Tag Archives: Presentations

How Do You Boost Acceptance of a New Product? Three Solutions

Situation: A company is introducing a new product that enables devices to monitor patient medical conditions via smartphone. This can improve early detection of disease and lower medical costs. However, bureaucratic inertia within major medical providers can inhibit the adoption of disruptive technologies. How do you boost acceptance of a new product?

Advice from the CEOs:

  • Take an inexpensive ultrasound device as an example – a device that can both provide the results of a breast scan for cancer and transmit the results to an individual’s physician. A device like this can be emotional for some women, and they may be reluctant to use a product not recommended by their doctor. Therefore it is critical to gain physician acceptance of the device. this can be achieve this by: publishing medical studies demonstrating the efficacy of the device, building and leveraging relationships with medical societies and groups through white papers and presentations at meetings by champions for the device, and participating in high profile events such as American Cancer Society events or the Race for the Cure.
  • Consumer awareness of the device can be built through targeted advertisements in women’s magazines and gaining the support of high profile female spokespersons who have experienced and recovered from breast cancer. This can generate radio and television talk show appearances, infomercials via TV and the Internet, Blogs and generating discussion about the device on disease-specific web sites to generate viral marketing.
  • Do not be afraid of researching non-traditional activities. For example, there is significant potential for a device like this in portions of the Muslim world, where women won’t see a male doctor and few female doctors are available. This results in breast cancer death rates three times higher than those seen in the West.

Thanks to Kenneth Purfey for his contribution to this discussion.

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What are the Best Avenues for Raising Capital? Six Points

Situation: The technology sector is booming with AI and other exciting new technologies. Whether you want to fund a new company or a new effort within a smaller company, what are the best approaches? What are the best avenues for raising capital?

Advice:

  • Funding and credit markets are opening but still tight. The bar has been raised because too many people are chasing too few available dollars.
  • The venture capital (VC) sector has consolidated. The primary focus is on technology, software and medical. Much less goes to the consumer sector. It is important to target angels, VCs or investors who specialize in your technology, market and business model. Research current VC portfolios.
  • Angels now act more like VCs – particularly structured angel groups. Initial investments are typically under $1 million.
  • If you have a technology, investigate the grant world – e.g., NIH or DARPA. These organizations fund research, but not marketing, distribution or sales. Look for specific programs or RFPs that align with your technology. Target your grant request toward prototype development and studies. Search LinkedIn for military people who can introduce you to contacts within programs like DARPA.
  • Investigate SBA Grants, and foundations with an interest in your technology or application. Foundations sometimes will grant funds ($100k) to support the work of individual scientists and researchers. Call on friends and family who believe in you and your work.
  • Whoever you approach, these rules apply: (1) Do your homework. Choose sources that align with your project and profile. (2) Presentations must be crisp and easily understood. Investing in professional assistance is wise. (3) Be able to make your case in 15 minutes or less. The first minutes are most crucial, so have your ‘elevator’ pitch perfected. (4) Your model and financials must support a high multiple exit, 5-10x their investment in a reasonable period of time – about 5 years. (5) Team, Team, Team – credentials, experience, presentation – be a team with whom the investor can work.

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