O slideshow foi denunciado.
Utilizamos seu perfil e dados de atividades no LinkedIn para personalizar e exibir anúncios mais relevantes. Altere suas preferências de anúncios quando desejar.

Digital Health Minimum Viable Products MIT_healthcare_ventures_2015

2.410 visualizações

Publicada em

Digital Health Minimum Viable Products
MIT Healthcare Ventures 2015
Zen Chu, Accelerated Medical Ventures

Publicada em: Design

Digital Health Minimum Viable Products MIT_healthcare_ventures_2015

  1. 1. MINIMUM VIABLE PRODUCTS + MEDICAL VENTURES ZEN CHU MIT HEALTHCARE VENTURES HST.978
  2. 2. EARLY STAGE MEDICALVENTURES
  3. 3. DISCOVER PAINFUL UNMET NEEDS USER EMPATHY DESIGNTHINKING PRODUCT + EXPERIENCE RAPID OPENTESTING ACCELERATED EVIDENCE VIA EVIDENCE-BASED ENTREPRENEURSHIP
  4. 4. – Frank Robinson “product with the highest return on investment versus risk" MVP DEFINITION
  5. 5. EXAMPLE DIGITAL HEALTHCARE MINIMUMVIABLE PRODUCTS I INVESTED ATTHE PROTOTYPE STAGE
  6. 6. PILLPACK’S FIRST 48 HOURS MVP PAPER PROTOTYPING CUSTOMER EXPERIENCE
  7. 7. PILLPACK.COMTODAY
  8. 8. INSTAGRAM 4 DOCTORS JOB: SOLVE DOCTOR SMARTPHONE HIPAAVIOLATIONS Figure1.com
  9. 9. FIGURE1.COM MVP 12 MONTHS TO CROWDSOURCE LARGEST SET OF CONSENTED MEDICAL IMAGES!
  10. 10. CROWDSOURCED DIAGNOSIS MVP: REASON I INVESTED!
  11. 11. MVP DEFINITION
  12. 12. – Eric Ries “… MVP is that product which has just those features (and no more) that allows you to ship a product that resonates with early adopters; some of whom will pay you money or give you feedback.” “The MVP is often an ad on Google. Or a PowerPoint slide. Or a dialog box. Or a landing page. You can often build it in a day or a week.” MVP DEFINITION
  13. 13. PRODUCT IS INSUFFICIENT MARKET = PRODUCT * CUSTOMERS WILL CUSTOMERSVALUE + CHANGE BEHAVIOR? VENTURE = MARKET*ADOPTION*SHARE
  14. 14. MVP DESIGN PROCESS OBSERVE PITCHDESIGN TEST + LEARN PITCH to efficiently communicate gather external feedback (in)validate problems/solutions and recruit team
  15. 15. EARLY STAGEVENTURES SEARCH FOR QUICK TRUTH MEASURE NOT WHAT THEY SAY WHAT THEY DO!
  16. 16. OBSERVE GROUNDTRUTH EX) CHINA HEALTHCARE EXPERIENCES
  17. 17. VALUE TIMECRITICAL MILESTONES Acquisition/IPO Exit Reimbursement Published clinical results Market Introduction Salesforce hired Europe & Japan distribution FDA Approval Manufacturing ramp Human pivotal study Corporate partnership First human data First Hiccup & Danger of Momentum Loss CEO hired Pilot manufacturing Patent grant First FDA meeting Regulatory opinions Money raised & team hired Animal testing Clinician feedback Patent disclosure Prototype/Reduction to Practice Market Analysis Idea MILESTONES +VALUE ENTREPRENEURS SEE ALL AS CRITICAL
