Upload
paige-rasid
View
257
Download
2
Tags:
Embed Size (px)
DESCRIPTION
On October 10th, the Second Thursday panel will speak to current trends in advanced manufacturing, including additive manufacturing (3D Printing), and the impact these current trends are having on the manufacturing industry and the companies that operate in this environment. How do these trends impact companies and their future value? How can companies position themselves to take advantage of these trends and maximize their future value? What will investors and strategic partners expect from companies in the future? Where do leaders in the industry see these trends going? A panel of experts will answer all these questions with the goal of helping companies find opportunities to harness the power of these exciting trends.
Citation preview
2013 - 2014 Boardroom Series Topics
Offered weekly on Wednesdays.Includes continental breakfast, networking and a presentation.
No cost to participate, but seating is limited and registration is required.
Foreign Investments into US Ventures: Incentives and StructuresPresented by Updike, Kelly & Spellacy
Effective Integrated Online StrategiesPresented by Mintz + Hoke
Fundraising Strategies for Growth CompaniesPresented by Enhanced Capital
Multistate Tax - Issues and OpportunitiesPresented by Fiondella, Milone & LaSaracina
Exit Strategies for FoundersPresented by Shipman & Goodwin
Governance Dynamics Among Entrepreneurs, Boards of Directors and Investors: Affirmative and Negative Controls, Independent Committees and Other Tricks of the TradePresented by Robinson & Cole
Attracting and Working with Chinese InvestorsPresented by Wiggin and Dana
Health Care Transactions in CT: Recent Market and Process DevelopmentsPresented by Murtha Cullina, Attorneys at Law
Visit
cvg.org for the
full schedule
Welcome by
Frank Milone Matt MonteithPartner AssociateFiondella, Milone & LaSaracina Shipman and Goodwin LLP
Manufacturing ValueTrends in Advanced Manufacturing and How to Maximize Value
ModeratorJack CraneDirector of Growth ServicesCONNSTEP, Inc.
Manufacturing ValueTrends in Advanced Manufacturing and How to Maximize Value
@CTVenture
Panelists
Dave BabcockPartnernPlusOne Consulting
Don HardiePartnerKidd & Company
Lynn GambillChief Engineer, Manufacturing Engineering and Global Services Engineering
Pratt & Whitney
Severine ZygmontCOO & Co-FounderOxford Performance Materials
Manufacturing ValueTrends in Advanced Manufacturing and How to Maximize Value
“3D printing in the International Space Station could reduce the cost and frequency of resupply missions. US space agency NASA is planning to launch a 3D printer into space next year to help astronauts manufacture spare parts and tools in zero gravity.”
30 September 2013 BBC
NASA Plans First 3D Printer 2014
Begin With The End In Mind
Must be strategically focused
Know why your company matters, i.e. why are you relevant to world and customers?
Must be customer focused – have a view through the customers eyes
Vision, mission, culture and values... Where and how will you compete?
Focus On The Right “Few” Things
Profitable sales
Earnings Before Interest Taxes Depreciation and Amortization (EBITDA)
Operating cash flow
Innovate constantly; Intellectual Property (IP) is important to creating value
Extracting Value
Succession planning: Does not get enough attention Without it, you can hurt value Chaos at critical points in time
Advisors vs. Independent Board ?Adding value to company’s strategic execution through accountability
Final thoughts Measure yourself and your team
Quantitative measures related to value creation
Dashboards and monthly financials
Agility: strategy adjustments – very important – exit strategy fast when strategy does not work
Presume nothing- presumption is the mother of all disasters.
Advanced Manufacturing (AM)Advanced manufacturing attributes….
• Technology is integral to the overall process
• New processes or/and new materials (evolutionary and revolutionary)
• Innovation new way to do old stuff; new way to do new stuff• Utilize technology, process and materials to improve cost and finished product
• Nanomanufacturing
• Computer controls/automation/robotics
• Additive manufacturing
• Composites
• Powdered metallurgy (PM)
• Chemical/Biochemical manufacturing
1
Bottom Line: How to create a sustainable competitive advantage?
