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1. Team 18 - PHI OPTICS, INC.
Target: R&D for cancer and blood disorders
Problem: State-of-the-art instrumentation
has limited accuracy, is expensive and
labor intensive
Solution: Faster, cheaper, and more Image source:
accurate results PerkinElmer
Product: Modular attachment
for optical microscopes using
Quantitative Phase Imaging
(QPI) technology
Total number of
customers: 101

2. OEM & Universities Bio-Pharma
Investors

3. Team Members
• 25 years of experience
Tim Hoerr working with start-ups in life
sciences, bio-tech and
Business Mentor materials science
• CEO of Serra Ventures
• World leading expert in
noninvasive biomedical
imaging
Gabriel Popescu • Co-inventor on 23 US
Principal Investigator patents for QPI-related
technology
• Faculty at UIUC Electrical
Engineering & Beckman
• Over 10 years in nanotech
Catalin Chiritescu R&D and metrology
Entrepreneurial Lead • Staff scientist at Materials
Research Laboratories - UIUC

4. Key NSF funded technology
• NSF CAREER Award, CBET 08-46660 “Quantitative phase imaging
of cells and tissues” – Dr Gabriel Popescu PI. $400K
• NSF Major Instrumentation Grant, CBET 1040462 “Development
of spatial light interference microscope (SLIM) for Materials and
Life Sciences” – Dr Gabriel Popescu PI. $2M

5. Market Size Diagram
• Total Available Market
(optical microscopy) *:
$3B/yr
• Served Available Market
(life sciences)* (27%
$0.8B TAM): $0.8B/yr
$3B • No. of U.S. potential
users/units (academia and
$0.43B R&D): 7,000
• Target Market: $430M/yr
* “Microscopy: The Global
Market”, BCC Research,
August 2011

6. Distribution Channel Diagram
Fully
Scientists
featured Direct Sales (academia or
QPI industry R&D)
device • Direct feedback
• Trade shows, workshops
• Direct sales HW/SW and software updates
• Channel efficient for > 10 units/yr
Limited
features
QPI Co-development OEM
device • No direct feedback
• Trade shows, workshops
• Co-development and royalties/sub-licensing deals
• No control over sales

7. Direct Sales customer workflow
Recommenders
Saboteurs
Recommenders
Major Optical Saboteurs
Microscopy
Sales Phi Optics
OEM (Zeiss,
Representatives
Nikon, Leica,
Olympus)
USER-BUYER
Instrument Grant Agencies
R&D Budget
Facility Manager Industry Contracts
Committee
OR (CTO, VP Fees
User of R&D)
Private Scientist Funding
Funding
Saboteurs
Key Opinion
Peers
Leaders
Influencers Influencers

8. OEM customer workflow
Saboteurs
Competitive
Players
Phi Optics
Lead Business Dev End Users (Medical,
Influencers
Saboteurs Lead Product Dev Bio-pharma, Influencers
VP of R&D Academia)
DECISION MAKER
Product Dev
Budget
Committee

9. Customer Archetypes (Direct Sales)
• Manager instrument facility
• Constant lookout for new
technologies
• Large budgets
• Potential earlyvangelists, KOLs
• MANY users, ONE instrument
Dr. Radu Moldovan Dr. Sung Chang
• Reads: Journal of Biomedical Optics,
Manager of Advanced Optics Express, Applied Optics Senior Imaging
Light Microscopy Core at • LinkedIn groups : Biomarker Imaging Scientist, Imaging
School of Medicine, Group, Biomedical Optics, Medical facility manager at
University of Colorado- Imaging Network, Professionals in the Amgen
Denver Bio-Pharma Industry, APS Physics,
Biophotonics, Imaging and Optics, Optical
Microscopy and Imaging
• Trade Shows: BiOS / Photonics West

10. Customer Archetypes (OEM)
• Decision maker
• Constant lookout for new
technologies
• Manages long term projects
• Potential KOLs
• MANY customers, MANY
Scott Crowder
instruments
James Sharp
Manager, Business President Carl Zeiss
Development at Bio-Rad MicroImaging USA
Laboratories
• Reads: GenomeWeb, BioSpace, Fierce Biotech, Cell
• LinkedIn groups: Professionals in the Bio-Pharma Industry,
BioTech Analytical & Process Development Professionals Network,
Business Development
• Interests: Technology transfer, business development, industry
licensing
• Trade shows: BiOS / Photonics West, BIO International
Convention, JP Morgan healthcare conference

