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11/15/2017
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Planning for Phase III: NetworkingNIH SBIR Conference 2017
Eric Horler, MBA, MEMPresident and CEOSwallow Solutions
JoAnne Robbins, PhD, CCC‐SLP, BCS‐SProfessor EmeritaUW School of Medicine and Public Health
Founder, Inventor, Chief Scientific OfficerSwallow Solutions
Agenda
Clinical need and product development (JoAnne) From necessity to niche to networking Context: Dysphagia and the market Case Study: Development of dysphagia diagnostic standards From diagnostics to treatments What have I learned?
Commercialization (Eric) Networking considerations Commercialization considerations Collecting Voice of Customer Understanding your market (segmentation, buying process, competition) Commercialization: What have I learned? Networking: What have I learned?
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“Necessity is the mother of invention.”
Ascribed to Plato from translations of Republic, 380 BC
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Frank Zappa/Mothers of Invention, 1960s
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Necessity Leads to New Commercial Niches
"The world is facing a situation without precedent: We soon will have more older people than children and more people at extreme old age than ever before. Population aging is a powerful and transforming demographic force. We are only just beginning to comprehend its impacts at the national and global levels."
Richard Suzman, PhDDirector, Division of Behavioral and Social ResearchNational Institute on Aging/National Institutes of Health
John Beard, MBBS, PhDDirector, Department of Ageing and Life CourseWorld Health Organization
Age <5
Age 65+
Young Children and Older People as a Percentage of Global Population: 1950‐2050
Source: United Nations. World Population Prospects: The 2010 Revision. Available at: http://esa.un.org/unpd/wpp.
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Healthy Swallow
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Thin liquid Thickened liquid
Swallowing and Aspiration
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Causes and Effects of Dysphagia
Poor bolus control caused by:• Stroke• Head/neck cancer• ALS• Parkinson’s• Sarcopenia
Aspiration(food/liquid directed to pulmonary rather than digestive system)
Without effective treatment, dysphagia leads to:• Pneumonia• Malnutrition/ dehydration
• rehab potential• hospital stays
Hospitalization(mean cost of aspiration pneumonia episode is $17,000)
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Networking
Facilitated naturally by academic expertise/entrepreneurship
• People essential to the creative effort – “Proof of Concept Group”
• Occurs naturally in academic activities and professional associations
• Cross boundaries: schools, departments, faculty
• Expertise, knowledge of market niche
• Collaborators – hindsight foresight
• Unique or specialized access, skills, instrumentation
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Networking Team
• Food scientist
• Nutritional specialist
• Gerontologist
• Clinicians (MD, SLP, PT, OT)
• Radiologist (imaging)
• Chemist
• Engineers
• Business leaders
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Case StudyDevelopment of the Diagnostic Standards
1. Identified a clinical unmet need
2. Standardized diagnostic imaging materials for swallowing
3. Executed Protocol 201 (largest NIH‐funded clinical trial in dysphagia)
4. Filed patent application (through UW‐Madison)
5. Identified the two major barium manufacturers in the US
6. Negotiated agreement to collaborate on product development and commercialization
Non‐standardized, “off the shelf”
Diagnostic standards for dysphagia
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A Related And Necessary Continuum
From chaos to order
The “MATCH”
Diagnostics to the treatment(s)
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To go from a vision and emerging need to an idea that fills a unique niche and is practical:
1. Be expert in your area
2. Review the marketplace
3. Early networking
4. Initiative and persistence
5. Seek mentorship
6. Partnership
7. Communicate! Communicate!
What have I learned?
Agenda
Clinical need and product development (JoAnne) From necessity to niche to networking Context: Dysphagia and the market Case Study: Development of dysphagia diagnostic standards From diagnostics to treatments What have I learned?
Commercialization (Eric) Networking considerations Commercialization considerations Collecting Voice of Customer Understanding your market (segmentation, buying process, competition) Commercialization: What have I learned? Networking: What have I learned?
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Networking Considerations
Peer Groups
Prof Events
Other
• Monthly CEO breakfasts• Coffee chats (introductions and updates)• Advisory Boards
• Charity leadership• Hobby groups (running)• Coworkers from past jobs
• Conferences—think broadly• Training• Local groups and events (Chamber of Commerce, etc.)
MyNetworkingVenues
SharedInterests
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Commercialization Considerations
Market Intelligence
Customer Segmentation
Competition
Value Proposition
Buying Process
IP Protection
Go‐to‐Market
Sales Channels
Marketing Strategy
Distribution
Supply Chain
Manufacturing Needs
Org Structure
Hire vs. Buy vs. Partner
Revenue Streams Cost Structure
Financials
How do you get started?
When should you start?
