Steve Blank, Serial Entrepreneur; Founder, E.piphany; Professor, UC Berkeley and Stanford Engineering; Author, The Startup Owners Manual
In conversation with Dan’l Lewin, Corporate Vice President of Strategic and Emerging Business Development (SEBT), Microsoft
Join Silicon Valley serial entrepreneur-turned-educator Blank in a lively discussion with Dan’l Lewin of Microsoft. This program will introduce best practices, lessons and tips that have swept the startup world, offering a wealth of proven advice and information for entrepreneurs of all stripes. Hear about a tested and proven Customer Development Process, helping get it right –and how to “get, keep, and grow” customers.
Hi Arlen,
I really enjoyed reading your article. Very well stated and I agree that physicians have the genetics and training to be great guides in healthcare innovation. The unfortunate reality is that currently doctors are working triple time and can’t do both; clinician and startup CEO. They can find great intellectual stimulation from ideation and invention. This is not enough!
Physicians with great ideas need a pathway to protecting the IP, building a team, forming a company, self funding the early phases. They must have financial skin In the game. They should be advised to team up with an experienced team. Great corporate attorneys are a must as is a part time CFO. Determining proper regulatory guidance with FDA, CE mark and reimbursement pathways.
Then consultants to help refine executive summaries, business plans and investor pitches. Raising funding is a full time job! Presenting to Angel investors, VCs or strategic partners.
Exciting but a difficult ride. A doctor can not both be a clinician and a startup CEO. I know because I tried and failed. I sold my clinical practice 6 years ago and have devoted my full time to healthcare innovation and guiding startup CEOs. I am the managing director of http://Venture-Med.com
Comedian Jim Carey narrates this beautiful sequence of Life. I was moved and only wish that all people across our planet could join in a ocean of consciousness for good and peace. Joined in thought and goodwill to extinguish all hate and evil. Joined together to pervade our societies with a blanket of honor, respect, peace and love.
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1. Two founders are more fundable than one.
2. Incorporate Delaware C corp
3. Authorize 10 M shares of common stock and distribute no more than 4M amongst founders.
4. Keep par value of common stock at $.001 and have founders and early consultants purchase stock. Avoids tax issues.
5. Raise seed capital of up to $1M using convertible notes with a 20% discount on conversion upon your series A round. Founders should capitalize the company using this vehicle also. This mechanism allows a company to raise capital and not have to negotiate a pre-money valuation on an equity raise.
6. Patents and IP placed into the company after the founders buy their stock.
7. Have an experienced law firm.
8. Have a elevator pitch, a 1-2 page executive summary, a 20 slide investor pitch
9. Have experience consultants, shadow CEO, and part-time CFO.
10. Present to accredited investors and angel investment groups.
