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The Lean LaunchPad
Lecture 2: Value Proposition
Steve BlankJon FeiberJon Burke
Jerry Engel
#leanlaunchpad
VALUE PROPOSITIONS
images by JAM
what are you offering them? what is that getting done for them? do they
care?
General methodology for
adding fluorine to lead compounds of
interest
Accessibility (RCY)PuritySpeedPET/SPECTMultiplatformSensitivity (nca)Specific compounds
IPPoP dataRegulatory planUnderstanding of the regulatory process
Contract cGMP precursor manufactureSalary, RentsClinical trials
SOPs for precursors and drugsRecruit clinical sitesIn vivo animal studiesDevelop regulatory plan for pre IND meetingID cGMP CROFund-raising
Nuclear Medicine and Radiology departments
Technical Assistance (Image Atlas)FDA regulatory support
Radiopharmacies
Equipment producers
Prescribing physicians
Radiologist who perform studies
Sales of intermediates
Technology license
Product license (royalty)
Drug developersPharmaceutical development companies
IPPoP data
Radiologists
Technical assistancecGMP manufacturersRadiopharmacies
Direct sales of precursor
Sales of packaged precursor in cassettes
Cassette manufacturers
CustomerSegments
Value Proposition
General methodology for
adding fluorine to lead compounds of
interest
Accessibility (RCY)PuritySpeedPET/SPECTMultiplatformSensitivity (nca)Specific compounds
IPPoP dataRegulatory planUnderstanding of the regulatory process
Contract cGMP precursor manufactureSalary, RentsClinical trials
SOPs for precursors and drugsRecruit clinical sitesIn vivo animal studiesDevelop regulatory plan for pre IND meetingID cGMP CROFund-raising
Nuclear Medicine and Radiology departments
Technical Assistance (Image Atlas)FDA regulatory support
Radiopharmacies
Equipment producers
Prescribing physicians
Radiologist who perform studies
Sales of intermediates
Technology license
Product license (royalty)
Drug developersPharmaceutical development companies
IPPoP data
Radiologists
Technical assistancecGMP manufacturersRadiopharmacies
Direct sales of precursor
Sales of packaged precursor in cassettes
Cassette manufacturers
CustomerSegments
Value Proposition
Product/Market Fit
General methodology for
adding fluorine to lead compounds of
interest
Accessibility (RCY)PuritySpeedPET/SPECTMultiplatformSensitivity (nca)Specific compounds
IPPoP dataRegulatory planUnderstanding of the regulatory process
Contract cGMP precursor manufactureSalary, RentsClinical trials
SOPs for precursors and drugsRecruit clinical sitesIn vivo animal studiesDevelop regulatory plan for pre IND meetingID cGMP CROFund-raising
Nuclear Medicine and Radiology departments
Technical Assistance (Image Atlas)FDA regulatory support
Radiopharmacies
Equipment producers
Prescribing physicians
Radiologist who perform studies
Sales of intermediates
Technology license
Product license (royalty)
Drug developers
Pharmaceutical development companies
IPPoP data
Radiologists
Technical assistancecGMP manufacturersRadiopharmacies
Direct sales of precursor
Sales of packaged precursor in cassettes
Cassette manufacturers
CustomerSegments
Get, Keepand Grow
Channel
General methodology for
adding fluorine to lead compounds of
interest
Accessibility (RCY)PuritySpeedPET/SPECTMultiplatformSensitivity (nca)Specific compounds
IPPoP dataRegulatory planUnderstanding of the regulatory process
Contract cGMP precursor manufactureSalary, RentsClinical trials
SOPs for precursors and drugsRecruit clinical sitesIn vivo animal studiesDevelop regulatory plan for pre IND meetingID cGMP CROFund-raising
Nuclear Medicine and Radiology departments
Technical Assistance (Image Atlas)FDA regulatory support
Radiopharmacies
Equipment producers
Prescribing physicians
Radiologist who perform studies
Sales of intermediates
Technology license
Product license (royalty)
Drug developers
Pharmaceutical development companies
IPPoP data
Radiologists
Technical assistancecGMP manufacturersRadiopharmacies
Direct sales of precursor
Sales of packaged precursor in cassettes
Cassette manufacturers
Who Are Our Customers?How Do We Reach Them?
