Abstract Health Science

Health Sciences Lean Startup

Duration: 8 weeks | Stage: Ideation

Health Sciences Lean Startup

Turning Health Science Innovations Into Startups

This program, in partnership with the Faculty of Medicine and Health Sciences, is designed to grow the entrepreneurial mindset of innovators in the fields of biomedical/ biochemical engineering, advanced therapeutics, medical/ surgical devices and software, computational health, health monitoring, health & wellness, and more.

Throughout the 8-week program, you will attend weekly workshops, conduct self-directed work, and acquire tangible tools to:

  • Test the viability of your concept
  • Build your business plan
  • Develop your minimum viable product (MVP)
  • Discover your market
  • Create your value proposition
  • Protect your intellectual property (IP) and understand regulatory environments
  • Develop your fundraising strategy
  • Establish realizable goals for your startup

 

“The Health Sciences Lean Startup program helped grow our business mindset, facilitated connections within the entrepreneurial community, preparing for the Dobson cup and acquiring funding.”

Evan Dimentberg

Cofounder, SeeSpineEvan

 

Program Overview

Duration: 8 weeks | Stage: Ideation

Program Dates: October 12 to November 30, 2022

Key Learning Themes

  • Why some startups fail, and others succeed: stages, pitfalls and best-practices
  • Developing your minimum viable product (MVP)
  • Managing and protecting your Intellectual Property (IP)
  • Understanding your market and developing your market outreach strategy
  • Articulating your value proposition
  • Funding an innovative venture & defining KPIs
  • Iterating your business model and drafting a business plan

Format

  • Weekly interactive workshops introduce business concepts, strategic frameworks and tools, while guest speakers share real world examples through stories, and industry insights. Workshops generally last one hour, with extra time reserved for group discussions and learning activities.
  • Action learning encourages participants to apply learned concepts and tools towards building their business and creating a viable startup strategy.
  • Coaching sessions allow participants to review their business plans during one-on-one meetings.

Outline

 

Week Learning Themes           
1

Why Some Startups Fail And Others Succeed

  • Program introduction and overview
  • Understanding the cycles and stages of a startup
  • Overcoming prevailing challenges and avoiding common pitfalls
  • Best-practices - drawing from lean methodology to improve the odds
2

Developing and validating a proof of concept

  • Building and testing your minimum viable product (MVP)
  • Iterating and refining your solution/ product/ service
  • Using design thinking to understand customer pain points
3

Understanding your market and creating a market outreach strategy

  • Tools for competitive analysis (TAM, SAM, SOM)
  • Researching your market and engaging customers/ users/ payers
  • Identifying your beachhead market and Go-to-Market strategy
4

Defining your value proposition

  • Articulating the value of your solution to various stakeholders
  • Describing your solution using concise and non-technical language
  • Communicating what differentiates you from the competition
5

Managing your Intellectual Property (IP) & other legal aspects

  • Understanding the basics of IP/ patents/ legal aspects
  • Protecting your IP while engaging with stakeholders
  • Understanding “venture readiness” from a legal standpoint
6

Funding your startup & measuring its growth

  • Understanding the funding ecosystem for scientific startups
  • Understanding regulatory environments
  • Determining your revenue generation strategy
  • Creating financial projections and tracking milestones/ KPIs
7

Building a business plan

  • Defining the key elements of your business model
  • Drafting your business plan and roadmap for the future
  • Identifying key resources needed to execute your vision
8

Crafting and articulating your vision to stakeholders

  • Telling a compelling story and pitching
  • Communicating scientific data/ information using concise and non-technical language
  • Crafting pitch decks tailored to different types of stakeholders
Post-program

One-on-one coaching sessions with subject matter experts

  • Reviewing your business plan and roadmap for the future

Program Application

Ideal Participant Profile

  • Your team has at least one McGill affiliated co-founder e.g., student, faculty, staff or alumni.
  • You are working towards validating your concept, creating a business plan, and launching your startup.
  • Your team has at least one technical co-founder, and can build your business upon a technology, science, or idea that is significantly or radically disruptive.
  • Your innovation is focused on advancing the delivery, quality, speed, cost or accessibility of healthcare to patients to prevent and cure diseases and improve patient quality of life.
  • Your team is composed of multi-disciplinary professionals (including learners or graduates).
  • You can commit to attending all the workshops and executing the project work (required to maintain your participation in the program)

How to Apply

Next cohort: October 12 to November 30, 2022

Apply now

Next Steps

Following completion of the Health Sciences Lean Startup program, participants are encouraged to apply to the McGill Dobson Bootcamp and Cup competition for a chance to win up to $20,000 in pre-seed funding.

 

Have questions about the program?  Email us at  dobson.mgmt [at] mcgill.ca for more information

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