The Lean Startup Model for Healthcare
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Hugh Mason gave this keynote presentation at the Media Exploits 2015, SE Asia's largest Infocomm Media Technology commercialisation showcase and networking event, held in Singapore. Seismic macro-level trends are disrupting the healthcare industry, opening up new opportunities for innovation. Lean Startup is one of a range of tools and approaches that help to provide a patient-centred approach to making sense and making money in the new landscape.
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The Lean Startup Model for Healthcare
- 1. The Lean Startup Model for Healthcare Day 2, 5th November 2015, Morning session 10.00am-10.30am Matrix Level 4, Breakthrough+Discovery Theatres Hugh Mason, Co-founder and CEO, JFDI.Asia hugh@jfdi.asia @hughmason 79 Ayer Rajah Crescent #03-01 Singapore 139995 With thanks to: JFDI Clients & Colleagues, Stuart Smith and Alex Danco for inspiration. This presentation includes numerous borrowed graphics, to which I hope I have included attribution. If not my apologies - please allow me to correct any omissions
- 2. Coming Up Introducing JFDI 1. Why Lean Startup Matters for Healthcare 2. How Lean Startup Does and Doesn’t Work 3. What are Some Opportunities for Singapore? Suggestion: Q&A at panel 10:45
- 5. ● First ASEAN startup accelerator, backed by IIPL, Fenox VC, Family Offices, HNWI’s ● Accelerator has attracted over 2,000 startup teams from 80+ countries. ● Pre-Accelerator has supported 250 teams comprising 900 people via MOOC ● USD2m pre-seed capital deployed into 69 startups, >50% raised median USD550k ● No exits yet but 48% IRR (unrealized). ● Over 300 jobs created, >50% of which are in Singapore and >50% filled by SCPRs. ● Team of 16 split Singapore-Philippines. ● Pioneered Lean Startup and disciplined JFDI.Asia
- 7. 1 Why Lean Startup Matters for Healthcare
- 8. Macrotrend 1 - Demographics
- 9. Macrotrend 2 - 42% of internet users are in Asia
- 10. Macrotrend 3 - Weightless Giants
- 11. Macrotrend 4 - The Service Dominant Mindset
- 12. Macrotrend 5 - Unbundling
- 13. Macrotrend 6 - New Innovation Frameworks “Plan & Perfect v. Launch & Learn”
- 14. “Plan & Perfect” - Vision Based Innovation
- 15. “Launch & Learn v. Plan & Perfect”
- 16. “Launch & Learn v. Plan & Perfect”Discovery Based Innovation“Launch & Learn” - Discovery Based Innovation ● Design Thinking ● Lean Startup ● Agile Methods
- 17. Problem Customer Discovery Problem- Solution Fit Market- Solution Fit Individuals Teams Problem Statement Minimum Viable Prototype Traction Seed Stage Startup Series A Stage SME Startup Weekends, Hackathons Product Development Customer Discovery Growth Hacking Demo Day “A startup is a temporary organization designed to search for a repeatable and scalable business model” - Steve Blank
- 18. Two of the Risks in Innovation MarketRisk-Shoulditbedone? Technology Risk - Could it be done?LOW HIGH HIGH
- 19. Business Model Innovation MarketRisk-Shoulditbedone? Technology Risk - Could it be done?LOW HIGH HIGH
- 20. MarketRisk-Shoulditbedone? Technology Risk - Could it be done?LOW HIGH HIGH Tech2Market - Vision Driven
- 21. MarketRisk-Shoulditbedone? Technology Risk - Could it be done?LOW HIGH HIGH Tech2Market - Vision Driven “Teams that pursued traditional methods of starting a company had an 18% success rate in receiving SBIR Phase I funding” (Blank 2013)
- 22. MarketRisk-Shoulditbedone? Technology Risk - Could it be done?LOW HIGH HIGH Market2Tech - Discovery Driven “Teams that … took the Lean Launchpad class ... had a 60% success rate” (Blank 2013)
- 23. 2 How Lean Startup Does and Doesn’t Work
- 24. “Launch & Learn v. Plan & Perfect”
- 28. ← Solution ← Value Proposition Horses? Faster?
- 29. How the 19th Century ‘Bundled’ Mobility
- 30. “If I’d asked people what they wanted, they would have said: more hospitals”
- 32. 3 What are the Opportunities for Singapore?
- 34. “The assumption that the pursuit of drugs, diagnostics, devices and digital health is all about the execution of the science is in most cases a mistake.” (Blank 2013)
- 36. Conclusions - 1 • Healthcare is a business • Business model innovation matters as much as science. • We can choose how we bundle components of healthcare. • New frameworks for innovation let us test critical hypotheses relating to regulation, customers and funding before we commit significant resources to science.
- 37. Conclusions - 2 The way forward is to: • assess regulatory risk before we design and build. • gather data essential to understand customer purchases before we do the science. • define clinical utility now, before we spend millions of dollars. • identify financing vehicles before we need them.