CustomerSegments
Get, Keepand Grow
Channel
General methodology for
adding fluorine to lead compounds of
interest
Accessibility (RCY)PuritySpeedPET/SPECTMultiplatformSensitivity (nca)Specific compounds
IPPoP dataRegulatory planUnderstanding of the regulatory process
Contract cGMP precursor manufactureSalary, RentsClinical trials
SOPs for precursors and drugsRecruit clinical sitesIn vivo animal studiesDevelop regulatory plan for pre IND meetingID cGMP CROFund-raising
Nuclear Medicine and Radiology departments
Technical Assistance (Image Atlas)FDA regulatory support
Radiopharmacies
Equipment producers
Prescribing physicians
Radiologist who perform studies
Sales of intermediates
Technology license
Product license (royalty)
Drug developers
Pharmaceutical development companies
IPPoP data
Radiologists
Technical assistancecGMP manufacturersRadiopharmacies
Direct sales of precursor
Sales of packaged precursor in cassettes
Cassette manufacturers
Costs Revenue
General methodology for
adding fluorine to lead compounds of
interest
Accessibility (RCY)PuritySpeedPET/SPECTMultiplatformSensitivity (nca)Specific compounds
IPPoP dataRegulatory planUnderstanding of the regulatory process
Contract cGMP precursor manufactureSalary, RentsClinical trials
SOPs for precursors and drugsRecruit clinical sitesIn vivo animal studiesDevelop regulatory plan for pre IND meetingID cGMP CROFund-raising
Nuclear Medicine and Radiology departments
Technical Assistance (Image Atlas)FDA regulatory support
Radiopharmacies
Equipment producers
Prescribing physicians
Radiologist who perform studies
Sales of intermediates
Technology license
Product license (royalty)
Drug developers
Pharmaceutical development companies
IPPoP data
Radiologists
Technical assistancecGMP manufacturersRadiopharmacies
Direct sales of precursor
Sales of packaged precursor in cassettes
Cassette manufacturers
How Do We Make Money?
Costs Revenue
Key Questions for Value Prop
• Problem Statement: What is the problem?
• Ecosystem: For whom is this relevant?
• Competition: What do customers do today?
• Technology / Market Insight: Why is the problem so
hard to solve?
• Market Size: How big is this problem?
• Product: How do you do it?
Step 1. Spec. the Value Proposition
• Product(s)?• Service(s)?• Ecosystem?
• Is it a company or just a product?
Value Proposition – Common Mistake
• Is it just a feature of someone else’s product• Is it a “nice to have” product• Is it a “got to have” product• Can it scale to a company?
Value Proposition - Discovery
• Product – Long term vision– features – Benefits– Minimum Viable Product spec
• For a web/mobile app– Low fidelity MVP live and running
• Understand Customer Problem and Solution• Test Market Type
Product
• Problem Statement: What is the problem?
• Technology / Market Insight: Why is the problem so hard to
solve?
• Market Size: How big is this problem?
• Competition: What do customers do today?
• Product: How do you do it?
Step 2: What’s the Minimum Viable Product – Physical
• First, test your understanding of the problem• Next test your understanding of the solution
– Proves that it solves a core problem for customers – The minimum set of features needed to learn from earlyvangelists
- Interviews, demos, prototypes, etc- Lots of eyeball contact
Step 2: What’s the Minimum Viable Product – Web/Mobile
• NOW “low fidelity” web/app for customer feedback– First, tests your understanding of the problem
• LATER, “high fidelity” web/app tests your understanding of the solution– Proves that it solves a core problem for customers – The minimum set of features needed to learn from earlyvangelists
- Avoid building products nobody wants- Maximize the learning per time spent
Key Questions for Value Prop
• Problem Statement: What is the problem?