  18. 18. VALUE TIMECRITICAL MILESTONES Acquisition/IPO Exit Reimbursement Published clinical results Market Introduction Salesforce hired Europe & Japan distribution FDA Approval Manufacturing ramp Human pivotal study Corporate partnership First human data First Hiccup & Danger of Momentum Loss CEO hired Pilot manufacturing Patent grant First FDA meeting Regulatory opinions Money raised & team hired Animal testing Clinician feedback Patent disclosure Prototype/Reduction to Practice Market Analysis Idea SO MANY MILESTONES ENTREPRENEURS SEE ALL AS CRITICAL FOCUS MVP FASTER LAUNCH, ROI PRIORITIZE RISKS
  19. 19. DE-RISK PRODUCTS +VENTURES VALUE TIME Market Adoption Risk Reimbursement + Consumer Drivers Physician & Patient Adoption Distribution Regulatory Risk Safety & Efficacy Management Risk Technology Risk PRIORITIZE UP FRONT
  20. 20. THE 50% RULE Almost every failed company has a product. What failed startups don’t have is enough paying customers. Spend your time building product and testing channels in parallel 50% product and 50% traction/distribution – Ash Maurya, Lean Canvas
  21. 21. SMALLVENTURETAKE JUST AS MUCHTIME AS BIG ONES PAINxUSERS=VALUE TIME 1 aim bigger! RIGHT NEED? BIG PROBLEM WIN! accelerate FAST TRACTION
  22. 22. PRODUCT MARKET FIT OBSERVE > SEGMENT > DESIGN BUSINESSMODELGENERATION.COM
  23. 23. VALUE PROP > BUSINESS MODEL DESIGN >TEST > ITERATE
  24. 24. TESTING BUSINESS MODELS
  25. 25. MEDICAL BIZ MODEL 10 STEPS TO DESCRIBE WHO USES, PRESCRIBES, PAYS, DISTRIBUTES 10) PITCH THE NEW EXPERIENCE: PRIMARY USER DECIDER PRESCRIBER LOCATION + DISTRIBUTOR WHO PAYS? HOW MUCH? 1) WHO VALUES & PAYS? 2) HIGH VALUE SEGMENTS + ROI HIGH RISK SEGMENTS KEY METRICS 3) WHERE DO LOW COST + HIGH ACTIVATION, JOURNEY INTERSECT? ACTIVATION 4) WHAT ACTIVATES PRIMARY USER? WHEN IN JOURNEY? 5) TECH OR TRUSTED INFLUENCER? WHEN INTERVENE + TRIGGERS? 6) HOW CLOSE LOOP TO DELIVER NEW EXPERIENCE + BETTER CARE? RETENTION VALUE 7) WHAT BRINGS USER BACK? MONITORING OR SUBSCRIBER BIZ? ADD-ON REVENUES? 8) WHAT NEW MACRO TRENDS DRIVE? 9) HOW PARTNERS REVISIT/EXTEND? HOW IS SOLUTION DISCOVERED? WHY WILL THEY CHANGE & ADOPT? PRICE VERSUS VALUE ONE-TIME USE? CHRONIC SUBSCRIBER? LIFETIME VALUE VS COST OF REACHING IS A PRESCRIBER REQUIRED? NON-TRADITIONAL INFLUENCER? EMPLOYER? DISCHARGE NURSE? WHERE IS THE BEST EXPERIENCE? NEW MODES/PLACES TO REACH RETAILER, APP STORE, ECOM… HOME, HOSPITAL, CLINIC, PHARMACY…PATIENT, PCP, CAREGIVER, PARENT…. © HACKINGMEDICINE.MIT.EDU
  26. 26. 1) Need / Problem 2)Validated Unmet Need 3) Customer / User 4) Sub-Segment Customers + Markets 5)Value Proposition 6) Business Model 7) Experiment + Learn 8) Quantify 9) Repeat MVP DESIGN PROCESS PITCH AT EACH STEP!
