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UTSA CITE Program Boot Camp Feb. 15, 2014 Becky Ariana CEO. Our CITE Team. 4 Mechanical Engineering students Gary Walters 4 Business Students Justin Stultz Entire team met weekly for 2-3 hours Additional meetings with Mentor and Business Team
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UTSA CITE Program Boot Camp Feb. 15, 2014 Becky Ariana CEO
Our CITE Team • 4 Mechanical Engineering students • Gary Walters • 4 Business Students • Justin Stultz • Entire team met weekly for 2-3 hours • Additional meetings with Mentor and Business Team • Built a working prototype – “Technical Proof of Concept” • Developed detailed Business Plan • Our Inspiration: Gary is a Wounded Warrior; we saw the need for our product daily
Why We Won • Clearly articulate the problem and our solution to it • Detailed Business Plan: “Plan your work; Work your plan” • Situation Analysis • Scope and significance of problem • Market size, segments, and dynamics of market • Competitive environment • Regulatory environment • Strategic and Tactical • Comprehensive • “Tied together” • Realistic Financials • Worked our tails off!!
The Problem: HEAT • Prosthetic limb provides mobility and sense of independence • BUT….heat and sweat build up within the socket of the prosthesis CONFIDENTIAL - Not For Distribution
The Consequences • For the amputee • Discomfort • Disruption of daily activities • Impact on overall quality of life
The Consequences • For the amputee • Discomfort • Disruption of daily activities • Impact on overall quality of life • Serious medical problems: • Friction blisters • Skin ulcers • Infection • Need for additional surgery
Our Solution: • The first commercially available prosthesis cooling system • Lightweight, battery-powered • Activated by the patient • Embedded in socket by prosthetist • Kit components: • Thermoelectric elements for cooling • Heat dissipation system • Power supply
Cool It. 1st generation prototype
Our Progress • Incorporated in September • Moved into office at SATC • Developed 7 Provisional Patents • Will file 2 Non-Provisional PCT Patents in April • Design is frozen • FDA docs are prepared • Selected our Federal sales channel partner • Selected our manufacturing and order fulfillment partner • Executive Team in place • 5 of 8 students
What’s Next? Money is the lifeblood of any new company
What’s Next? Money is the lifeblood of any new company • Currently raising $2.0 Million • File patents, secure FDA-clearance, conduct beta test, launch first product, design 2nd product • Next raise: $4.5 million • First sale in Q3 2014 • Profitability at end of Year 3
Opportunities – How can they help? • Raising $$ • Allow 6-12 months • Investors must be “accredited”
Opportunities – How can they help? • Raising $$ • Allow 6-12 months • Investors must be “accredited” • Provide valuable services (regulatory, marketing,…)
Opportunities – How can they help? • Raising $$ • Allow 6-12 months • Investors must be “accredited” • Provide valuable services (regulatory, marketing,…) • Key introductions • Influence/drive demand for your product • Provide technical expertise • Serve as Business Advisors • Serve as members of your Board of Directors
Opportunities – How can they help? • Raising $$ • Allow 6-12 months • Investors must be “accredited” • Provide valuable services (regulatory, marketing,…) • Key introductions • Influence/drive demand for your product • Provide technical expertise • Serve as Business Advisors • Serve as members of your Board of Directors • Expand your product line
Opportunities – How can they help? • Raising $$ • Allow 6-12 months • Investors must be “accredited” • Provide valuable services (regulatory, marketing,…) • Key introductions • Influence/drive demand for your product • Provide technical expertise • Serve as Business Advisors • Serve as members of your Board of Directors • Expand your product line • Expand into new markets
Opportunities – How do you find them? • Sources • Your Mentor • Professors • CITE Judges • UTSA Public Affairs • Potential Investors • Family, Friends, Neighbors • Research
Opportunities – How do you find them? • Sources • Your Mentor • Professors • CITE Judges • UTSA Public Affairs • Potential Investors • Family, Friends, Neighbors • Research You must be fearless!!
Our Unexpected Opportunities Publicity and increased awareness Contact from major prosthetics university • Publicity • Interviews • Articles Trade journal article KC Gonzalez
Our Unexpected Opportunities An opportunity to expand our product line New product for us; new application for his technology CITE Judge Researcher
Our Unexpected Opportunities • Support from a Four-Star General • Former Deputy Commander of NATO • Chairman, Wounded Warrior Games Mentor Investor CTAN CTAN Member General
The Challenge: Balance • Your investors expect you to hit your milestones, on time • You need to “Work Your Plan”
The Challenge: Balance • Your investors expect you to hit your milestones, on time • You need to “Work Your Plan” Opportunity Plan
Bottom Line….. • You must deliver on your commitments to your investors • Assign responsibilities to your team members – hold everyone accountable • Communicate often with your BoD, Business Advisors, and Investors • Pursue opportunities as you can
Thank you! Becky Ariana CEO b.ariana@letosol.com 858-705-2243