steve blank "entrepreneurial education"
DESCRIPTION
A presentation by Steve BlankTRANSCRIPT
Demolishing the Status Quo in Entrepreneurial Education
I Write a Blog
www.steveblank.com
This Talk is Based OnBusiness Model GenerationFour Steps to the Epiphany
The Lean Startup
This Talk
• What’s a Startup?
• Search versus Execution
• Entrepreneurship As a Mgmt Science
• B-Schools = Large company mgmt
• Incubators = the transition
• E-School = the conclusion
First -
What’s A Startup?
Six Types of Startups
Startup
Lifestyle Startups Work to Live their Passion
• Serve known customer with
known product
• Pay for their passion
Small Business
Startup
Small Business StartupsWork to Feed the Family
• Serve known customer with
known product
• Feed the family
Small Business
Startup
Exit Criteria
- Business Model found
- Profitable business
- Existing team
< €100K in revenue
Small Business StartupsWork to Feed the Family
• known customer
known product
• Feed the family
Small Business
Startup
- Business Model found
- Profitable business
- Existing team
< $10M in revenue
Small Business Startups
• 5.7 million small businesses in the U.S. <500 employees
• 99.7% of all companies
• ~ 50% of total U.S. workers
http://www.sba.gov/advo/stats/sbfaq.pdf
ScalableStartup
Large Company
Scalable Startup
Goal is to solve for:
unknown customer and
unknown features
Search
ScalableStartup
Large Company
Exit Criteria
- Business model found
- Total Available Market > €300m
- Can grow to €50/year
Scalable StartupBorn to Be Big
Search Execute
ScalableStartup
Large Company
- Total Available Market > $500m
- Company can grow to $100m/year
- Business model found
- Focused on execution and process
- Typically requires “risk capital”
Scalable Startup
• In contrast a scalable startup is designed to grow big
• Typically needs risk capital
• What Silicon Valley means when they say “Startup”
Search Execute
ScalableStartup
Large Company
Transition
Founders depart
- Operating executives
- Professional Mgmt
- Process
- Beginning of scale
The Transition – Founders Leave
BuildSearch Execute
ScalableStartup
€3 to 30M Acquisition
Buyable StartupBorn to Be Big
Goal is to solve for:
Internet, Mobile, Gaming Apps
Search Sell
ScalableStartup
€3 to e0M Acquisition
Buyable Startup
Goal is to solve for:
Internet and Mobile Apps
Search Sell
Sell to larger company
Scalable
Startup
Large
Company
-Business Model found
- i.e. Product/Market fit
- Repeatable sales model
- Managers hired
What’s A Startup?
A Startup is a temporary organization used to search
for a repeatable and scalable business model
Search Execute
TransitionLarge
CompanyScalableStartup
Sustaining Innovation
• Existing Market / Known customer
•Known product feature needs
Large Company Sustaining InnovationInnovate or Evaporate
Large Company Disruptive Innovation
New Division
TransitionLarge
Company
Disruptive Innovation
•New Market
•New tech, customers, channels
Large Company Disruptive Innovation
New Division
TransitionLarge
Company
Disruptive Innovation•Build
•Acquire
- IP
- Talent
- Product
- Customers
- Business
Large Non-Profit
Social Startup
Social Entrepreneurship Startups
• Solve pressing social problems
• Social Enterprise: Profitable
• Social Innovation: New Strategies
Each of these startups
require different skills
They Can Not Be Taught the Same Way
Search Versus Execution
Why Accountants Don’t Run Startups
ScalableStartup
Large Company
Transition
Business Model found
- customer needs/product features found
i.e. Product/Market fit
-Found by founders, not employees
- Repeatable sales model
- Managers hired
The Search for the Business Model
Startups Search and Pivot
ScalableStartup
Large Company
Transition
-Business Model found
- Product/Market fit
- Repeatable sales model
- Managers hired
- Cash-flow breakeven
- Profitable
- Rapid scale
- New Senior Mgmt
~ 150 people
The Search for the Business Model The Execution of the Business Model
Startups Search, Companies Execute
ScalableStartup
LargeCompany
Transition
Traditional Accounting
-Balance Sheet
- Cash Flow Statement
- Income Statement
The Execution of the Business Model
Metrics Versus Accounting
ScalableStartup
LargeCompany
Transition
Startup Metrics
- Customer Acquisition Cost
- Viral coefficient
- Customer Lifetime Value
- Average Selling Price/Order Size
- Monthly burn rate
- etc.
Traditional Accounting
- Balance Sheet
- Cash Flow Statement
- Income Statement
The Search for the Business Model The Execution of the Business Model
Metrics Versus Accounting
ScalableStartup
LargeCompany
Transition
Sales
-Sales Organization
- Scalable
- Price List/Data Sheets
- Revenue Plan
The Execution of the Business Model
Customer Validation Versus Sales
ScalableStartup
LargeCompany
Transition
Customer Validation
- Early Adopters
- Pricing/Feature unstable
- Not yet repeatable
-“One-off’s”
- Done by founders
Sales
- Sales Organization
- Scalable
- Price List/Data Sheets
- Revenue Plan
The Search for the Business Model The Execution of the Business Model
Customer Validation Versus Sales
ScalableStartup
Large Company
Transition
Product Management
- Delivers MRD’s
- Feature Spec’s
- Competitive Analysis
- Prod Mgmt driven
The Execution of the Business Model
Customer Development Versus
Product Management
ScalableStartup
Large Company
Transition
Customer Development
- Hypothesis Testing
- Minimum Feature Set
- Pivots
- Founder-driven
The Search for the Business Model The Execution of the Business Model
Customer Development Versus
Product Management
Product Management
- Delivers MRD’s
- Feature Spec’s
- Competitive Analysis
ScalableStartup
Large Company
Transition
The Execution of the Business Model
Engineering Versus
Agile Development
Engineering
- Requirements Docs.
- Waterfall Development
- QA
- Tech Pubs
ScalableStartup
Large Company
Transition
Agile Development
- Continuous Deployment
- Continuous Learning
- Self Organizing Teams
- Minimum Feature Set
- Pivots
The Search for the Business Model The Execution of the Business Model
Engineering Versus
Agile Development
Engineering
- Requirements Docs.
