Aalto demolish the status quo in entrepreneurial education 090511
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This document outlines an approach to entrepreneurial education that focuses on startups rather than large companies. It discusses how traditional business schools teach strategies for large company execution, but startups require a different approach focused on searching for an unknown business model. The document proposes an "E-School" model that teaches a repeatable methodology for startup creation using customer development and business model iteration. It presents the business model canvas as a tool to describe any company using nine building blocks. The overall message is that startups are not just smaller versions of large companies and require their own educational approach centered on searching for an unknown business model.
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Aalto demolish the status quo in entrepreneurial education 090511
- 1. Demolishing the Status Quo in Entrepreneurial Education
- 2. I Write a Blog www.steveblank.com
- 3. This Talk is Based OnBusiness Model GenerationFour Steps to the EpiphanyThe Lean Startup
- 4. This TalkWhat’s a Startup?Search versus ExecutionEntrepreneurship As a Mgmt ScienceB-Schools = Large company mgmtIncubators = the transitionE-School = the conclusion
- 5. First -What’s A Startup?Six Types of Startups
- 6. StartupLifestyle Startups Work to Live their PassionServe known customer with known product
- 7. Pay for their passionSmall BusinessStartupSmall Business StartupsWork to Feed the FamilyServe known customer with known product
- 8. Feed the familySmall BusinessStartupExit Criteria Business Model found- Profitable business Existing team< €100K in revenueSmall Business StartupsWork to Feed the Familyknown customer known product
- 9. Feed the familySmall BusinessStartup- Business Model found- Profitable business Existing team< $10M in revenueSmall Business Startups5.7 million small businesses in the U.S. <500 employees
- 10. 99.7% of all companies
- 11. ~ 50% of total U.S. workershttp://www.sba.gov/advo/stats/sbfaq.pdf
- 12. ScalableStartupLarge CompanyScalable StartupSearchGoal is to solve for: unknown customer and unknown features
- 13. ExecuteSearchScalableStartupLarge CompanyExit Criteria Business model found
- 14. Total Available Market > €300m
- 15. Can grow to €50/yearScalable StartupBorn to Be Big
- 16. ScalableStartupLarge Company Total Available Market > $500m
- 17. Company can grow to $100m/year
- 18. Business model found
- 19. Focused on execution and process
- 20. Typically requires “risk capital”Scalable StartupExecuteSearch In contrast a scalable startup is designed to grow big
- 21. Typically needs risk capital
- 22. What Silicon Valley means when they say “Startup”The Transition – Founders LeaveScalableStartupTransitionLarge CompanyBuildExecuteSearchFounders depart Operating executives
- 24. Process
- 25. Beginning of scaleBuyable StartupBorn to Be BigSearchSellScalableStartup€3 to 30M AcquisitionGoal is to solve for: Internet, Mobile, Gaming Apps
- 26. Buyable StartupSearchSellScalableStartup€3 to e0M AcquisitionGoal is to solve for: Internet and Mobile AppsSell to larger company
- 28. i.e. Product/Market fit- Repeatable sales model- Managers hiredWhat’s A Startup?Search ExecuteA Startup is a temporary organization used to search for a repeatable and scalable business model
- 29. Large Company Sustaining InnovationInnovate or EvaporateSustaining InnovationTransitionScalableStartupLarge Company Existing Market / Known customer
- 30. Known product feature needsLarge Company Disruptive InnovationNew DivisionTransitionLarge CompanyDisruptive InnovationNew Market
- 31. New tech, customers, channelsLarge Company Disruptive InnovationNew DivisionTransitionLarge CompanyDisruptive InnovationBuild
- 32. Acquire - IP- Talent - Product - Customers - Business
- 33. Large Non-ProfitSocial StartupSocial Entrepreneurship StartupsSolve pressing social problems
- 35. Social Innovation: New StrategiesEach of these startups require different skillsThey Can Not Be Taught the Same Way
- 36. Search Versus ExecutionWhy Accountants Don’t Run Startups
- 37. Startups Search and PivotThe Search for the Business ModelScalableStartupTransitionLarge Company Business Model found customer needs/product features found i.e. Product/Market fitFound by founders, not employees
- 38. Repeatable sales model- Managers hired
- 39. Startups Search, Companies ExecuteThe Execution of the Business ModelThe Search for the Business ModelScalableStartupTransitionLarge Company- Cash-flow breakeven- Profitable- Rapid scale- New Senior Mgmt~ 150 peopleBusiness Model found
- 40. Product/Market fit- Repeatable sales model- Managers hired
- 41. Metrics Versus AccountingThe Execution of the Business ModelScalableStartupTransitionLargeCompanyTraditional AccountingBalance Sheet
- 42. Cash Flow Statement
- 43. Income StatementMetrics Versus AccountingThe Search for the Business ModelThe Execution of the Business ModelScalableStartupTransitionLargeCompanyStartup Metrics Customer Acquisition Cost
- 45. Customer Lifetime Value
- 46. Average Selling Price/Order Size
- 47. Monthly burn rate
- 48. etc. Traditional Accounting Balance Sheet
- 49. Cash Flow Statement
- 50. Income StatementCustomer Validation Versus SalesThe Execution of the Business ModelScalableStartupTransitionLargeCompanySalesSales Organization
- 51. Scalable
- 52. Price List/Data Sheets
- 53. Revenue PlanCustomer Validation Versus SalesThe Search for the Business ModelThe Execution of the Business ModelScalableStartupTransitionLargeCompanyCustomer Validation Early Adopters
- 55. Not yet repeatable
- 56. “One-off’s”
- 57. Done by foundersSales Sales Organization
- 58. Scalable
- 59. Price List/Data Sheets
- 60. Revenue PlanCustomer Development VersusProduct ManagementThe Execution of the Business ModelScalableStartupTransitionLarge Company Product Management Delivers MRD’s
- 61. Feature Spec’s
- 63. Prod Mgmt drivenCustomer Development Versus Product ManagementThe Search for the Business ModelThe Execution of the Business ModelScalableStartupTransitionLarge Company Product Management Delivers MRD’s
- 64. Feature Spec’s
- 65. Competitive AnalysisCustomer Development Hypothesis Testing
- 66. Minimum Feature Set
- 67. Pivots
- 68. Founder-drivenEngineering Versus Agile DevelopmentThe Execution of the Business ModelScalableStartupTransitionLarge CompanyEngineering Requirements Docs.