  27. 27. PILLPACK.COM CASE STUDY Founder Domain Knowledge Unmet Need? Which Customers? Which Segments? What Model? What Experiments? What Metric? 1) Need / Problem 2)Validated Unmet Need 3) Customer / User 4) Sub-Segment Customers + Markets 5)Value Proposition 6) Business Model 7) Experiment + Learn 8) Quantify 9) Repeat
  28. 28. EARLY STAGE VENTURE TOOLSET
  29. 29. The Value Proposition Canvas Gain Creators Describe how your products and services create customer gains. How do they create benefits your customer expects, desires or would be surprised by, including functional utility, social gains, positive emotions, and cost savings? Pain Relievers Do they… Create savings that make your customer happy? (e.g. in terms of time, money and effort, …) Produce outcomes your customer expects or that go beyond their expectations? (e.g. better quality level, more of something, less of something, …) Copy or outperform current solutions that delight your customer? (e.g. regarding specific features, performance, quality, …) Make your customer’s job or life easier? (e.g. flatter learning curve, usability, accessibility, more services, lower cost of ownership, …) Create positive social consequences that your customer desires? (e.g. makes them look good, produces an increase in power, status, …) Do something customers are looking for? (e.g. good design, guarantees, specific or more features, …) Fulfill something customers are dreaming about? (e.g. help big achievements, produce big reliefs, …) Produce positive outcomes matching your customers success and failure criteria? (e.g. better performance, lower cost, …) Help make adoption easier? (e.g. lower cost, less investments, lower risk, better quality, performance, design, …) Rank each gain your products and services create according to its relevance to your customer. Is it substantial or insignificant? For each gain indicate how often it occurs. Describe how your products and services alleviate customer pains. How do they eliminate or reduce negative emotions, undesired costs and situations, and risks your customer experiences or could experience before, during, and after getting the job done? Do they… Produce savings? (e.g. in terms of time, money, or efforts, …) Make your customers feel better? (e.g. kills frustrations, annoyances, things that give them a headache, …) Fix underperforming solutions? (e.g. new features, better performance, better quality, …) Put an end to difficulties and challenges your customers encounter? (e.g. make things easier, helping them get done, eliminate resistance, …) Wipe out negative social consequences your customers encounter or fear? (e.g. loss of face, power, trust, or status, …) Eliminate risks your customers fear? (e.g. financial, social, technical risks, or what could go awfully wrong, …) Help your customers better sleep at night? (e.g. by helping with big issues, diminishing concerns, or eliminating worries, …) Limit or eradicate common mistakes customers make? (e.g. usage mistakes, …) Get rid of barriers that are keeping your customer from adopting solutions? (e.g. lower or no upfront investment costs, flatter learning curve, less resistance to change, …) Rank each pain your products and services kill according to their intensity for your customer. Is it very intense or very light? For each pain indicate how often it occurs. Risks your customer experiences or could experience before, during, and after getting the job done? Products & Services List all the products and services your value proposition is built around. Which products and services do you offer that help your customer get either a functional, social, or emotional job done, or help him/her satisfy basic needs? Which ancillary products and services help your customer perform the roles of: Buyer (e.g. products and services that help customers compare offers, decide, buy, take delivery of a product or service, …) Co-creator (e.g. products and services that help customers co-design solutions, otherwise contribute value to the solution, …) Transferrer (e.g. products and services that help customers dispose of a product, transfer it to others, or resell, …) Products and services may either by tangible (e.g. manufactured goods, face-to- face customer service), digital/virtual (e.g. downloads, online recommendations), intangible (e.g. copyrights, quality assurance), or financial (e.g. investment funds, financing services). Rank all products and services according to their importance to your customer. Are they crucial or trivial to your customer? Gains Describe the benefits your customer expects, desires or would be surprised by. This includes functional utility, social gains, positive emotions, and cost savings. Pains Customer Job(s) Describe negative emotions, undesired costs and situations, and risks that your customer experiences or could experience before, during, and after getting the job done. What does your customer find too costly? (e.g. takes a lot of time, costs too much money, requires substantial efforts, …) What makes your customer feel bad? (e.g. frustrations, annoyances, things that give them a headache, …) How are current solutions underperforming for your customer? (e.g. lack of features, performance, malfunctioning, …) What are the main difficulties and challenges