- Waterfall Development
- QA
- Tech Pubs
ScalableStartup
Large Company
Transition
Business Plan
-Plan describes “knowns”
- Known features for line extensions
- Known customers/markets
- Known business model
The Execution of the Business Model
Startups Model, Companies Plan
ScalableStartup
Large Company
Transition
Business Model
- Unknown customer needs
- Unknown feature set
- Unknown business model
- Model found by iteration
The Search for the Business Model
Startups Model, Companies Plan
The Execution of the Business Model
-Plan describes “knowns”
- Known features for line extensions
- Known customers/markets
- Known business model
ScalableStartup
Large Company
Transition
Startups Are Not Small Versions of
Large Companies
BuildSearch Execute
Yet our curriculums assume they are –
we teach that the knowledge is interchangeable
Entrepreneurship as a
Management Science
E-School instead of B-School
Business as a Management Science
• 1601 East India Company
• 300 years of companies
without MBA credentials
•1908 Harvard first MBA
ScalableStartup
Large Company
Transition
-Execution
- Strategy
- Accounting
- Products
- Engineering
- Management
-Administration
Business School
Business School Topics
Large Company
Business School
Business School Courses
Courses
-Managerial Finance/Accounting
- Managing Groups and Teams
- Financial Accounting
- Operations
- Modeling for Optimization
- Global Value Chain Strategies
ScalableStartup
Transition
B-School Results?
• U.S. corporations went from local to national
then international
•Cadre of experienced managers to match
• Experts on finance and growth (Dupont/GM)
B-Schools made the 20th Century
the American business century
Business School Focus on
Large Company Strategies
Execution versus Search
Business School Limitations
•Most Professors consult for large corporations
• Most believe startups are just smaller versions of
large companies
• Most B-school entrepreneurship programs are
side-shows
Irony:
21st Century Job Growth will Come
from New Ventures
Incubators a Reaction to the lack of Practical
University Entrepreneurship
• 1959 Josephy Mancuso - Batavia Industrial Ctr.
• 1996 IdeaLab
•2005 Y-Combinator
•2011 100+ Incubators world-wide
Startup Incubators
•Hands-on (experience vs. theory)
• Goal: create a company and jobs
• Full-time residential, stipend-based program
• Curriculum: product development + best practices
What’s Missing?
A Repeatable Methodology
Not Just War Stories
Startups Are Not Smaller Versions
of Large Companies
Large Companies Execute Known Business Models
Startups Are Not Smaller Versions
of Large Companies
Startups Search for Unknown Business Models
E-School
•Complete curriculum with Hands-on emphasis
• Goal: methodology for startup creation
• Can be taught anywhere
- University
- Incubator
- Remotely
• Curriculum: about the search for a business model
The Business Model:
Any company can be described in 9 building blocks
CUSTOMER SEGMENTS
which customers and users are you serving?
which jobs do they really want to get done?
VALUE PROPOSITIONS
what are you offering them? what is that
getting done for them? do they care?
CHANNELS
how does each customer segment want to be
reached? through which interaction points?
CUSTOMER RELATIONSHIPS
what relationships are you establishing with each
segment? personal? automated? acquisitive? retentive?
REVENUE STREAMS
what are customers really willing to pay for? how?
are you generating transactional or recurring revenues?
KEY RESOURCES
which resources underpin your business model?
which assets are essential?
57
KEY ACTIVITIES
which activities do you need to perform well in
your business model? what is crucial?
KEY PARTNERS
which partners and suppliers leverage your model?
who do you need to rely on?
COST STRUCTURE
what is the resulting cost structure?
which key elements drive your costs?
60images by JAM
customer
segments
key
partners
cost
structure
revenue
streams
channels
customer
relationships
key
activities
key
resources
value
proposition
sketch out your business model
sketch out your business models
But,
Realize They’re Hypotheses
9 Guesses
Guess Guess
Guess
Guess
Guess
Guess
Guess
GuessGuess
Customer Development
Get Out of the Building
The founders
^
Customer DevelopmentThe Search For the Business Model
CompanyBuilding
CustomerDiscovery
CustomerValidation
Customer Creation
Pivot
• Stop selling, start listening
• Test your hypotheses
• Continuous Discovery
• Done by founders
Customer Discovery
CustomerDiscovery
CustomerValidation
CompanyBuilding
CustomerCreation
Test Hypotheses:
•Product
• Market Type
• Competition
Turning Hypotheses to Facts
Test
Hypotheses:
•Problem
• Customer
• User
• Payer
Test Hypotheses:
•Channel
Test
Hypothese
s:
•Problem
•
Customer
• User
• Payer
Test
Hypotheses
:
•Demand
Creation
Test
Hypotheses:
•Channel
Test
Hypotheses:
•Product
• Market
Type
•
Competitive
Test Hypotheses:
•Pricing Model /
Pricing
Test Hypotheses:
•Size of
Opportunity/Market
• Validate Business Model
Test
Hypothese
s:
•Channel
•
(Customer
)
•
(Problem)
Test
Hypothese
s:
•Problem
•
Customer
• User
• Payer
Test
Hypotheses
:
•Demand
Creation
Test
Hypotheses:
•Channel
Test
Hypotheses:
•Product
• Market
Type
•
Competitive
Test Hypotheses:
•Pricing Model /
Pricing
Test Hypotheses:
•Size of
Opportunity/Market
• Validate Business Model
Test
Hypothese
s:
•Channel
•
(Customer
)
•
(Problem)
Customer
Developme
nt Team
Agile
Developme
nt
The Minimum Viable Product (MVP)
• Smallest feature set that gets you the most …
- orders, learning, feedback, failure…
The Pivot
•The heart of Customer Development
•Iteration without crisis
•Fast, agile and opportunistic
Pivot Cycle Time Matters
•Speed of cycle minimizes cash needs
•Minimum feature set speeds up cycle time
• Near instantaneous customer feedback
drives feature set
The Pivot
A Pivot is the change of one or more
Business Model Canvas Components
The Pivot
A Pivot is the change of one or more
Business Model Canvas Components OB/GYNs
PCPs
Direct Sales to
hospitals
Distributor
Strong clinical
data
Training
Maintenance
Conferences
CME courses
Product Development
Clinical trials
Operating Costs
Marketing Costs
Capital Equipment Sales
and disposable item
Per use fees
Product
Development
IP
Clinical trials
FDA
Publishing
IP
Leading doctors
Technical
Expertise
Leading doctors
Key Opinion
Leaders
3rd party
manufacturers
Distributors
Breast Cancer
Foundations
ACOG
ACS
Doctors:
Earlier
detection
Price
Accuracy
Patients:
Radiation Free
Non-Invasive
How Does This Really Work?
Stanford Lean LaunchPad Class
How Does This Really Work?
