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{ june 2012 }
iTriage: Mobile app win-win from the get-go >>> { 17 } Common
Sense Leadership: The Biggest Mistakes a Physician Leader Can Make
>>> { 22 } How
Wayne Guerra, MD Co-Founder & Chief Medical Officer, iTriage, LLC
Does a VC Evaluate a Management Team?
>>> { 14 } Are
You Ready to Lose Patient Information and Consequently Your Reputation?
Presents…
David Naster YOU JUST HAVE TO WHEN LIFE GETS TOUGH
WWW.NASTER.COM
International Comedian & AwardNominated Documentary Film producer David Naster brings his world-famous program
to Healthy Coloradan!
No One Escapes Tough Times - How We Respond To It Makes A Difference!
Is There Laugh After Death? ~ Living with Serious Illness ~ Humor in Crisis ~ Humor After injury Humor in Grief ~ Tough & Thankless Jobs ~ Dangerous Jobs
{ Table of Contents } { june 2012 } { Welcome }
4 Message from CEO
feature story
{ Leadership }
17 Common Sense Leadership:
The Biggest Mistakes a Physician Leader Can Make { People Profiles }
18 Steve Sorensen, Founder
Mobile app win-win from the get-go
6
How’s this for success? iTriage, an “actionable information” smartphone app developed by Colorado docs Wayne Guerra and Peter Hudson, is downloaded a half-million times a month and accessed by more than 3.5 million users.
{ Business Finance }
10 Startup Basics: How To Do A
Simple Break-even Analysis
and Chief Revenue Strategist at Enlighten360, LLC.
{ Your Health }
20 Have You Wondered About
the Impact Stress and Burnout Might Be Having On You?
{ The Human Factor }
22 How Does a VC Evaluate
a Management Team?
{ Young Entrepreneurs }
24 Ten Innovation Killers { Young Entrepreneurs }
12 HR 101: Human Resources
for Start-Ups
26 Bio Innovation Starts
Early in Canada
{ Cyber Security }
14 Are You Ready to Lose Patient
Information and Consequently Your Reputation?
{ Humor and Anecdotes }
16 Thoughts From Some of the
Greats Regarding Creativity and Innovation
{ News from the Industry }
30 A Roundup of the Latest
Industry News and Insights
{ Publisher’s Letter }
34 Welcome to SoPE! { may 2012 }
{ 3 }
{ Welcome }
Message from the CEO { by Arlen D. Meyers, MD, MBA }
Dear SoPE Members: On behalf of the SoPE team, welcome to The Society of Physician Entrepreneurs’ inaugural edition of SoPE Magazine!
We are pleased to present you with this complimentary
publication in digital format for your edification on many of the key topics you’ll face as a physician entrepreneur. Many excerpts from this edition and future issues will continue living on our new Web site, www.sopenet.org, as well as our social media venues.
Our goal at SoPE is to accelerate biomedical and healthcare innovation and get ideas to patients faster.
As many of your know, we’re a global biomedical and healthcare innovation network. We are now in our 4th year and continue to build our international network of members including healthcare and biomedical inventors, service providers, investors and industry members representing drugs, devices, diagnostic, healthcare IT products and services, scalable provider platforms and innovative business models. Our goal at SoPE is to accelerate biomedical and healthcare innovation and get ideas to patients faster. We seek to empower doctors and other providers with the information, education, connections, experience and money they need to commercialize their ideas, inventions and discoveries. This year will be an exciting one. We are planning a national meeting, building our website and online services, creating links to strategic partners, creating a business model that will sustain the organization and offering new products and services that add value to our members...all for free at our basic membership level. We now have over 1,800 global members, 17 international chapters and growing traffic on our website. In addition, we are creating partnerships with business schools; industry and other service providers to offer our members value-added products and services. Our executive director,
Jim Blakely, and your Board of Directors are working tirelessly to provide our members with the tools they need to succeed. Please encourage others to join us in this journey and send me your comments and suggestions: CEO@sopenet.org, and for story suggestions, contact our publisher, Dirk R. Hobbs at dirk@medicalvoyce.com. To innovation success, Arlen D. Meyers, MD, MBA President and CEO, Society of Physician Entrepreneurs www.sopenet.org
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CEO: Arlen Meyers, MD, MBA Executive Director: Jim Blakely Executive Publisher: Dirk R. Hobbs Chief Operations Officer: Scott W. Casey Medical Direction: Arlen Meyers, MD, MBA; Bhaktasharan C. Patel, MD; Sheldon Ravin, DO; and Lukasz Kowalczyk, MD Senior Medical Editor: Arlen Meyers, MD, MBA Contributing Writers: David Willson, Esq.; Joyce Wolcott, Nic Brisbourne, Paul Morin, MBA; Steve Sorensen, MBA; Jonathan Davis, MBA, and Michelle Midge-Riley. EVP Communications: Kim Ronkin Director of Web Services: Winn Jewitt Creative Director: Marta Podkul
To advertise or to submit sponsored educational content or professional profiles, or for authorized reprints, email: info@medicalvoyce.com. You must have written permission to reprint any or all of this publication.
