utsa cite program boot camp feb. 15, 2014 becky ariana ceo
TRANSCRIPT
UTSA CITE Program Boot CampFeb. 15, 2014
Becky ArianaCEO
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
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!!
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
The Consequences
• For the amputee– Discomfort– Disruption of daily activities– Impact on overall quality of life
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
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
Cool It.
1st generation prototype
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
What’s Next?
Money is the lifeblood of any new company
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
Opportunities – How can they help?• Raising $$
– Allow 6-12 months– Investors must be “accredited”
Opportunities – How can they help?• Raising $$
– Allow 6-12 months– Investors must be “accredited”
• Provide valuable services (regulatory, marketing,…)
Opportunities – How can they help?• Raising $$
– Allow 6-12 months– Investors must be “accredited”
• Provide valuable services (regulatory, marketing,…)• Key introductions
– Influence/drive demand for your product– Provide technical expertise– Serve as Business Advisors– Serve as members of your Board of Directors
Opportunities – How can they help?• Raising $$
– 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
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
Opportunities – How do you find them?
Opportunities – How do you find them?
• Sources• Your Mentor• Professors• CITE Judges• UTSA Public
Affairs• Potential
Investors• Family,
Friends, Neighbors
• Research
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!!
Our Unexpected Opportunities
Publicity and increased awareness
KC GonzalezPublicity•Interviews•Articles
Trade journal article
Contact from major prostheticsuniversity
Our Unexpected Opportunities
An opportunity to expand our product line
CITE Judge ResearcherNew product for us; new application for his technology
Our Unexpected Opportunities
Support from a Four-Star GeneralFormer Deputy Commander of NATOChairman, Wounded Warrior Games
Mentor Investor CTAN CTAN Member General
The Challenge: Balance
• Your investors expect you to hit your milestones, on time
• You need to “Work Your Plan”
The Challenge: Balance
• Your investors expect you to hit your milestones, on time
• You need to “Work Your Plan”
PlanOpportunity
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