Stanford Lean LaunchPad Class
8 Weeks From an Idea to a Business
Pivot Example
Robotic Weeding
Talked 75 Customers in 8 Weeks
Our initial plan
Confidential
20 interviews, 6 site visits…
We got OUR Boots dirtyWeeding
Visited two farms in Salinas Valley to better understand problem
Interviewed:• Bolthouse Farms, Large Agri-Industry in Bakersfield
• White Farms, Large Peanut farmer in Georgia• REFCO Farms, large grower in Salinas Valley• Rincon Farms, large grower in Salinas Valley• Small Organic Corn/Soy grower in Nebraska
• Heirloom Organics, small owner/operator, Santa Cruz Mts• Two small organic farmers at farmers market
• Ag Services of Salinas, Fertilizer applicator
MowingInterviewed:
• Golf: Stanford Golf course • Parks: Stanford Grounds Supervisor, head of maintenance and
lead operator (has crew of 6)• Toro dealer (large mower manufacturer)
• User of back-yard mowing system• Maintenance Services for City of Los Altos
• Colony Landscaping (Mowing service for stadiums)
Business Plan Autonomous Vehicles for Mowing & Weeding
We reduce
operating cost
- Labor reduction
- Better
utilization of
assets (eg mow or
weed at nights)
- Improved
performance (less
rework, food
safety)
Mowing
- Owners of
public or
commercially
used green
spaces (e.g. golf
courses)
- Landscaping
service provider
Weeding
- Farmers with
manual weeding
operations
Dealers sell,
installs and
supports customer
Co. trains dealers,
supports dealers
- Mowing
Dealers
- Ag Dealers
- Innovation
- Customer
Education
- Dealer training
Dealer discount
COGS seek a 50-60% Gross Margin
Heavy R&D investment
- Dealers
(Mowing and
Ag)
- Vehicle OEMs
(John Deere,
Toro, Jacobsen,
etc)
- Research labs
Asset sale
Our revenue stream derives from selling the
equipment
Engineers on
Autonomous
vehicles, GPS,
path-planning
Found weeding in organic crops is HUGE
problem; 50 - 75% of costs
Crews of 100s-1000
Back-breaking task
(Ilegal) labor harder to get
1-5 weedings per year/field
$250-3,500 per acre and increasing
Food contamination risk
Decision to make – mowing vs weeding
Application If ROI is < 1 yr they will
buy
Labor costs significant?
Autonomouswould solve
problem?
TAM
Mowing of large fields
Yes.Professionally
run organizations
Yes Yes Adjusted up toxxx
Weeding in Agriculture
Agri Industry: YES!
Large Growers: Yes
Small Growers: No
YES! for organic crops
They are spending $500/ac!
Not necessarily
Key need is weed vs. crop differentiation
TAM increasedto $2.6 B (Total
organic)
Target Market (organic
specialty) 162 M/yr
18%/yr growth
Autonomous vehiclesWEEDING
We reduce
operating cost
- Labor reduction
(100 to 1)
- Reduced risk of
contamination
- Mitigate labor
availability
concerns
- Low density
vegetable
growers
- High density
vegetable
growers
- Thinning
operations
- Conventional
vegetables
Dealers sell,
installs and
supports customer
Co. trains dealers,
supports dealers
- Ag Dealers
- Ag Service
providers
- Innovation
- Customer
Education
- Dealer training
Dealer discount
COGS seek a 50-60% Gross Margin
Heavy R&D investment
- Ag Dealers
- Ag Service
providers
- Research labs
Asset sale
Our revenue stream derives from selling the
equipment
Engineers on
Machine Vision
Two problems:
- Identification
- Elimination
1 Week – 1 CarrotBot
Confidential
CARROTBOT
Machine Vision data collection platform
Monochrome & Color Cameras
Laser-line sweep (depth measurement)
Encoders (position/velocity)
Onboard data acquisition & power
CarrotBot 1.0
The Business Plan Canvas Updated
•Research Labs
•Equipment
Manufacturers
•Distribution
Network
•Service
Providers
•Technology
Design
•Marketing
•Demo and
customer
feedback•Cost
Reduction
•Remove labor
force pains
•Eliminate bio-
waste hazards•IP – Patents
•Video
Classifier Files
•Robust
Technology
•Farming
conventions.
•Demo, demo,
and demo!!
•Proximity is
paramount
•Organic
Farmers
•Weeding
Service
Providers
•Conventional
Farmers•Dealers
•Direct Service
•Indirect Service
• … then Dealers
•Asset Sale
•Direct Service with
equipment rental
•… then Asset Sale
Value-Driven
Visit Highlights
Above: Organic Carrots, 7wks.
Top right: Conventional carrots
Bottom Right: Very weedy. Will require
multiple passes of hand weeding
Visit Highlights
Carrot vs. Weeds
Due to small root systems, carrots have no chance against weeds
Visit Highlights
Organic Broccoli, closely
cultivated. Weeds close
to plants are hand-
picked
Visit Highlights
State of the Art in Weeding Technology
for Organic Crops
Customer Hypothesis
Us Dealer
Large Growers
Industrial Growers
Us Dealer
Industrial Growers
Large Growers
Service Providers
Equipment Rental
Hypothesis Confirmed
• Growers interested in own equipment
• Industrial (10,000s of acres)
• Large (1,000s of acres)
• Willing to pay $100k for one
unit
• Smaller growers (100s of acres)
usually subcontract the labor services
or rent equipment
• All purchases through local dealers
•Customer service is essential
Pre-Test
Post-Test
Customer Map #1 – Industrial Growers
End User
Influencer
Recommender
Decision Maker
Approver
Example: Bolthouse Farms – Large Industrial Carrot
Producer – 8K acres/yr• Equipment
Operator
• Director, Ag
Technology• Justin Grove,
interviewed
• VP, Growing
Operations
• CFO, CEO (Jeff
Dunn)
• Local Farm Mgr• Cliff Kirkpatrick,
visited
Equipment
Operator
Cliff, Farm Mgr
Customer Map #2 – Service Providers
End User
Influencer
Recommender
Decision Maker & Approver
Example: Ag Services – Service Provider, Salinas
Valley• Equipment
Operator
• Service Mgr
• ?? (service mgr’s
boss)
Me (left), Marty (middle, Service
Mgr), Doug (right, Grower)
• Grower
The Business Plan Canvas Updated
•Research Labs
•Equipment
Manufacturers
•Distribution
Network
•Service
Providers
•Technology
Design
•Marketing
•Demo and
customer
feedback•Cost
Reduction
•Remove labor
force pains
•Eliminate bio-
waste hazards•IP – Patents
•Video
Classifier Files
•Robust
Technology
•Farming
conventions.