11. Direct Sales Payment Flow
Component
Phi Optics
vendors
UIUC OTM
Procurement Dept
FAST
Grant Agencies Instrument Facility
Industry Contracts Manager OR
User Fees Private Scientist
SLOW

12. OEM Payment Flow
Component
Phi Optics
vendors
UIUC OTM
Procurement Dept
SLOW
Product Dev Product Dev +
Budget Business Dev ($) +
Committee Legal (royalties)
FAST

13. Competitive Players
• Lyncée Tec – $$$, no integration, low-Q,
proven
• Phasics – $$, easy integration, low-Q,
unproven
• IATIA – $, some integration, low-Q, unproven
• Phi Optics - $, easy integration, high-Q,
proven

14. Canvas 1.0
7. Key Partners 5. Key Activities 1. Value 4. Customer 2. Customer
Proposition Relationships Segments
- Joint ventures with - New tech
OEM - Refine and improve - Nanoscale Imaging - Personal assistance NANOTECH &
- Buyer-supplier existing tech - Affordable - Co-creation SEMICONDUCTOR &
relations with - Customer contact for - Better Than BIOSCIENCES
our equipment new applications Competition - OEM companies
providers - Attract talent - Easy To Integrate - University R&D
- Industry R&D
- Medical Institutions
6. Key Resources 3. Channels
- Human resources - Trade shows
- Prototypes - Web site
- Patents - Scientific equipment
- Licensing/royalty distribuitors
deals
9. Cost Structure 8. Revenue Streams
FIXED: people, R&D facilities, manufacturing - Co-development deals, royalties from OEM
VARIABLE: marketing & sales - Transaction revenues from direct sales
- Post-purchase customer support including software
updates

15. Canvas 2.0
7. Key Partners 5. Key Activities 1. Value 4. Customer 2. Customer
Proposition Relationships Segments
- Joint ventures with - Hardware/software - Nanoscale Imaging - Personal assistance - OEM companies
OEM development - Affordable - Co-creation - University R&D
- Buyer-supplier - Search for new - Better Than - Online customer - Industry R&D
relations with applications Competition communities - Medical Institutions
our equipment - Attract talent -Easy To Integrate
providers Label-free imaging of
live cells, quickly, Life Sciences
accurately,
inexpensively Where
R&D
-academia
do we
-bio-pharma
6. Key Resources 3. Channels
bring the
Optical
- Human resources
- Trade shows
- Website “inform” most
Instruments
- Prototypes - Scientific equipment
- Patents and OEM distribuitors value ?
OEM
- Licensing/royalty - Direct sales
deals
9. Cost Structure 8. Revenue Streams
FIXED: people, R&D facilities, manufacturing - Co-development deals, royalties from OEM
VARIABLE: marketing & sales - Transaction revenues from direct sales
- Post-purchase customer support including software
updates

16. Canvas 3.0
7. Key Partners 5. Key Activities 1. Value 4. Customer 2. Customer
Proposition Relationships Segments
- Joint ventures with - Hardware/software - Nanoscale Imaging - Personal assistance - OEM companies
OEM development - Affordable - Co-creation - University R&D
- Buyer-supplier - Search for new - Better Than - Online customer - Industry R&D
relations with applications Competition communities - Medical Institutions
our component - Attract talent -Easy To Integrate Live Cells & Tissues
vendors R&D
- UIUC OTM for -academia
licensing rights -bio-pharma
Label-free,
non-invasive Optical Instruments
TEST: is our
imaging of live OEM
Value Prop
cells, quickly,
6. Key Resources
accurately,by
validated 3. Channels
- Trade shows
- Human resources the users ?
inexpensively - Website “inform”
- Prototypes - Scientific equipment
- Patents and OEM distribuitors
- Licensing/royalty - Direct sales
deals
9. Cost Structure 8. Revenue Streams
FIXED: people, R&D facilities, manufacturing - Co-development deals, royalties from OEM
VARIABLE: marketing & sales - Transaction revenues from direct sales
- Post-purchase customer support including software
updates

