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@NYUEntrepreneur
Venture Secrets:
Building a Compelling
Value Proposition for
Your Research
Frank Rimalovski
Executive Dir...
@NYUEntrepreneur2
April&8th:&Meet&an&Entrepreneur:&Rachel&Meyer!
Co$Founder!Shoots!&!Roots!
Upcoming!Series!@!the!Leslie!e...
@NYUEntrepreneur
Agenda
3
1.  What makes for a successful
startup?
2.  What we used to believe
3.  What we now know: The r...
@NYUEntrepreneur
What makes for a successful
startup?
@NYUEntrepreneur
Commercialization Myth
5
Basic &
Applied
Research
Scientific
Discovery/
Invention/
IP Creation
Venture
Fo...
@NYUEntrepreneurThe “valley of death”
Commercialization Reality
Basic &
Applied
Research
Scientific
Discovery/
Invention/
...
@NYUEntrepreneur
Two parts to
Translational Medicine
1.  Advancing the science/technology
2.  Finding a repeatable busines...
@NYUEntrepreneur
Answers are Outside Your Lab
u  You may be smartest person in your lab
u  Not smarter than collective i...
@NYUEntrepreneur
It’s Bigger Than the Revenue Model
u  Testing hypotheses makes substantive changes to
biz model before y...
@NYUEntrepreneur
Need to do this before
finishing the science or
building/designing the product
@NYUEntrepreneur
Evidence-based
Entrepreneurship
(aka the Lean Startup)
11
@NYUEntrepreneur
What We Used to Believe
@NYUEntrepreneur
Startups are a Smaller Version
of a Large Company
@NYUEntrepreneur
Start with an Operating Plan
and Financial Model
@NYUEntrepreneur
@NYUEntrepreneur
	
  
All I Need to Do is Make the Forecast
@NYUEntrepreneur
What We Now Know
@NYUEntrepreneur
@NYUEntrepreneur
“Everyone
has a plan
until they get
punched in
the face!”
@NYUEntrepreneur
@NYUEntrepreneur
Planning comes before the plan
@NYUEntrepreneur
Business Model Canvas
@NYUEntrepreneur
“More startups
fail from a lack
of customers
than from a
failure of
product
development.”
@NYUEntrepreneur24
So what do we do?
@NYUEntrepreneur
Customer Development
@NYUEntrepreneur
A temporary organization
designed to search
for a repeatable and scalable
business model
A startup is…
@NYUEntrepreneur
What is a Business Model?
How a company
creates value for itself
while delivering
products or services fo...
@NYUEntrepreneur
What is a Business Model?
@NYUEntrepreneur
9 Guesses
29
Guess
Guess
Guess
Guess
Guess
Guess
Guess
Guess Guess
@NYUEntrepreneur
@NYUEntrepreneur
Testing Hypotheses
u Apply the scientific method to
customer discovery
31
Observe
phenomena
Formulate
hyp...
@NYUEntrepreneur
Customer Development is how you
search for the business model
@NYUEntrepreneur
First test the problem,
then test the solution
Customer Development
33
@NYUEntrepreneur
	
  
	
  
Value Proposition
What Problem Are You Solving?
@NYUEntrepreneur
Value Proposition
describes the benefits
customers can expect
from a bundle of
products and services
@NYUEntrepreneur
	
  
	
  
Customer Segment
Who Cares?
@NYUEntrepreneur
Customer Profile
Who are they and
why would they buy?
@NYUEntrepreneur
Problem-Solution Fit
Fit
@NYUEntrepreneur
So where does my
technology come in?
@NYUEntrepreneur
It’s not about your technology!
40
@NYUEntrepreneur
So where does my
technology come in?
Customers don’t care about technology
They are trying to solve a pro...
@NYUEntrepreneur
	
  
	
  
Value Proposition
What Problem Are You Solving?
@NYUEntrepreneur
Key Questions for Value Prop
u  Problem Statement: What is the problem?
u  Technology / Market Insight:...
@NYUEntrepreneur
	
  
	
  
Customer Segment
Who Cares?
@NYUEntrepreneur
Define Customer Archetype
u  Who are they?
o  Position / title / age / sex / role
u  How/where do they b...
@NYUEntrepreneur
What is your potential customer
trying to get done?
Jobs to be Done
46
@NYUEntrepreneur
…they want
a quarter-inch hole!"
People don't want to buy
a quarter-inch drill…
SOLUTION
(WHAT)
JOB
(WHY)...
@NYUEntrepreneur
Who has what job to be done?
48
@NYUEntrepreneur
“Make me efficient at
my work”
FUNCTIONAL
“Convey my
professional status”
SOCIAL
“Make me confident
that I c...
@NYUEntrepreneur
Customer Profiles
Innosight	
  LLC	
  