{ june 2012 }
{ 5 }
{ Feature Story }
iTriage: Mobile App a Win-Win From the Get-Go { by Susan Rust }
How’s this for success? iTriage, an “actionable information”
smartphone
app
developed
by
Colorado docs Wayne Guerra and Peter Hudson, is downloaded a half-million times a month and Healthcare is mobile. It doesn’t always happen when you’re in front of a computer or have access to a computer, and we wanted to build a tool that someone could have with them all the time.
accessed by more than 3.5 million users. In a recent one-month period, says iTriage Chief Medical Officer Wayne Guerra, “We had about 4.4 million symptom searches and 5.6 million disease views, as well as a million medication searches.” In the past six months alone, iTriage usage has increased 350%. Even in the fast-moving world of technology entrepreneurship, this hockey stick of a growth curve for a barelythree-year-old product is phenomenal. In a nutshell, iTriage is a medical symptom-to-provider pathway application. Here’s how it works. Let’s say Jan Citizen is picnicking in the park with her children. The kids are throwing a football and one of them trips over a tree limb and goes crashing to the ground. The ankle begins to swell, the child cannot put weight on it and seems to be in quite a bit of pain. Is the ankle likely broken or just a minor-but-painful sprain? Should Jan wait a bit and see if things get better? She plucks her iPhone out of her pocket and clicks on iTriage, selecting the Symptoms icon. She enters Ankle Swelling and up pops a list of possible causes, including both fracture and sprain. Jan checks out the symptoms, takes a look at a couple of photos and decides she’d like to take her child right away to be looked at. Not sure where the closest medical facility is, she clicks on Find Medical Help Near You and scans the list of nearby facilities, making the choice of emergency department over urgent care or retail clinic. She sees that two hospitals are in close proximity and chooses the one that, through realtime RSS feed, reports a current ER wait time of 11 minutes. She activates the map and directions, then touches the phone number to let the ER folks know she’s en route so they can prepare for the patient’s arrival. While Jan waits for the x-rays, she watches a three-minute iTriage YouTube video and gets a nutshell briefing on the ankle’s bones, tendons and ligaments. Turns out her child’s
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out the general idea, literally, on the back of a napkin in September of 2008, then walked down to a grocery-store bank in Evergreen and started the company. Self-funded in the late-2008 development phase, the doctors raised seed capital from friends and family in January 2009. “Most of those people were other physicians we knew,” says Guerra. “Then we did a strategic round in October 2009. We talked to several venture firms and more institutionalized investors, but found that strategic investors were a better fit for us.” Before long, iTriage caught the attention of folks in Washington, thanks to a serendipitous meeting. “We got an introduction to Senator Bennett here in Colorado and visited him in Washington,” says Guerra. Bennett was so impressed with the app, he introduced the developers to the Whitehouse chief technology officer, which led to a meeting with the chief technology officer with the Department of Health and Human Services. Out of that conversation came the suggestion of integrating community health clinics, so people who don’t have insurance or are underinsured could have access to affordable Wayne Guerra, MD - Co-Founder & Chief Medical Officer, iTriage, LLC
fibula is fractured, calling for a walking boot. While that’s being fitted, she researches the pain medication prescribed by the ER doc, and while waiting for the script to be filled, is relieved to learn that 80% of all ankle-related sports injuries heal without
healthcare. iTriage has since connected 125,000 people with those clinics. iTriage for the iPhone was launched in early 2009, followed by Android. Guerra and Hudson did another strategic financial round in September 2010, and the company was purchased by Aetna in September 2011.