17. Canvas 4.0
7. Key Partners 5. Key Activities 1. Value 4. Customer 2. Customer
Proposition Relationships Segments
- Joint ventures with - Hardware/software - Nanoscale Imaging - Personal assistance - OEM companies
OEM development - Affordable - Co-creation - University R&D
- Buyer-supplier - Search for new - Better Than - Online customer - Industry R&D
relations with applications Competition communities - Medical Institutions
our component - Attract talent -Easy To Integrate
vendors Live Cells & Tissues
- UIUC OTM for Label-free, non- R&D
licensing rights invasive imaging of -academia
live cells, quickly, -bio-pharma
accurately,
inexpensively Optical Instruments
OEM
Accurate and time-
6. Key Resources , cost-efficient 3. Channels
imaging of live - Trade shows
- Human resources cells and tissues - Website “inform”
- Prototypes - Scientific equipment
- Patents and OEM distribuitors
- Licensing/royalty - Direct sales
deals
9. Cost Structure 8. Revenue Streams
FIXED: people, R&D facilities, manufacturing - Co-development deals, royalties from OEM
VARIABLE: marketing & sales
TEST: how much will you save by
- Transaction revenues from direct sales
using our product ?
- Post-purchase customer support including software
updates

18. Canvas 5.1
7. Key Partners 5. Key Activities 1. Value 4. Customer 2. Customer
Proposition Relationships Segments
- Buyer-supplier - Hardware/software - Nanoscale Imaging - OEM companies
relations with development - Affordable - Feasibility tests - University R&D
our component - Search for new - Better Than - Earned media - Industry R&D
vendors applications Competition - Value co-creation - Medical Institutions
- UIUC OTM for - Attract talent -Easy To Integrate - Online customer
licensing rights
-Label-free, non-
GET
communities (forum,
Facebook, Twitter)
R&D
invasive imaging of
live cells, quickly,
KEEP
-Technology updates
- Referrals
-academia
-bio-pharma
accurately,
inexpensively
GROW
- Trade-shows
(Photonics West)
- Sponsored
Accurate and workshops
time-, cost-
6. Key Resources 3. Channels
efficient
- Human resources imaging of live What is the
-Web site “inform”
- Prototypes cells and and gather info
- Patents best way to
tissues requests
- Licensing/royalty reach the
- Direct sales
customers ?
9. Cost Structure 8. Revenue Streams
FIXED: people, R&D facilities, manufacturing - Transaction revenues from direct sales
VARIABLE: marketing & sales - Post-purchase customer support including software
updates

19. Canvas 5.2
7. Key Partners 5. Key Activities 1. Value 4. Customer 2. Customer
Proposition Relationships Segments
- Buyer-supplier - Hardware/software - Nanoscale Imaging - OEM companies
relations with development - Affordable - Feasibility tests - University R&D
our component - Search for new - Better Than - Value co-creation - Industry R&D
vendors applications Competition - Medical Institutions
-UIUC OTM for
licensing rights
- Attract talent -Easy To Integrate GET
- Trade-shows,
sponsored
workshops OEM of
- Joint ventures with
OEM to identify market
Label-free, non-
invasive imaging of
KEEP
- Technology Optical
updates
needs live cells, quickly,
accurately, GROW Instruments
inexpensively (Carl Zeiss
Time-, cost-
GmbH, Bio-
6. Key Resources
efficient 3. Channels Rad Labs)
- Human resources imaging of live What is the
-Web site “inform”
- Prototypes cells and
- Patents
best way to
and gather info
tissues requests
- Licensing/royalty reach the
- OEM distribution
customers ?
9. Cost Structure 8. Revenue Streams
FIXED: people, R&D facilities, manufacturing - Co-development deals, royalties from OEM
VARIABLE: marketing & sales

