Archive for February, 2012
What is a better way of spending the afternoon of February 22, 2012? Entrepreneurs, techies, experts and students were treated to an Innovation Forum on raising capital, a common problem shared by all at the Tech Portal, UP-AyalaLand TechnoHub, Commonwealth Ave., Diliman, Quezon City.
Due to growing concerns on technology commercialization and even more so, funding sources for start-ups, Maoi Arroyo, President & CEO of Hybridigm Consulting Inc. along with Liz Fumar, Associate Consultant, gave their take on Raising Capital The Hybridigm Way. Maoi Arroyo started off by reminding the audience that innovation does not stop with their inventions but with commercialization. She gave emphasis that with innovations looking as though the business’ “porn”, innovators should actually take into account what is desirable to users, what is possible with technology and what is viable to the marketplace. She also noted that the process by which Filipinos follow in doing business actually differs from the norm. A number of teams and start up companies she encountered, source out funds by first doing the pitch, followed by making the executive summary, then having the business plan. There is greater success rate when from the get go, start ups deal with commercialization goal.
Her talk included insights from her own experience on funding milestones of tapping friends, family, founders, and fools for seed capital, and of bootstrapping using your credit cards. She mentioned that venture capitalists’ game theory is that you only have to get one and it will create a domino effect. She was more than steadfast in reminding the forum guests that they should never fall into the trap of thinking that there is no competition. More importantly, it is not a matter of what you know in the long run but who knows you. A critical element in the success equation for start ups and entrepreneurs is the fact that funders will go beyond your IQ and EQ and will peer closely at the teams’ XQ, which is the execution quotient. In closing, she gave an important reminder to all that giving a great pitch is like going on a first date where you leave the other party wanting more.
The afternoon session continued with Liz Fumar and her presentation on valuation methods and valuation of IP for licensing and technology for start-ups. A quick introduction was made on how business looks at how much the technology / IP / product is worth. The audience went through valuation exercises to familiarize themselves with the process and the common tools applied.
A very engaging Q and A ensued where the audience was more than happy to bombard the speakers with questions. Amongst them were questions such as “How big the market should be?”, “What should their go-to-strategy be?”, “How much of their business’ equity should go to the investor?” The event came to a close in networking.
An Innovation Forum for Global Health Markets was held at De La Salle University last February 21, 2012 co-sponsored by AFI and ACCESS Health International with the College of Computer Studies (CCS), De La Salle University (DLSU).
Dr. Sherwin Ona, Director for Research and Advance Studies Office, CCS, who gave the opening remarks cited that among the many initiatives that the University had already undertaken, ICT for Health and Disaster Risk Management are top priorities. He welcomed the forum as an opportunity to look into areas that need focus such as maternal care considering the average of 11 casualties per day in Metro Manila alone due to maternal problems/cases. Dr. Elmer Soriano, Country Director for ACCESS Health International-Philippines emphasized the objective of the Forum which was for participants to be able to share strategies to convert university researches into commercially viable business plans and help solve the increasing problems and systems gaps on health care/services. More significantly, he challenged the students and faculty members to align their skills, talents, time and effort to help solve health problems.
William A. Haseltine, Founder of ACCESS Health International, a not for profit organization focused on facilitating access to high quality and affordable healthcare worldwide, challenged and inspired the students with the questions: “how do you convert your researches into commercially viable businesses so that you could earn money, and, how do you take your ideas into viable businesses?
He emphasized the need to have a goal and good use of talents, skills and resources to improve human health. To be able to excel in a particular area, students must look for mentors who are tough, mean, competitive and who can teach them to excel and convince people.
W. Haseltine mentioned that the partnership with Ayala Foundation’s Technology Business Incubator targets university-based researchers, start-ups, and technology firms to develop commercially viable health solutions to pressing health problems. The biggest sector in the US economy is health and it is considered a huge economic driver that offers wide opportunities for technology development.
Myla Rose Reyes, Managing Director of Total Transcription Solutions, Inc and former President of the Healthcare Information Management Outsourcing Association of the Phils. (HIMOAP) gave a talk on “Trends and Innovation Opportunities in Healthcare Information Management”. Two primary principles are: safety of patients is a priority, and, reduction on medical errors to save on operational costs. Strategies of successful health innovation models are: to customize patients’ needs, use technology to reinvent health services, train the workforce on technology application, and, standardize operating procedures for a more efficient service delivery.
The Innovation Forum ended with participants being apprised on health as a viable business, getting healthcare to remote areas; and the market size. On how the University can assist and support students to pursue researches towards entrepreneurial ventures, W. Haseltine advises creating affiliations with both junior and senior faculty members, having worked as a biophysicist, professor, inventor and entrepreneur. He worked with HarvardMedicalSchool and Harvard School of Public Health and founded seven biotech companies. He is holder and co-holder of over 50 patents.