any long-term complications. A pretty robust little system, this iTriage app. What a concept, and who better to design and develop it than two longtime emergency medicine physicians. Company founders Peter Hudson, M.D., and Wayne Guerra, M.D., have practiced together for 20 years, having cared for some 50,000 patients. “Over the past, I’d say 10 years,” says Guerra, “we’ve talked about how inefficient the delivery of health care was. We started thinking about how we could build a tool to help people make decisions based on cost and quality and availability. Then when the iPhone came out with its computing capabilities and geolocation system, we realized we could actually do some of the things we were talking about. Healthcare is mobile. It doesn’t always happen when you’re in front of a computer or have access to a computer, and we wanted to build a tool that someone could
Having a partner onboard like healthcare giant Aetna gives Guerra and Hudson greatly expanded resources and creative-partnership freedom as they work to develop more and more tools for the user.
have with them all the time.” Guerra and Hudson (iTriage Chief Executive Officer), mapped
{
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{ 7 }
{ Feature Story }
Before long, iTriage caught the attention of folks in Washington, thanks to a serendipitous meeting.
Having a partner onboard like healthcare giant Aetna gives
>>> Number three, says Guerra, “You can’t be afraid to fail,
Guerra and Hudson greatly expanded resources and creative-
because you can’t act if you’re afraid to fail.”
partnership freedom as they work to develop more and more tools for the user. Coming down the pike are features like
For those who are contemplating new directions, Guerra has a
login
appointment
few words of friendly advice. “Look at your own environment,
calendars, prescription refill reminder settings and social media
whatever your practice environment is, whatever your patients
components. Physicians and facilities can purchase premier
are experiencing and map out a hassle map – what things are
listings, offering greater detail about what they have to offer.
either annoying to you or to your patients. Then see if you
access
to
personal
medical
histories,
can figure out a solution and then build it, and see if you can Guerra and Hudson did their homework before jumping into
monetize it. That’s how we did iTriage, and we were fortunate
the world of mobile technology entrepreneurship. Guerra went
enough to be successful.”
back to school and earned an MBA. Hudson spent time on the business side of healthcare. The partners addressed a few challenges in their iTriage journey, including app awareness and customer awareness. With something like 450,000 free apps currently available, standing out in the mobile technology crowd is no easy feat. Guerra and Hudson did their share of “feet on the street” marketing, word-of-mouth marketing and a bit of guerilla marketing. They built personas, figuring out their user base— working moms who are the CFO of their family, the “invincibles,” young people who carry either no insurance or little insurance, outdoor enthusiasts, business travelers… They utilized Twitter and Facebook. They capitalized on key contacts and introductions, and built strong partnership connections. They tapped into health-related blogs. And they made sure not to burn bridges along the way. So what does it take to be a physician entrepreneur? In a nutshell, says Guerra, it takes three things. >>> “Number one,” he says, “you have to be comfortable with ambiguity. I used to train residents and medical students in emergency medicine, and there have been some who were not able to make a decision without having all the information, which of course you don’t always have in an emergency situation. The type of people who aren’t comfortable making decisions with some ambiguity probably shouldn’t be entrepreneurs.” >>> Number two. “To be a successful entrepreneur, you have to want to tell your story every single day. All the time, whether it’s in an elevator, bus, restaurant, whatever. If you love your product and you love what you’re doing, then you do want to tell that story every day.”
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{ may 2012 }
Guerra and Hudson did their homework before jumping into the world of mobile technology entrepreneurship. Guerra went back to school and earned an MBA.
Advocacy • Resources • Community www.CoBioScience.com
About CBSA
The only organization in Colorado representing 350 member companies including biotech, pharma, medical device, agriculturalbio, and diagnostic, as well as educational institutions, research facilities, and service providers. CBSA works for the bioscience community to advocate for shared policy objectives to ensure that Colorado companies’ are heard by state federally elected officials. CBSA is led by a Board of Directors drawn from the state’s top bioscience leaders.
Membership Benefits for Emerging Companies
We offer over 50 educational programs and networking events throughout the year, ensuring opportunities to develop business relationships with potential partners and investors. Our Business Savings Program can directly impact your bottom line by providing substantial savings on lab supplies, liability insurance and more.
CBSA has close ties to university technology transfer offices across the state, providing an organized point of contact and discussion forum for Colorado’s research institutions to coordinate with the bioscience industry. CBSA has a partnership with the Biotechnology Industry Organization (BIO) and the Pharmaceutical Research and Manufacturers of America (PhRMA), advocating for shared policy objectives to ensure that biotechnology and pharmaceutical companies are represented in Washington, DC. We help connect member organizations with business opportunities, partners and solution providers to save you time and money.
