Oftentimes – especially in the medical device industry – when we hear about the “crowd” we think “funding.” Founder of DailyCrowdsource David Bratvold explains in this practical webinar there’s much more to crowds than funding. In this informative hour, David is joined by MedStartr Founder Alex Fair to discuss crowdfunding. Stephen Paljieg from Kimberly-Clark gives a real-life example.
Learn how the world’s largest companies are using their target audience to develop the products they want to buy
How crowdsourcing as a work process can help you dramatically cut costs (up to 80% in some cases)
Understand how you can use crowdsourcing to build in instant scalability and speed up turnaround time on repetitive tasks
Understand the new medical device funding models, & why every new product should be
crowdfunded
Learn several methods for improving the ROI of your marketing and advertising, while spending less time on it
Learn how to navigate through the broad crowds to find the specialists that will give you the answers you need
Good Stuff Happens in 1:1 Meetings: Why you need them and how to do them well
Crowdsourcing for Medical Devices
1. How Are The World’s Best Brands Using Crowdsourcing
How Crowdsourcing Can Help Medical
Device Companies
David Bratvold Stephen Paljieg Alex Fair
Founder Senior Marketing Director Co-Founder & CEO
Daily Crowdsource Kimberly-Clark MedStartr
2. How Crowdsourcing Can Help Medical Device Companies
Umbrella of Crowdsourcing
Contests
Microtasks
• Logo design
Crowdfunding
Macrotasks • Business names
• Data validation
• Research
• Image tagging • Project fundraising
• Disaster relief
• Research
• Artistic support
& Development
• Startups
• Product Innovation
• Market research
3. PROBLEM
Traditional Venture
Capital is Not working as
well as it used to
…and predicting Success
in Healthcare is difficult…
which constrains capital,
which limits innovation,
which makes healthcare continue to suck
4. IDEATION
Crowdfunding Pre-Sales, a Predictor of Success
5. SOLUTION
The Average Project on
MedStartr raised $12,043
online and $405,531 Offline
>2M 45K 125K 25K
+ SOLD in 4d + 24 partners + 4 partners + 2 partners
+ 996 views + defacto std + FDA Pass + new confrnce
1.6M 25K, 5K, 300K
Knight found. 2 distributors, + Kimberley + 4 partners +
1,500 views US Army deal Clark partner StartupAmerica
6. SOLUTION
Consumer Oriented, Non-FDA
clearance required Medical Devices
45K 125K
+ 24 partners + 4 partners
+ defacto std + FDA Pass
Consumer Oriented Medical Devices on various platforms
7. The JOBS Act & the Future of
Crowdfunding
• Estimated that equity will be sold by Q3 2013 – and already
being done on some sites (
• JOBS Act allows anyone and everyone to invest at least
$2,000/year; Before, investors had to have over $200K in
income or $1 million in assets
• If an investor makes less than $100,000/year or have less than
$100,000 in assets, they can invest 5% of that each year
• JOBS Act requires the SEC to go through a 9 month rule-
making period before Crowd Investors can start investing in
startups (that was 12 months ago)
8. Medical Devices with Rewards and
Donation Based Crowdfunding
“Crowd Rounds”
allow early stage
startups to gain the #HCCF Sweet Spot
money, traction, and
consumer awareness
they need to leverage
when appealing to
VCs, Angels, grant
committees, IRBs, and
more.
9. INDUSTRY
An Industry for Innovation
Crowdfunding Crowd Sourcing
Reward or Equity Crowdfunding
Flavors: • Challenges
• Donations • Grant
• Rewards Decision
• Credit Support
• Equity • Contests
Healthcare Accelerators Prize / Challenge Providers
10. PARTNERS
Crowdfunding is where Partners Meet
Companies that are partnering with MedStartr and our clients:
Dozens more have begun or closed
Indicates Direct Corporate Challenge or other MedStartr Sponsor
11. How Are The World’s Best Brands Using Crowdsourcing
How Are The World’s
Best Brands Using
Crowdsourcing
12. How Are The World’s Best Brands Using Crowdsourcing?
Graphic Design
How Are The World’s Best Brands Using Crowdsourcing
13. How Are The World’s Best Brands Using Crowdsourcing?
Advertising
How Are The World’s Best Brands Using Crowdsourcing
14. How Are The World’s Best Brands Using Crowdsourcing?
Open Innovation
How Are The World’s Best Brands Using Crowdsourcing
15. How Are The World’s Best Brands Using Crowdsourcing?
Blog Post Creation
How Are The World’s Best Brands Using Crowdsourcing
16. How Are The World’s Best Brands Using Crowdsourcing?
Several Other Common Uses
How Are The World’s Best Brands Using Crowdsourcing
Landing page optimization
Market research
Cleansing UGC content
PPC optimization
Community engagement
App development & testing
18. Innovating The Way We Innovate
Co-Creation
Customer Customer Customer
Focused Centered Driven
Central entity Organization Customer & Customer
Organization
Degree of Innovation for Innovation with Innovation by
customer customers customers customers
involvement
Role of Innovator Communicator Coordinator
organization
Degree of control Easy to control Difficult to control Impossible to
control
Idea richness Scarce More Plentiful Abundant
Needs defined by Needs defined by Needs and
organization organization and solutions defined
solutions defined by users
by users.
19. What’s Your Reality?
Yes No
I have perfect knowledge of my consumer and/or
customer’s needs.
I can see the future of my markets without ambiguity
or uncertainty.
All the best ideas occur within the walls of my
business.
I have too many resources to work on the things that
really matter.
I can pick out the best innovations before anyone else
can.
If you answered “no” to any of these statements, co-creation
might be for you!
22. Why?
1. K-C investment in innovation cannot keep up with increasing
demands of marketplace.
2. The best innovators will not just deliver business building
innovations but they will also innovate the way they innovate.
3. The world is an increasingly complex place and it’s foolish to
believe that we can measure and predict with absolute
accuracy.
4. The “democratization of innovation” is upon us; great
innovations are no long exclusive to large industrial,
governmental, or academic research enterprises.
28. Potential Problems of Crowdsourcing
How Are The World’s Best Brands Using Crowdsourcing
Difficult to Manage
Social Backlash
Cost Creep
Inconsistent Branding
Lower Quality
Legal Exposure
29. How Are The World’s Best Brands Using Crowdsourcing
In Summary
30. In Summary
Key Takeaways
How Are The World’s Best Brands Using Crowdsourcing
Crowdsourcing
Is a work process
Works across all industries & fields
Solves existing business problems
Can improve quality, speed, & engagement
Can lower costs
Can go bad
31. In Summary
Research
How Are The World’s Best Brands Using Crowdsourcing
Crowdsourcing Research – http://bit.ly/microtasking
Crowdfunding Research – http://bit.ly/funding-research
32. In Summary
Learn More by Attending Crowdopolis
How Are The World’s Best Brands Using Crowdsourcing