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UTSA CITE Program Boot CampFeb. 15, 2014
Becky ArianaCEO
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Our CITE Team
• 4 Mechanical Engineering students– Gary Walters
• 4 Business Students– Justin Stultz
• Entire team met weekly for 2-3 hours• Additional meetings with Mentor and Business Team• Built a working prototype – “Technical Proof of Concept”• Developed detailed Business Plan• Our Inspiration: Gary is a Wounded Warrior; we saw the need
for our product daily
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Why We Won• Clearly articulate the problem and our solution to it• Detailed Business Plan: “Plan your work; Work your plan”
– Situation Analysis• Scope and significance of problem• Market size, segments, and dynamics of market• Competitive environment• Regulatory environment
– Strategic and Tactical– Comprehensive– “Tied together”– Realistic Financials
• Worked our tails off!!
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The Problem: HEAT
CONFIDENTIAL - Not For Distribution 4
• Prosthetic limb provides mobility and sense of independence
• BUT….heat and sweat build up within the socket of the prosthesis
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The Consequences
• For the amputee– Discomfort– Disruption of daily activities– Impact on overall quality of life
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The Consequences
• For the amputee– Discomfort– Disruption of daily activities– Impact on overall quality of life– Serious medical problems:
• Friction blisters• Skin ulcers• Infection• Need for additional
surgery
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Our Solution: • The first commercially available prosthesis cooling
system• Lightweight, battery-powered• Activated by the patient• Embedded in socket by prosthetist• Kit components:
– Thermoelectric elements for cooling– Heat dissipation system– Power supply
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Cool It.
1st generation prototype
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Our Progress
• Incorporated in September• Moved into office at SATC• Developed 7 Provisional Patents
– Will file 2 Non-Provisional PCT Patents in April
• Design is frozen• FDA docs are prepared• Selected our Federal sales channel partner• Selected our manufacturing and order fulfillment partner• Executive Team in place
– 5 of 8 students
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What’s Next?
Money is the lifeblood of any new company
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What’s Next?
Money is the lifeblood of any new company
• Currently raising $2.0 Million• File patents, secure FDA-clearance, conduct beta
test, launch first product, design 2nd product• Next raise: $4.5 million• First sale in Q3 2014• Profitability at end of Year 3
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Opportunities – How can they help?• Raising $$
– Allow 6-12 months– Investors must be “accredited”
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Opportunities – How can they help?• Raising $$
– Allow 6-12 months– Investors must be “accredited”
• Provide valuable services (regulatory, marketing,…)
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Opportunities – How can they help?• Raising $$
– Allow 6-12 months– Investors must be “accredited”
• Provide valuable services (regulatory, marketing,…)• Key introductions
– Influence/drive demand for your product– Provide technical expertise– Serve as Business Advisors– Serve as members of your Board of Directors
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Opportunities – How can they help?• Raising $$
– Allow 6-12 months– Investors must be “accredited”
• Provide valuable services (regulatory, marketing,…)• Key introductions
– Influence/drive demand for your product– Provide technical expertise– Serve as Business Advisors– Serve as members of your Board of Directors
• Expand your product line
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Opportunities – How can they help?• Raising $$
– Allow 6-12 months– Investors must be “accredited”
• Provide valuable services (regulatory, marketing,…)• Key introductions
– Influence/drive demand for your product– Provide technical expertise– Serve as Business Advisors– Serve as members of your Board of Directors
• Expand your product line• Expand into new markets
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Opportunities – How do you find them?
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Opportunities – How do you find them?
• Sources• Your Mentor• Professors• CITE Judges• UTSA Public
Affairs• Potential
Investors• Family,
Friends, Neighbors
• Research
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Opportunities – How do you find them?
• Sources• Your Mentor• Professors• CITE Judges• UTSA Public
Affairs• Potential
Investors• Family,
Friends, Neighbors
• Research
You must be fearless!!
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Our Unexpected Opportunities
Publicity and increased awareness
KC GonzalezPublicity•Interviews•Articles
Trade journal article
Contact from major prostheticsuniversity
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Our Unexpected Opportunities
An opportunity to expand our product line
CITE Judge ResearcherNew product for us; new application for his technology
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Our Unexpected Opportunities
Support from a Four-Star GeneralFormer Deputy Commander of NATOChairman, Wounded Warrior Games
Mentor Investor CTAN CTAN Member General
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The Challenge: Balance
• Your investors expect you to hit your milestones, on time
• You need to “Work Your Plan”
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The Challenge: Balance
• Your investors expect you to hit your milestones, on time
• You need to “Work Your Plan”
PlanOpportunity
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Bottom Line…..
• You must deliver on your commitments to your investors
• Assign responsibilities to your team members – hold everyone accountable
• Communicate often with your BoD, Business Advisors, and Investors
• Pursue opportunities as you can