1. SPRAY VENTURE PARTNERS ©Copyright 2002, Spray Venture Partners
MILESTONE
Seed
CONCEPT
6-12 months
First Round
PRODUCT
12-18 months
Second Round
REGULATORY
12-36 months
Third Round
DISTRIBUTION
12-36 months
VALUE
REVENUES
Start-up Value Creation Process
Milestone Based Planning
Project Leader
Assessment
Proof of Concept
Thought Leaders
Identified
Path Outlined
CEO
Market Entry
Strategy Defined
Product Complete
Study Underway
Clear Regulatory
Path
CEO w/ Full Team
OUS
Distribution
Underway
Next
Generation
Underway
Study Complete
FDA Approval
CEO w/ Full Team
Launch US
Distribution
MANAGEMENT
MARKETING/
SALES
PRODUCT
DEVELOPMENT
CLINICAL
REGULATORY