TALK TO POTENTIAL CUSTOMERS
PHASE I (or sooner…)
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Collecting Voice of Customer (Example)
Qualitative Interviews
QuantitativeValue Prop Surveys
Informal Prototype (Sensory) Studies
Jan‐Feb 2015Clinicians, Buyers, Channeln=20
Mar 2015Clinicians, Buyersn=49
Apr 2015Clinicians, Buyersn=73
Qualitative Interviews
Formal Prototype (Sensory) Studies
Formal Market Research
Q4 2016‐PresentIndustry Expertsn=20‐30 (ongoing)
Apr, Jul 2017Potential buyers, usersn=144
Aug 2017Industry experts
QuantitativePositioning Study
Test Market Evaluation
Q4 2017Clinicians, Buyersn=TBD
Q4 2017‐Q1 2018Clinicians, Buyers, Usersn=TBD
PHASE I PHASE II PHASE III
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NIH Phase III Resources
NIH Technical Assistance Programs ‐ Transition to Phase III
• NIH SBIR/STTR Niche Assessment Program (NAP)
• I‐Corps at NIH
• NIH SBIR/STTR Commercialization Accelerator Program (CAP)
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Customer SegmentationExamples of segmentation variables
• Clinical indication(s)
• User/patient demographics
• Chooser/prescriber differences– Demographics, psychographics, locations, preferences, etc.
• Reimbursement systems
• Payer dynamics
• Site of care
• Barriers to communication/promotion
• Anything else that could impact purchase decision...
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Customer Segmentation (Example)
Dysphagia (US)
Adults
AL/IL SNF
Part A
Eligible
Contraindicated
Part B
Eligible
Contraindicated
Home
Out‐Patient
Eligible
Contraindicated
Home Health
Eligible
Contraindicated
Undiagnosed
Eligible
Contraindicated
Hospital
Children
15M
2% 6% 91% 1%
51% 49% x%x% x%
Demographics (Age)
Location
Reimbursement
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DietaryManager Define
list
Audits
StateReg.
Dietitian SLP
Patient
Compliance,Complaints
Purchaser
Influencer
User
Key
Size of circle represents relative influence on purchase decision
Learnings from Voice of Customer (Example)
Value Propositions
Sensory better than competition (health, user satisfaction, adherence)Reliability (safety, reg. compliance, ease of use, lower total cost of usage)
Nutrition and skin integrity (health)
Rheology matches Varibar (safety)
Alternative to thickened milk (health, user satisfaction)
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Customer Segments
Long Term Care
Hospital
Home
CorpPurch
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Your Product
CompetitorA
Competitor B
Competitor C
Competitive Landscape
Compare your product to the competition (think broadly!)
Consideryour value proposition in defining the parameters of comparison
Consider different kinds of metrics
Identify the “benchmark” competitor(s)
Your Product
CompetitorA
Competitor B
Competitor C
Parameter 1 ✔ ✔
Parameter 2 2.6 3.2 1.5 1.6
Parameter 3 High Low Med Med
Parameter 4
Parameter 5
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Competitive Landscape (Example)
NutritionCompare your product to the competition (think broadly!)
Consideryour value proposition in defining the parameters of comparison
Consider different kinds of metrics
Identify the “benchmark” competitor(s)
Market leader(sales volume)
Market leader(quality)
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Networking Example (VoC)
Market ResearcherMarket
ResearcherSensory Test FirmSensory Test Firm
InvestorInvestorProduct Dev Co.Product Dev Co.
Accountant
Industry ExpertIndustry Expert
LawyerIndustry ExpertIndustry Expert
InvestorInvestorIndustry ExpertIndustry Expert
Company ContactCompany Contact
Consumer Group
Consumer Group
ServiceProvider
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Commercialization Considerations
Market Intelligence
Customer Segmentation
Competition
Value Proposition
Buying Process
IP Protection
Go‐to‐Market
Sales Channels
Marketing Strategy
Distribution
Supply Chain
Manufacturing Needs
Org Structure
Hire vs. Buy vs. Partner
Revenue Streams Cost Structure
Financials
How do you get started?
When should you start?
TALK TO POTENTIAL CUSTOMERS
PHASE I (or sooner…)
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Commercialization: What have I learned?
Common threads from commercializing multiple, very different products:
1. Start by thoroughly defining customer needs/wants
2. Do not assume you know what customers want—find out!
3. Listen actively
4. Understand the buying process
5. Be willing to pivot
6. Understand the financials early
7. It is not easy, but it can be done!
8. THE RIGHT PEOPLE ARE CRITICAL
Recommended reads
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Networking: What have I learned?
Common threads from commercializing multiple, very different products:
1. Mindset
– “How can I help this person?” or “What do we have in common”
– NOT, “How can this person help me?”
2. Leverage your resources as much as you can
3. Make networking a priority—budget time and make it happen
4. Don’t wait until you need support—by then, it is too late
5. Almost anyone will have a cup of coffee with you
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Planning for Phase III: NetworkingNIH SBIR Conference 2017
Eric Horler, MBA, MEMPresident and CEOSwallow [email protected]
JoAnne Robbins, PhD, CCC‐SLP, BCS‐SProfessor EmeritaUW School of Medicine and Public Health
Founder, Inventor, Chief Scientific OfficerSwallow Solutions