- 70. QA
- 71. Tech PubsEngineering Versus Agile DevelopmentThe Search for the Business ModelThe Execution of the Business ModelScalableStartupTransitionLarge CompanyEngineering Requirements Docs.
- 73. QA
- 74. Tech PubsAgile Development Continuous Deployment
- 76. Self Organizing Teams
- 77. Minimum Feature Set
- 78. PivotsStartups Model, Companies PlanThe Execution of the Business ModelScalableStartupTransitionLarge CompanyBusiness PlanPlan describes “knowns”
- 79. Known features for line extensions
- 81. Known business modelStartups Model, Companies PlanThe Search for the Business ModelThe Execution of the Business ModelScalableStartupTransitionLarge CompanyBusiness Model Unknown customer needs
- 82. Unknown feature set
- 83. Unknown business model
- 84. Model found by iteration
- 86. Known features for line extensions
- 88. Known business modelStartups Are Not Small Versions of Large CompaniesScalableStartupTransitionLarge CompanyBuildExecuteSearchYet our curriculums assume they are – we teach that the knowledge is interchangeable
- 89. Entrepreneurship as a Management ScienceE-School instead of B-School
- 90. Business as a Management Science 1601 East India Company
- 91. 300 years of companies without MBA credentials
- 92. 1908 Harvard first MBABusiness School TopicsBusiness SchoolScalableStartupTransitionLarge CompanyExecution
- 93. Strategy
- 94. Accounting
- 95. Products
- 96. Engineering
- 97. Management
- 98. AdministrationBusiness School CoursesBusiness SchoolScalableStartupTransitionLarge CompanyCoursesManagerial Finance/Accounting
- 99. Managing Groups and Teams
- 100. Financial Accounting
- 101. Operations
- 102. Modeling for Optimization
- 103. Global Value Chain StrategiesB-School Results?U.S. corporations went from local to national then international
- 104. Cadre of experienced managers to match
- 105. Experts on finance and growth (Dupont/GM)B-Schools made the 20th Century the American business century
- 106. Business School Focus on Large Company StrategiesExecution versus Search
- 107. Business School LimitationsMost Professors consult for large corporations
- 108. Most believe startups are just smaller versions of large companies
- 109. Most B-school entrepreneurship programs are side-showsIrony:21st Century Job Growth will Come from New Ventures
- 110. Incubators a Reaction to the lack of Practical University Entrepreneurship 1959 Josephy Mancuso - Batavia Industrial Ctr.
- 111. 1996 IdeaLab
- 112. 2005 Y-Combinator
- 113. 2011 100+ Incubators world-wideStartup Incubators Hands-on (experience vs. theory)
- 114. Goal: create a company and jobs
- 115. Full-time residential, stipend-based program
- 116. Curriculum: product development + best practicesWhat’s Missing?A Repeatable Methodology Not Just War Stories
- 117. Startups Are Not Smaller Versions of Large CompaniesLarge Companies Execute Known Business Models
- 118. Startups Are Not Smaller Versions of Large CompaniesStartups Search for Unknown Business Models
- 119. E-School Complete curriculum with Hands-on emphasis
- 120. Goal: methodology for startup creation
- 121. Can be taught anywhere
- 122. University
- 123. Incubator
- 124. Remotely
- 125. Curriculum: about the search for a business modelThe Business Model:Any company can be described in 9 building blocks
- 126. CUSTOMER SEGMENTSwhich customers and users are you serving? which jobs do they really want to get done?
- 127. VALUE PROPOSITIONSwhat are you offering them? what is that getting done for them? do they care?
- 128. CHANNELShow does each customer segment want to be reached? through which interaction points?
- 129. CUSTOMER RELATIONSHIPSwhat relationships are you establishing with each segment? personal? automated? acquisitive? retentive?
- 130. REVENUE STREAMSwhat are customers really willing to pay for? how? are you generating transactional or recurring revenues?
- 131. KEY RESOURCESwhich resources underpin your business model? which assets are essential?
- 132. KEY ACTIVITIESwhich activities do you need to perform well in your business model? what is crucial?57
- 133. KEY PARTNERSwhich partners and suppliers leverage your model? who do you need to rely on?
- 134. COST STRUCTUREwhat is the resulting cost structure? which key elements drive your costs?
