Technology Commercialization - Biomed2010
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Technology Commercialization Case Study
Robin Winsor
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There is a tide in the affairs of men, Which, taken at the flood, leads on to fortune; Omitted, all the voyage of their life Is bound in shallows and in miseries
Julius Caesar. Act IV, Scene 3
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Agenda
• Technology Description
• Timeline
• Struggles, Setbacks and Successes
• Lessons Learned
• What’s Changed
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What does IDC do?
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Competing Technologies circa 2000
Digital "Family Tree"
A:Se A:Si CMOS
Flat Panel
Multi-Camera Single Camera
CCD
DR
CR
Film Scanners
Kodak GE / Seimens CaresBuilt SwissRay IDC
Kodak Fuji Agfa
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CMOS
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Market
125k
Cost (US$)
350k DR
CR
FILM
Large hospitals
Small & Medium Hospitals
Clinics
45 secs
8.5 mins
8 mins
Foothills+
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Market
125k
Cost (US$)
350k DR
CR
FILM
Large hospitals
Small & Medium Hospitals
Clinics
750
10,000
Uncounted
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Market
125k
Cost (US$)
350k DR
CR
FILM
Large hospitals
Small & Medium Hospitals
Clinics
750
10,000
Uncounted
IDC : 45secs : <$150k
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TimeLine
November 8th, 1895
November 8th, 1995
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TimeLine
Mutiny Clinical Testing Regulatory Approvals
Clinical Use New Products New Building Rapid Expansion
U.S.”Expert” arrives N.American
Sales U.S.”Expert” leaves
Downsize Mgmt financing Liquidate assets Luminary Sites
Scientific Validation $$ Revenues $$
Production Ramp-Up Rapid Revenue Growth International Distribution OEM Partners
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$100,000
$1,000,000
$10,000,000
$100,000,000
$1,000,000,000
20-Oct-93 16-Jul-96 12-Apr-99 06-Jan-02 02-Oct-04 29-Jun-07 25-Mar-10
Company Value Over Time
Market Cap
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Futures
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Lessons Learned
• Trust
• It has to be earned
• Don’t discount the bizarre
• Beware of new friends in good times
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Lessons Learned
• Contingency Plans
• Save for a rainy day… it rains a lot !
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Lessons Learned
• Build The Right Team For Each Stage
• Scientists NEED marketers and financiers and …
• Management team must complement, not duplicate, each other
• Finder / Minder / Grinder
• Expect and celebrate change in the lineup
• Do the paperwork
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Lessons Learned
• Build An Active Board
• Think carefully before putting a customer on BoD
• Don’t appoint for appearances sake, make it WORK
• Try for diversity
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Lessons Learned
• Know When To Let Go
• If you can do it all, you’re not doing enough
• “There is no limit to how much a man can accomplish or how far he can succeed as long as
he doesn't mind who gets the credit”
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Lessons Learned
• Know What You Do
• Core competencies
• Be clear
• Keep checking for drift
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Lessons Learned
• Lawyers Can Be Your Friends
• Don’t cheap out on legal services
• Understand their specialities
• Look for chemistry
• File plenty of patents
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Lessons Learned
• Pay Your Taxes Happily • Cybera
• National Research Council (NRC)
• Industrial Research Assistance Program (IRAP)
• Alberta Heritage Fund for Medical Research
• Shad Valley
Keep it in Canada
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Lessons Learned
• Culture
• Why do you and your staff work so hard – is it for the same reasons ?
– Fun
– $$$ / Options
– Vision
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Corporate Vision
To provide the highest quality, most cost-
effective digital radiography (DR) products in the
healthcare market
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Vision
Tuberculosis 35% of the world’s population infected
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Lessons Learned
• Believe In Angels
• Douglas Street
• Geoffrey Galley
• …and be sure they believe in you
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Lessons Learned
• Retail Investors
• Most brokers don’t care
• Learn the elevator pitch
• Expect turbulence
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Lessons Learned
• Institutional Investors
• Fund Managers DO care
• Know your numbers
• Expect to be held accountable
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Lessons Learned AREA Image
Quality Radiation
Dose Cost
North America 1 2 3
Europe 2 1 3
Asia 2 3 1
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Lessons Learned
China is a huge market Chinese prefer Chinese Protect your IP, then go
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What Has Changed
• Barriers to entry – Equipment costs falling
– Information easy to access
– Regulatory is a little easier
– Computing power increased by ~8000 x
– Design, prototype cycle reduced from weeks to days
– Competitors know what you’re doing
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What Hasn’t Changed
• Need for a good team
• Need for financing
• Need for hard work
• Need for speed
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There is a tide in the affairs of men, Which, taken at the flood, leads on to fortune; Omitted, all the voyage of their life Is bound in shallows and in miseries
On such a full sea are we now afloat, And we must take the current when serves, Or lose our ventures.
Julius Caesar. Act IV, Scene 3
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? ? ? Questions ? ? ?