your customer encounters? (e.g. understanding how things work, difficulties getting things done, resistance, …) What negative social consequences does your customer encounter or fear? (e.g. loss of face, power, trust, or status, …) What risks does your customer fear? (e.g. financial, social, technical risks, or what could go awfully wrong, …) What’s keeping your customer awake at night? (e.g. big issues, concerns, worries, …) What common mistakes does your customer make? (e.g. usage mistakes, …) What barriers are keeping your customer from adopting solutions? (e.g. upfront investment costs, learning curve, resistance to change, …) Describe what a specific customer segment is trying to get done. It could be the tasks they are trying to perform and complete, the problems they are trying to solve, or the needs they are trying to satisfy. What functional jobs are you helping your customer get done? (e.g. perform or complete a specific task, solve a specific problem, …) What social jobs are you helping your customer get done? (e.g. trying to look good, gain power or status, …) What emotional jobs are you helping your customer get done? (e.g. esthetics, feel good, security, …) What basic needs are you helping your customer satisfy? (e.g. communication, sex, …) Besides trying to get a core job done, your customer performs ancillary jobs in differ- ent roles. Describe the jobs your customer is trying to get done as: Buyer (e.g. trying to look good, gain power or status, …) Co-creator (e.g. esthetics, feel good, security, …) Transferrer (e.g. products and services that help customers dispose of a product, transfer it to others, or resell, …) Rank each job according to its significance to your customer. Is it crucial or is it trivial? For each job indicate how often it occurs. Outline in which specific context a job is done, because that may impose constraints or limitations. (e.g. while driving, outside, …) Which savings would make your customer happy? (e.g. in terms of time, money and effort, …) What outcomes does your customer expect and what would go beyond his/her expectations? (e.g. quality level, more of something, less of something, …) How do current solutions delight your customer? (e.g. specific features, performance, quality, …) What would make your customer’s job or life easier? (e.g. flatter learning curve, more services, lower cost of ownership, …) What positive social consequences does your customer desire? (e.g. makes them look good, increase in power, status, …) What are customers looking for? (e.g. good design, guarantees, specific or more features, …) What do customers dream about? (e.g. big achievements, big reliefs, …) How does your customer measure success and failure? (e.g. performance, cost, …) What would increase the likelihood of adopting a solution? (e.g. lower cost, less investments, lower risk, better quality, performance, design, …) Rank each gain according to its relevance to your customer. Is it substantial or is it insignificant? For each gain indicate how often it occurs. Rank each pain according to the intensity it represents for your customer. Is it very intense or is it very light.? For each pain indicate how often it occurs. On: Iteration: Designed by:Designed for: Day Month Year No. Customer Segment www.businessmodelgeneration.com Use in Conjunction with the Business Model Canvas Copyright of Business Model Foundry GmbH Value Proposition Create one for each Customer Segment in your Business Model
  30. 30. What are the most important costs inherent in our business model? Which Key Resources are most expensive? Which Key Activities are most expensive? Through which Channels do our Customer Segments want to be reached? How are we reaching them now? How are our Channels integrated? Which ones work best? Which ones are most cost-efficient? How are we integrating them with customer routines? For what value are our customers really willing to pay? For what do they currently pay? How are they currently paying? How would they prefer to pay? How much does each Revenue Stream contribute to overall revenues? For whom are we creating value? Who are our most important customers? What type of relationship does each of our Customer Segments expect us to establish and maintain with them? Which ones have we established? How are they integrated with the rest of our business model? How costly are they? What value do we deliver to the customer? Which one of our customer’s problems are we helping to solve? What bundles of products and services are we offering to each Customer Segment? Which customer needs are we satisfying? What Key Activities do our Value Propositions require? Our Distribution Channels? Customer Relationships? Revenue streams? Who are our Key Partners? Who are our key suppliers? Which Key Resources are we acquiring from partners? Which Key Activities do partners perform? What Key Resources do our Value Propositions require? Our Distribution Channels? Customer Relationships? Revenue Streams? Day Month Year No. This work is licensed under the Creative Commons Attribution-Share Alike 3.0 Unported License. To view a copy of this license, visit http://creativecommons.org/licenses/by-sa/3.0/ or send a letter to Creative Commons, 171 Second Street, Suite 300, San Francisco, California, 94105, USA.