•Demo, demo,
and demo!!
•Proximity is
paramount
•Mid/Large
Organic Farmers
•Agricultural
corporations
•Weeding Service
Providers
•Mid/Large
Conventional
Farmers•Direct Service
•Indirect Service
• … then Dealers
•Direct Service with
equipment rental
•($1,500/d; 120d/yr )
•Low density: $1,500/d
•High density: $6,000/d
Value-Driven
World Ag Expo interviews:
the need is real and wide spread
• 10+ interviews at show
– Everyone confirmed the need
– Robocrop, UK based, crude competitor sells for $171 K
• Revenue Stream
– Mid to small growers prefer a service
– Large growers prefer to buy, but OK with service until technology is proven
– Charging for labor cost saved is OK, as we provide other benefits (food safety, labor availability)
Confidential
The Business Plan Canvas Updated
•Research Labs
•Equipment
Manufacturer
•Distribution
Network
•Service
Providers
•2 or 3 Key
Farms
•Technology
Design
•Marketing
•Demo and
customer
feedback•Cost
Reduction
•Remove labor
force pains
•Eliminate bio-
waste hazards•IP – Patents
•Video
Classifier Files
•Robust
Technology
•Farming
conventions.
•Demo, demo,
and demo!!
•Proximity is
paramount
•Mid/Large
Organic Farmers
•Agricultural
corporations
•Weeding Service
Providers
•Mid/Large
Conventional
Farmers•Direct Service
•Indirect Service
• … then Dealers
•Direct Service with
equipment rental
•Low density: $1,500/d
•High density: $6,000/d
Value-Driven
• R&D
• Bill of Materials
• Training & Service
• Sales
Autonomous weeding - Final
We reduce
operating cost
- Labor reduction
(100 to 1)
- Reduced risk of
contamination
- Mitigate labor
availability
concerns
- Low density
vegetable
growers
- High density
vegetable
growers
- Thinning
operations
- Conventional
vegetables
Direct
- Provide high
quality service at
competitive price
Direct
- Alliance with
service providers
- Eventually sell
through dealers
- Innovation
- Customer
Education
- Dealer training
Costs for service provision
COGS seek a 50-60% Gross Margin
Heavy R&D investment
- Ag Service
providers
- Research
Institutes (eg UC
Davis, Laser
Zentrum
Hannover)
- 3-4 key farms
Service provision
- Charge by the acre with modifier according to
weed density
- Eventually move to asset sale
Engineers on
Machine Vision
Two problems:
- Identification
- Elimination
MammOpticsFinal project presentation for E 245 Winter 2011
MammOptics
Initial Idea
Breast cancer
Leading cause of cancer in women
190,000 diagnosis every year US
41,000 deaths every year US
Increasing diagnosis rates
Mammography
15%-25% false negatives rate
25% false positives rate
Requires X-ray radiation
Low resolution
Novel technology based on
RF-modulated optical
spectroscopy
MammOptics
- Earlier
detection
- Non-
radiative
- Non-
MammOptics
Technology Comparison
RiskInvasivenes
sResolution
False
Pos.
False
Neg.
Device
Cost
Time
Required
MammOptics
Mammography High High .6 cm 25% 30% 20-50k 20 min.
MRI Medium Medium .1 cm 70% 5% 1000k 45 min.
Ultra-Sound Very Low Very Low >.6 cm >30% >40% 5-15k 20 min.
I.I.T.Y.I.W.H.T.K.Y
MammOptics
Business Model Canvas 1 of 4
Radiation-free
Earlier detection
Non-invasive
Pioneering
radiologists in
hospitals
Direct sales to
hospitals
Strong clinical
data
Training
Maintenance
Product Development
Clinical trials
Operating CostsCapital equipment sales
and disposable item
Product
Development
IP
Clinical trials
FDA
IP
Leading doctors
Technical
Expertise
Hospitals
Leading doctors
3rd party
manufacturers
Distributors
MammOptics
Business Model Canvas 1 of 4
Radiation-free
Earlier detection
Non-invasive
Pioneering
radiologists in
hospitals
Direct sales to
hospitals
Strong clinical
data
Training
Maintenance
Product Development
Clinical trials
Operating CostsCapital equipment sales
and disposable item
Product
Development
IP
Clinical trials
FDA
IP
Leading doctors
Technical
Expertise
Hospitals
Leading doctors
3rd party
manufacturers
Distributors
MammOptics
Business Model Canvas 1 of 4
Finding the right customerFrom radiologists to gynecologists
MammOptics
Excursions into hospitals
Leading
doctors
Patients
Hospital
Managers
Technicians
Debra Ikeda
Jason Davies
Jafi Alissa Lipson
Sunita Pal
6 women >40
8 women <40
Alicia X-ray
mammography
Paul Billings
Holly V. Gautier
MammOptics
Hospital purchasing decision tree
MammOptics
Hospital purchasing decision tree
MammOptics
Private practice purchasing decision tree
MammOptics
Private practice purchasing decision tree
Pioneering
Doctors
Hospitals
OB/GYNs
PCPs
Direct Sales to
doctors
Strong clinical
data
Training
Maintenance
Product Development
Clinical trials
Operating Costs
Capital Equipment Sales
and disposable item
Product
Development
IP
Clinical trials
FDA
IP
Leading doctors
Technical
Expertise
Hospitals (Capital
Spending
Committee)
Leading doctors
3rd party
manufacturers
Distributors
Research
Hospitals
Doctors:
Earlier
detection
Price
Accuracy
Patients:
Radiation Free
Non-Invasive
MammOptics
Business Model Canvas 2 of 4
Pioneering
Doctors
Hospitals
OB/GYNs
PCPs
Direct Sales to
doctors
Strong clinical
data
Training
Maintenance
Product Development
Clinical trials
Operating Costs
Capital Equipment Sales
and disposable item
Product
Development
IP
Clinical trials
FDA
IP
Leading doctors
Technical
Expertise
Hospitals (Capital
Spending
Committee)
Leading doctors
3rd party
manufacturers
Distributors
Research
Hospitals
Doctors:
Earlier
detection
Price
Accuracy
Patients:
Radiation Free
Non-Invasive
MammOptics
Business Model Canvas 2 of 4
Getting to our customerThe world of direct sales and medical marketing
MammOptics
Interviews
Breast Cancer
Advocacy Groups
OB/GYNs
FDA/Clinical
Trials
Medical Sales
Be Bright Pink
Jennifer Glover
Dr. Cindy Woo
Dr. Jags Powers
Dr. Aaron
Shuvkan
Katrina Bell
Tanay Dudhela
Jed Hwang
Phyllis Whitely
Carl Simpson
Market Adoption
Key Opinion Leaders (KOLs)
Medical Journals
Continuing Medical Education
Conferences
Breast Cancer Advocacy Groups
American College of Obstetricians
and Gynecologists (ACOG)
MammOptics
Marketing
Market Adoption
Key Opinion Leaders (KOLs)
Medical Journals
Continuing Medical Education
Conferences
American College of Obstetricians
and Gynecologists (ACOG)
American College of Obstetricians
and Gynecologists (ACOG)
Access to ACOG by
former member
Strong influence on doctors via ACOG Standard of Care Strongly
influenced by KOLs
MammOptics
Marketing
Market Adoption
Key Opinion Leaders (KOLs)
