Heal ohio october 2 2008
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Heal Ohio October 2, 2008. So You Want to Start a Bioscience Company? John F. Lewis Jr. Vice President. An Ohio Thomas Edison Center. Why are we here?. Learn a bit about starting a business Boring Challenge you, do you really want to start a business? Fun

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Heal Ohio October 2, 2008

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Heal ohio october 2 2008

Heal OhioOctober 2, 2008

So You Want to Start a Bioscience Company?

John F. Lewis Jr.

Vice President

An Ohio Thomas Edison Center


Why are we here

Why are we here?

  • Learn a bit about starting a business

    • Boring

  • Challenge you, do you really want to start a business?

    • Fun

      Slides modified from Gary Smith & Bill Timmons


Technology innovation cycle

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Technology Innovation Cycle

Discovery

Development

Application

ADVANCED RESEARCH

(8-15 years)

BREAKTHROUGH

(5-8 years)

PRODUCT CYCLE

(1-3 years)

Product Development Involves the “Application” of Technology

v:


Medical device commercialization pathway

Medical DeviceCommercialization Pathway

$

Concept Development and Initial Research

Company Formation / Project Team

Secure IP Portfolio

A

Product Engineering and Prototype Development

Pre-Clinical and Clinical Studies

Manufacturing Development/ expansion for clinical trials

Clinical Trials/Outcomes

FDA Approval and Market Launch

B

Expansion/ Investment in Working Capital


Typical product development process

Typical Product Development Process

Source: PTRM


Critical success factors

Critical Success Factors

  • Differentiated, superior product/technology

  • Sharp, early product definition

  • Quality of pre-development activities

  • Strong market orientation

  • Reduced cost / drives revenue

  • Customers willing to pay $

  • Effective organizational structure

  • Engaged Partners

  • Quality of execution

    • Technical, Business


Sources of capital

Bootstrapping

Who will benefit from your success?

FF&F

Find enthusiastic supporters in your personal network

Put your own money in (investors want to see this commitment)

Angels

Looking to make money, but also hope to get involved and add value

Grants

Lots of free and cheap money out there

Venture / Private Equity

Care about making a return on investment

Often do not have time or ambition to get to involved

SBA / Banks

Always take debt before equity, but often difficult as they require security (receivables, assets…)

Sources of Capital

7


Pitching

10 slides, 20 minutes, 30 Point font

Differentiate for different audiences

Investor

Sales Prospect

Partner Prospect

B to B

Problem

Solution

Business Model

Your Magic

Mktg/Sales

Competition

Mgmt Team

Financial Projections

Current Status – The Ask

Pitching


Bill john ask why do you want to start your own business

Bill & John ask, why do you want to start your own business?

  • Be your own boss

  • Set your own hours

  • Achieve fame …

  • … and fortune $$$

  • Spend more time with family … sailing …skiing …[fill in blank]


The truth of the matter

The Truth of the Matter

“Be your own boss”

means

Self Discipline!


The truth of the matter1

The Truth of the Matter

“Set your own hours”

means

You Work

like a …

DOG!


The truth of the matter2

The Truth of the Matter

You made the headlines!

“Achieve fame …”

means

Local Businessman Runs Naked Through Streets Shouting, “I Can’t Take It Any More!” Crowd Panics


The truth of the matter3

The Truth of the Matter

You drive the same car for 10 years

“Achieve fortune $$$”

means


The truth of the matter4

The Truth of the Matter

“Spend more time with the family”

means …

Driving your spouse and kids crazy!


Heal ohio october 2 2008

“Do The Common Uncommonly Well”“Know Your Market Needs”“Have A Product To Sell” “Get The Right Technical & Business Partners!”“Make Sure Your Spouse Is On Board”


Great resources

Great Resources

  • Regional ESP’s, Edison Centers, Incubators

  • Licensing Executive Society

  • AdvaMed – wound care sector

  • www.wu2008.com

  • www.woundpedia.com

  • 58 Ohio sources of healthcare capital

    • North Coast Angels

    • Ohio Technology Angel Fund

  • BioOhio – Tony Dennis, John Lewis…


Bioohio strategy industry growth resource optimization community building

BioOhio Strategyindustry growth, resource optimization, community building

Company & Capital Formation

Company Attraction & Expansion

Association Function

Workforce Development


Bioohio statewide board

BioOhio Statewide Board

  • John A Bantle, II, PhD, Vice President - Research, Wright State University

  • Timothy G. Biro, CEO - MORK Process; Partner, Ohio Innovation Fund & Reservoir Ventures

  • Rathindra Bose, PhD, Vice President of Research - Ohio University

  • Mark A. Collar, Chairman - Third Frontier Advisory Board

  • Mark J. Coticchia, VP Research and Technology Management- Case Western Reserve

  • Sandra J. Degen,PhD, Vice President for Research- University of Cincinnati

  • Anthony J. Dennis, PhD, President & CEO- BioOhio

  • Paul DiCorletto, Chairman - Lerner Research Institute (Cleveland Clinic)

  • John Fisher, Executive Vice President, Ohio Farm Bureau Federation

  • Mike Hooven, President & CEO - Enable Medical Technologies

  • Peter G. Kleinhenz, General Partner- CID Equity Partners

  • Barbara Kunz, President - Health & Life Science Global Division Battelle

  • Tom Murphy, Senior Vice President, Boehringer Ingelheim’s Ben Venue

  • John M. Rice, PhD, Managing Partner - Triathlon Medical Ventures

  • David R. Scholl, PhD, President & CEO - Diagnostic Hybrids, Inc.

  • Arnold W. Strauss, MD, Director - Cincinnati Children’s Research Foundation

  • John Voyze, Senior Vice President, Steris

  • Caroline Whitacre, PhD, Senior Vice President for Research - The Ohio State University


By the numbers then now

By-The Numbers, then & now


Heal ohio october 2 2008

Be Ambassadors for Ohio….Let me know how we can help you!John F. Lewis Jr.Vice [email protected] x7

An Ohio Thomas Edison Center


Medical product development each step has defined work processes

Medical Product Development each step has defined Work Processes


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