• Ecosystem: For whom is this relevant?
• Competition: What do customers do today?
• Technology / Market Insight: Why is the problem so
hard to solve?
• Market Size: How big is this problem?
• Product: How do you do it?
Type of MarketChanges Everything
• Market– Market Size– Cost of Entry– Launch Type– Competitive
Barriers– Positioning
• Sales– Sales Model– Margins– Sales Cycle– Chasm Width • Finance
• Ongoing Capital• Time to Profitability
• Customers• Needs• Adoption
• Finance• Ongoing Capital• Time to Profitability
• Customers• Needs• Adoption
Existing Market
Resegmented Market
New Market
Clone Market
Definitions: Four Types of Markets
• Existing Market– Faster/Better = High end
• Resegmented Market– Niche = marketing/branding driven– Cheaper = low end
• New Market– Cheaper/good enough can create a new class of
product/customer– Innovative/never existed before
• Clone Market• Local adapatation
Existing Market
Resegmented Market
New Market
Clone Market
Market Type determines: Rate of customer adoption
Sales and Marketing strategies Cash requirements
Market TypeExisting Resegmented New Clone
Customers Known Possibly Known Unknown Possibly Known
Customer Needs
Performance Better fit Transform-ational improvement
Local version
Competitors Many Many if wrong, few if right
None None
Risk Lack of branding, sales and distribution ecosystem
Market and product re-definition
Evangelism and education cycle
Misjudge local needs
Examples Google Southwest Groupon Baidu
Market Type - Existing
• Incumbents exist, customers can name the mkt• Customers want/need better performance• Usually technology driven
• Positioning driven by product and how much value customers place on its features
• Risks:– Incumbents will defend their turf– Network effects of incumbent– Continuing innovation
Market Type – Resementing Existing
• Low cost provider (Southwest)• Unique niche via positioning (Whole Foods)
• What factors can:– you eliminate that your industry has long competed on?– Be reduced well below the industry’s standard?– should be raised well above the industry’s standard?– be created that the industry has never offered? (blue ocean)
Market Type – New
• Customers don’t exist today• How will they find out about you?• How will they become aware of their need?• How do you know the market size is compelling?
• Which factors should be created that the industry has never offered? (blue ocean)
Market Type – Clone
• Takes foreign business model and adapts it to local conditions– Language– Culture– Import restrictions– Local control/ownership
• Need market large enough >100 million
Competition
• What are customers doing today?• Are competitors threatening to offer
better price or value?• How saturated is our market?
Technology and Market Insight
Technology Insight• Moore’s Law• New scientific
discoveries• Typically applies to
hardware, clean tech and biotech
Market InsightValue chain disruptionDeregulationChanges in how
people work, live and interact and what they expect
Examples of Market Insight• People want to play more involved
games than what is currently offered• Facebook can be the distribution for
such games
Masses of people are more likely to micro-blog than blog
The non-symmetric relationships will allow companies and individuals to self-promote and will impact distribution
European car sharing sensibilities could be adopted in North America
People, particularly in urban environments, no longer wanted to own cars but wanted to have flexibility.
Examples of Technical Insight• Topological analysis enables
highly dimensional data to be analyzed without predetermining number of feature sets
Mass produced components can be used to create a miniaturized fluorescence microscope
Types of Product Value
Comes from Technical Insight Comes from Market Insight
Smaller
More Efficient
Faster Simpler
Lower cost Better
Bundling
Better Branding
Better Distribution
Minimum Viable Product (MVP)
• A product that solves a core problem for customers
• The minimum set of features needed to learn from earlyvangelists- Avoid building products nobody
wants- Maximize the learning per dollar
spent