEntrepreneur
  16. @NYUEntrepreneur   All I Need to Do is Make the Forecast
  17. @NYUEntrepreneur What We Now Know
  18. @NYUEntrepreneur
  19. @NYUEntrepreneur “Everyone has a plan until they get punched in the face!”
  20. @NYUEntrepreneur
  21. @NYUEntrepreneur Planning comes before the plan
  22. @NYUEntrepreneur Business Model Canvas
  23. @NYUEntrepreneur “More startups fail from a lack of customers than from a failure of product development.”
  24. @NYUEntrepreneur24 So what do we do?
  25. @NYUEntrepreneur Customer Development
  26. @NYUEntrepreneur A temporary organization designed to search for a repeatable and scalable business model A startup is…
  27. @NYUEntrepreneur What is a Business Model? How a company creates value for itself while delivering products or services for customers
  28. @NYUEntrepreneur What is a Business Model?
  29. @NYUEntrepreneur 9 Guesses 29 Guess Guess Guess Guess Guess Guess Guess Guess Guess
  30. @NYUEntrepreneur
  31. @NYUEntrepreneur Testing Hypotheses u Apply the scientific method to customer discovery 31 Observe phenomena Formulate hypothesis Test hypothesis via rigorous experiments Establish theory based on repeated validation of results Modify hypothesis PIVOT!
  32. @NYUEntrepreneur Customer Development is how you search for the business model
  33. @NYUEntrepreneur First test the problem, then test the solution Customer Development 33
  34. @NYUEntrepreneur     Value Proposition What Problem Are You Solving?
  35. @NYUEntrepreneur Value Proposition describes the benefits customers can expect from a bundle of products and services
  36. @NYUEntrepreneur     Customer Segment Who Cares?
  37. @NYUEntrepreneur Customer Profile Who are they and why would they buy?
  38. @NYUEntrepreneur Problem-Solution Fit Fit
  39. @NYUEntrepreneur So where does my technology come in?
  40. @NYUEntrepreneur It’s not about your technology! 40
  41. @NYUEntrepreneur So where does my technology come in? Customers don’t care about technology They are trying to solve a problem Customer discovery is about identifying that problem & exploring how you could solve it
  42. @NYUEntrepreneur     Value Proposition What Problem Are You Solving?
  43. @NYUEntrepreneur Key Questions for Value Prop u  Problem Statement: What is the problem? u  Technology / Market Insight: Why is the problem so hard to solve? u  Product: How do you solve it today? u  Competition: Who is delivering that solution? u  Clinical utility: What level of improvement in efficacy/safety/cost/etc. is needed? u  Market Size: How big is this problem?
  44. @NYUEntrepreneur     Customer Segment Who Cares?
  45. @NYUEntrepreneur Define Customer Archetype u  Who are they? o  Position / title / age / sex / role u  How/where do they buy? o  Discretionary budget (name of budget and amount) u  What matters to them? o  What motivates them? u  Who influences them? o  What do they read/who do they listen to?
  46. @NYUEntrepreneur What is your potential customer trying to get done? Jobs to be Done 46
  47. @NYUEntrepreneur …they want a quarter-inch hole!" People don't want to buy a quarter-inch drill… SOLUTION (WHAT) JOB (WHY) Innosight  LLC  
  48. @NYUEntrepreneur Who has what job to be done? 48
  49. @NYUEntrepreneur “Make me efficient at my work” FUNCTIONAL “Convey my professional status” SOCIAL “Make me confident that I can get the job done” EMOTIONAL “Help me perform like a professional” JOB •  Prestigeà show that I use the latest starting with my equipment •  Valueà demonstrate my ability to recognize value •  Confidenceà ensure that I can count on my equipment •  Versatilityà give me the ability to work in different conditions •  Accuracy à the ability to only effect targeted tissue •  Speedà help me complete the task quickly Innosight  LLC  
  50. @NYUEntrepreneur Customer Profiles Innosight  LLC  
  51. @NYUEntrepreneur put yourself in the customers’ shoes
  52. @NYUEntrepreneur Who’s the Customer in a Company?
  53. @NYUEntrepreneur Reimbursement!
  54. @NYUEntrepreneur Who’s the Customer in a Company?
  55. @NYUEntrepreneur Who’s the Customer in a Company?
  56. @NYUEntrepreneur Who’s the Customer in a Company?
  57. @NYUEntrepreneur How Do They Interact to Buy? u  Organization Chart u  Influence Map u  Sales Road Map
  58. @NYUEntrepreneur58
  59. @NYUEntrepreneur Customer Ecosystem of people you need to understand, satisfy and appeal to in order to get them to buy your product.
