Lessons learned as an entrepreneur
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Transcript of Lessons learned as an entrepreneur
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Lessons Learned as an Entrepreneur
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Agenda
A little about Rocky and past experiences Some facts about start-ups Axela Today Product Life cycle Tools I have found useful over the years Axela early days How we transitioned Lessons learned
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Over 30 Years Diagnostics & Life Science Industry
Rocky’s Personal Perspective
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Rocky’s History
• Technicon Labs • Becton Dickinson • Third Wave Technologies (TWTI) • Genomic Utilities Inc • Axela Inc
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60% Of Companies Fail, First 6 months
82% Fail by 10th Anniversary
90% New Products Fail
The average CEO life is 2.5 years
Statistically and for someone to be successful multiple times in succession is hard (if not impossible)
I Have not adjusted these numbers for the lack of capital in Canada today…..it is likely worse
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Significantly improve efficiency of post discovery biomarker assay development and validation
Enabling Leader in Personalized Medicine
Leverage proprietary technology advantages to deliver novel diagnostics
Build Leadership in Research Tools & Clinical Research…
…For Tomorrow’s Personalized Diagnostics
Capitalize on game changing methods for interpreting biomarkers (DNA, RNA and proteins) in health research
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Menu, Content and Panels
Proprietary High Margin Consumables
Ziplex® System
Proprietary & Complementary Instrument Platforms
dotLab® System
Content Leverage Across
Platforms
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From April 2003
To Today
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Core Diffraction IP
Consumable Design Disease Specific IP
Incremental Diffraction IP Manufacturing Methods Signal Amplification
Multiplexing Technology
> 150 Patents and applications
Others: Johns Hopkins, Proteome Sciences, Large Tech Company, VWR, CREA Brazil, Many others
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Key events in the history of Axela • Company founded 2001 by Cynthia Goh
• Seed funding from Primaxis and Royal Bay Capital • 2003 I was recruited from the states to run Axela
• Later stage funding support from VenGrowth • 2004 the first prototypes systems developed • Late 2005 Major in-licensing deal with K-C • 2007 in-licensed multiplexing IP from Beckman
Coulter • 2010 Amalgamated Axela and Xceed Molecular
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Use a consistent process to assess progress
Understand where and when you exit ahead of time
Have clear role definition
Be honest with yourself and others relative to expectations
Hire only the best…… and LISTEN!!
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Time Discovering
• Technological discontinuity -Risk Reward not understood
• Convergence of independent streams of know-how -Bio-Chemistry -Engineering -Software
Proving and Learning • Emergence of viable
applications • Intellectual property • Market concepts
Committing • Selection of dominant design • Creating industry structure • Claiming intellectual property • Licensing/Acquiring synergistic technologies
Competing • Increasing rate of competitive entry • First mover advantage • Triggers of shakeout
Based on Model developed by Prof. William Hamilton
Competing Modalities Competing Applications Scientific Research
Technical Development
Commercialization
Inte
nsity
of E
ffort EMK,
SBIR, NIH Research University Contract
-Research-
Internal Development
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Emerging Technology Development
REL
ATIV
E IM
POR
TAN
CE
SCIENTIFIC RESEARCH
TECHNICAL DEVELOPMENT
COMMERCIAL APPLICATION
TIME
SCIENCE TECHNOLOGY COMMERCIALIZATION
PHASES OF TECHNICAL ADVANCE
PROGRESSION OF ACTIVITIES IN THE INNOVATION PROCESS
RESEARCH DEVELOPMENT PRODUCTION MARKETING
TIME Based on Models developed by Prof. William Hamilton
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Emerging Technology Development
REL
ATIV
E IM
POR
TAN
CE
SCIENTIFIC RESEARCH
TECHNICAL DEVELOPMENT
COMMERCIAL APPLICATION
TIME
SCIENCE TECHNOLOGY COMMERCIALIZATION
PHASES OF TECHNICAL ADVANCE
Discovery
• Technological discontinuity -Risk Reward not understood
• Convergence of independent streams of know-how -Chemistry/Biochemistry -Engineering -Software
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Emerging Technology Development
REL
ATIV
E IM
POR
TAN
CE
SCIENTIFIC RESEARCH
TECHNICAL DEVELOPMENT
COMMERCIAL APPLICATION
TIME
SCIENCE TECHNOLOGY COMMERCIALIZATION
PHASES OF TECHNICAL ADVANCE
Proving and Learning
• Emergence of viable applications
• Intellectual property • Market concepts
Competing Modalities
Competing Applications
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Emerging Technology Development R
ELAT
IVE
IMPO
RTA
NC
E
SCIENTIFIC RESEARCH
TECHNICAL DEVELOPMENT
COMMERCIAL APPLICATION
TIME
SCIENCE TECHNOLOGY COMMERCIALIZATION
PHASES OF TECHNICAL ADVANCE
Committing • Selection of dominant design • Creating industry structure • Claiming intellectual property • Licensing/Acquiring synergistic
technologies • High levels of $$$ commitment
• Increasing rate of competitive entry
• First mover advantage • Triggers of shakeout
Competing
PROGRESSION OF ACTIVITIES IN THE INNOVATION PROCESS
RESEARCH DEVELOPMENT PRODUCTION MARKETING
TIME
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Early Challenges
• The single largest challenge is CASH Dictates where you can go, how fast you can get there • The world economy has made this harder
• Decide what you HAVE (not WANT): a technology, product, or company
• Align CASH with Exit • Align management, investors and market
opportunity • Things can change, re-alignment is not easy
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• I should write a book called “Angel turned Devil” • Third wave example • Axela Example
• Take away: • Early capital has higher potential risk, higher potential gain but it has even less odds of paying out unless the business strategy is aligned with investment strategy
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• Founder/CEO • Publish vs Profit • Individual discovery vs corporate asset
• Deal with serial inventor/founder vs serial entrepreneur • Expectation creation is important
• As the company’s domain expertise shifts; • Does the hand off between inventor and company get
easier or more complex?
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Later • Everyone has a shelf life and a moment of
strength • Understand it, plan for it, and make changes
when needed • This is very hard especially when it is yourself
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How You Try to Change the Odds?
Understanding how important communication is
Failure is inevitable; understand it; scar tissue is important
Change is constant; embrace it
Always seek to know what you don’t know
The importance of passion alignment
Partner, Partner, Partner
What Ever you do: • “Don’t’ Run Out of Money”
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• In the book the world is flat • Small companies will act large • Large companies will act small
• The two things that kill deals is time and greed
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• Cash is king!! • Which is harder the first $20 Thousand or the last $20
Million? • When they pass the cookies take some, no matter
what it costs • Balance the single dominant investor value
• Always be ready to learn • Understand your own limits • Strong and critical board is as important as good
investors • Good management wins over good technology • Be honest with yourself, your fellow employees, and your
investors
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Start-Ups