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Heal Ohio October 2, 2008

Heal Ohio October 2, 2008. So You Want to Start a Bioscience Company? John F. Lewis Jr. Vice President. An Ohio Thomas Edison Center. Why are we here?. Learn a bit about starting a business Boring Challenge you, do you really want to start a business? Fun

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Heal Ohio October 2, 2008

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  1. Heal OhioOctober 2, 2008 So You Want to Start a Bioscience Company? John F. Lewis Jr. Vice President An Ohio Thomas Edison Center

  2. Why are we here? • Learn a bit about starting a business • Boring • Challenge you, do you really want to start a business? • Fun Slides modified from Gary Smith & Bill Timmons

  3. F e d e r a l R e s e a r c h R e s e a r c h C o l l a b o r a t i v e S e n s e & G a p U n i v e r s i t i e s R e s e a r c h L o c a t e P r o d u c t A s s e s s m e n t P l a t f o r m P r o d u c t G l o b a l C r o s s I n t e g r a t i o n S o u r c i n g I n d u s t r y S o u r c e s C u s t o m e r D r i v e s U n m e t A s s e s s N e e d s C o r p o r a t e L a b s Develop I n t e r n a t i o n a l S o u r c e s Technology Innovation Cycle Discovery Development Application ADVANCED RESEARCH (8-15 years) BREAKTHROUGH (5-8 years) PRODUCT CYCLE (1-3 years) Product Development Involves the “Application” of Technology v:

  4. Medical DeviceCommercialization Pathway $ Concept Development and Initial Research Company Formation / Project Team Secure IP Portfolio A Product Engineering and Prototype Development Pre-Clinical and Clinical Studies Manufacturing Development/ expansion for clinical trials Clinical Trials/Outcomes FDA Approval and Market Launch B Expansion/ Investment in Working Capital

  5. Typical Product Development Process Source: PTRM

  6. Critical Success Factors • Differentiated, superior product/technology • Sharp, early product definition • Quality of pre-development activities • Strong market orientation • Reduced cost / drives revenue • Customers willing to pay $ • Effective organizational structure • Engaged Partners • Quality of execution • Technical, Business

  7. Bootstrapping Who will benefit from your success? FF&F Find enthusiastic supporters in your personal network Put your own money in (investors want to see this commitment) Angels Looking to make money, but also hope to get involved and add value Grants Lots of free and cheap money out there Venture / Private Equity Care about making a return on investment Often do not have time or ambition to get to involved SBA / Banks Always take debt before equity, but often difficult as they require security (receivables, assets…) Sources of Capital 7

  8. 10 slides, 20 minutes, 30 Point font Differentiate for different audiences Investor Sales Prospect Partner Prospect B to B Problem Solution Business Model Your Magic Mktg/Sales Competition Mgmt Team Financial Projections Current Status – The Ask Pitching

  9. Bill & John ask, why do you want to start your own business? • Be your own boss • Set your own hours • Achieve fame … • … and fortune $$$ • Spend more time with family … sailing …skiing …[fill in blank]

  10. The Truth of the Matter “Be your own boss” means Self Discipline!

  11. The Truth of the Matter “Set your own hours” means You Work like a … DOG!

  12. The Truth of the Matter You made the headlines! “Achieve fame …” means Local Businessman Runs Naked Through Streets Shouting, “I Can’t Take It Any More!” Crowd Panics

  13. The Truth of the Matter You drive the same car for 10 years “Achieve fortune $$$” means

  14. The Truth of the Matter “Spend more time with the family” means … Driving your spouse and kids crazy!

  15. “Do The Common Uncommonly Well”“Know Your Market Needs”“Have A Product To Sell” “Get The Right Technical & Business Partners!”“Make Sure Your Spouse Is On Board”

  16. Great Resources • Regional ESP’s, Edison Centers, Incubators • Licensing Executive Society • AdvaMed – wound care sector • www.wu2008.com • www.woundpedia.com • 58 Ohio sources of healthcare capital • North Coast Angels • Ohio Technology Angel Fund • BioOhio – Tony Dennis, John Lewis…

  17. BioOhio Strategyindustry growth, resource optimization, community building Company & Capital Formation Company Attraction & Expansion Association Function Workforce Development

  18. BioOhio Statewide Board • John A Bantle, II, PhD, Vice President - Research, Wright State University • Timothy G. Biro, CEO - MORK Process; Partner, Ohio Innovation Fund & Reservoir Ventures • Rathindra Bose, PhD, Vice President of Research - Ohio University • Mark A. Collar, Chairman - Third Frontier Advisory Board • Mark J. Coticchia, VP Research and Technology Management- Case Western Reserve • Sandra J. Degen,PhD, Vice President for Research- University of Cincinnati • Anthony J. Dennis, PhD, President & CEO- BioOhio • Paul DiCorletto, Chairman - Lerner Research Institute (Cleveland Clinic) • John Fisher, Executive Vice President, Ohio Farm Bureau Federation • Mike Hooven, President & CEO - Enable Medical Technologies • Peter G. Kleinhenz, General Partner- CID Equity Partners • Barbara Kunz, President - Health & Life Science Global Division Battelle • Tom Murphy, Senior Vice President, Boehringer Ingelheim’s Ben Venue • John M. Rice, PhD, Managing Partner - Triathlon Medical Ventures • David R. Scholl, PhD, President & CEO - Diagnostic Hybrids, Inc. • Arnold W. Strauss, MD, Director - Cincinnati Children’s Research Foundation • John Voyze, Senior Vice President, Steris • Caroline Whitacre, PhD, Senior Vice President for Research - The Ohio State University

  19. By-The Numbers, then & now

  20. Be Ambassadors for Ohio….Let me know how we can help you!John F. Lewis Jr.Vice Presidentjlewis@bioohio.com614-675-3686 x7 An Ohio Thomas Edison Center

  21. Medical Product Development each step has defined Work Processes

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