Watch Kauffman Foundations experts break down a startups business model
Kauffman Foundation’s Life Science Ventures Summit is an interactive kind of event where entrepreneurs will get direct feedback from those who have done it before. One of the panels on Friday included a discussion of validating the business model, started at first with talks from serial entrepreneur Steve Blank and Business Model Foundry founder Alex Osterwalder.
But after the discussions, four entrepreneurs presented their business ideas to a panel that reviewed the businesses through Osterwalder’s Business Model Canvas, designed to help bring clarity and improve a business model.
After a five-minute presentation, the entrepreneurs then got feedback from Blank and Osterwalder as well as Sue Siegel, the CEO of GE Healthymagination, and Zen Chu, an entrepreneur in residence at MIT Angel Accelerated Medical Ventures.
Here’s one of those presentations. First up was Orion Biopharmaceuticals, a Kansas City-based company developing therapeutics for autoimmune disease. The company’s goal: Trying to get away from the current model of suppressing the entire immune system and looking at treating the disease progression directly.
How challenging is building a business? The outline all the entrepreneurs did on Friday was the “first 2 percent of the process,” Blank told the group. Stop telling your opinion, admit what you don’t know and go out and start talking extensively to your customers, he said.