phioptics nsf final presentation

From image to knowledge

NSF I-Corps Final Presentation – Story of the Journey

From image to knowledgeFrom image to knowledge

PHI OPTICS, INC.University of Illinois at Urbana-Champaign

Disruptive light microscopy technology: accurate, nondestructive (label-free), fast,

inexpensive

Image source: PerkinElmer

Hardware+

Software

From image to knowledgeFrom image to knowledge

PHI OPTICS, INC.University of Illinois at Urbana-Champaign

Disruptive light microscopy technology: accurate, nondestructive (label-free), fast,

inexpensive

Image source: PerkinElmer

Hardware+

Software

From image to knowledge

The Team

Dr. Catalin Chiritescu, EL Tim Hoerr, BM Prof. Gabriel Popescu, PI

• Staff Scientist, UIUC Serra Ventures, CEO ECE Faculty, UIUC• 10 years in Materials 25 years in Business 20 years in Optics

From image to knowledge

The Problem

Current technology: • destructive (kills cells) • inaccurate• labor-intensive• expensive

Phi Optics technology (QPI*):• non-destructive• accurate (quantitative, nanoscale)• no preparation• inexpensive

G. Popescu, Quantitative phase imaging of cells and tissues (McGraw-Hill, New York, 2011).

From image to knowledge

The Market

TAM: Light microscopy $3B

SAM: Life sciences27% $0.8B

$0.43B * “Microscopy: The Global Market”, BCC

Research, August 2011

From image to knowledge

The Competition

• Lyncée Tec (Swiss): $$$, low-Q, no upgrade, fast • Ovizio (France): $$$, low-Q, no upgrade, fast • Phasics (France): $, low-Q, upgrade,

fast • IATIA (Australia): $$, low-Q, upgrade, slow

• Phi Optics (USA): $, high-Q, upgrade, fast

From image to knowledge

What we thought we knew…

From image to knowledge7. Key Partners 5. Key Activities 1. Value Proposition

4. Customer Relationships

2. Customer Segments

Industries

Customers

6. Key Resources 3. Channels

9. Cost Structure 8. Revenue Streams

Canvas 1.0

Nanotech

Semiconductor

Life Sciences

Medical Institutions

Co-development deals, royalties from OEM

Transaction revenues from direct salesPost-sales customer support incl. software updates

FIXED: people, R&D facilities, manufacturing

VARIABLE: marketing & sales

Easy To Integrate

Better Than Competition

Affordable

Nanoscale Imaging

Personal assistance

Value Co-creation

Distributors of Scientific Equipment

Website

Trade showsHuman resources

Prototypes

Patents

Licensing/royalty deals

New tech

Refine and improve existing techCustomer contact for new applicationsAttract talent

Joint ventures with OEM

Buyer-supplier relations with our equipment providers

Industry R&D

Academia

OEM companies

Where do we focus

first?

From image to knowledge

What we learned…

From image to knowledge

101 contacts

From image to knowledgeCustomer Archetypes

• Manager instrument facility

• Seek new technology• Large equipment budgets • Potential earlyvangelists

• Many users, 1-2 instruments

Dr. Radu Moldovan Manager Microscopy Suite U. Colorado-

Denver

Dr. Sung Chang Manager Imaging Facility

Amgen Inc.

Prof. Audrey Eberlee PI, EE Stanford

University

Dr. Richard SmithPrincipal Scientist at

Amgen Inc.

• Principal investigator• Develop new technology •Limited equipment budgets

• Potential earlyvangelists,

Kols• Few users, one instrument

From image to knowledge

101 contacts

From image to knowledge

Customer Archetypes (OEM)