  60. @NYUEntrepreneur Technology Lifecycle Adoption Curve 60
  61. @NYUEntrepreneur Your Business Model Will Change… 61
  62. @NYUEntrepreneur Product / Solution Fit
  63. @NYUEntrepreneur Case Study: The Smart Needle Source: Paul Yock, NIH I-Corps 2014
  64. @NYUEntrepreneur Great concept: transducer inside needle …just listen to localize blood vessel Source: Paul Yock, NIH I-Corps 2014
  65. @NYUEntrepreneur Source: Paul Yock, NIH I-Corps 2014
  66. @NYUEntrepreneur What’s the need? A way to localize arteries and veins to improve the speed and accuracy of needle sticks Source: Paul Yock, NIH I-Corps 2014
  67. @NYUEntrepreneur A way to localize arteries and veins to improve the speed and accuracy of needle sticks Need statement: •  fast •  accurate •  needle size no bigger than current •  maintain sterility Need criteria: Source: Paul Yock, NIH I-Corps 2014
  68. @NYUEntrepreneur What we missed! The existing approach was cheap! Source: Paul Yock, NIH I-Corps 2014
  69. @NYUEntrepreneur A cost-effective way to localize arteries and veins to improve the speed and accuracy of needle sticks Need statement: •  (where is there real value in time saved?) •  Accurate •  Needle size no bigger than current •  Maintain sterility Need criteria: Source: Paul Yock, NIH I-Corps 2014
  70. @NYUEntrepreneur For most patients it’s not worth it to add the expense of extra technology to save a little time The real need is in high-risk patients: trauma, acute MI, neonatal ICU     amico.com   Dovemed.com   Source: Paul Yock, NIH I-Corps 2014
  71. @NYUEntrepreneur A cost-effective way to localize arteries and veins to improve the speed and accuracy of needle sticks in high-risk patients Need statement: •  Less than $25 additional per patient •  Accurate •  Needle size no bigger than current •  Maintain sterility Need criteria: Source: Paul Yock, NIH I-Corps 2014
  72. @NYUEntrepreneur We missed something else! The technique must be user-friendly and easy to learn Source: Paul Yock, NIH I-Corps 2014
  73. @NYUEntrepreneur A cost-effective way to localize arteries and veins to improve the speed and accuracy of needle sticks in high-risk patients Need statement: •  Less than $25 additional per patient •  Require minimal new skill & training •  Accurate •  Needle size no bigger than current •  Maintain sterility Need criteria: Source: Paul Yock, NIH I-Corps 2014
  74. @NYUEntrepreneur The Bottom Line Validating your need at the outset is the single most cost-effective strategy for minimizing risk! It provides the basis for all subsequent technical, clinical and business strategy decisions Source: Paul Yock, NIH I-Corps 2014
  75. @NYUEntrepreneur I’ve figured out who I’m selling to and what pain point I’m solving! I’m ready to start building and selling… Right?!
  76. @NYUEntrepreneur ? ✔ ✔ ? ? ? ? ? ? Not so fast!
  77. @NYUEntrepreneur ? ✔ ✔ ? ? ? ? ? ? Especially in the Life Sciences… You can’t have a valid business until you test both sides of the canvas!
  78. @NYUEntrepreneur Key Activities What’s Most Important for the Business? •  Pre-clinical studies •  Clinical Trials •  FTO •  Regulatory Pathway •  CPT Coding
  79. @NYUEntrepreneur Key Resources What are your most important assets? •  Data package •  Intellectual Property •  Non-dilutive funding
  80. @NYUEntrepreneur Key Partners Who are your Partners and Suppliers? •  Patent counsel •  Clinical sites •  CROs/ designers •  Contract Mfg •  Foundations •  Patient Adv Groups How will these relationships work?
  81. @NYUEntrepreneur Channels How does your product get to customers? •  Distributors •  Direct sales •  Business development
  82. @NYUEntrepreneur Customer Relationships How do you Get, Keep and Grow Customers? •  SAB •  KOLs •  Papers •  Conferences •  PR
  83. @NYUEntrepreneur Revenue Streams How do you make money? •  Reimbursement? •  Capital purchase/lease •  ???
  84. @NYUEntrepreneur Cost Structure What are the Costs and Expenses?
  85. @NYUEntrepreneur The Minimum Viable Product Customer Development 85
  86. @NYUEntrepreneur Help start the process of learning as quickly & cheaply as possible The Minimum Viable Product 86
  87. @NYUEntrepreneur What is this? 87
  88. @NYUEntrepreneur What is this? 88
  89. @NYUEntrepreneur What is this? 89
  90. @NYUEntrepreneur Why create an MVP? u  Answer questions & generate new ones u  Validate your assumptions u  Compare alternatives u  Fail early & cheaply u  Visualize your ideas & share with others o  Team o  Customers o  Investors 90
  91. @NYUEntrepreneur Why use this approach?
  92. @NYUEntrepreneur 1. Find go-to-market strategy… 92
  93. @NYUEntrepreneur …and do it more quickly 93
  94. @NYUEntrepreneur 2. Design an MVP 94 Start the process of learning as quickly & cheaply as possible Minimum Viable Product
  95. @NYUEntrepreneur 3. Build a Team 95 “Co-founder skills are the first derivative of the business model canvas” SteveBlank.com
  96. @NYUEntrepreneur 4. Raise Funds 96 POC  Grants   Compe99ons   Seed  Funds  
  97. @NYUEntrepreneur 5. Launch a better business 97
  98. @NYUEntrepreneur What’s next? Leslie eLab • 6,000 sq ft NYU Startup Hub • Daily workshops & speakers • Collaborative workspaces • Prototyping lab • Entrepreneur-in- residence • 16 Washington Pl 10am-10pm M-F Innovation Corps (I-Corps) • Prior NSF (& soon NIH) grantees • 7-weeks • $50,000 for NSF I-Corps • Immersive, experiential startup training Rolling Applications 5-Day Lean Launchpad Class • 5-day immersive class (for credit) • Grad students • Co-taught by Steve Blank • Applied learning for your startup • Team-based Offered last week in Aug (24-28) Summer Launchpad Accelerator • 10-week program • For graduating students • $7,500 & space • Entrepreneur & investor mentors • Lean Startup bootcamp Apps due Apr 17 98
  99. @NYUEntrepreneur Questions? entrepreneur@nyu.edu @nyuentrepreneur nyu.edu/entrepreneur nyuentrepreneur.com 16 Washington Place 99
  100. @NYUEntrepreneur Helping startups start up

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