Startup Grind 020514

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Published on February 6, 2014

Author: sblank

Source: slideshare.net

Moneyball Evidence-Based Entrepreneurship & Investment Readiness Levels Steve Blank www.steveblank.com @sgblank Jim Hornthal @hornthal

Lean Startup

Business Model Canvas Lean Startup

Business Model Canvas + Customer Development Lean Startup

Business Model Canvas + Customer Development Lean Startup + Agile Engineering

Evidence-based Methodology (NSF I-Corps/Lean LaunchPad) Business Model Canvas + Customer Development Lean Startup + Agile Engineering

Hypotheses Evidence-based Methodology (NSF I-Corps/Lean LaunchPad) Business Model Canvas + Customer Development Lean Startup + Agile Engineering

Hypotheses Experiments Evidence-based Methodology (NSF I-Corps/Lean LaunchPad) Business Model Canvas + Customer Development Lean Startup + Agile Engineering

Hypotheses Experiments Data Evidence-based Methodology (NSF I-Corps/Lean LaunchPad) Business Model Canvas + Customer Development Lean Startup + Agile Engineering

Mentors Hypotheses Experiments Data Evidence-based Methodology (NSF I-Corps/Lean LaunchPad) Business Model Canvas + Customer Development Lean Startup + Agile Engineering

LaunchPad Central Software Hypotheses Experiments Data Evidence-based Methodology (NSF I-Corps/Lean LaunchPad) Business Model Canvas + Customer Development Lean Startup + Agile Engineering

Weekly Data Progress Data Data LaunchPad Central Software Hypotheses Experiments Data Evidence-based Methodology (NSF I-Corps/Lean LaunchPad) Business Model Canvas + Customer Development Lean Startup + Agile Engineering

Weekly Data Progress Data Data + Experiment Scorecard LaunchPad Central Software Hypotheses Experiments Data Evidence-based Methodology (NSF I-Corps/Lean LaunchPad) Business Model Canvas + Customer Development Lean Startup + Agile Engineering

Weekly Data Progress Data Data + Experiment Scorecard = Data, Experiments, Trajectory, IRL LaunchPad Central Software Hypotheses Experiments Data Evidence-based Methodology (NSF I-Corps/Lean LaunchPad) Business Model Canvas + Customer Development Lean Startup + Agile Engineering

Data on Hypotheses, Pivots, MVPs, Metrics Evidence and Trajectory

Cohort Leaderboard

Customer Interviews

Hypotheses to Test

Invalidated Hypotheses

Weekly Canvas Updates

Track All Hypotheses Testing

Scorecard: 9 way Kanban Board with data

NASA

NASA/DOD Technology Readiness Level (TRL) • • • • Formal Way to assess project maturity Quantify Relative Risks Data Driven Adopted by NASA, DOD, FAA, ESA…

InvestmentReadiness Level We can do the same for new ventures

InvestmentReadiness Level We can do the same for new ventures Emphasis is on data

Technology Readiness Level Investment Readiness Level Metrics that Matter Validate Left side of Canvas Validate Right side of Canvas Product/Market Fit Problem/Solution Hypotheses

Remote monitoring device to prevent severe flares in pediatric asthmatics Total interviews: 117 Lessons Learned December 10, 2013 Basil Ayish Noel Jee Clare Pak CharviShetty Jingwei Zhang

DEV. 2: Michael Harrison Michael Danty Dillon Kwiat Elisabeth Leeflang Matt Clark December 10, 2013 FINAL PRESENTATION Vision: A new way to create a magnetic compression anastomosis with improved outcomes. Interviews completed: 90

FINAL CANVAS MAGNAMOSIS, Inc. 37

INVESTMENT READINESS LEVEL IRL 6 Plausible exit Cash to 1st inflection point Unit economics validated Reimbursement / other revenue Regulatory path certainty & difficulty IP freedom to operate & ability to block Attractive solution & ID of MVP Compelling clinical need + large market Effective team? MAGNAMOSIS, Inc. 38

Total Interviews: 88 Vantage Realized is building a wheelchair attachment that increases mobility and reduces joint damage for manual wheelchair users.

Final Canvas Strong emphasis on protective IP End users don’t rely on magazines for new product information. The wheelchair manufacturers are the best way to sell through DME or online retailers. Manufacturing cost ~$6 Most likely asset sale vs. licensing

Investment Readiness Level

Vitruvian Preventing Hernias Before They Happen December 10, 2013 Mentor: Julie Cherrington Team: Cindy Chang, PhD Hobart W. Harris, MD, MPH David M. Young, MD Customer Interviews : 74

Business Model Canvas ???

Therapeutic Investment Readiness Level Plausible exit Cash to exit Unit economics Validated Reimbursement Regulatory Intellectual Property Attractive solution & ID of MVP Compelling clinical need + large mkt Effective team?

Pharma interactions: 25 Chagas KOL interactions: 25 Veterinary interactions: 20 Diagnostic interactions: 5 TOTAL interactions: 75 December 10, 2013

Business Model Canvas WEEK 10

INVESTOR READINESS “Proof of Relevance” Path to Revenue Fully Articulated High Fidelity MVP Business Case Defined “Left Side of the Canvas” Build KOL network Deeper IP review and strategy Due diligence on partners Deeper cost analysis to each data point Team talent gaps identified “Right Side of the Canvas” Product Market Fit Problem/Solution Validation Low Fidelity MVP First Pass Canvas IRL6

Probiotics for Agriculture December 10th, 2013 Total interviews: 75

Week 10

Senior customer endorsement Operational plan validated Talent recruited IP strategy and KOL network “Proof of Relevance” defined Timeline and cost to data points Strategic fit in portfolio validated Technology confirmed First pass canvas

“God is not on the side of the big arsenals, but on the side of those who shoot best.” Voltaire

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