crowdsourcing for medical devices
Post on 19-Oct-2014
794 views
DESCRIPTION
Oftentimes – especially in the medical device industry – when we hear about the “crowd” we think “funding.” Founder of DailyCrowdsource David Bratvold explains in this practical webinar there’s much more to crowds than funding. In this informative hour, David is joined by MedStartr Founder Alex Fair to discuss crowdfunding. Stephen Paljieg from Kimberly-Clark gives a real-life example. Learn how the world’s largest companies are using their target audience to develop the products they want to buy How crowdsourcing as a work process can help you dramatically cut costs (up to 80% in some cases) Understand how you can use crowdsourcing to build in instant scalability and speed up turnaround time on repetitive tasks Understand the new medical device funding models, & why every new product should be crowdfunded Learn several methods for improving the ROI of your marketing and advertising, while spending less time on it Learn how to navigate through the broad crowds to find the specialists that will give you the answers you needTRANSCRIPT
How Are The World’s Best Brands Using Crowdsourcing
How Crowdsourcing Can Help Medical
Device Companies
David Bratvold Founder
Daily Crowdsource
Stephen Paljieg Senior Marketing Director
Kimberly-Clark
Alex Fair Co-Founder & CEO
MedStartr
Microtasks
Macrotasks Crowdfunding
Contests
• Data validation
• Research
• Image tagging
• Project fundraising
• Disaster relief
• Artistic support
• Startups
• Market research
• Research
& Development
• Product Innovation
• Logo design
• Business names
Umbrella of Crowdsourcing
How Crowdsourcing Can Help Medical Device Companies
Traditional Venture
Capital is Not working as
well as it used to
…and predicting Success
in Healthcare is difficult…
PROBLEM
which constrains capital,
which limits innovation,
which makes healthcare continue to suck
Crowdfunding Pre-Sales, a Predictor of Success
IDEATION
SOLUTION
300K + 4 partners + StartupAmerica
25K,
2 distributors, US Army deal
5K,
+ Kimberley Clark partner
1.6M Knight found. 1,500 views
25K + 2 partners + new confrnce
125K + 4 partners + FDA Pass
45K + 24 partners + defacto std
>2M + SOLD in 4d + 996 views
The Average Project on
MedStartr raised $12,043
online and $405,531 Offline
SOLUTION
125K + 4 partners + FDA Pass
45K + 24 partners + defacto std
Consumer Oriented Medical Devices on various platforms
Consumer Oriented, Non-FDA
clearance required Medical Devices
The JOBS Act & the Future of
Crowdfunding
• Estimated that equity will be sold by Q3 2013 – and already being done on some sites (
• JOBS Act allows anyone and everyone to invest at least $2,000/year; Before, investors had to have over $200K in income or $1 million in assets
• If an investor makes less than $100,000/year or have less than $100,000 in assets, they can invest 5% of that each year
• JOBS Act requires the SEC to go through a 9 month rule-making period before Crowd Investors can start investing in startups (that was 12 months ago)
Medical Devices with Rewards and
Donation Based Crowdfunding
“Crowd Rounds” allow early stage startups to gain the money, traction, and consumer awareness they need to leverage when appealing to VCs, Angels, grant committees, IRBs, and more.
#HCCF Sweet Spot
An Industry for Innovation INDUSTRY
Reward or Equity Crowdfunding
Prize / Challenge Providers
Healthcare Accelerators
Crowdfunding Flavors: • Donations • Rewards • Credit • Equity
Crowd Sourcing • Challenges • Grant
Decision Support
• Contests
PARTNERS
Dozens more have begun or closed Indicates Direct Corporate Challenge or other MedStartr Sponsor
Crowdfunding is where Partners Meet Companies that are partnering with MedStartr and our clients:
How Are The World’s Best Brands Using Crowdsourcing
How Are The World’s
Best Brands Using
Crowdsourcing
How Are The World’s Best Brands Using Crowdsourcing
How Are The World’s Best Brands Using Crowdsourcing?
Graphic Design
How Are The World’s Best Brands Using Crowdsourcing
How Are The World’s Best Brands Using Crowdsourcing?
Advertising
How Are The World’s Best Brands Using Crowdsourcing
How Are The World’s Best Brands Using Crowdsourcing?
Open Innovation
How Are The World’s Best Brands Using Crowdsourcing
How Are The World’s Best Brands Using Crowdsourcing?
Blog Post Creation
How Are The World’s Best Brands Using Crowdsourcing
How Are The World’s Best Brands Using Crowdsourcing?
Several Other Common Uses
Landing page optimization
Market research
Cleansing UGC content
PPC optimization
Community engagement
App development & testing
Crowdsourcing Innovation
Customer Focused
Customer Centered
Customer Driven
Central entity Organization Customer & Organization
Customer
Degree of customer involvement
Innovation for customers
Innovation with customers
Innovation by customers
Role of organization
Innovator Communicator Coordinator
Degree of control Easy to control Difficult to control Impossible to control
Idea richness Scarce Needs defined by
organization
More Plentiful Needs defined by organization and solutions defined
by users.
Abundant Needs and
solutions defined by users
Co-Creation
Innovating The Way We Innovate
Yes No
I have perfect knowledge of my consumer and/or customer’s needs.
I can see the future of my markets without ambiguity or uncertainty.
All the best ideas occur within the walls of my business.
I have too many resources to work on the things that really matter.
I can pick out the best innovations before anyone else can.
If you answered “no” to any of these statements, co-creation might be for you!
What’s Your Reality?
Some Leading Co-Creators
And Some Surprises …
Why? 1. K-C investment in innovation cannot keep up with increasing
demands of marketplace.
2. The best innovators will not just deliver business building innovations but they will also innovate the way they innovate.
3. The world is an increasingly complex place and it’s foolish to believe that we can measure and predict with absolute accuracy.
4. The “democratization of innovation” is upon us; great innovations are no long exclusive to large industrial, governmental, or academic research enterprises.
Allison Phillips: Tilty Cup Amy Baxter: Buzzy Pain Relief
Lauren Levy: Magnificent Baby Romy Taormina: PsiBands
Unanticipated Innovation
How Are The World’s Best Brands Using Crowdsourcing
Benefits of
Crowdsourcing
How Are The World’s Best Brands Using Crowdsourcing
Benefits of Crowdsourcing
Diversity
How Are The World’s Best Brands Using Crowdsourcing
Benefits of Crowdsourcing
Better Quality
How Are The World’s Best Brands Using Crowdsourcing
Benefits of Crowdsourcing
Engage Potential Customers
How Are The World’s Best Brands Using Crowdsourcing
Potential Problems of Crowdsourcing
Difficult to Manage
Social Backlash
Cost Creep
Inconsistent Branding
Lower Quality
Legal Exposure
How Are The World’s Best Brands Using Crowdsourcing
In Summary
How Are The World’s Best Brands Using Crowdsourcing
In Summary
Key Takeaways
Crowdsourcing
Is a work process
Works across all industries & fields
Solves existing business problems
Can improve quality, speed, & engagement
Can lower costs
Can go bad
How Are The World’s Best Brands Using Crowdsourcing
In Summary
Research
Crowdsourcing Research – http://bit.ly/microtasking
Crowdfunding Research – http://bit.ly/funding-research
How Are The World’s Best Brands Using Crowdsourcing
In Summary
Learn More by Attending Crowdopolis