- 135. value propositioncustomer relationshipskey activitiescustomer segmentskey partnerscost structurerevenue streamskey resourceschannels60images by JAM
- 136. sketch out your business model
- 137. sketch out your business models
- 140. Customer DevelopmentThe founders^Get Out of the Building
- 141. Customer DevelopmentThe Search For the Business ModelCompanyBuildingCustomerDiscoveryCustomerValidationCustomer CreationPivot
- 142. Customer DiscoveryCustomerDiscoveryCustomerValidationCompanyBuildingCustomerCreationStop selling, start listeningTest your hypothesesContinuous DiscoveryDone by founders
- 144. Market Type
- 145. CompetitionTurning Hypotheses to Facts
- 147. Customer
- 148. User
- 149. PayerTest Hypotheses:ChannelTest Hypotheses:Demand CreationTest Hypotheses:Problem
- 150. Customer
- 151. User
- 153. Market Type
- 155. (Customer)
- 156. (Problem)Test Hypotheses:ChannelTest Hypotheses:Size of Opportunity/Market
- 157. Validate Business ModelTest Hypotheses:Pricing Model / PricingTest Hypotheses:Demand CreationTest Hypotheses:Problem
- 158. Customer
- 159. User
- 160. PayerAgile DevelopmentTest Hypotheses:Product
- 161. Market Type
- 163. (Customer)
- 164. (Problem)Customer Development TeamTest Hypotheses:ChannelTest Hypotheses:Size of Opportunity/Market
- 165. Validate Business ModelTest Hypotheses:Pricing Model / PricingThe Minimum Viable Product (MVP) Smallest feature set that gets you the most … - orders, learning, feedback, failure…
- 166. The PivotThe heart of Customer Development
- 168. Fast, agile and opportunisticPivot Cycle Time MattersSpeed of cycle minimizes cash needs
- 169. Minimum feature set speeds up cycle time
- 170. Near instantaneous customer feedback drives feature setThe PivotA Pivot is the change of one or more Business Model Canvas Components
- 171. The PivotStrong clinical dataTrainingMaintenanceConferencesCME coursesProduct DevelopmentIPClinical trialsFDAPublishingDoctors:Earlier detectionPriceAccuracyPatients:Radiation FreeNon-InvasiveA Pivot is the change of one or more Business Model Canvas Components Leading doctorsKey Opinion Leaders3rd party manufacturersDistributorsBreast Cancer FoundationsACOGACSOB/GYNsPCPsDirect Sales to hospitalsDistributorIP Leading doctorsTechnical ExpertiseProduct DevelopmentClinical trialsOperating CostsMarketing CostsCapital Equipment Sales and disposable itemPer use fees
- 172. How Does This Really Work?Stanford Lean LaunchPad Class
- 173. How Does This Really Work?Stanford Lean LaunchPad Class8 Weeks From an Idea to a Business
- 174. Pivot ExampleRobotic WeedingTalked 75 Customers in 8 Weeks
- 176. 20 interviews, 6 site visits…We got OUR Boots dirtyWeedingVisited two farms in Salinas Valley to better understand problemInterviewed:Bolthouse Farms, Large Agri-Industry in Bakersfield
- 177. White Farms, Large Peanut farmer in Georgia
- 178. REFCO Farms, large grower in Salinas Valley
- 179. Rincon Farms, large grower in Salinas Valley
- 180. Small Organic Corn/Soy grower in Nebraska
- 181. Heirloom Organics, small owner/operator, Santa Cruz Mts
- 182. Two small organic farmers at farmers market
- 183. Ag Services of Salinas, Fertilizer applicatorMowingInterviewed:Golf: Stanford Golf course
- 184. Parks: Stanford Grounds Supervisor, head of maintenance and lead operator (has crew of 6)
- 185. Toro dealer (large mower manufacturer)
- 186. User of back-yard mowing system
- 187. Maintenance Services for City of Los Altos
- 188. Colony Landscaping (Mowing service for stadiums)Business Plan Autonomous Vehicles for Mowing & WeedingDealers sell, installs and supports customerCo. trains dealers, supports dealers- Innovation- Customer Education- Dealer trainingMowing- Owners of public or commercially used green spaces (e.g. golf courses)- Landscaping service providerWeeding- Farmers with manual weeding operationsWe reduce operating cost- Labor reduction- Better utilization of assets (eg mow or weed at nights)- Improved performance (less rework, food safety)- Dealers (Mowing and Ag)- Vehicle OEMs (John Deere, Toro, Jacobsen, etc)- Research labs- Mowing Dealers- Ag DealersEngineers on Autonomous vehicles, GPS, path-planningAsset saleOur revenue stream derives from selling the equipmentDealer discount COGS seek a 50-60% Gross MarginHeavy R&D investment
- 189. Found weeding in organic crops is HUGE problem; 50 - 75% of costsCrews of 100s-1000Back-breaking task(Ilegal) labor harder to get 1-5 weedings per year/field$250-3,500 per acre and increasingFood contamination risk
- 190. Decision to make – mowing vs weeding
- 191. Autonomous vehiclesWEEDINGDealers sell, installs and supports customerCo. trains dealers, supports dealers- Innovation- Customer Education- Dealer training- Low density vegetable growers- High density vegetable growers- Thinning operations- Conventional vegetablesWe reduce operating cost- Labor reduction (100 to 1)- Reduced risk of contamination- Mitigate labor availability concerns- Ag Dealers- Ag Service providers- Research labs- Ag Dealers- Ag Service providersEngineers on Machine VisionTwo problems:- Identification- EliminationAsset saleOur revenue stream derives from selling the equipmentDealer discount COGS seek a 50-60% Gross MarginHeavy R&D investment
- 192. 1 Week – 1 CarrotBotConfidential
- 193. CarrotBotMachine Vision data collection platformMonochrome & Color CamerasLaser-line sweep (depth measurement)Encoders (position/velocity)Onboard data acquisition & powerCarrotBot 1.0
- 194. The Business Plan Canvas UpdatedFarming conventions.
- 195. Demo, demo, and demo!!