  31. 31. ELEVATOR PITCHTEMPLATE • I AM A _____________________ AND I CARE ABOUT ________________________________________ • MY GOAL IS TO IMPROVE • EXPERIENCE OF ______________________________ (ALS PATIENT, CAREGIVER, ER NURSE…) • QUALITY OF ______________________________ (CLINICAL METRIC, EXPERIENCE, PAIN…) • ACCESS TO _______________________________ (SERVICE, EXPERTISE, PROCEDURE, PRODUCT) • FREQUENCY/RATE OF ____________________________________ (TEST, BEHAVIOR, DX, SURG) • EFFICIENCY OF _______________________________________ (TEST, DX, EXPERIENCE, SURG…) • PROFITS OF _________________________________________ (PHARMACY, DOC, HOSP, FIELD…) • FIRST TARGET CUSTOMER IS ___________________________________ (DESCRIBE SINGLE USER TYPE) • THEY SUFFER FROM __________________________________________ (DISEASE, EXPERIENCE, PAIN…) • WE CAN IMPROVE THEIR EXPERIENCE/HEALTH BY __________________________________________ • TODAY THEY SOLVE THIS BY __________________ BUT THE PROBLEM IS ________________________ • OUR SOLUTION IS TO ATTACK __________________________________________________________ • STARTING WITH ___________________________________________ (FOCUSED POPULATION) • THEY WILL BE EARLY ADOPTERS BECAUSE __________________(PAIN, COST, RISK, FEAR, PAYER…) • WE WILL REACH THEM THROUGH _____________ (CHANNEL, SPECIALTY, RETAIL, PHARMACIES…) • IDEAL STRATEGIC PARTNERS _______________________________________________________ • BUT WE CAN ALSO ATTACK LARGER MARKET OF ________________________ (NEXT USER TYPE) • OUR PRODUCT/SERVICE WILL BE PAID FOR BY __________________________________________ • BECAUSE THEYVALUE ____________________________________________ (UNIQUE QUALITIES) © HACKINGMEDICINE.MIT.EDU
  32. 32. PATIENT SYMPTOMS PATIENT JOURNEY MAP THE EXPERIENCE OF DIAGNOSING,TREATING, MONITORING PRIORITIZE FOCUSED HIGH-IMPACT SOLUTION AROUND ONE PLAYER MONITOR OR PREVENT EDUCATION + ACTIVATION DIAGNOSIS + TESTS SEGMENTS + TREATMENTS BIGGEST GAPS, COSTS OUTCOMES MONITORING + MANAGING PATIENT CAREGIVER NURSE IDEAL LOCATION: PCP PHYSICIAN PHARMACIST SPECIALIST CLINICAL PI PRIORITIZE ONE PLAYER: © HACKINGMEDICINE.MIT.EDU
  33. 33. HEALTHCARE BIZ MODEL CANVAS IDENTIFY KEY ADOPTER: Patient Specialist/PCP/Nurse Hospital/Department Insurer Payor/Employer Patient/DTC Specialist/Nurse Hospital Payor DISEASE SEGMENTS NATURAL HISTORY KEY RISKS/LIABILITIES REGULATORY PRO/CON PERFORMANCE & EFFICACY METRICS Clin Data Cost/Timepoints VALUE INFLECTION MILESTONES SUBSTITUTES & COMPETITION EXECUTION DIFFERENTIATION GO TO MARKET DIFFERENTIATION Regulatory Path Reimbursement Codes Data Accelerants Prescribers Payors Fulfillment © HACKINGMEDICINE.MIT.EDU
  34. 34. EXPERIMENTAL PLAN KEY METRICS, CLEAR HYPOTHESIS, QUICK DATA CHEAPLY IF METRIC DOES NOT CHANGE BEHAVIOR, IT IS A BAD METRIC © HACKINGMEDICINE.MIT.EDU DESCRIBE THE PROBLEM: ________________________________________________________________________________________________________ DESCRIBE MIN VIABLE PRODUCT: ________________________________________________________________________________________________________ EXPERIMENT HYPOTHESIS: ________________________________________________________________________________________________________ EXPECTED OUTCOME: ________________________________________________________________________________ SUCCESS CRITERIA: ________________________________________________________________________________ KEY PARTNERS FOR EXPERIMENT ________________________________________________________________________________________________________ VARIABLES TO TEST: ________________________________________________________________________________________________________ CLINICAL METRICS (i.e. OUTCOMES, PAIN SCALE, DIAGNOSIS RATE, COMPLICATION RATE, READMISSION RATE) TECHNOLOGY METRICS (i.e. PERFORMANCE, SPECIFICITY, SELECTIVITY, FAILURE RATE, COST PER TEST) CUSTOMER METRICS ( i.e. SATISFACTION, RETURN VISITS, REPLY/CALL-BACK RATE) BUSINESS METRICS (i.e. USER ADOPTION, COST, BUYING DECISIONS, TIME REQUIRED, EFFICIENCY HOW LOWER BARRIERS TO DATA GENERATION? ____________________________________________________________ WHO/HOW MEASURES? ______________________________________________________________________(INCENTIVE OR AGENCY PROBLEMS?) WHAT ARE YOU DE-RISKING? ______________(USER ADOPTION RISK, SAFETY RISK, TECHNOLOGY RISK, MANUFACTURING RISK, SALES RISK, ETC) TARGET POPULATION ________________________________________________________________________________________________________ SUB-SEGMENT POPULATIONS & COMORBIDITIES ____________________________________________________________ IS THERE A CONTROL GROUP?