Medical Journals
Continuing Medical Education
Conferences
American College of Obstetricians
and Gynecologists (ACOG)
American College of Obstetricians
and Gynecologists (ACOG)
Researchers conducting important
clinical trialsResearchers
with numerous
publications
Outsourced survey
research
Researchers with strong
peer recommendati
ons
MammOptics
Marketing
Market Adoption
Key Opinion Leaders (KOLs)
Medical Journals
Continuing Medical Education
Conferences
American College of Obstetricians
and Gynecologists (ACOG)
American College of Obstetricians
and Gynecologists (ACOG)
Focus on prominent journals
Need two big publications
Choose KOL as Principal
Investigators (PI)
MammOptics
Marketing
Market Adoption
Key Opinion Leaders (KOLs)
Medical Journals
Continuing Medical Education
Conferences
American College of Obstetricians
and Gynecologists (ACOG)
American College of Obstetricians
and Gynecologists (ACOG)
Effective method for educating doctors
Doctors required to
attend workshops
Workshop must be approved by
ACOG
Taught by objective medical experts
MammOptics
Marketing
Market Adoption
Key Opinion Leaders (KOLs)
Medical Journals
Continuing Medical Education
Conferences
American College of Obstetricians
and Gynecologists (ACOG)
American College of Obstetricians
and Gynecologists (ACOG)
ACOG Annual Clinical Meeting
Miami Breast Cancer
Conference
Opportunity for feedback from doctors
MammOptics
Marketing
Market Adoption
Key Opinion Leaders (KOLs)
Medical Journals
Continuing Medical Education
Conferences
Breast Cancer Advocacy Groups
American College of Obstetricians
and Gynecologists (ACOG)
Trusted information source for patients
Critical opinion leader for
technology adoption
Access to media outlets
MammOptics
Marketing
Individual
Doctors
Purchasing
Administrators
High value
medical products(e.g. cardiovascular
stents)
Commodity
medical products(e.g. latex gloves)
• Doctor education
• Direct feedback from
doctors
• Very expensive
• No doctor
education
• No customer
feedback
• Inexpensive
Direct Sales
Distributors
MammOptics
Channel Strategies and Costs
Individual Doctors
Purchasing Administrators
Channel Strategies and CostsMammOptics
5 dedicated sales people
$150,000 each/year
Hire nurses or technicians
with established
relationships
Early adopter feedback
Continue with core
group of sales
people
Use women’s
healthcare
equipment
distributor
Already established
network of
customers
Sales strategy 1 Sales strategy 2
MammOptics
Pricing Strategy
Equipment Lease model Per-use
model
Consumable
Cost of the
device
Service per
year
Per-use fee
Consumable
$50,000
$3,000
0
0
$5,000
$10,000
0
0
$5,000
0
$50
0
$25,000
0
0
$20
MammOptics
Pricing Strategy
Equipment Lease model Per-use
model
Consumable
Cost of the
device
Service per
year
Per-use fee
Consumable
$50,000
$3,000
0
0
$5,000
$10,000
0
0
$5,000
0
$50
0
$25,000
0
0
$20
ACOG
ACS
Doctor
specialty
committee
Hospital
Administration
Technician
RadiologistMammography
MammOptics
Customer Workflow
Current market Insurance
ACOG
ACS
Doctor
specialty
committee
Hospital
Administration
Technician
RadiologistMammography
MammOptics
Customer Workflow
Current market
But what would
happen if we
replace
mammography?
Insurance
ACOG
ACS
Doctor
specialty
committee
Hospital
Administration
Technician
Radiologis
tMammography
MammOptics
Customer Workflow
Breast
RadiologistsTechnicians Hospitals
Loss of jobs
Loss of jobs Eliminates loss leader
Puts emphasis on
biopsies
Insurance
ACOG
ACS
Doctor
specialty
committee
Hospital
Administration
Technician
RadiologistMammography
MammOptics
Customer Workflow
Insurance
ACOG
ACS
Doctor
specialty
committee
Hospital
Administration
Technician
Radiologis
tMammography
MammOptics
Customer Workflow
Insurance
Same cost as mammography
($140)
Reduced number of biopsies
($1000)
ACOG/ACS
Improved healthcare
(mammography weak technique)
Insurance
ACOG
ACS
Doctor
specialty
committee
Hospital
Administration
Technician
Insurance
RadiologistMammography
MammOptics
Customer Workflow
Insurance
Doctor
specialty
committee
Hospital
Administration
Technician
RadiologistMammography
MammOptics
Customer Workflow
ACOG
ACS
MammOptics
Patient PCP
OB/GY
N
Insurance
Doctor
specialty
committee
Hospital
Administration
Technician
Radiologis
tMammography
MammOptics
Customer Workflow
ACOG
ACS
MammOptic
s
Patient PCP
OB/GY
N
Hospital
Administration
Technician
Radiologis
tMammography
MammOptic
s
Patient PCP
OB/GY
N
PCP OB/GYNs
Increased revenue
More complete patient care
Patient
Improved healthcare
Comfort
MammOptics
Revenue
ACOG
ACS
Doctor
specialty
committee
Hospital
Administration
Technician
Insurance
RadiologistMammography
MammOptics
Customer Workflow
MammOptics
Patient PCP
OB/GY
N
OB/GYNs
PCPs
Direct Sales to
hospitals
Distributor
Strong clinical
data
Training
Maintenance
Conferences
CME courses
Product Development
Clinical trials
Operating Costs
Marketing Costs
Capital Equipment Sales
and disposable item
Per use fees
Product
Development
IP
Clinical trials
FDA
Publishing
IP
Leading doctors
Technical
Expertise
Leading doctors
Key Opinion
Leaders
3rd party
manufacturers
Distributors
Breast Cancer
Foundations
ACOG
ACS
Doctors:
Earlier
detection
Price
Accuracy
Patients:
Radiation Free
Non-Invasive
MammOptics
Business Model Canvas 3 of 4
OB/GYNs
PCPs
Direct Sales to
hospitals
Distributor
Strong clinical
data
Training
Maintenance
Conferences
CME courses
Product Development
Clinical trials
Operating Costs
Marketing Costs
Capital Equipment Sales
and disposable item
Per use fees
Product
Development
IP
Clinical trials
FDA
Reimburseme
ntPublishing
IP
Leading doctors
Technical
Expertise
Leading doctors
Key Opinion
Leaders
3rd party
manufacturers
Distributors
Breast Cancer
Foundations
ACOG
ACS
Doctors:
Earlier
detection
Price
Accuracy
Patients:
Radiation Free
Non-Invasive
MammOptics
Business Model Canvas 3 of 4
Building the companyThe backstage of a medical device company
MammOptics
Interviews
FDA Clinical Trials
Manufacturing
Venture
Capitalists
Reimbursement
Stanford
StatisticsSteve
Axelrod
Marga Ortigas-
Wedekind
Nick Mourlas
Don
Archambault
Shannon Bergstedt
Ali Habib
Dana Mead
Bill Starling
Doctors/Sales Dr. Aron
Shuftan
Jed Hwang
Michael J. Nohr
Manufacturing
MammOptics
Partners
Choose
manufacturing
facility close to
home
Manufacturing Reimbursement
MammOptics
Partners
Difficult to get
coverage for
new product.