- 197. Technology Design
- 198. Marketing
- 199. Demo and customer feedback
- 200. Organic Farmers
- 202. Conventional Farmers
- 203. Cost Reduction
- 204. Remove labor force pains
- 206. Research Labs
- 208. Distribution Network
- 209. Service Providers
- 210. IP – Patents
- 212. Robust Technology
- 213. Dealers
- 214. Direct Service
- 215. Indirect Service
- 216. … then Dealers
- 217. Asset Sale
- 218. Direct Service with equipment rental
- 219. … then Asset SaleValue-Driven
- 220. Visit HighlightsAbove: Organic Carrots, 7wks. Top right: Conventional carrotsBottom Right: Very weedy. Will require multiple passes of hand weeding
- 221. Visit HighlightsCarrot vs. WeedsDue to small root systems, carrots have no chance against weeds
- 222. Visit HighlightsOrganic Broccoli, closely cultivated. Weeds close to plants are hand-picked
- 223. Visit HighlightsState of the Art in Weeding Technology for Organic Crops
- 224. Customer HypothesisPre-TestHypothesis Confirmed Growers interested in own equipment
- 225. Industrial (10,000s of acres)
- 226. Large (1,000s of acres)
- 227. Willing to pay $100k for one unit
- 228. Smaller growers (100s of acres) usually subcontract the labor services or rent equipment
- 229. All purchases through local dealers
- 230. Customer service is essentialPost-Test
- 231. Customer Map #1 – Industrial GrowersExample: Bolthouse Farms – Large Industrial Carrot Producer – 8K acres/yr Equipment Operator
- 232. Local Farm Mgr
- 233. Cliff Kirkpatrick, visited
- 234. Director, Ag Technology
- 235. Justin Grove, interviewedEquipment Operator VP, Growing Operations
- 236. CFO, CEO (Jeff Dunn)Cliff, Farm Mgr
- 237. Customer Map #2 – Service ProvidersExample: Ag Services – Service Provider, Salinas Valley Equipment Operator
- 238. Grower
- 239. Service MgrMe (left), Marty (middle, Service Mgr), Doug (right, Grower) ?? (service mgr’s boss)The Business Plan Canvas UpdatedFarming conventions.
- 240. Demo, demo, and demo!!
- 242. Technology Design
- 243. Marketing
- 244. Demo and customer feedback
- 249. Cost Reduction
- 250. Remove labor force pains
- 252. Research Labs
- 254. Distribution Network
- 255. Service Providers
- 256. IP – Patents
- 258. Robust Technology
- 259. Direct Service
- 260. Indirect Service
- 261. … then Dealers
- 262. Direct Service with equipment rental
- 263. ($1,500/d; 120d/yr )
- 266. World Ag Expo interviews:the need is real and wide spread10+ interviews at showEveryone confirmed the needRobocrop, UK based, crude competitor sells for $171 KRevenue StreamMid to small growers prefer a serviceLarge growers prefer to buy, but OK with service until technology is provenCharging for labor cost saved is OK, as we provide other benefits (food safety, labor availability)Confidential
- 267. The Business Plan Canvas UpdatedFarming conventions.
- 268. Demo, demo, and demo!!
- 270. Technology Design
- 271. Marketing
- 272. Demo and customer feedback
- 277. Research Labs
- 279. Distribution Network
- 280. Service Providers
- 281. 2 or 3 Key Farms
- 282. Cost Reduction
- 283. Remove labor force pains
- 285. IP – Patents
- 287. Robust Technology
- 288. Direct Service
- 289. Indirect Service
- 290. … then Dealers
- 291. Direct Service with equipment rental
- 293. High density: $6,000/dValue-Driven R&D
- 294. Bill of Materials
- 295. Training & Service
- 296. SalesAutonomous weeding - FinalDirect- Provide high quality service at competitive price- Innovation- Customer Education- Dealer training- Low density vegetable growers- High density vegetable growers- Thinning operations- Conventional vegetablesWe reduce operating cost- Labor reduction (100 to 1)- Reduced risk of contamination- Mitigate labor availability concerns- Ag Service providers- Research Institutes (eg UC Davis, Laser Zentrum Hannover)- 3-4 key farmsDirect - Alliance with service providers- Eventually sell through dealersEngineers on Machine VisionTwo problems:- Identification- EliminationService provision- Charge by the acre with modifier according to weed density - Eventually move to asset saleCosts for service provisionCOGS seek a 50-60% Gross MarginHeavy R&D investment
- 297. MammOpticsFinal project presentation for E 245 Winter 2011
- 298. MammOpticsInitial IdeaBreast cancerMammographyLeading cause of cancer in women190,000 diagnosis every year US41,000 deaths every year USIncreasing diagnosis rates15%-25% false negatives rate25% false positives rateRequires X-ray radiationLow resolutionMammOpticsNovel technology based on RF-modulated optical spectroscopy Earlier detection
- 299. Non-radiative
- 301. MammOpticsBusiness Model Canvas 1 of 4Strong clinical dataTrainingMaintenanceProduct DevelopmentIPClinical trialsFDAHospitalsLeading doctors3rd party manufacturersDistributorsPioneering radiologists inhospitalsRadiation-freeEarlier detectionNon-invasiveIP Leading doctorsTechnical ExpertiseDirect sales to hospitalsProduct DevelopmentClinical trialsOperating CostsCapital equipment sales and disposable item
