The Lean Startup Model for Healthcare
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The Lean Startup Model for Healthcare
Day 2, 5th November 2015, Morning session 10.00am-10.30amMatrix Level 4, Breakthrough+Discovery Theatres
Hugh Mason, Co-founder and CEO, [email protected] @hughmason
79 Ayer Rajah Crescent #03-01 Singapore 139995
With thanks to:JFDI Clients & Colleagues, Stuart Smith and Alex Danco for inspiration.
This presentation includes numerous borrowed graphics, to which I hope I haveincluded attribution. If not my apologies - please allow me to correct any omissions
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Coming Up
Introducing JFDI1. Why Lean Startup Matters for Healthcare2. How Lean Startup Does and Doesn’t Work3. What are Some Opportunities for Singapore?
Suggestion: Q&A at panel 10:45
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● First ASEAN startup accelerator, backedby IIPL, Fenox VC, Family Offices, HNWI’s
● Accelerator has attracted over 2,000 startup teams from 80+ countries.
● Pre-Accelerator has supported 250 teams comprising 900 people via MOOC
● USD2m pre-seed capital deployed into69 startups, >50% raised median USD550k
● No exits yet but 48% IRR (unrealized).
● Over 300 jobs created, >50% of which arein Singapore and >50% filled by SCPRs.
● Team of 16 split Singapore-Philippines.
● Pioneered Lean Startup and disciplined entrepreneurship methods in Asia
JFDI.Asia
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1Why Lean Startup Matters
for Healthcare
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Macrotrend 1 - Demographics
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Macrotrend 2 - 42% of internet users are in Asia
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Macrotrend 3 - Weightless Giants
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Process of Serving
1
Creation of Goods
Intangible
2
Tangible
DynamicResources
3
StaticResources
Symmetric Information
4
Asymmetric Information
Conversations
5
Propaganda
Value
Proposition
6
Value Added
Relational
7
Transactional
Financial
Feedback
8Profit
Maximiza
tion
Macrotrend 4 - The Service Dominant Mindset
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Macrotrend 5 - Unbundling
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Macrotrend 6 - New Innovation Frameworks“Plan & Perfect v. Launch & Learn”
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“Plan & Perfect” - Vision Based Innovation
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“Launch & Learn v. Plan & Perfect”
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“Launch & Learn v. Plan & Perfect”Discovery Based Innovation“Launch & Learn” - Discovery Based Innovation
● Design Thinking● Lean Startup● Agile Methods
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ProblemCustomerDiscovery
Problem-SolutionFit
Market-Solution Fit
Individuals
Teams
Problem Statement
Minimum Viable
Prototype
Traction
Seed Stage Startup
Series AStage SME
Startup Weekends, Hackathons
Product Development
Customer Discovery
Growth Hacking
Demo Day
“A startup is a temporary organization designed to search for a repeatable and scalable business model”- Steve Blank
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Two of the Risks in InnovationM
arke
t Ris
k- S
houl
d it
be d
one?
Technology Risk - Could it be done?LOW HIGH
HIGH
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Business Model InnovationM
arke
t Ris
k- S
houl
d it
be d
one?
Technology Risk - Could it be done?LOW HIGH
HIGH
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Mar
ket R
isk-
Sho
uld
it be
don
e?
Technology Risk - Could it be done?LOW HIGH
HIGH
Tech2Market - Vision Driven
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Mar
ket R
isk-
Sho
uld
it be
don
e?
Technology Risk - Could it be done?LOW HIGH
HIGH
Tech2Market - Vision Driven
“Teams that pursued traditional methods of starting a company had an 18% success rate in receiving SBIR Phase I funding”(Blank 2013)
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Mar
ket R
isk-
Sho
uld
it be
don
e?
Technology Risk - Could it be done?LOW HIGH
HIGH
Market2Tech - Discovery Driven
“Teams that … took the Lean Launchpad class ... had a 60% success rate”(Blank 2013)
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2How Lean Startup
Does and Doesn’t Work
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“Launch & Learn v. Plan & Perfect”
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← Solution ← Value Proposition
Horses?Faster?
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How the 19th Century ‘Bundled’ Mobility
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“If I’d asked people what they wanted,they would have said: more hospitals”
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3What are the Opportunities
for Singapore?
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“The assumption that the pursuit of drugs, diagnostics,
devices and digital health is all about the execution of the
science is in most cases a mistake.” (Blank 2013)
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Conclusions - 1
• Healthcare is a business
• Business model innovation matters as much as science.
• We can choose how we bundle components of healthcare.
• New frameworks for innovation let us test critical
hypotheses relating to regulation, customers and funding
before we commit significant resources to science.
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Conclusions - 2
The way forward is to:
• assess regulatory risk before we design and build.
• gather data essential to understand customer purchases
before we do the science.
• define clinical utility now, before we spend millions of
dollars.
• identify financing vehicles before we need them.