Annual Dues Rates-$200 for emerging companies (biotech, pharma, & medical device)
"We have been a member of CBSA since Inviragen’s inception. Over the years, we have benefited from the informational programs (terrific for start-ups), the CBSA discounts from service providers, and participation at meetings and conferences. Membership is a great way to keep up to date with developments in our thriving biotechnology community!" Dan Stinchcomb, CEO InViragen, Inc., Fort Collins, CO
{ Business Finance }
Startup Basics: How To Do A Simple Break-even Analysis { Paul Morin, MBA }
It’s amazing how many startup entrepreneurs do not take the relatively simple, but very important step of doing a basic break-even analysis on their business. Here you will learn how to do a very basic break-even analysis for your venture. Understanding both the unit sales and dollar sales necessary to breakeven gives you a good frame of reference for the results you need to achieve to begin to make your business successful.
First, it will be important that you understand the meaning of a few terms:
Selling Price: this is the price at which you will sell your product or service. Fixed Costs:
these are costs that are the same regardless of how much you might
sell. Typical examples would include facility rent, insurance (like property and general liability), utilities (may be variable in some businesses), etc. Just bear in mind that if it does not change regardless of how much you sell, it likely should be categorized as a fixed cost.
Variable Costs:
these are costs that vary depending on how much you sell. Some
common examples include direct material costs (if manufacturing products), sales commissions, direct labor (for either manufacturing or providing services), cost to purchase products or services for resale, etc. Remember that if the cost varies in relation to the amount you sell, it is likely to be considered a variable cost.
Contribution Margin:
the difference between Selling Price and Variable Costs. So,
if you are selling something for $100 and the Variable Costs of that sale are $60, then the Contribution Margin is $40. Now that we have the basic definitions out of the way, let’s talk about how to calculate your break-even point in terms of both dollars of sales and units. The formula to calculate the break-even point is very simple, as follows: Break-even point = Fixed Costs / Contribution Margin
Let’s look at a straightforward example. Let’s say that you are running a
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Understanding both the unit sales and dollar sales necessary to breakeven gives you a good frame of reference for the results you need to achieve to begin to make your business successful.
business that has fixed costs of $10,000 per month and you are
encourage you to do such a basic calculation for the business you
selling a product or service that has a Contribution Margin of
are considering starting, or for the business that you are already
$40. The break-even point in this example would be:
running. Understanding both the unit sales and dollar sales necessary to break-even gives you a good frame of reference for
$10,000 / $40 = 250 units
the results you need to achieve to begin to make your business successful. Remember, you must reach break-even of course,
If the units sell for $100 each, then the break-even point in
before you can become profitable.
sales dollars would be 250 units x $100 per unit, or $25,000 per month of sales.
If you have questions about this example or some of the nuances you are encountering as you try to do a similar calculation for
As mentioned above, this is a very simple example. There can be many nuances in the break-even calculation, but this example gives you an idea of how the break-even point is calculated. I
your business, don’t hesitate to contact us. To learn more about this topic and other articles from CompanyFounder.com, contact Paul Morin at paul@CompanyFounder.com
We support the drive and determination of over 600 Colorado bioscience companies that work to improve lives locally and around the world.
Community • Advocacy • Resources www.CoBioScience.com
{ Business Finance }
Human Resources for Start-Ups {By Jonathan Davis, EVP - Arcadia, HR - New York}
Too often, HR is relegated to the small group of cubicles over in the corner with the hopes that they never get in the way of the company’s mission except for an annual employee review and maybe an occasional pep talk on scintillating topics like “How We want every one of our portfolio companies to outsource their entire HR department.
to avoid sexual harassment” or “How to comply with some obscure government regulation.” As entrepreneurs, the last thing that we want is a cumbersome HR department to slow us down. To that point, entrepreneurs often outsource their payroll in the hopes that it will suffice as “all of the HR we need to worry about.” Regrettably, HR has the ability to sink a small business faster than virtually anything else for reasons like: >>> wrongful termination >>> violation of payday laws >>> harassment >>> discrimination While Human Resources departments have done an effective job of relegating themselves to administrivia, they do actually serve to keep companies out of a lot of trouble. For that reason alone it is important to at least review your HR policies and procedures as a startup. Even more important, however, is doing it cost-effectively and investing as little time as possible so that you continue to focus on revenue-producing functions.