- 302. MammOpticsMammOpticsBusiness Model Canvas 1 of 4Business Model Canvas 1 of 4Strong clinical dataTrainingMaintenanceProduct DevelopmentIPClinical trialsFDAInitial guessInitial guessHospitalsLeading doctors3rd party manufacturersDistributorsPioneering radiologists inhospitalsRadiation-freeEarlier detectionNon-invasiveTest: Customer segment Value propositionInitial guessIP Leading doctorsTechnical ExpertiseDirect sales to hospitalsProduct DevelopmentClinical trialsOperating CostsInitial guessCapital equipment sales and disposable item
- 303. Finding the right customerFrom radiologists to gynecologists
- 304. MammOpticsExcursions into hospitalsDebra IkedaJason DaviesJafi Alissa LipsonSunita PalLeading doctors6 women >40 8 women <40PatientsAlicia X-ray mammographyTechniciansHospital ManagersPaul BillingsHolly V. Gautier
- 305. MammOpticsHospital purchasing decision tree
- 306. MammOpticsHospital purchasing decision treeHospitalsComplex purchasing decision tree. Several saboteours
- 307. MammOpticsPrivate practice purchasing decision tree
- 308. MammOpticsPrivate practice purchasing decision treePrivate practiceFaster adoption rateAttractive value proposition✔
- 309. MammOpticsBusiness Model Canvas 2 of 4Strong clinical dataTrainingMaintenanceProduct DevelopmentIPClinical trialsFDADoctors:Earlier detectionPriceAccuracyPatients:Radiation FreeNon-InvasiveHospitals (Capital Spending Committee)Leading doctors3rd party manufacturersDistributorsResearch HospitalsPioneering DoctorsHospitalsOB/GYNsPCPsDirect Sales to doctorsIP Leading doctorsTechnical ExpertiseProduct DevelopmentClinical trialsOperating CostsCapital Equipment Sales and disposable item
- 310. MammOpticsBusiness Model Canvas 2 of 4Strong clinical dataTrainingMaintenanceProduct DevelopmentIPClinical trialsFDADoctors:Earlier detectionPriceAccuracyPatients:Radiation FreeNon-InvasiveHospitals (Capital Spending Committee)Leading doctors3rd party manufacturersDistributorsResearch HospitalsPioneering DoctorsHospitalsOB/GYNsPCPsHow do we get to our customer?Need sensitivity and specificityDirect Sales to doctorsIP Leading doctorsTechnical ExpertiseProduct DevelopmentClinical trialsOperating CostsCapital Equipment Sales and disposable item
- 311. Getting to our customerThe world of direct sales and medical marketing
- 312. MammOpticsInterviewsBreast Cancer Advocacy GroupsBe Bright PinkJennifer GloverDr. Cindy WooDr. Jags PowersDr. Aaron ShuvkanOB/GYNsKatrina BellTanay DudhelaJed HwangMedical SalesFDA/Clinical TrialsPhyllis WhitelyCarl Simpson
- 313. MammOpticsMarketing
- 314. MammOpticsMarketingStrong influence on doctors via ACOG Standard of CareStrongly influenced by KOLsAccess to ACOG by former member
- 315. MammOpticsMarketingResearchers with strong peer recommendationsResearchers conducting important clinical trialsOutsourced survey researchResearchers with numerous publications
- 316. MammOpticsMarketingFocus on prominent journals Need two big publicationsChoose KOL as Principal Investigators (PI)
- 317. MammOpticsMarketingEffective method for educating doctorsWorkshop must be approved by ACOGDoctors required to attend workshopsTaught by objective medical experts
- 318. MammOpticsMarketingACOG Annual Clinical Meeting Opportunity for feedback from doctorsMiami Breast Cancer Conference
- 319. MammOpticsMarketingTrusted information source for patientsAccess to media outletsCritical opinion leader for technology adoption
- 320. MammOpticsChannel Strategies and CostsIndividualDoctorsHigh value medical products(e.g. cardiovascular stents)Direct SalesDoctor education
- 321. Direct feedback from doctors
- 322. Very expensiveIndividual DoctorsPurchasing AdministratorsPurchasing AdministratorsCommodity medical products(e.g. latex gloves)DistributorsNo doctor education
- 323. No customer feedback
- 324. InexpensiveMammOpticsChannel Strategies and CostsSales strategy 1Sales strategy 25 dedicated sales people$150,000 each/yearHire nurses or technicianswith establishedrelationshipsEarly adopter feedbackContinue with core group of sales peopleUse women’s healthcare equipment distributorAlready established network of customers
- 325. MammOpticsPricing StrategyEquipment Lease modelPer-use modelConsumableCost of the device$50,000$5,000$5,000$25,000Service per year$3,000$10,00000Per-use fee00$500Consumable000$20
- 326. MammOpticsPricing StrategyApproved by customers and investorsEquipment Lease modelPer-use modelConsumableCost of the device$50,000$5,000$5,000$25,000Service per year$3,000$10,00000Per-use fee00$500Consumable000$20
- 327. MammOpticsCustomer WorkflowCurrent marketInsuranceMammographyRadiologistHospital AdministrationTechnicianACOGACSDoctor specialty committee
- 328. MammOpticsCustomer WorkflowCurrent marketBut what would happen if we replace mammography?InsuranceMammographyRadiologistHospital AdministrationTechnicianACOGACSDoctor specialty committee
- 329. MammOpticsCustomer WorkflowInsuranceMammographyRadiologistBreast RadiologistsHospitalsTechniciansLoss of jobsEliminates loss leaderPuts emphasis on biopsiesLoss of jobsHospital AdministrationTechnicianACOGACSDoctor specialty committee
- 330. MammOpticsCustomer WorkflowInsuranceMammographyRadiologistHospital AdministrationTechnicianACOGACSDoctor specialty committee
- 331. MammOpticsCustomer WorkflowInsuranceMammographyRadiologistInsuranceACOG/ACSSame cost as mammography ($140)Reduced number of biopsies ($1000)Improved healthcare(mammography weak technique)Hospital AdministrationTechnicianACOGACSDoctor specialty committee