Scott CrowderManager

Business Development

James SharpPresident Carl Zeiss

MicroImaging USA

• Decision maker• Seeks new technologies• Manages long term

projects and large budgets• Potential earlyvangelists• Many customers, many

instruments

From image to knowledge The Split

• Hi-Q• $$

AcademiaR&D

Direct Sales

• Low-Q• $/10 OEM Co-development

• Our customers• Direct sales and software updates

• Their customers• Royalties/sub-licensing deals

From image to knowledge

Not the same businessdone twice

But two different businesses

From image to knowledge

Parting of the canvases

From image to knowledge

From image to knowledge Lessons Learned

• Features NOT Value Prop

• Startups NOT smaller version of big companies

• Listen to customers

• …

From image to knowledge

7. Key Partners 5. Key Activities 1. Value Proposition

4. Customer Relationships

2. Customer Segments

Industries

Customers

6. Key Resources 3. Channels

9. Cost Structure 8. Revenue Streams

Canvas 1.0

Nanotech

Semiconductor

Life Sciences

Medical Institutions

Co-development deals, royalties from OEM

Transaction revenues from direct sales

Post-sales customer support incl. software updates

FIXED: people, R&D facilities, manufacturing

VARIABLE: marketing & sales

Easy To Integrate

Better Than Competition

Affordable

Nanoscale Imaging Personal assistance

Value Co-creation

Distributors of Scientific Equipment

Website

Trade showsHuman resources

Prototypes

Patents

Licensing/royalty deals

New tech

Refine and improve existing tech

Customer contact for new applications

Attract talent

Joint ventures with OEM

Buyer-supplier relations with our equipment providers

Industry R&D

Academia

OEM companies

7. Key Partners 5. Key Activities 1. Value Proposition

4. Customer Relationships

2. Customer Segments

6. Key Resources 3. Channels

9. Cost Structure 8. Revenue Streams

Canvas 2.0

Nanotech

Semiconductor

Life Sciences- academia

- bio-pharma R&D

Co-development deals, royalties from OEM

Transaction revenues from direct sales

Post-sales customer support incl. software updates

FIXED: people, R&D facilities, manufacturing

VARIABLE: marketing & sales

Easy To Integrate

Better Than Competition

Affordable

Nanoscale Imaging Personal assistance

Value Co-creation

Distributors of Scientific Equipment

Website “inform” and connect

Direct Sales

Human resources

Prototypes

Patents

Licensing/royalty deals

Hardware/software development

Search for new applications

Attract talent

Joint ventures with OEM

Buyer-supplier relations with our component vendors

Label-free imaging of live cells, quickly, accurately, inexpensively

Online Customer Communities

OEM Distributors

Medical Institutions

Optical Instruments OEM

7. Key Partners 5. Key Activities 1. Value Proposition

4. Customer Relationships

2. Customer Segments

6. Key Resources 3. Channels

9. Cost Structure 8. Revenue Streams

Canvas 3.0

Nanotech

Semiconductor

Co-development deals, royalties from OEM

Transaction revenues from direct sales

Post-sales customer support incl. software updates

FIXED: people, R&D facilities, manufacturing

VARIABLE: marketing & sales

Easy To Integrate

Better Than Competition

Affordable

Nanoscale Imaging Personal assistance

Value Co-creation

Human resources

Prototypes

Patents

Licensing/royalty deals

Hardware/software development

Search for new applications

Attract talent

Joint ventures with OEM

Buyer-supplier relations with our component vendors

Label-free, non-invasive imaging, quickly, accurately, inexpensively

Online Customer Communities

Medical Institutions

UIUC OTM for licensing rights

Distributors of Scientific Equipment

Website “inform” and connect

Direct Sales

OEM Distributors

Live Cells and Tissues- academia

- bio-pharma R&D

Optical Instruments OEM

7. Key Partners 5. Key Activities 1. Value Proposition

4. Customer Relationships

2. Customer Segments

6. Key Resources 3. Channels

9. Cost Structure 8. Revenue Streams

Canvas 4.0

Nanotech

Semiconductor

Co-development deals, royalties from OEM

Transaction revenues from direct sales

Post-sales customer support incl. software updates

FIXED: people, R&D facilities, manufacturing

VARIABLE: marketing & sales

Easy To Integrate

Better Than Competition

Affordable

Nanoscale Imaging Personal assistance

Value co-creation

Human resources

Prototypes

Patents

Licensing/royalty deals

Hardware/software development

Search for new applications

Attract talent

Joint ventures with OEM

Buyer-supplier relations with our component vendors

ACCURATE and TIME-, COST-EFFICIENT imaging

Online Customer Communities

Medical Institutions

UIUC OTM for licensing rights

Distributors of Scientific Equipment

Website “inform” and connect

Direct Sales

OEM Distributors

Live Cells and Tissues- academia

- bio-pharma R&D

Optical Instruments OEM

7. Key Partners 5. Key Activities 1. Value Proposition

4. Customer Relationships

2. Customer Segments

6. Key Resources 3. Channels

9. Cost Structure 8. Revenue Streams

Canvas 5.1

Nanotech

Semiconductor

Transaction revenues from direct sales

Post-sales customer support incl. software updates

FIXED: people, R&D facilities, manufacturing

VARIABLE: marketing & sales

Easy To Integrate

Better Than Competition

Affordable

Nanoscale Imaging Feasibility tests

Value co-creation

Human resources

Prototypes

Patents

Hardware/software development

Search for new applications

Attract talent

Buyer-supplier relations with our component vendors

Online communities

Medical Institutions

UIUC OTM for licensing rights

Earned mediaTrade-shows

Technology updates

Referrals

Workshops

Website “inform” and connect

Direct Sales

ACCURATE and TIME-, COST-EFFICIENT imaging

Live Cells and Tissues- academia

- bio-pharma R&D

7. Key Partners 5. Key Activities 1. Value Proposition

4. Customer Relationships

2. Customer Segments

6. Key Resources 3. Channels

9. Cost Structure 8. Revenue Streams

Canvas 5.2

Nanotech

Semiconductor

Co-development deals, royalties from OEMFIXED: people, R&D facilities, manufacturing

