Giora Maymon-Structural Dynamics and Probabilistic Analysis for Engineers(2008)
Giora Kornblau - Entrepreneurship: Creating New Reality
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Transcript of Giora Kornblau - Entrepreneurship: Creating New Reality
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Entrepreneurship -Creating new reality
Insights from the process
Presented by : Giora Kornblau
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Take it with a grain of salt
• Your case is unique and different
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Building Blocks For Early Stage Medical Device Startup
Funding Team
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MarketNeed
TechnologyIP
RegulationsROI model
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Before we start,
Common errors we do
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Market
Compare our ideas with existing install base
Common errors
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Need
The doctor said that hemust have such a device
Common errors
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Technology
Fall in love
Common errors
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IP
Common errors
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IP
Common errors
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IP
Common errors
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IP
Common errors
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IP
Common errors
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IP
Common errors
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IP
Common errors
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Regulations
Approve the designinstead of Design the approvable
Common errors
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Design the approvable
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ROI model
We will have reimbursementcode for this
Common errors
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Team
We will bring X when we need him
Common errors
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X= regulations / marketing / operations
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FundingPessimist
Optimist
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The 3 Key Points Points
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Which is most important?
Market
Technology Funding
Need Team
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IP Regulations
ROI model
Technology Funding
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The Weakest
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The Relations – Waterfall ?
Market
NeedFunding
Team
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Technology
IP
Regulations
ROI model
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The Relations – Web !
Market
Technology Funding
Need Team
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IP Regulations
ROI model
Technology Funding
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The Relations – Web ! – example 1
Market
Technology Funding
Need Team
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IP Regulations
ROI model
Technology Funding
New feature for reimbursement
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The Relations – Web ! – example 2
Market
Technology Funding
Need Team
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IP Regulations
ROI model
Technology Funding
Limited Predicate for 510K
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All Affect All
Market
Technology Funding
Need Team
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IP Regulations
ROI model
Technology Funding
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Problem
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Solution
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Early Decisions
• High maneuverability
• HUGE impact
• Limited knowledge
• Need to decide in order to raise money
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Decisions - Trends
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Flexibility
Knowledge
Impact of decision
Time
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Decisions – Real Life Examples
You take money
Select Product Go to market
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Flexibility
Knowledge
Impact of decision
Time
Clinical TrialStrategy
market
Sale
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Decisions – The Problem
High
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Flexibility
Knowledge
Impact of decision
High Risk Deadlock
Time
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Solution here
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Time
Flexibility
Knowledge
Impact of decision
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Few Words About Optimism
• Your plans are optimistic !
• VCs filter
• Entrepreneurs are optimistic
• It is OK – you need it
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Few Words About Optimism
• Your plans are optimistic !
• VCs filter
• Entrepreneurs are optimistic
• It is OK – you need it
• Don’t forget to face reality
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• Don’t forget to face reality
• Before starting
• Predefined points
• Don’t be afraid to decide
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Summary
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