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CIMIT (Boston) Presentation | CRAASH Barcelona

  1. CRAASH Out of the Lab to Improve Healthcare February 14, 2018
  2. CIMIT’s Mission: Page - 2 by: Facilitating collaboration among: Clinicians, technologists, entrepreneurs & Co’s in: Creating novel HealthTech products, services and enabled procedures to: Accelerate the healthcare innovation cycle Improve patient care
  3. Codifying Experience: The Healthcare Innovation Cycle Innovation: The process by which an unmet need is addressed by stimulating and then translating ideas and/or technologiesinto sustainable products or services. Idea Proof of Concept Proof of Feasibility Proof of Value Initial Clinical Trials Validation of Solution Approval & Launch Clinical Use Standard of Care Clinical Need Basic Science Page - 3
  4. Innovation Experiences: Image Reality An innovator starts on a challenging journey that: • They are often not prepared for • Requires many risky steps • Presents frustrating barriers • Needs a wide range of expertise and capabilities A innovator has an idea that changes the world! … then changes the world! Page - 4 It is harder than it looks…
  5. What often really happens … Inexperienced teams often make avoidable mistakes that doom, derail or stall promising innovations Too Complicated Inexperienced Team Published & Lost IP Too Expensive Resistance to Change Lack of Awareness Too Good, Too Special Does not fit Workflow Regulatory “Wall” No IP “Freedom to Operate” No Advocates, “Lead Users” Idea Proof of Concept Proof of Feasibility Proof of Value Initial Clinical Trials Validation of Solution Approval & Launch Clinical Use Standard of Care Clinical Need Wrong Data Page - 5
  6. CIMIT facilitates the process helping navigate milestones and key domains… Idea Proof of Concept Proof of Feasibility` Proof of Value Initial Clinical Trials Validation of Solution Approval & Launch Clinical Use Standard of Care Clinical Need Page - 6  Follow a sequence of milestones  Complete deliverables at each milestone in four key domains  Use best practices to complete each deliverable Key Concepts:  Most healthcare innovators know medicine and tech  “Learn by trying” innovation is inefficient in Healthcare  Instead: • “Learn by doing it right”! • By a guide who knows the journey Key Concepts:
  7. Follow To study and improve the outcomes as well as the process Find The CIMIT Model to improve translational research … Fund Facilitate  “Follow” first implemented in 2010 Clinical Impact Study (CIS): • Self-study of all projects supported since CIMIT’s founding in 1998 • Have repeated the study several times since • Shows significant results in clinical, academic and commercial dimensions and extracted several key take-away’s/lessons learned Page - 7
  8. One metric of success: 78 solutions* commercialized with more than 85% still in business or acquired Page - 8 Relationship/Company Type Status Product in Market? *Note: Represents 1/3rd of solutions, from >600 projects CIMIT supported that addressed >230 Solutions
  9. Key lessons learned from CIS: Innovation in healthcare is a learnable, teachable process that – like any other – should be quantified and measured to improve Most academic investigators have no training in innovation and “learning by trying” is a very inefficient way to learn in healthcare Actively facilitating teams (pre- and post-funding) with experts in the process: • Improves commercialization success rates and speed • Provides efficient “learning by doing it right” for team members However: While good facilitation is very cost effective overall, it is expensive and hard to scale … CRAASH was developed to add scale Page - 9
  10. CRAASH: Commercialization Readiness Assessment and Accelerator for Solutions in Healthcare  Based on CIMIT’s 20+ year’s of experience & NSF/NIH iCorps basics  For teams that… • Have a technology at or past the “Proof of Concept” stage • Are interested in solving a problem – not doing more research • Keep their day-jobs while putting in the time for interviews and assignments  Assumes the technology “works” and focuses on: • Who your customers are, and what they want, need, and value – Users – Economic buyers, etc. • If and how a sustainable business can be built around a solution • Why your next funder will make an investment in you Page - 10
  11. CRAASH helps teams think differently to climb the “Investment Staircase” Page - 11 Not all good technologies make good products • Need? • Cost? • Value? Not all good productsmake good businesses: • Profit? • Scale? • Protection? Not all good businesses make good investments: • Cash needed? • Time to exit? Science/ Technology Product Business Investment ? ? ? Funding for: • Novelty • Quality Idea/ Hypothesis Innovator Investor Different Perspectives
  12. CRAASH helps teams think like an investor to survive the “Valley of Death”… Page - 12 PrivateFunding ~100% PublicFunding ~100% Basic Research Translational Research Start-up Companies Growth Stage Companies “Valley of Death” Where the Basis of Funding Decisions Change … and getting bigger / tougher to survive: Be Prepared!
  13. … which is even harder in Healthcare than most industries: Page - 13 Challenge Healthcare Regulatory Pathway Which pathway to show “innovation” is safe and equivalent or better? Objective standards Culture No mistakes, do as trained. Give it a try Funding Requirements $10Ms to $100Ms $100Ks to single digit $Ms Buying Dynamics Who makes the decision and how is it made in this institution? User is the buyer Reimbursement Complexity Who pays how much for what and who benefits? User pays what it he/she feels it is worth Most Industries
  14. CRAASH: Approach Faculty:  Experienced MedTech entrepreneurs (Boston and Europe based)  Work one-on-one with teams each week (assignment based on expertise)  Act as a “board” in providing feedback to team presentations each week Content:  Curated content  Available on secure website (CoLab, a secure team collaboration site) Teams:  Read/review content each week  Interview stakeholders (>100 over program, with as many in person as possible)  Develop and present materials each week to three other teams and Executives  Participate in content session to prepare for next week Page - 14
  15. Selection criteria … Page - 15 Problem/Need The proposed HealthTech solution is ranked on the importance of the need addressed - a mix of severity and number of people impacted. Maturity/ Readiness The prior work is of high quality and demonstrates that the proposed solution is at or beyond “Proof of Concept” stage Pathway to Impact Assuming the solution works as intended, the project has a probable pathway (regulatory, reimbursement, switching cost, etc.) to reach patient care in under 3 to 5 years. Team/ Resources The team has, or has access to, the right mix, quality of skills at the project’s maturity level and has a clear interest in commercialization. Endorsement The team has support from the institution that controls the IP to participate (applies if the IP is held by an institution such as university, hospital, etc., and not a company).
  16. CRAASH works …  Trajectory:~1/3rd of teams … • Find they do not have a viable product or business • Make a substantial “pivot”, defining a new path to market/minimal viable product (MVP) • Accelerate the path they were on  Funding: • Of the 2/3rd that decide to move forward, almost all get funding (beyond any CIMIT funding) • On average, they get ~$1M in funding within a year  Learning: • Often few team members have any business experience • All report that the time was a valuable learning experience • They also have resource/network to ask for help Page - 16
  17. Thank You Questions? Page - 17 Contact: John Collins Chief Operating Officer JCOLLINS11@MGH.HARVARD.ORG