Manufacturing
MammOptics
Partners
Reimbursement PartnersMammOptics
Insurances
CPT Codes
$75-$150
MammOptics
Partners
Manufacturing
FDA Clinical
Trials
Reimbursement
510K vs. PMA
Largest cost
Biggest
financial risk
Clinical Trials
12/4/2009
Stage 1Pilot trials
50 patients
$600K
MammOptics
6 months
Feasibility
Comparison
with
mammograph
y
Clinical Trials
12/4/2009
MammOptics
6 months 15 months
Stage 1Pilot trials
Stage 2Interim trials
500 patients
$7.2M
Prove superior
safety-efficacy
& sensitivity
Clinical Trials
12/4/2009
MammOptics
6 months 15 months
Stage 1Pilot trials
Stage 2Interim trials
24 months
Stage 3FDA pivotal
trials
1500 patients
$20.5M
FDA class II,
510(K) w/ trials
Focus on
superiority &
economic end-
points
Clinical Trials
12/4/2009
MammOptics
6 months 15 months
Stage 1Pilot trials
Stage 2Interim trials
Stage 3FDA pivotal
trials
Stage 4Post-market
studies2000 patients
$26.8M
Specific Cat III
CPT/ACP Codes
Market traction
24 months24 months
Clinical Trials
12/4/2009
MammOptics
6 months 15 months
Stage 1Pilot trials
Stage 2Interim trials
Stage 3FDA pivotal
trials$600K
$7.2M
$20.5M
$26.8M
Stage 4Post-market
studies
24 months 24 months
Clinical Trials
12/4/2009
MammOptics
MammOptics
PartnersMammOptics
Partners
Manufacturing
FDA Clinical
Trials
Reimbursement
Financial
timeline
Funding
$10M
$15M
2012
Series A
$3.5 MM
Ca
sh
Re
se
rve
Clin
ica
l M
ile
sto
ne
s
$5M
Initialize
De
sig
n
Mile
sto
ne
sR
eg
ula
tory
/ IP
M
ile
sto
ne
s
Q1 Q2 Q3 Q4
2013
Q1 Q2 Q3 Q4
2014
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2015 2016
Series B
$9 MM
System
2017
Q1 Q2Q1 Q2 Q3 Q4
2018
Q3
Launch
Series C
$30.5 MM$30M
$20M
Regulatory / Clinical
Series D
$35 MM
M&A / IPO
$50 MM$40M
151 12/4/2009
Proof of Concept
Pilot Studie
s
IC and Processing Patents
Marketable Product
Provisional Patent
Beta-Versio
n Testin
g
Application and
System Patents
IRB / IDE
Clinical Results
Second Release
Initial Product Launch
Specific Codes (Cat. I CPT / APC)
Non-Specific Codes
1st
Release Test
2nd Release Test
Publication
Post-Market Clinical Studies
Beta Prototype
US Interim Trials
FDA – Class II – 510 (k) with Clinical Trials
Publication
Financial / Operations Timeline
Cat III CPT
US Pivotal Clinical Trials
Laboratory
Prototype
Technology
Licensing
MammOpticsMammOptics
Financial
timeline
$10M
$15M
2012
Ca
sh
Re
se
rve
Clin
ica
l M
ile
sto
ne
s
$5M
Initialize
De
sig
n
Mile
sto
ne
sR
eg
ula
tory
/ IP
M
ile
sto
ne
s
Q1 Q2 Q3 Q4
2013
Q1 Q2 Q3 Q4
2014
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2015 2016 2017
Q1 Q2Q1 Q2 Q3 Q4
2018
Q3
$30M
$20M
$40M
152 12/4/2009
Proof of Concept
Provisional Patent
Financial / Operations Timeline
Technology
Licensing
MammOpticsMammOptics
$10M
$15M
2012
Series A
$3.5 MM
Ca
sh
Re
se
rve
Clin
ica
l M
ile
sto
ne
s
$5M
Initialize
De
sig
n
Mile
sto
ne
sR
eg
ula
tory
/ IP
M
ile
sto
ne
s
Q1 Q2 Q3 Q4
2013
Q1 Q2 Q3 Q4
2014
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2015 2016
System
2017
Q1 Q2Q1 Q2 Q3 Q4
2018
Q3
$30M
$20M
$40M
153 12/4/2009
Proof of Concept
Provisional Patent
Beta-Versio
n Testin
g
Laboratory
Prototype
Beta Prototype
Technology
Licensing
Financial / Operations Timeline
Pilot Studie
s
MammOpticsMammOptics
$10M
$15M
2012
Series A
$3.5 MM
Ca
sh
Re
se
rve
Clin
ica
l M
ile
sto
ne
s
$5M
De
sig
n
Mile
sto
ne
sR
eg
ula
tory
/ IP
M
ile
sto
ne
s
Q1 Q2 Q3 Q4
2013
Q1 Q2 Q3 Q4
2014
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2015 2016
Series B
$9 MM
System
2017
Q1 Q2Q1 Q2 Q3 Q4
2018
Q3
$30M
$20M
$40M
154 12/4/2009
IC and Processing Patents
Marketable Product
Beta-Versio
n Testin
g
Application and
System Patents
IRB / IDE
Beta Prototype
Financial / Operations Timeline
Pilot Studie
s
Regulatory / Clinical
Laboratory
Prototype
MammOpticsMammOptics
$10M
$15M
2012
Ca
sh
Re
se
rve
Clin
ica
l M
ile
sto
ne
s
$5M
De
sig
n
Mile
sto
ne
sR
eg
ula
tory
/ IP
M
ile
sto
ne
s
Q1 Q2 Q3 Q4
2013
Q1 Q2 Q3 Q4
2014
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2015 2016
Series B
$9 MM
System
2017
Q1 Q2Q1 Q2 Q3 Q4
2018
Q3
Series C
$30.5 MM$30M
$20M
Regulatory / Clinical
$40M
155
IC and Processing Patents
Application and
System Patents
IRB / IDE
Cat III CPT
Second Release
1st
Release Test
US Interim Trials US Pivotal Clinical Trials
Publication
Financial / Operations Timeline
Pilot Studie
s
MammOpticsMammOptics
$10M
$15M
2012
Ca
sh
Re
se
rve
Clin
ica
l M
ile
sto
ne
s
$5M
De
sig
n
Mile
sto
ne
sR
eg
ula
tory
/ IP
M
ile
sto
ne
s
Q1 Q2 Q3 Q4
2013
Q1 Q2 Q3 Q4
2014
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2015 2016 2017
Q1 Q2Q1 Q2 Q3 Q4
2018
Q3
Launch
Series C
$30.5 MM$30M
$20M
Regulatory / Clinical
Series D
$35 MM
$40M
156 12/4/2009
Clinical Results
Second Release