VARIABLE: marketing & sales

Easy To Integrate

Better Than Competition

Affordable

Nanoscale Imaging Feasibility tests

Value co-creation

Human resources

Prototypes

Patents

Licensing/royalty deals

Hardware/software development

Search for new applications

Attract talent

Joint ventures with OEM

Buyer-supplier relations with our component vendors

Medical Institutions

UIUC OTM for licensing rights

Trade-shows

Technology updates

Workshops

Website “inform” and connect

OEM Distribution

TIME-, COST-EFFICIENT imaging

OEM of Optical Instruments (Carl Zeiss GmbH, Bio-Rad Labs)

7. Key Partners 5. Key Activities 1. Value Proposition

4. Customer Relationships

2. Customer Segments

6. Key Resources 3. Channels

9. Cost Structure 8. Revenue Streams

Canvas 6.1

Nanotech

Semiconductor

Transaction revenues from direct sales

Post-sales customer support incl. software updates

FIXED: Facilities

VARIABLE: People, manufacturing, marketing & sales

Easy To Integrate

Better Than Competition

Affordable

Nanoscale Imaging Feasibility tests

Value co-creation

Human resources

Prototypes

Patents

Hardware/software development

Search for new applications

Attract talent

Buyer-supplier relations with our component vendors

Online communities

Medical Institutions

UIUC OTM for licensing rights

Earned mediaTrade-shows

Technology updates

Referrals

Workshops

Website “inform” and connect

Direct Sales

ACCURATE and TIME-, COST-EFFICIENT imaging

Software add-ons

Live Cells and Tissues- academia

- bio-pharma R&D

7. Key Partners 5. Key Activities 1. Value Proposition

4. Customer Relationships

2. Customer Segments

6. Key Resources 3. Channels

9. Cost Structure 8. Revenue Streams

Canvas 6.2

Nanotech

Semiconductor

Co-development agreements

Easy To Integrate

Better Than Competition

Affordable

Nanoscale Imaging Feasibility tests

Value co-creation

Human resources

Prototypes

Patents

Licensing/royalty deals

Hardware/software development

Search for new applications

Attract talent

Joint ventures with OEM

Buyer-supplier relations with our component vendors

Medical Institutions

Industry R&D

OEM of Optical Instruments (Carl Zeiss GmbH, Bio-Rad Labs)

UIUC OTM for licensing rights

Trade-shows

Technology updates

Workshops

Website “inform” and connect

OEM Distribution

TIME-, COST-EFFICIENT imaging

Royalties and sub-licensing deals FIXED: Facilities

VARIABLE: People, manufacturing, marketing & sales

7. Key Partners 5. Key Activities 1. Value Proposition

4. Customer Relationships

2. Customer Segments

6. Key Resources 3. Channels

9. Cost Structure 8. Revenue Streams

Canvas 7.1

Nanotech

Semiconductor

Transaction revenues from direct sales

Post-sales customer support incl. software updates

FIXED: Facilities

VARIABLE: People, manufacturing, marketing & sales

Easy To Integrate

Better Than Competition

Affordable

Nanoscale Imaging Feasibility tests

Value co-creation

Human resources

Prototypes

Patents

Hardware/software development

Search for new applications

Attract talent

Buyer-supplier relations with our component vendors

Online communities

Medical Institutions

UIUC OTM for licensing rights

Earned mediaTrade-shows

Technology updates

Referrals

Workshops

Website “inform” and connect

Direct Sales

ACCURATE and TIME-, COST-EFFICIENT imaging

Software add-ons

Earlyvangelists

Funding sources

Funding sources

Live Cells and Tissues- academia

- bio-pharma R&D

7. Key Partners 5. Key Activities 1. Value Proposition

4. Customer Relationships

2. Customer Segments

6. Key Resources 3. Channels

9. Cost Structure 8. Revenue Streams

Canvas 7.2

Nanotech

Semiconductor

Co-development agreements

Easy To Integrate

Better Than Competition

Affordable

Nanoscale Imaging Feasibility tests

Value co-creation

Human resources

Prototypes

Patents

Licensing/royalty deals

Hardware/software development

Search for new applications

Attract talent

Joint ventures with OEM (Carl Zeiss GmbH, Bio-Rad Labs)

Buyer-supplier relations with our component vendors

Medical Institutions

Industry R&D

OEM of Optical Instruments (Carl Zeiss GmbH, Bio-Rad Labs)

UIUC OTM for licensing rights

Trade-shows

Technology updates

Workshops

Website “inform” and connect

OEM Distribution

TIME-, COST-EFFICIENT imaging

Royalties and sub-licensing deals FIXED: Facilities

VARIABLE: People, manufacturing, marketing & sales