20. Canvas 6.1
7. Key Partners 5. Key Activities 1. Value 4. Customer 2. Customer
Proposition Relationships Segments
- Buyer-supplier - Hardware/software - Nanoscale Imaging - OEM companies
relations with development - Affordable - Feasibility tests - University R&D
our component - Search for new - Better Than - Earned media - Industry R&D
vendors applications Competition - Value co-creation - Medical Institutions
- UIUC OTM for - Attract talent -Easy To Integrate - Online customer
licensing rights communities (forum, R&D
-Label-free, non- Facebook, Twitter) -academia
invasive imaging of -Technology updates -bio-pharma
live cells, quickly, - Referrals
accurately, - Trade-shows
inexpensively (Photonics West)
- Sponsored
Accurate and time-, workshops
cost-efficient imaging
6. Key Resources of live cells and tissues 3. Channels
- Human resources -Web site “inform”
- Prototypes and gather info
- Patents requests
- Licensing/royalty
- Direct sales
9. Cost Structure 8. Revenue Streams
-Transaction revenues from direct sales
FIXED: people, R&D facilities, manufacturing - Software add-ons
VARIABLE: marketing & sales - Post-purchase customer support including
software updates

21. Canvas 6.2
7. Key Partners 5. Key Activities 1. Value 4. Customer 2. Customer
Proposition Relationships Segments
- Buyer-supplier - Hardware/software - Nanoscale Imaging - OEM companies
relations with development - Affordable - Feasibility tests - University R&D
our component - Search for new - Better Than - Value co-creation - Industry R&D
vendors applications Competition - Trade-shows, - Medical Institutions
-UIUC OTM for - Attract talent -Easy To Integrate
sponsored
licensing rights OEM of Optical
workshops
- Joint ventures with Label-free, non- Instruments (Carl
OEM to identify market invasive imaging of - Technology
updates Zeiss GmbH, Bio-
needs live cells, quickly,
Rad Labs)
accurately,
inexpensively
Time-, cost-efficient
6. Key Resources imaging of live cells 3. Channels
and tissues
- Human resources -Web site “inform”
- Prototypes and gather info
- Patents requests
- Licensing/royalty
- OEM distribution
9. Cost Structure 8. Revenue Streams
FIXED: people, R&D facilities, manufacturing - Co-development agreements
VARIABLE: marketing & sales - Royalties and sub-licensing deals

22. Canvas 7.1
7. Key Partners 5. Key Activities 1. Value 4. Customer 2. Customer
Proposition Relationships Segments
Buyer-supplier - Hardware/software - Nanoscale Imaging - OEM companies
development - Affordable - Feasibility tests - University R&D
relations with - Search for new - Better Than - Earned media - Industry R&D
component applications Competition - Value co-creation - Medical Institutions
vendors - Attract talent -Easy To Integrate - Online customer
communities (forum, R&D
-Label-free, non- Facebook, Twitter) -academia
Earlyvangelists invasive imaging of -Technology updates -bio-pharma
live cells, quickly, - Referrals
accurately, - Trade-shows
Funding inexpensively (Photonics West)
sources - Sponsored
Accurate and time-, workshops
cost-efficient imaging
UIUC OTM for of live cells and tissues 3. Channels
6. Key Resources
licensing rights
- Human resources -Web site “inform”
- Prototypes and gather info
- Patents requests
-Licensing/royalty
- Direct sales
- Funding sources
9. Cost Structure 8. Revenue Streams
FIXED: people, R&D facilities, manufacturing -Transaction revenues from direct sales
VARIABLE: marketing & sales - Software add-ons
- Post-purchase customer support including software
updates

23. Canvas 7.2
7. Key Partners 5. Key Activities 1. Value 4. Customer 2. Customer
Proposition Relationships Segments
- Joint ventures - Hardware/software - Nanoscale Imaging - OEM companies
development - Affordable - Feasibility tests - University R&D
with OEM (Carl - Search for new - Better Than - Industry R&D
- Value co-creation
Zeiss GmbH, applications Competition - Trade-shows, - Medical Institutions
Bio-Rad Labs) - Attract talent -Easy To Integrate
sponsored
workshops OEM of Optical
Label-free, non- Instruments (Carl
- Buyer-supplier invasive imaging of - Technology
updates Zeiss GmbH, Bio-
relations with live cells, quickly,
Rad Labs)
accurately,
component inexpensively
vendors
Time-, cost-efficient
6. Key Resources imaging of live cells 3. Channels
- UIUC OTM for
and tissues
licensing rights - Human resources -Web site “inform”
- Prototypes and gather info
- Patents requests
-Licensing/royalty
- OEM distribution
- Funding sources
9. Cost Structure 8. Revenue Streams
FIXED: people, R&D facilities, manufacturing - Co-development agreements
VARIABLE: marketing & sales - Royalties and sub-licensing deals

24. THE END