- 332. MammOpticsCustomer WorkflowInsuranceMammographyRadiologistHospital AdministrationTechnicianACOGACSDoctor specialty committee
- 333. MammOpticsCustomer WorkflowInsurancePCPOB/GYNMammographyPatientRadiologistHospital AdministrationTechnicianMammOpticsDoctor specialty committee ACOGACS
- 334. MammOpticsCustomer WorkflowInsurancePCPOB/GYNPCPOB/GYNMammographyMammographyPatientPatientRadiologistRadiologistPCP OB/GYNsPatientMammOpticsIncreased revenueMore complete patient careImproved healthcareComfortRevenueHospital AdministrationTechnicianHospital AdministrationTechnicianMammOpticsMammOpticsDoctor specialty committee ACOGACS
- 335. MammOpticsCustomer WorkflowInsurancePCPOB/GYNMammographyPatientRadiologistHospital AdministrationTechnicianMammOpticsACOGACSDoctor specialty committee
- 336. MammOpticsBusiness Model Canvas 3 of 4Strong clinical dataTrainingMaintenanceConferencesCME coursesProduct DevelopmentIPClinical trialsFDAPublishingDoctors:Earlier detectionPriceAccuracyPatients:Radiation FreeNon-InvasiveLeading doctorsKey Opinion Leaders3rd party manufacturersDistributorsBreast Cancer FoundationsACOGACSOB/GYNsPCPsDirect Sales to hospitalsDistributorIP Leading doctorsTechnical ExpertiseProduct DevelopmentClinical trialsOperating CostsMarketing CostsCapital Equipment Sales and disposable itemPer use fees
- 337. MammOpticsBusiness Model Canvas 3 of 4Strong clinical dataTrainingMaintenanceConferencesCME coursesProduct DevelopmentIPClinical trialsFDAReimbursementPublishingDoctors:Earlier detectionPriceAccuracyPatients:Radiation FreeNon-InvasiveLeading doctorsKey Opinion Leaders3rd party manufacturersDistributorsBreast Cancer FoundationsACOGACSOB/GYNsPCPsLearned how to reach the customerHow do we build a company based on this?Direct Sales to hospitalsDistributorIP Leading doctorsTechnical ExpertiseProduct DevelopmentClinical trialsOperating CostsMarketing CostsCapital Equipment Sales and disposable itemPer use fees
- 338. Building the companyThe backstage of a medical device company
- 339. MammOpticsInterviewsStanford StatisticsSteve AxelrodMarga Ortigas-WedekindFDA Clinical TrialsNick MourlasDon ArchambaultManufacturingShannon BergstedtAli HabibReimbursementVenture CapitalistsDana MeadBill StarlingDoctors/SalesDr. Aron ShuftanJed HwangMichael J. Nohr
- 340. MammOpticsPartnersManufacturingChoose manufacturing facility close to home
- 341. MammOpticsMammOpticsPartnersPartnersManufacturingReimbursementManufacturingDifficult to get coverage for new product.
- 343. MammOpticsPartnersManufacturingReimbursement510K vs. PMALargest costBiggest financial riskFDA Clinical Trials
- 344. MammOpticsClinical TrialsStage 1Pilot trialsFeasibilityComparison with mammography50 patients$600K6 months12/4/2009
- 345. MammOpticsClinical TrialsStage 2Interim trialsProve superior safety-efficacy & sensitivityStage 1Pilot trials500 patients$7.2M6 months15 months12/4/2009
- 346. MammOpticsClinical TrialsStage 2Interim trialsStage 3FDA pivotal trialsStage 1Pilot trialsFDA class II, 510(K) w/ trialsFocus on superiority & economic end-points1500 patients$20.5M6 months15 months24 months12/4/2009
- 347. MammOpticsClinical TrialsStage 4Post-market studiesStage 2Interim trials2000 patients$26.8MStage 3FDA pivotal trialsStage 1Pilot trialsSpecific Cat III CPT/ACP CodesMarket traction6 months15 months24 months24 months12/4/2009
- 348. MammOpticsClinical TrialsStage 4Post-market studiesStage 2Interim trials$26.8MStage 3FDA pivotal trialsStage 1Pilot trials$7.2M$600K$20.5M6 months15 months24 months24 months12/4/2009
- 350. MammOpticsMammOpticsPartnersPartnersManufacturingReimbursementFinancial timeline FundingFDA Clinical Trials
- 351. MammOpticsMammOpticsFinancial / Operations Timeline2016201220132014201520172018M&A / IPO $50 MMQ1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q1Q2Q3Q4Q3Series D $35 MM$40MSeries C $30.5 MM$30M$20MCash ReserveSeries B $9 MM$15MSeries A $3.5 MM$10M$5MFinancial timeline SystemInitializeLaunch Regulatory / ClinicalMarketable ProductProof of ConceptSecond ReleaseBeta PrototypeDesign Milestones1st Release Test2nd Release TestBeta-Version TestingLaboratory PrototypePublicationPublicationClinical ResultsPost-Market Clinical StudiesPilot StudiesUS Pivotal Clinical TrialsClinical MilestonesUS Interim TrialsNon-Specific Codes Provisional PatentIRB / IDESpecific Codes (Cat. I CPT / APC)Cat III CPTFDA – Class II – 510 (k) with Clinical TrialsRegulatory/ IP MilestonesApplication and System PatentsInitial Product LaunchIC and Processing PatentsTechnology Licensing15112/4/2009
- 352. MammOpticsMammOpticsFinancial / Operations Timeline2016201220132014201520172018Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q1Q2Q3Q4Q3$40M$30M$20MCash Reserve$15M$10M$5MInitializeProof of ConceptDesign MilestonesClinical MilestonesProvisional PatentRegulatory/ IP MilestonesTechnology Licensing15212/4/2009
