Crowdsourcing for Medical Devices
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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 need
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Crowdsourcing for Medical Devices
- 1. How Are The World’s Best Brands Using Crowdsourcing How Crowdsourcing Can Help Medical Device Companies David Bratvold Stephen Paljieg Alex Fair Founder Senior Marketing Director Co-Founder & CEO Daily Crowdsource Kimberly-Clark MedStartr
- 2. How Crowdsourcing Can Help Medical Device Companies Umbrella of Crowdsourcing Contests Microtasks • Logo design Crowdfunding Macrotasks • Business names • Data validation • Research • Image tagging • Project fundraising • Disaster relief • Research • Artistic support & Development • Startups • Product Innovation • Market research
- 3. PROBLEM Traditional Venture Capital is Not working as well as it used to …and predicting Success in Healthcare is difficult… which constrains capital, which limits innovation, which makes healthcare continue to suck
- 4. IDEATION Crowdfunding Pre-Sales, a Predictor of Success
- 5. SOLUTION The Average Project on MedStartr raised $12,043 online and $405,531 Offline >2M 45K 125K 25K + SOLD in 4d + 24 partners + 4 partners + 2 partners + 996 views + defacto std + FDA Pass + new confrnce 1.6M 25K, 5K, 300K Knight found. 2 distributors, + Kimberley + 4 partners + 1,500 views US Army deal Clark partner StartupAmerica
- 6. SOLUTION Consumer Oriented, Non-FDA clearance required Medical Devices 45K 125K + 24 partners + 4 partners + defacto std + FDA Pass Consumer Oriented Medical Devices on various platforms
- 7. 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)
- 8. Medical Devices with Rewards and Donation Based Crowdfunding “Crowd Rounds” allow early stage startups to gain the #HCCF Sweet Spot money, traction, and consumer awareness they need to leverage when appealing to VCs, Angels, grant committees, IRBs, and more.
- 9. INDUSTRY An Industry for Innovation Crowdfunding Crowd Sourcing Reward or Equity Crowdfunding Flavors: • Challenges • Donations • Grant • Rewards Decision • Credit Support • Equity • Contests Healthcare Accelerators Prize / Challenge Providers
- 10. PARTNERS Crowdfunding is where Partners Meet Companies that are partnering with MedStartr and our clients: Dozens more have begun or closed Indicates Direct Corporate Challenge or other MedStartr Sponsor
- 11. How Are The World’s Best Brands Using Crowdsourcing How Are The World’s Best Brands Using Crowdsourcing
- 12. How Are The World’s Best Brands Using Crowdsourcing? Graphic Design How Are The World’s Best Brands Using Crowdsourcing
- 13. How Are The World’s Best Brands Using Crowdsourcing? Advertising How Are The World’s Best Brands Using Crowdsourcing
- 14. How Are The World’s Best Brands Using Crowdsourcing? Open Innovation How Are The World’s Best Brands Using Crowdsourcing
- 15. How Are The World’s Best Brands Using Crowdsourcing? Blog Post Creation How Are The World’s Best Brands Using Crowdsourcing
- 16. How Are The World’s Best Brands Using Crowdsourcing? Several Other Common Uses How Are The World’s Best Brands Using Crowdsourcing Landing page optimization Market research Cleansing UGC content PPC optimization Community engagement App development & testing
- 18. Innovating The Way We Innovate Co-Creation Customer Customer Customer Focused Centered Driven Central entity Organization Customer & Customer Organization Degree of Innovation for Innovation with Innovation by customer customers customers customers involvement Role of Innovator Communicator Coordinator organization Degree of control Easy to control Difficult to control Impossible to control Idea richness Scarce More Plentiful Abundant Needs defined by Needs defined by Needs and organization organization and solutions defined solutions defined by users by users.
- 19. What’s Your Reality? 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!
- 21. And Some Surprises …
- 22. 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.
- 23. Unanticipated Innovation Allison Phillips: Tilty Cup Amy Baxter: Buzzy Pain Relief Romy Taormina: PsiBands Lauren Levy: Magnificent Baby
- 24. How Are The World’s Best Brands Using Crowdsourcing Benefits of Crowdsourcing
- 25. Benefits of Crowdsourcing Diversity How Are The World’s Best Brands Using Crowdsourcing
- 26. Benefits of Crowdsourcing Better Quality How Are The World’s Best Brands Using Crowdsourcing
- 27. Benefits of Crowdsourcing Engage Potential Customers How Are The World’s Best Brands Using Crowdsourcing
- 28. Potential Problems of Crowdsourcing How Are The World’s Best Brands Using Crowdsourcing Difficult to Manage Social Backlash Cost Creep Inconsistent Branding Lower Quality Legal Exposure
- 29. How Are The World’s Best Brands Using Crowdsourcing In Summary
- 30. In Summary Key Takeaways How Are The World’s Best Brands Using Crowdsourcing 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
- 31. In Summary Research How Are The World’s Best Brands Using Crowdsourcing Crowdsourcing Research – http://bit.ly/microtasking Crowdfunding Research – http://bit.ly/funding-research
- 32. In Summary Learn More by Attending Crowdopolis How Are The World’s Best Brands Using Crowdsourcing