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Value PropositionsLean Launchpad: Digital Health
UCSF Entrepreneurship CenterOctober 1, 2013
Abhas Gupta, MDMohr Davidow Ventures
@abhasguptamd
Karl%Handelsman%Codon%Capital%%
Weekly%Office%Hours:%4:30<5:30%before%class%
Resources,%AcEviEes,%and%Costs%Lean%Launchpad:%TherapeuEcs%
%UCSF%Entrepreneurship%Center%
November%12,%2013%%
Value PropositionsLean Launchpad: Digital Health
UCSF Entrepreneurship CenterOctober 1, 2013
Abhas Gupta, MDMohr Davidow Ventures
@abhasguptamd
Resources,%AcEviEes,%and%Costs%
This%Week%
How$does$your$approach$build$value$be3er$than$everyone$else?!
This%Week%
Are%you%really%cheaper,%%beQer,%faster?%
Value PropositionsLean Launchpad: Digital Health
UCSF Entrepreneurship CenterOctober 1, 2013
Abhas Gupta, MDMohr Davidow Ventures
@abhasguptamd
RESOURCES,(ACTIVITIES,(COSTS(Biotech%Features%
Value PropositionsLean Launchpad: Digital Health
UCSF Entrepreneurship CenterOctober 1, 2013
Abhas Gupta, MDMohr Davidow Ventures
@abhasguptamd
Biotech%Value=%technology,%talent,%transacEons%
• Finance%– Equity%Raise,%Non<diluEve,%Industry%CollaboraEon%
• Physical%– Core%team%coordinates%best%worldwide%resources%
• Intellectual%Property%– Key%value%is%IP,%but%only%key%IP%creates%value%
• Talent%– Match%experEse%to%problem,%relevant%experience%
Value PropositionsLean Launchpad: Digital Health
UCSF Entrepreneurship CenterOctober 1, 2013
Abhas Gupta, MDMohr Davidow Ventures
@abhasguptamd
Resources:%TherapeuEc%Points%• Physical%
– Facility%creates%no%value,%acEviEes%via%true%partners%creates%data%to%drive%value%
Major%players%cu^ng,%they%do%not%want%your%overhead%– Capital%intensity%is%related%to%how%much%risk%needs%to%be%assumed%
prior%to%creaEng%value%• pre<clinical%data%vs.%a%phase%III%trial%
It%is%more%interesEng%for%an%entrepreneur%if%the%risk%reward%is%high%early%where%an%innovaEve%insights%can%dominate%
• Financial%Resources%– Understand%total%costs%and%potenEal%collaborators%– “TransformaEonal%TransacEon”%
Value PropositionsLean Launchpad: Digital Health
UCSF Entrepreneurship CenterOctober 1, 2013
Abhas Gupta, MDMohr Davidow Ventures
@abhasguptamd
TransacEons%not%IPOs%built%this%city!%
Value PropositionsLean Launchpad: Digital Health
UCSF Entrepreneurship CenterOctober 1, 2013
Abhas Gupta, MDMohr Davidow Ventures
@abhasguptamd
Corporate%Partnerships%
• OperaEng%capital%• Technology%or%resources%from%the%partner%– FormulaEon%– High%throughput%screening%
• More%shots%on%goals%– There%have%been%collaboraEons%where%the%future%upside%is%shared%even%if%the%winning%asset%originates%in%the%larger%company%
Value PropositionsLean Launchpad: Digital Health
UCSF Entrepreneurship CenterOctober 1, 2013
Abhas Gupta, MDMohr Davidow Ventures
@abhasguptamd
Culture%vs.%Talent%
• Good%culture%aQracts%talent%• Good%culture%aligns%talent%to%operaEonal%plan%• Good%culture%allows%talent%the%freedom%to%improve,%adapt,%overcome,%re<invent%
• Good%culture%embodies%focus,%drive,%talent%• Good%culture%values%performance%• Good%culture%improves%talent%
Value PropositionsLean Launchpad: Digital Health
UCSF Entrepreneurship CenterOctober 1, 2013
Abhas Gupta, MDMohr Davidow Ventures
@abhasguptamd
Intellectual%Property%
• Valuable%IP%protects%approaches%to%improve%a%paEent%outcome%
• There%are%more%novel%chemical%structures/proteins%possible%than%atoms%in%the%universe%
• There%are%very%few%early%stage%assets%with%compelling%quality%data%demonstraEng%disease%modifying%potenEal%
Value PropositionsLean Launchpad: Digital Health
UCSF Entrepreneurship CenterOctober 1, 2013
Abhas Gupta, MDMohr Davidow Ventures
@abhasguptamd
Cost%Structure:%Business%Case%
• Need%Emeline%– Cost%to%produce%data%as%program%progresses%– Metrics%match%your%MVP%– Your%advantage%is%the%ability%to%bring%together%resources%and%insight%into%an%operaEonal%plan%• Ability%to%drive%toward%value%• Prototype%generaEon%and%tesEng%avoids%obstacles%• Product%centric%culture%driving%toward%IND%candidate%
Value PropositionsLean Launchpad: Digital Health
UCSF Entrepreneurship CenterOctober 1, 2013
Abhas Gupta, MDMohr Davidow Ventures
@abhasguptamd
Can%you%show?%• Pre<clinical%models%– Disease%modifying%mechanism%of%acEon%– Benchmark%against%compeEng%programs%
• You%are%compeEng%against%everything%including%generics%and%pre<clinical%programs%
– Generate%and%evaluate%proto<types%• The%goal%is%to%produce%the%highest%quality%asset,%extreme%insight%is%needed%to%know%when%to%invest%more%to%“keep%going”%
• Metrics%need%to%be%understood%from%day%one%and%constantly%reviewed.%%Your%experEse%must%be%the%best%in%the%world.%
• There%is%not%“reality%distorEon%field”%without%data%to%back%it%up%%%
What%does%it%cost?%Who%cares%the%most?%What%will%they%pay?%
Value PropositionsLean Launchpad: Digital Health
UCSF Entrepreneurship CenterOctober 1, 2013
Abhas Gupta, MDMohr Davidow Ventures
@abhasguptamd
Partner%Cost%Analysis%
• Upfront%%• Ongoing%support%• Outgoing%funds%to%each%stage%• Risk/reward%at%each%stage%
Value PropositionsLean Launchpad: Digital Health
UCSF Entrepreneurship CenterOctober 1, 2013
Abhas Gupta, MDMohr Davidow Ventures
@abhasguptamd
[email protected](My%Contact:%Put%LLP%in%Subject%Line%for%extra%points%%