- 353. MammOpticsMammOpticsFinancial / Operations Timeline2016201220132014201520172018Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q1Q2Q3Q4Q3$40M$30M$20MCash Reserve$15MSeries A $3.5 MM$10M$5MSystemInitializeProof of ConceptBeta PrototypeDesign MilestonesBeta-Version TestingLaboratory PrototypePilot StudiesClinical MilestonesProvisional PatentRegulatory/ IP MilestonesTechnology Licensing15312/4/2009
- 354. MammOpticsMammOpticsFinancial / Operations Timeline2016201220132014201520172018Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q1Q2Q3Q4Q3$40M$30M$20MCash ReserveSeries B $9 MM$15MSeries A $3.5 MM$10M$5MSystemRegulatory / ClinicalMarketable ProductBeta PrototypeDesign MilestonesBeta-Version TestingLaboratory PrototypePilot StudiesClinical MilestonesIRB / IDERegulatory/ IP MilestonesApplication and System PatentsIC and Processing Patents15412/4/2009
- 355. MammOpticsMammOpticsFinancial / Operations Timeline2016201220132014201520172018Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q1Q2Q3Q4Q3$40MSeries C $30.5 MM$30M$20MCash ReserveSeries B $9 MM$15M$10M$5MSystemRegulatory / ClinicalSecond ReleaseDesign Milestones1st Release TestPublicationPilot StudiesUS Pivotal Clinical TrialsClinical MilestonesUS Interim TrialsIRB / IDECat III CPTRegulatory/ IP MilestonesApplication and System PatentsIC and Processing Patents155
- 356. MammOpticsMammOpticsFinancial / Operations Timeline2016201220132014201520172018Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q1Q2Q3Q4Q3Series D $35 MM$40MSeries C $30.5 MM$30M$20MCash Reserve$15M$10M$5MLaunch Regulatory / ClinicalSecond ReleaseDesign Milestones2nd Release TestPublicationPublicationClinical ResultsUS Pivotal Clinical TrialsClinical MilestonesUS Interim TrialsNon-Specific Codes FDA – Class II – 510 (k) with Clinical TrialsRegulatory/ IP MilestonesInitial Product Launch15612/4/2009
- 357. MammOpticsMammOpticsFinancial / Operations Timeline2016201220132014201520172018M&A / IPO $50 MMQ1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q1Q2Q3Q4Q3Series D $35 MM$40M$30M$20MCash Reserve$15M$10M$5MLaunch Regulatory / ClinicalDesign MilestonesPublicationPost-Market Clinical StudiesClinical ResultsClinical MilestonesNon-Specific Codes Specific Codes (Cat. I CPT / APC)FDA – Class II – 510 (k) with Clinical TrialsRegulatory/ IP MilestonesInitial Product Launch12/4/2009
- 358. MammOpticsMammOpticsFinancial / Operations Timeline2016201220132014201520172018M&A / IPO $50 MMQ1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q1Q2Q3Q4Q3Series D $35 MM$40MSeries C $30.5 MM$30M$20MCash ReserveSeries B $9 MM$15MSeries A $3.5 MM$10M$5MSystemInitializeLaunch Regulatory / ClinicalMarketable ProductProof of ConceptSecond ReleaseBeta PrototypeDesign Milestones1st Release TestBeta-Version Testing2nd Release TestLaboratory PrototypePublicationPublicationPost-Market Clinical StudiesClinical ResultsPilot StudiesUS Pivotal Clinical TrialsClinical MilestonesUS Interim TrialsNon-Specific Codes Provisional PatentIRB / IDESpecific Codes (Cat. I CPT / APC)Cat III CPTFDA – Class II – 510 (k) with Clinical TrialsRegulatory/ IP MilestonesApplication and System PatentsInitial Product LaunchIC and Processing PatentsTechnology Licensing15812/4/2009
- 359. MammOpticsBusiness Model Canvas 4 of 4Strong clinical dataTrainingMaintenanceConferencesCME coursesProduct DevelopmentIPClinical trialsFDAReimbursement PublishingDoctors:Earlier detectionPriceAccuracyImmediate ResultsPatients:Radiation FreeNon-InvasiveKOLs3rd party manufacturersDistributorsBreast Cancer FoundationsACOGACSClinical trial designerOB/GYNsPCPsDirect Sales to hospitalsDistributorOnlineIP Leading doctorsTechnical ExpertiseProduct DevelopmentClinical trialsOperating CostsMarketing CostsPer use fees
- 360. MammOpticsBusiness Model Canvas 4 of 4Strong clinical dataTrainingMaintenanceConferencesCME coursesProduct DevelopmentIPClinical trialsFDAReimbursement PublishingKOLs3rd party manufacturersBreast Cancer FoundationsACOGACSClinical trial designerEarlier detectionNon invasivePriceAccuracyImmediate ResultsOB/GYNsPCPsFinal iteration of our business modelBut… need to think about the big picture…Direct Sales to hospitalsDistributorOnlineIP Leading doctorsTechnical ExpertiseProduct DevelopmentClinical trialsOperating CostsMarketing CostsPer use fees
- 361. MammOpticsBusiness Model Canvas 1Strong clinical dataTrainingMaintenanceProduct DevelopmentIPClinical trialsFDAHospitalsLeading doctors3rd party manufacturersDistributorsRadiation-freeEarlier detectionNon invasivePioneering DoctorsHospitalsDirect Sales to hospitalsIP Leading doctorsTechnical ExpertiseProduct DevelopmentClinical trialsOperating CostsCapital Equipment Sales and disposable item
- 362. MammOpticsBusiness Model Canvas 2Strong clinical dataTrainingMaintenanceProduct DevelopmentIPClinical trialsFDAHospitalsLeading doctors3rd party manufacturersDistributorsResearch HospitalsRadiation-freeEarlier detectionNon invasivePioneering DoctorsHospitalsDirect Sales to hospitalsIP Leading doctorsTechnical ExpertiseProduct DevelopmentClinical trialsOperating CostsCapital Equipment Sales and disposable item
- 363. MammOpticsBusiness Model Canvas 3Strong clinical dataTrainingMaintenanceProduct DevelopmentIPClinical trialsFDADoctors:Earlier detectionPriceAccuracyPatients:Radiation FreeNon-InvasiveHospitals (Capital Spending Committee)Leading doctors3rd party manufacturersDistributorsResearch HospitalsPioneering DoctorsHospitalsDirect Sales to hospitalsIP Leading doctorsTechnical ExpertiseProduct DevelopmentClinical trialsOperating CostsCapital Equipment Sales and disposable item
