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From the Event "A Roadmap for Medical Device Startups" 19/1/11
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Entrepreneurship -Creating new reality
Insights from the process
Presented by : Giora Kornblau
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
Before we start,
Common errors we do
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
FundingPessimist
Optimist
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The 3 Key Points Points
Which is most important?
Market
Technology Funding
Need Team
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IP Regulations
ROI model
Technology Funding
The Weakest
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The Relations – Waterfall ?
Market
NeedFunding
Team
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Technology
IP
Regulations
ROI model
The Relations – Web !
Market
Technology Funding
Need Team
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IP Regulations
ROI model
Technology Funding
The Relations – Web ! – example 1
Market
Technology Funding
Need Team
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IP Regulations
ROI model
Technology Funding
New feature for reimbursement
The Relations – Web ! – example 2
Market
Technology Funding
Need Team
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IP Regulations
ROI model
Technology Funding
Limited Predicate for 510K
All Affect All
Market
Technology Funding
Need Team
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IP Regulations
ROI model
Technology Funding
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
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
Decisions – The Problem
High
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Flexibility
Knowledge
Impact of decision
High Risk Deadlock
Time
Solution here
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Time
Flexibility
Knowledge
Impact of decision
Few Words About Optimism
• Your plans are optimistic !
• VCs filter
• Entrepreneurs are optimistic
• It is OK – you need it
Navotek Proprietary , Confidential
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
Navotek Proprietary , Confidential
• Don’t forget to face reality
• Before starting
• Predefined points
• Don’t be afraid to decide
Summary
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Thank You
Giora Kornblau Giora.k@Navotek.com
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