HR Do’s & Don’ts: Do: Invest the money in an employee handbook. These documents often state silly things like, “How to report to Jury Duty” and “The Company Dress Code.” The simplicity of a handbook is what makes it such a valuable tool. Imagine the frustration of a business owner who attempts to fire an employee for showing up to work intoxicated and then finds out that because there is no policy against drinking on the job, the employee is entitled to unemployment and retribution through a lawsuit.
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Engage an Insurance Agent who you found in the
when they hit certain customer or revenue targets. If you have an
Yellow Pages. In most states in the US, becoming licensed as an
interview process that includes more than 2 people (which you
Insurance Agent doesn’t even require a High School Diploma, let
should), then you should all be asking baseline questions that can
alone an advanced degree. Remember, 6-10% of every insurance
be compared afterwards. We like to call this “working from the
dollar you will spend goes directly to your agent. That’s a high
same playbook.”
Don’t:
price to pay for poor service. A great resource: ask your Board Members who they have used for their other businesses.
Don’t:
Hire Contractors and call them Employees. The General
Accounting Office (GAO) estimated that Billions of dollars in wages Have an Employee Review program. It’s okay if other things
went unreported last year by people who didn’t realize they were
take precedence but there are few things that can demoralize a
1099 contractors. The burden of these contractors not filing their
workplace faster than a group of managers who don’t take the
taxes often falls on the shoulders of the business that pays them.
professional development of their direct reports seriously.
For further clarification of whether not someone is an employee,
Do:
consult the Common Law Test that the IRS has created.
Don’t:
Keep alcohol in the refrigerator. Sure, it may seem cool to
be the newest start-up in town that has impromptu “Happy Hours”
Re-Cap:
at 2:00 on a Tuesday, but a single employee with poor judgment can
Don’t reinvent the wheel! Human Resources is something every
serve to sink your business faster than anything else.
company that has ever hired an employee has had to deal with. There’s a high likelihood that your Board of Directors will have
Fire quickly and without remorse. When you’re in “survival
suggestions for what service providers to use and best practices of
mode.” an employee who isn’t pulling their weight won’t just go
what has worked well in companies they’ve been involved in before.
Do:
away. Rather, they’ll be a constant source of heartburn for you – especially if you feel like you’re not good at conflict. Jack Welch
“We want every one of our portfolio companies to outsource their
has gone on the record as saying that 10% of your employees
entire HR department” says Audrey Engleman, the Controller for
should probably be looking for other jobs. Don’t keep them around
Techxas Ventures, a venture capital firm in Austin, TX. “In fact, we
just to avoid the act of firing them.
even outsource it ourselves. We can’t make any money focusing on the tactical side of HR. In our mind, it’s not much different from the
Create an entitlement culture. If you offer to pay for
maid service that comes to clean our office at night. They’re there
things like health insurance for all of your employees and their
to serve a purpose and because they do it we don’t get slowed
families it becomes a very difficult promise to keep if times are
down or stopped from focusing on our core competencies.”
Don’t:
lean or you grow faster than anticipated. Health insurance has increased in cost at 3 or 4 times the rate of inflation over the last
Jonathan Davis is the Executive Vice President of Acadia HR,
decade. It’s one area where it is difficult to have any control over
a Human Resources Outsourcing company that specializes in
the costs from year to year.
start-ups and hyper-growth technology companies. In business since 1989, Acadia HR has offices in New York, Austin and
Do :
Outsource anything you can! To steal from Charles Darwin,
a dandelion shares 72% of the same DNA as a human being. The
Nashville. For more information on Acadia HR, check out www.acadiahr.com.
same is true for a start-up with 3 employees and a Fortune 500 company with 50,000 employees when it comes to employment law. With more than 13,000 new laws regulating employment since 1990, it is important that you recognize that HR is not your core competency and you should push these responsibilities out wherever you can.
Don’t:
Offer a match on a 401(k) until you hit profitability.
Nothing will upset a Board of Directors faster than seeing the Executive Team giving away money in the form of a match when
Outsource anything you can! To steal from Charles Darwin, a dandelion shares 72% of the same DNA as a human being.
they have (potentially) millions of dollars invested.