- 364. MammOpticsBusiness Model Canvas 4 Strong clinical dataTrainingMaintenanceProduct DevelopmentIPClinical trialsFDADoctors:Earlier detectionPriceAccuracyImmediate ResultsPatients:Radiation FreeNon-InvasiveHospitals (Capital Spending Committee)Leading doctors3rd party manufacturersDistributorsResearch HospitalsBreast Cancer FoundationsPioneering DoctorsHospitalsOB/GYNsPCPsDirect Sales to hospitalsIP Leading doctorsTechnical ExpertiseProduct DevelopmentClinical trialsOperating CostsCapital Equipment Sales and disposable item
- 365. MammOpticsBusiness Model Canvas 5Strong clinical dataTrainingMaintenanceConferencesCME coursesProduct DevelopmentIPClinical trialsFDAReimbursementPublishingDoctors:Earlier detectionPriceAccuracyPatients:Radiation FreeNon-InvasiveLeading doctorsKey Opinion Leaders3rd party manufacturersDistributorsBreast Cancer FoundationsACOGACSOB/GYNsPCPsDirect Sales to hospitalsDistributorIP Leading doctorsTechnical ExpertiseProduct DevelopmentClinical trialsOperating CostsMarketing CostsCapital Equipment Sales and disposable item
- 366. MammOpticsBusiness Model Canvas 6Strong clinical dataTrainingMaintenanceConferencesCME coursesProduct DevelopmentIPClinical trialsFDAReimbursement PublishingDoctors:Earlier detectionPriceAccuracyImmediate ResultsPatients:Radiation FreeNon-InvasiveKOLs3rd party manufacturersDistributorsBreast Cancer FoundationsACOGACSOB/GYNsPCPsDirect Sales to hospitalsDistributorIP Leading doctorsTechnical ExpertiseProduct DevelopmentClinical trialsOperating CostsMarketing CostsCapital Equipment Sales and disposable itemPer use fees
- 367. MammOpticsBusiness Model Canvas 7Strong clinical dataTrainingMaintenanceConferencesCME coursesProduct DevelopmentIPClinical trialsFDAReimbursement PublishingDoctors:Earlier detectionPriceAccuracyImmediate ResultsPatients:Radiation FreeNon-InvasiveKOLs3rd party manufacturersDistributorsBreast Cancer FoundationsACOGACSClinical trial designerOB/GYNsPCPsDirect Sales to hospitalsDistributorIP Leading doctorsTechnical ExpertiseProduct DevelopmentClinical trialsOperating CostsMarketing CostsPer use fees
- 368. MammOpticsBusiness Model Canvas 8Strong clinical dataTrainingMaintenanceConferencesCME coursesProduct DevelopmentIPClinical trialsFDAReimbursement PublishingDoctors:Earlier detectionPriceAccuracyImmediate ResultsPatients:Radiation FreeNon-InvasiveKOLs3rd party manufacturers(local)Breast Cancer FoundationsACOGACSClinical trial designerOB/GYNsPCPsDirect Sales to hospitalsDistributorIP Leading doctorsTechnical ExpertiseProduct DevelopmentClinical trialsOperating CostsMarketing CostsPer use fees
- 369. MammOpticsBusiness Model Canvas 9Strong clinical dataTrainingMaintenanceConferencesCME coursesProduct DevelopmentIPClinical trialsFDAReimbursement PublishingDoctors:Earlier detectionPriceAccuracyImmediate ResultsPatients:Radiation FreeNon-InvasiveKOLs3rd party manufacturers(local)Breast Cancer FoundationsACOGACSClinical trial designerOB/GYNsPCPsDirect Sales to hospitalsDistributorIP Leading doctorsTechnical ExpertiseProduct DevelopmentClinical trialsOperating CostsMarketing CostsPer use fees
- 370. Blog Your Progress
- 371. How?Customer DevelopmentThe ProcessNarrativeInterviewsSurveysVideosPrototypesBusiness Model CanvasScorekeepingReal-time FeedbackPhysical Reality ChecksSkypeFace-to-face
- 372. We Made Students Blog Their ProgressIt Changed Everything
- 373. Interview
- 374. PhotosVideos
- 375. Surveys
- 376. Interview& Photos
- 377. Competitive Analysis
- 378. Key Findings
- 379. A/B Test Results
- 380. Key Question
- 381. Strategy
- 382. Business Model Canvas as the Scorecard
- 383. Business School Versus Entrepreneurship SchoolEntrepreneurship SchoolBusiness SchoolScalableStartupTransitionLarge CompanyHypothesis testing
- 384. Business Model design
- 385. Customer Development
- 386. Agile Development
- 387. Metrics
- 388. Venture Finance
- 389. Design Thinking
- 390. Execution
- 391. Accounting
- 392. Products
- 393. Engineering
- 394. Management
- 395. AdministrativeBusiness School Versus Entrepreneurship CoursesBusiness SchoolEntrepreneurship SchoolScalableStartupTransitionLarge CompanyCourses Lean Launchpad
- 397. Business Model Design
- 399. Creativity and Innovation
- 401. User-centric designCourses Managerial Finance/Accounting
- 402. Managing Groups and Teams
- 403. Financial Accounting
- 404. Operations
- 405. Modeling for Optimization
- 406. Global Value Chain StrategiesBusiness School Versus Entrepreneurship CoursesBusiness SchoolEntrepreneurship SchoolScalableStartupTransitionLarge CompanyI teach thisCourses Lean Launchpad
- 408. Business Model Design
- 410. Creativity and Innovation
- 412. User-centric designE-School 20th century focus on physical goods
- 413. East coast manufacturing-centric
- 414. East coast B-School-centric
- 415. 21st century focus on virtual and physical goods and channels
- 416. West coast engineering school-centricOne More Thing
- 417. Adopted by the U.S. Government