Initial Product Launch
Non-Specific Codes
2nd Release Test
Publication
US Interim Trials
FDA – Class II – 510 (k) with Clinical Trials
Publication
Financial / Operations Timeline
US Pivotal Clinical Trials
MammOpticsMammOptics
$10M
$15M
2012
Ca
sh
Re
se
rve
Clin
ica
l M
ile
sto
ne
s
$5M
De
sig
n
Mile
sto
ne
sR
eg
ula
tory
/ IP
M
ile
sto
ne
s
Q1 Q2 Q3 Q4
2013
Q1 Q2 Q3 Q4
2014
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2015 2016 2017
Q1 Q2Q1 Q2 Q3 Q4
2018
Q3
Launch
$30M
$20M
Regulatory / Clinical
Series D
$35 MM
M&A / IPO
$50 MM$40M
12/4/2009
Clinical Results
Initial Product Launch
Specific Codes (Cat. I CPT / APC)
Non-Specific Codes
Publication
Post-Market Clinical Studies
FDA – Class II – 510 (k) with Clinical Trials
Financial / Operations TimelineMammOpticsMammOptics
$10M
$15M
2012
Series A
$3.5 MM
Ca
sh
Re
se
rve
Clin
ica
l M
ile
sto
ne
s
$5M
Initialize
De
sig
n
Mile
sto
ne
sR
eg
ula
tory
/ IP
M
ile
sto
ne
s
Q1 Q2 Q3 Q4
2013
Q1 Q2 Q3 Q4
2014
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2015 2016
Series B
$9 MM
System
2017
Q1 Q2Q1 Q2 Q3 Q4
2018
Q3
Launch
Series C
$30.5 MM$30M
$20M
Regulatory / Clinical
Series D
$35 MM
M&A / IPO
$50 MM$40M
158 12/4/2009
Proof of Concept
Pilot Studie
s
IC and Processing Patents
Marketable Product
Provisional Patent
Beta-Versio
n Testin
g
Application and
System Patents
IRB / IDE
Clinical Results
Second Release
Initial Product Launch
Specific Codes (Cat. I CPT / APC)
Non-Specific Codes
1st
Release Test
2nd Release Test
Publication
Post-Market Clinical Studies
Beta Prototype
US Interim Trials
FDA – Class II – 510 (k) with Clinical Trials
Publication
Financial / Operations Timeline
Cat III CPT
US Pivotal Clinical Trials
Laboratory
Prototype
Technology
Licensing
MammOpticsMammOptics
MammOptics
Business Model Canvas 4 of 4
OB/GYNs
PCPs
Direct Sales to
hospitals
Distributor
Online
Strong clinical
data
Training
Maintenance
Conferences
CME courses
Product Development
Clinical trials
Operating Costs
Marketing Costs
Per use fees
Product
Development
IP
Clinical trials
FDA
Reimburseme
nt Publishing
IP
Leading doctors
Technical
Expertise
KOLs
3rd party
manufacturers
Distributors
Breast Cancer
Foundations
ACOG
ACS
Clinical trial
designer
Doctors:
Earlier
detection
Price
Accuracy
Immediate
Results
Patients:
Radiation Free
Non-Invasive
MammOptics
Business Model Canvas 4 of 4
Earlier detection
Non invasive
Price
Accuracy
Immediate Results
OB/GYNs
PCPs
Direct Sales to
hospitals
Distributor
Online
Strong clinical
data
Training
Maintenance
Conferences
CME courses
Product Development
Clinical trials
Operating Costs
Marketing Costs
Per use fees
Product
Development
IP
Clinical trials
FDA
Reimburseme
nt Publishing
IP
Leading doctors
Technical
Expertise
KOLs
3rd party
manufacturers
Breast Cancer
Foundations
ACOG
ACS
Clinical trial
designer
Radiation-free
Earlier detection
Non invasive
Pioneering
Doctors
Hospitals
Direct Sales to
hospitals
Strong clinical
data
Training
Maintenance
Product Development
Clinical trials
Operating Costs
Capital Equipment Sales
and disposable item
Product
Development
IP
Clinical trials
FDA
IP
Leading doctors
Technical
Expertise
Hospitals
Leading doctors
3rd party
manufacturers
Distributors
MammOptics
Business Model Canvas 1
Radiation-free
Earlier detection
Non invasive
Pioneering
Doctors
Hospitals
Direct Sales to
hospitals
Strong clinical
data
Training
Maintenance
Product Development
Clinical trials
Operating Costs
Capital Equipment Sales
and disposable item
Product
Development
IP
Clinical trials
FDA
IP
Leading doctors
Technical
Expertise
Hospitals
Leading doctors
3rd party
manufacturers
Distributors
Research
Hospitals
MammOptics
Business Model Canvas 2
Pioneering
Doctors
Hospitals
Direct Sales to
hospitals
Strong clinical
data
Training
Maintenance
Product Development
Clinical trials
Operating Costs
Capital Equipment Sales
and disposable item
Product
Development
IP
Clinical trials
FDA
IP
Leading doctors
Technical
Expertise
Hospitals (Capital
Spending
Committee)
Leading doctors
3rd party
manufacturers
Distributors
Research
Hospitals
Doctors:
Earlier
detection
Price
Accuracy
Patients:
Radiation Free
Non-Invasive
MammOptics
Business Model Canvas 3
Pioneering
Doctors
Hospitals
OB/GYNs
PCPs
Direct Sales to
hospitals
Strong clinical
data
Training
Maintenance
Product Development
Clinical trials
Operating Costs
Capital Equipment Sales
and disposable item
Product
Development
IP
Clinical trials
FDA
IP
Leading doctors
Technical
Expertise
Hospitals (Capital
Spending
Committee)
Leading doctors
3rd party
manufacturers
Distributors
Research
Hospitals
Breast Cancer
Foundations
Doctors:
Earlier
detection
Price
Accuracy
Immediate
Results
Patients:
Radiation Free
Non-Invasive
MammOptics
Business Model Canvas 4
OB/GYNs
PCPs
Direct Sales to
hospitals
Distributor
Strong clinical
data
Training
Maintenance
Conferences
CME courses
Product Development
Clinical trials
Operating Costs
Marketing Costs
Capital Equipment Sales
and disposable item
Product
Development
IP
Clinical trials
FDA
Reimburseme
ntPublishing
IP
Leading doctors
Technical
Expertise
Leading doctors
Key Opinion
Leaders
3rd party
manufacturers
Distributors
Breast Cancer
Foundations
ACOG
ACS
Doctors:
Earlier
detection
Price
Accuracy
Patients:
Radiation Free
Non-Invasive
MammOptics
Business Model Canvas 5
OB/GYNs
PCPs
Direct Sales to
hospitals
Distributor
Strong clinical
data
Training
Maintenance
Conferences
CME courses
Product Development
Clinical trials
Operating Costs
Marketing Costs
Capital Equipment Sales
and disposable item
Per use fees
Product
Development
IP
Clinical trials
FDA
Reimburseme
nt Publishing
IP
Leading doctors
Technical
Expertise
KOLs
3rd party
manufacturers
Distributors
Breast Cancer
Foundations
ACOG
ACS
Doctors:
Earlier
detection
Price
Accuracy
Immediate
Results
Patients:
Radiation Free
Non-Invasive
MammOptics
Business Model Canvas 6
OB/GYNs
PCPs
Direct Sales to
hospitals
Distributor
Strong clinical
data
Training
Maintenance
Conferences
CME courses
Product Development
Clinical trials
Operating Costs
Marketing Costs
Per use fees
Product
Development
IP
Clinical trials
FDA
Reimburseme
nt Publishing
IP
Leading doctors
Technical
Expertise
KOLs
3rd party
manufacturers
Distributors
Breast Cancer
Foundations
ACOG
ACS
Clinical trial
designer
Doctors:
Earlier
detection
Price
Accuracy
Immediate
Results
Patients:
Radiation Free
Non-Invasive
MammOptics
Business Model Canvas 7
OB/GYNs
PCPs
Direct Sales to
hospitals
Distributor
Strong clinical
data
Training
Maintenance
Conferences
CME courses
Product Development
Clinical trials
Operating Costs
Marketing Costs
Per use fees
Product
Development
IP
Clinical trials
FDA
Reimburseme
nt Publishing
IP
Leading doctors
Technical
Expertise
KOLs
3rd party
manufacturers
(local)
Breast Cancer
Foundations
ACOG
ACS
Clinical trial
designer
Doctors:
Earlier
detection
Price
Accuracy
Immediate
Results
Patients:
Radiation Free
Non-Invasive
MammOptics
Business Model Canvas 8
OB/GYNs
PCPs
Direct Sales to
hospitals
Distributor
Strong clinical
data
Training
Maintenance
Conferences
CME courses
Product Development
Clinical trials
Operating Costs
Marketing Costs
Per use fees
Product
Development
IP
Clinical trials
FDA
Reimburseme
nt Publishing
IP
Leading doctors
Technical
Expertise
KOLs
3rd party
manufacturers
(local)
Breast Cancer
Foundations
ACOG
ACS
Clinical trial
designer
Doctors:
Earlier
detection
Price
Accuracy
Immediate
Results
Patients:
Radiation Free
Non-Invasive
MammOptics
Business Model Canvas 9
Blog Your Progress
How?
• Customer Development– The Process
• Narrative– Interviews
– Surveys
– Videos
– Prototypes
• Business Model Canvas– Scorekeeping
• Real-time Feedback
• Physical Reality Checks– Skype
– Face-to-face
We Made Students
Blog Their Progress
It Changed Everything
Interview
Photos Videos
Surveys
Interview
& Photos
Competitive
Analysis
Key Findings
A/B Test
Results
Key Question
Strategy
Business Model Canvas as
the Scorecard
ScalableStartup
Large Company
Transition
Business School Versus
Entrepreneurship School
Entrepreneurship School
-Hypothesis testing
- Business Model design
- Customer Development
- Agile Development
- Metrics
- Venture Finance
- Design Thinking
-Execution
- Accounting
- Products
- Engineering
- Management
- Administrative
Business School
ScalableStartup
Large Company
Transition
Courses
- Lean Launchpad
- Customer/Agile Development
- Business Model Design
- Entrepreneurial Management
- Creativity and Innovation
- Entrepreneurial Finance
- User-centric design
Business School
Business School Versus
Entrepreneurship Courses
Entrepreneurship School
Courses
- Managerial Finance/Accounting
- Managing Groups and Teams
- Financial Accounting
- Operations
- Modeling for Optimization
- Global Value Chain Strategies
ScalableStartup
Large Company
Transition
Courses
- Lean Launchpad
- Customer/Agile Development
- Business Model Design
- Entrepreneurial Management
- Creativity and Innovation
- Entrepreneurial Finance
- User-centric design
Business School
Business School Versus
Entrepreneurship Courses
Entrepreneurship School
I teach this
E-School
•20th century focus on physical goods
• East coast manufacturing-centric
• East coast B-School-centric
• 21st century focus on virtual and physical goods
and channels
• West coast engineering school-centric
One More Thing
Adopted by the U.S. Government
Thanks
www.steveblank.com