Do:
Create a system for analyzing people who are applying
for jobs in your company. Start-ups often have to ramp quickly
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{ Cyber Security }
Are You Ready to Lose Patient Information and Consequently Your Reputation? { by David Willson }
Can you definitively claim patient data is secure and will not be lost or stolen? If yes, ignore this article. But, if you are not sure or even have the slightest doubt in your mind then read on. At the end of this article you will understand the steps you need to take to: a) lower your risk of losing patient information, whether lost or stolen, and b) significantly reduce if not eliminate any liability you could potentially suffer if patient data is lost or stolen.
Small practices are more susceptible to security vulnerabilities because they are ‘the path of least resistance.
It’s simple: do a risk assessment identifying information collected, processed and stored, draft and implement the right policies reviewed by an attorney skilled in this area, ensure all with access to patient information receive cyber and physical security awareness training, and, ask vendors with access to patient data how they secure that data. Is this an IT thing? Well, yes and no. IT sets up your computers and network, keeps them running, and maybe installs some security.
Some IT personnel are versed in
security, but it is not their specialty. It is like asking the general practitioner to address your thyroid condition, or a dentist to deal with orthodontia. If you are serious about implementing good security, then ask a security expert. So, do you need to be concerned? Absolutely! The threat to information is greater than ever and only increasing as healthcare professionals move to EMR (electronic medical records), more and more mobile devices are brought to work, and organizations look to save money by using services like the Cloud. Consider some recent headlines: State of Utah data breach exposes social security numbers of over 800,000 Medicaid recipients to hackers in Eastern Europe; massive health care breaches have been made public at Emory Healthcare in Atlanta and the South Carolina Department of Health and Human Services (SCDHHS). Do you believe that just because you are a small practice it won’t happen to you? Consider this: “Data breach experts are issuing a warning to small practices – don’t be the vulnerable target that data thieves assume you are. Small practices are more susceptible to security vulnerabilities because they are ‘the path of least resistance.’1
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Identity Theft
Many rely on outdated technology. Basic security protections,
show it in a security policy and prove their office has been
such as proper use of encryption, often are overlooked as
trained.
practices focus on meeting regulatory requirements, such as those related to meaningful use.” Compliance does not equal security. Let’s face it; identity theft is a big concern these days. One of the victims in the Utah breach commented that he will forever be looking over his shoulder since his social security number was stolen. Do you believe you won’t be audited or fined by the Department of Health and Human Services? That may be the least of your worries, but what should be foremost on
1. “Small medical practices greatly at risk for data breaches, they often lack sophisticated technology to deter thieves, making them bigger targets.” By Pamela Lewis Dolan, Amednews staff. Posted Jan. 16, 2012. http://www.ama-assn.org/amednews/2012/01/16/bil20116.htm. * David is owner of Titan Info Security Group, a law firm focused on cyber security, lowering risk and eliminating liability. He retired from 20 years with the Army wherein he was the legal advisor for what is now CYBERCOM at NSA. He speaks at many conferences around the nation and has published many articles. He is licensed in CO, NY, and CT. He holds the Certification for Information System Securities Professional (CISSP) and Security + certifications. He may be contacted at 719-6484176, david@titaninfosecuritygroup.com, or visit: www.titaninfosecuritygroup.com.
your mind is the patient whose personal information is lost or stolen. Then you will have possible lawsuits, and worse, irreparable damage to your reputation.
Simply saying you
hired a company to install your network and implement security is not enough. You must be able to articulate what
Do you believe you won’t be audited or fined by the Department of Health and Human Services? That may be the least of your worries, but what should be foremost on your mind is the patient whose personal information is lost or stolen.
you have done to keep patient information secure. You are responsible, not the IT company. As stated earlier, do a risk assessment, wherein you identify all the information you are collecting, processing and storing so you can identify how it is secured; draft or have the proper policies drafted and reviewed by an attorney skilled in this area; and, ensure you and your office have received cyber security awareness training. Proudly displaying a certificate to patients that you have received cyber security awareness training is certain to boost their confidence in your practice. This will provide peace of mind that you have done all you can, and allow you to recover quickly if an incident occurs and protect your reputation. As an attorney, I can easily defend someone who can articulate how they implemented security,
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{ 15 }
{ Humor & Anecdotes }
Thoughts From Some of the Greats Regarding Creativity and Innovation
>>> “To stimulate creativity one must develop childlike incli-
>>> “Humor is the great thing, the saving thing. The minute
>>> “If you want creative workers, give them enough time
>>> “Play so that you may be serious.”
