1. Method for Analysis of
Single Molecules in
Bio-Medical Research
Nesher Technologies Inc.
nanobiotech for smarter diagnostics
and cutting-edge biomedical research
Team 14
Size of Opportunity:
TAM (high-end microscopes): ~$20-40M/y
SAM (ALEX analyzers) ~100 over 5 years, Avg. ~$3M/y
Initial Idea:
Turn-key instrument of laser-based single molecule
detection technology for academic labs
Total interviews: 103
Avg/wk: 10.3
3. *
Hypothesis: Research customers in academia want standardized turnkey instruments Experiments: Interviews with academic researchers and lab directors
â˘Dr. Nils Walter (Prof. of Chemistry, Univ.of Michigan)
â˘Dr. Fareed Aboul-ela (Prof. Zewail City of Science and Technology, Egypt)
â˘Dr. Lori Goldner (Prof. Univ. of Massachusetts Amherst)
â˘Dr. Laurent Bentolila (Scientific Director of the Advanced Light Microscopy/ Spectroscopy Lab, California NanoSystems Institute
â˘Dr. Piotr Marszalek (Professor ofMechanical Engineering, Duke Univ.)
â˘Dr. David Lilly (Prof. of MolecularBiology, Director of the CancerResearch UK Nucleic Acid StructureResearch Group, Univ. of Dundee) Week 3, 30 total
4. Research Customer Archetype
â˘Expertise in biophysics/biochemistry
â˘Interested in the dynamic behavior of biomolecules
â˘Has published in life sciences journals
â˘Expertise in labeled fluorescence measurements
Dr. Nils Walter
(Professor of Chemistry,
Director, Single Molecule Analysis in Real-Time (SMART) Center, Univ. of Michigan)
5. Research
Scientist
(PI)
High end
MicroscopeCore FacilityEnd User(Graduate StudentsPostdocstechnicians) Core DirectorPurchasingAgentEnd User(Graduate StudentsPostdocstechnicians) ResearchScientist(PI) Core ManagerDepartmentHeadInfluence
Money
Academic Market Ecosystem
$100k???
we donât have that kinda money right now!!!
6. *
ďFew âmust haveâ responses
ďCustomers need to âseeâ the product
ďPurchases may need to be funded through grants
ďCompetitors include Leica, Picoquant, home brew systems
ďCustomer validation required pre-purchase
9. *29 new
Hypothesis:
â˘Microscope companies would want our technology as an add-on module
â˘Biotech/ Pharma may want special assays to augment drug discovery Experiments:
â˘Interviewed science/ business/ leadership people in industry
â˘Interviewed contract manufacturerWhat we learned:
â˘Have not found any needs within mainstream R&D in pharma/ biotech
â˘Current pharma drug discovery suppliers offer compete solutions: instruments-assays-reagents
â˘These methods are not yet known in R&D
â˘No immediate response from big microscope companies (Olympus, Leica, Zeiss, Nikon) as well as smaller ones (Picoquant, ISS, Becker-Hickl)
â˘Contract manufacturers not affordable now (Dr. Gary Gust (Source Scientific), David Hagebush (Lathrop Engineering) Week 5, total 59
10. Itâs time to
Realization from previous interviews:
consistent need for software support
Software
12. *related to software
â˘Academic researchers usually build their own optical setupsSoftware is difficult to develop, willing to pay for software at ~$5K(Dr. Lori Goldner)
â˘Many academic customers canât/wonât buy capitalequipment from startups, especially over $50K ď Willing to pay for software at ~$5K (Dr. Laurent Bentolila, Dr. Piotr Marszalek)
â˘Singulex (Our competitor, Single molecule detection platform)
ďTheir main revenue is from providing SERVICES (Steve Blakely, Director of Marketing at Singulex) Week 7, 83 total
13. COGSDistribution Channels-Lessons Learned - ALEX Analyzer(OEMs: GE Healthcare, Life Technologies; Zeiss, Leica, Nikon, Olympus; for IVD: Roche Diagnostics, Siemens Healthcare)
Software
Microscope add-on (ALEX module)
(McBainMicroscopy)
Reagents/ Consumables/ Assays
(drop-ship directly from OEMs)
(SigmaAldrich, AnaSpec, Qiagen, BiosearchTechnologies) Hardware, Reagents(Thermo Fisher, VWR, Sigma) COGS R&D (20%): $1000SG&A (20%): $1000E-Commerce Costs: Payment Gateway(3%): $150AdWords Campaigns(5%): $250Discount(10%): $500Profit (42%): $2150
ALEX Software: $5000/download
30-40%
of sales
14. CAC: $3K per customer
ď1% adoption rate times $30K for reaching out to 1000 customers
Conferences, trade shows, webinars, publications, blogging,
3rdparty e-mail
User groups;
online tech
support
Up-sell
(2-color: $5K,
3-color: $7.5K,
4-color: $10K)
Cross-sell Services
($2K/Yr)
LTV: >$15K per customer(after 5 years)
ď$5K (2c-ALEX) + $2K (reagent)/year x 5 years
Get/Keep/Grow Customer Relationshipsrelated to softwareKeepViral loop
ďcustomers publish their studies and present on conferences
GetGrow
16. Diagram of Payment FlowsContract R&D/ Lab ServicesSW LicenseNTIAcademic/GovCustomerSub-Segment
17. Next Steps
â˘Continue to explore customer needs for software and services;
â˘Continue to upgrade software
â˘Continue to develop advanced cancer diagnostics(Evaluate competition; look at other forms of cancer with microRNA markers, combination of traditional biomarkers with microRNA to develop more accurate panels resulting in high clinical sensitivity AND specificity; show evidence with clinical studies)
18. *
â˘GE Healthcare
ďNoninvasive serum based lung cancer screening will be a huge opportunity (Joe Camaratta).
â˘USC Center for Advanced Lung Disease
ďCurrently performing a clinical trial detecting miRNA using microarray (Dr. Alex Balekian)
19. First Pass Canvas
Low Fidelity MVP
Product/Market Fit
Left-side of the Canvas
Market Opportunity
High Fidelity MVP
Metrics That Matter
Right-side of the Canvas
Problem/Solution validation
Investment Readiness Level
⢠Continue to explore customer needs for
software and services;
⢠Continue to upgrade software
⢠Continue to develop advanced cancer
diagnostics
(Evaluate competition; look at other forms of
cancer with microRNA markers, combination
of traditional biomarkers with microRNA to
develop more accurate panels resulting in
high clinical sensitivity AND specificity; show
evidence with clinical studies)
Research
No-Go
(Not ready yet
for Phase II)
IRL2
IRL6
Youtube: http://youtu.be/OrWKGOwCnnY