• Computer and information technologies
• Robotics/automation
• Advanced design
• Advanced sensing and measuring
Advanced Manufacturing
Broad Investment considerations:
• Disruption/change is good…potentially• Backing the right horse is about more than just the technology
• Fast follower v. bleeding edge innovator• Pioneers with arrows in their backs
• Industry and product attributes will dictate adoption rates• The “land grab” trap – know your market and your customer
• Policy considerations• Report to the President on Capturing Domestic Competitive Advantage in Advanced
Manufacturing (July 2012) potential headwinds and tailwinds
4
Thoroughly Non-Scientific AM Continuum Investment Stages
5
• Nanotechnology• Additive manufacturing (new areas)• Biomanufacturing• Sustainable manufacturing
• Additive manufacturing (medical; consumer)• Visualization, informatics and digital manufacturing• Flexible electronics manufacturing
• Advanced manufacturing and testing equipment• Advanced forming and joining• Sensing, measurement and process control
Start-up/Venture Capital Growth equity
Transformation of mature
industries/consolidations/LBOs
AM Attributes
Breakthrough Technologies/R&D
Applied Research/Product Development
Roll-out/Design for Manufacturing
3D Manufacturing (Additive Manufacturing)
• Broad Potential Applicability:o Consumero Industrialo Medical
• Competitive Advantageso Better qualityo Less waste/scrapo Shorter cycle timeso Increased design flexibilityo Lower cost (material & labor)
• Barriers to Adoptiono Capitalo Technology/know howo End-use applications (product strength and size of market)
6
Aerospace Case Study - Additive Manufacturing
“Conventional wisdom:” 3D’s applicability will be limited to small, non-flight-critical and non-load-bearing parts.
• GE Example:o Fuel nozzles for CFM Leap (GE JV with Parker)o By 2020 >100,000 parts on GE & CFM engines will use AMo Investing $3.5bn over next five years to develop AM in-house
• China as the Spoiler?o AVIC Heavy Machinery 16 ft. 3D Ti part
• Claims AM being used in major load bearing parts (J15 landing gear)o COMAC C919 (large structural AM parts)o AVIC: AM reduces costs 90%
Source: Aerospace’s Next Disruptive Technology (Kevin Michaels)
7
In Conclusion• Advanced manufacturing matters tremendously, both economically and as a
matter of driving innovation and maintaining competitiveness
• US has under-invested, but the tide seems to be turning…hopefully
• Numerous opportunity to create winners by allocating resources to deploy “evolutionary” AM techniques in existing enterprises
o Requires capital AND skilled workforceo Especially true in consolidating supply chains like aerospace
• Numerous potential “break-through” technologies, particularly in life sciences and nano-technology
8
What do we mean by Advanced Manufacturing?
• If you ask wiki: Advanced manufacturing is the use of innovative technology to improve products or processes
• If you ask OPM: Advanced manufacturing is the use and convergence of advanced technologies to best manufacture critical components and highly specified parts– Material technologies– Design technologies– Manufacturing process technologies– Inspection/measurement technologies
What it means to OPM: Differentiation
• OPM is a small business specializing in innovative material solutions for the biomedical & aerospace industries
• Advanced Manufacturing means having:– The right material: high performance polymer [PEKK]– The ability to design organic or complex structures– A validated manufacturing process: 3D printing or additive
manufacturing [HTLS]– The right tools and systems to assure repeatability and
dimensional & mechanical accuracy• Certified Quality System • QC lab with metrology capabilities [Structured Light Scanning]
OXFAB™ Industrial Parts OsteoFab™ Biomedical PartsOXPEKK® Raw Materials Metrology Sciences
Part manufacturer not “job shop” Commercial production not prototyping Critical components not b-spoke Deliver a solution not a model Differentiation = value creation
What it means to OPM: Value Creation
Rapid Prototyping vs. Additive Manufacturing
• 3D printing exists since the early 1980’s– quickly fabricate a scale model of a physical part using 3D CAD data– perfect for inexpensive marketing/demo objects and prototyping
→ Rapid Prototyping– No need for validated processes– No need to control dimensions– No differentiation
→ Additive Manufacturing: means MANUFACTURING– Certified to ISO13485, ISO9001 & AS9100C and FDA compliant (21 CFR
820)– Growth– Connecticut
We differentiate ourselves by our ability to deliver commercial parts and critical component to the industry using 3D printing
Where did it lead OPM to?
• FDA Clearance in 2013FEB for 3D printed cranial implants
• Contract from Northrop Grumman Corporation for the development of design parameters for 3D printed PEKK parts
• 100th cranial implant shipped on Oct 1st of this year
• 12,000 sq-ft facility expansion in South Windsor for additional 3D printing capacity to support the growing demand of the biomedical and aerospace markets
Closing Remarks
Liddy KarterExecutive Director, Crossroads Venture GroupManaging Director, Enhanced Capital Partners
@CTVenture 28
CVG Upcoming Events
Boardroom Series
Second Thursdays
November 14
Private Investors in CTStamford
Full scheduleon cvg.org
November 7, 2013
Holiday Party
December 5, 2013 | Fairfield