@NYUEntrepreneur
put yourself in
the customers’
shoes
@NYUEntrepreneur
Who’s the Customer in a Company?
@NYUEntrepreneur
Reimbursement!
@NYUEntrepreneur
Who’s the Customer in a Company?
@NYUEntrepreneur
Who’s the Customer in a Company?
@NYUEntrepreneur
Who’s the Customer in a Company?
@NYUEntrepreneur
How Do They Interact to Buy?
u  Organization Chart
u  Influence Map
u  Sales Road Map
@NYUEntrepreneur58
@NYUEntrepreneur
Customer
Ecosystem of people you need
to understand, satisfy and
appeal to
in order to get them
to buy yo...
@NYUEntrepreneur
Technology Lifecycle Adoption Curve
60
@NYUEntrepreneur
Your Business Model Will Change…
61
@NYUEntrepreneur
Product / Solution Fit
@NYUEntrepreneur
Case Study: The Smart Needle
Source: Paul Yock, NIH I-Corps 2014
@NYUEntrepreneur
Great concept: transducer inside
needle
…just listen to localize
blood vessel
Source: Paul Yock, NIH I-Co...
@NYUEntrepreneur
Source: Paul Yock,
NIH I-Corps 2014
@NYUEntrepreneur
What’s the need?
A way to localize arteries and
veins to improve the speed and
accuracy of needle sticks
...
@NYUEntrepreneur
A way to localize arteries and veins
to improve the speed and accuracy
of needle sticks
Need statement:
•...
@NYUEntrepreneur
What we missed!
The existing approach was cheap!
Source: Paul Yock, NIH I-Corps 2014
@NYUEntrepreneur
A cost-effective way to localize
arteries and veins to improve the
speed and accuracy of needle sticks
Ne...
@NYUEntrepreneur
For most patients it’s not worth it to
add the expense of extra technology
to save a little time
The real...
@NYUEntrepreneur
A cost-effective way to localize arteries and
veins to improve the speed and accuracy of
needle sticks in...
@NYUEntrepreneur
We missed something else!
The technique must
be user-friendly and
easy to learn
Source: Paul Yock, NIH I-...
@NYUEntrepreneur
A cost-effective way to localize arteries and
veins to improve the speed and accuracy of
needle sticks in...
@NYUEntrepreneur
The Bottom Line
Validating your need at the outset
is the single most cost-effective
strategy for minimizi...
@NYUEntrepreneur
I’ve figured out who I’m selling to
and what pain point I’m solving!
I’m ready to start building and
selli...
@NYUEntrepreneur
? ✔ ✔
?
?
?
?
? ?
Not so fast!
@NYUEntrepreneur
? ✔ ✔
?
?
?
?
? ?
Especially in the Life Sciences…
You can’t have a valid
business until you test
both si...
@NYUEntrepreneur
Key Activities
What’s Most Important for the Business?
•  Pre-clinical
studies
•  Clinical Trials
•  FTO
...
@NYUEntrepreneur
Key Resources
What are your most important assets?
•  Data
package
•  Intellectual
Property
•  Non-diluti...
@NYUEntrepreneur
Key Partners
Who are your Partners and Suppliers?
•  Patent counsel
•  Clinical sites
•  CROs/
designers
...
@NYUEntrepreneur
Channels
How does your product get to customers?
•  Distributors
•  Direct sales
•  Business
development
@NYUEntrepreneur
Customer Relationships
How do you Get, Keep and Grow Customers?
•  SAB
•  KOLs
•  Papers
•  Conferences
•...
@NYUEntrepreneur
Revenue Streams
How do you make money?
•  Reimbursement?
•  Capital purchase/lease
•  ???
@NYUEntrepreneur
Cost Structure
What are the Costs and Expenses?
@NYUEntrepreneur
The Minimum Viable Product
Customer Development
85
@NYUEntrepreneur
Help start the process of learning
as quickly & cheaply as possible
The Minimum Viable Product
86
@NYUEntrepreneur
What is this?
87
@NYUEntrepreneur
What is this?
88
@NYUEntrepreneur
What is this?
89
@NYUEntrepreneur
Why create an MVP?
u  Answer questions & generate new ones
u  Validate your assumptions
u  Compare alt...
@NYUEntrepreneur
Why use this approach?
@NYUEntrepreneur
1. Find go-to-market strategy…
92
@NYUEntrepreneur
…and do it more quickly
93
@NYUEntrepreneur
2. Design an MVP
94
Start the process of
learning as quickly &
cheaply as possible
Minimum Viable Product
@NYUEntrepreneur
3. Build a Team
95
“Co-founder skills are the first derivative of
the business model canvas”
SteveBlank.com
@NYUEntrepreneur
4. Raise Funds
96
POC	
  Grants	
  
Compe99ons	
  
Seed	
  Funds	
  
@NYUEntrepreneur
5. Launch a better business
97
@NYUEntrepreneur
What’s next?
Leslie eLab
• 6,000 sq ft NYU
Startup Hub
• Daily workshops
& speakers
• Collaborative
works...
@NYUEntrepreneur
Questions?
entrepreneur@nyu.edu
@nyuentrepreneur
nyu.edu/entrepreneur
nyuentrepreneur.com
16 Washington P...
@NYUEntrepreneur
Helping startups start up
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