____________________________________________________________________________ SELECTION BIASES?_____________________________________________________________________________________ EXPERIMENT SAFETY ISSUES ________________________________________________________________________________________________________ HOW DOES THIS MAXIMIZE LEARNING? ________________________________________________________________________________________________________ WHAT CAN YOU TEST FAST + CHEAP? ________________________________________________________________________________________________________
  35. 35. ExperimentsStart here. Brainstorm with stickies, pull it over to the right to start your experiment. Customer Problem Solution Result & Decision Learning Riskiest Assumption Method & Success Criterion 1 2 3 4 5 To form a Customer/Problem Hypothesis: I believe my customer has a problem achieving this goal. To form your Assumptions: In order for 
hypothesis to be true, assumption needs to be true. Determine how you will test it: The least expensive way to test my assumption is... Who is your customer? Be as specific as possible. Time Limit: 5 Min What is the problem? Phrase it from your customer’s perspective. Time Limit: 5 Min Define the solution only after you have validated a problem worth solving. Time Limit: 5 Min List the assumptions that must hold true, for your hypothesis to be true. Time Limit: 10 Min Need help? Use these sentences to help construct your experiment. To form a Problem/Solution Hypothesis: I believe this solution will result in quantifiable outcome. To identify your Riskiest Assumption: The assumption with the least amount of data, and core to the viability of my hypothesis is... Determine what success looks like: I will run experiment with # of customers and expect a strong signal from # of customers. Project Name: Team Leader Name: GET OUT OF THE BUILDING! © 2014 Javelin. You are free to use it and earn money with it as an entrepreneur, consultant, or executive, as long as you are not a software company (the latter need to license it from us).Download Experiment Board and watch case studies at www.javelin.com DELIBERATE EXPERIMENTS
  36. 36. FIND ONE METRICTHAT MATTERS DIGITAL BUSINESS METRICS WHICH DRIVE GROWTH LEANANALYTICSBOOK.COM
  37. 37. HOW HIGH IS THE TIGHTROPE FOR YOU? ENTREPRENEUR MINDSET MATCH VENTURE + LIFE RISK DELIBERATE PRACTICE IMPROVES MVP HELPS FOCUS + LIFE BALANCE
  38. 38. THANKYOU! ZEN CHU ZENVEN@MIT.EDU @ACCELMED
  39. 39. BACKUP
  40. 40. HOW FUND NEWVENTURES? SEED $2-5 MISSION SER A $5-15 EXIT/RETURN FUNDING $M GRANTS BOOTSTRAP SER B $10+ VENTURE PHILANTHROPY PHILANTHROPY GRANTS CUSTOMER REVENUES CROWDFUNDING STRATEGIC INVESTORS ACCELERATORS MATCH MILESTONES, RISK, SOURCE
  41. 41. HOW FUND NEWVENTURES? SEED $2-5 MISSION SER A $5-15 EXIT/RETURN FUNDING $M GRANTS BOOTSTRAP SER B $10+ VENTURE PHILANTHROPY FRIENDS/FAMILY PHILANTHROPY GRANTS ANGEL FUNDING CUSTOMER REVENUES CROWDFUNDING STRATEGIC INVESTORS ACCELERATORS * NOT OTHER PEOPLE’S MONEY SO THEY REALLY CARE! @MITHACKMED
  42. 42. MATCH STAGE TO SOURCE ALLYOU NEED IS ONE TO SAYYES @ EACH STAGE SEED $2-5 MISSION SER A $5-15 EXIT/RETURN FUNDING $M GRANTS BOOTSTRAP SER B $10+ VENTURE PHILANTHROPY FRIENDS/FAMILY PHILANTHROPY GRANTS ANGEL FUNDING STRATEGIC INVESTORS ACCELERATORS EARLY STAGE VC VENTURE CAPITAL PRIVATE EQUITY * NOT OTHER PEOPLE’S MONEY HIGH COST PROFESSIONAL JET FUEL CUSTOMER REVENUES CROWDFUNDING

×