>>> “If you lose the power to laugh, you lose the power
>>> “When truly creative people come up with a new idea they
nation for play and the childlike desire for recognition.” { Albert Einstein }
to play.” { John Cleese }
to think.” { Clarence Darrow }
>>> “The creation of something new is not accomplished
it crops up, all our irritations and resentments slip away and a sunny spirit takes their place.” { Mark Twain }
{ Anarchasis }
don’t reject it immediately because of its flaws. They play with it, looking for strengths and sliding over weaknesses.” { David Campbell }
by the intellect, but by the play instinct arising from inner necessity. The creative mind plays with the object it loves.” { Carl Jung }
>>> “I’ll play it first and tell you what it is later.”
>>> “The most exciting phrase to hear in science, the one that
heralds new discoveries, is not ‘Eureka!’ but ‘That’s funny!’” { Isaac Asimov }
it kills the potential of discovery, mastery, and openness to change and flexibility and it hinders innovation and invention.” { Joline Godfrey }
>>> “Serious play is not an oxymoron; it is the essence of
>>> “If I had no sense of humor, I would have long ago
>>> “Common sense and a sense of humor are the same
>>> “Humor is by far the most significant activity of the
innovation.” { Michael Schrage }
thing, moving at different speeds. A sense of humor is just common sense, dancing.” { William James } >>> “Humor has bailed me out of more tight situations than
I can think of. If you go with your instincts and keep your humor, creativity follows. With luck, success comes, too.” { Jimmy Buffett }
>>> “Keep your sense of humor, my friend; if you don’t have
a sense of humor it just isn’t funny anymore.” { Wavy Gravy }
>>> “It’s no accident that AHA and HAHA are spelled almost
the same way.” { Mitch Ditkoff }
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{ Miles Davis }
>>> “All work and no play doesn’t just make Jill and Jack dull,
committed suicide.” { Mahatma Ghandi }
human brain.” { Edward de Bono }
>>> “Comedy is simply a funny way of being serious.”
{ Peter Ustinov }
>>> “The number one premise of business is that it need
not be boring or dull. It ought to be fun. If it’s not fun, you’re wasting your life.” { Tom Peters } >>> “What if everything is an illusion and nothing exists? In
that case, I definitely overpaid for my carpet.” { Woody Allen }
{ Leadership }
Common Sense Leadership: The Biggest Mistakes a Physician Leader Can Make
Harvard Business School recently asked nine expert thinkers on the subject of leadership to answer one powerful question: “What is the biggest mistake a leader can make?” Although their answers were directed toward business leaders, they apply to physicians who serve in leadership positions as well. The panel identified 10 critical mistakes: >>>
1. Putting your own interests ahead of the best interests
of the organization or institution you represent. Leadership is not about money, fame, power or glory but about responsibility to the people you work with and for. -- Bill George, Professor, Harvard Business School and former Chairman and Chief Executive Officer of Medtronic
2. Betraying trust. If you break the bond of trust with those around you, nothing else you do is going to matter. -Evan Wittenberg, Head of Global Leadership Development, Google, Inc. >>>
>>> 3. Being certain. If you go into a situation thinking you
already know the answer, you will fail to pay attention and fail to seek input. -- Dr. Ellen Langer, Professor, Harvard University >>>
4. Not living up to your values. Leaders who espouse
values but don’t deliver them are rapidly found out and turned over. -- Andrew Pettigrew, Professor, Sïad Business School, University of Oxford
5. Being overly enamored with your vision. Leaders who become single-mindedly focused on a pursuit risk turning that passion into an obsession. -- Gianpiero Petriglieri, Affiliate Professor of Organizational Behavior, INSEAD
7. Acting too fast. Good leaders step back from a situation, get input from their team, evaluate the facts and then take action. -- Jonathan Doochin, Leadership Institute at Harvard College >>>
>>>
8. Giving off an attitude that it’s all about the leader.
Your enterprise has to be about something larger than yourself, or people won’t want to give themselves to it. -- Scott Snook, Associate Professor, Harvard Business School and retired Colonel, US Army Corps of Engineers
9. Being inauthentic and inconsistent. You don’t want those around you wondering which personality is going to show up today. -- Scott Snook, Associate Professor, Harvard Business School and retired Colonel, US Army Corps of Engineers >>>
>>>
10. Not being self-reflective. Good leaders constantly
review their own behavior and how it affects others. -- Daisy Wademan Dowling, Executive Director, Leadership Development at Morgan Stanley
>>>
6. Displaying personal arrogance. It creates distance, demotivates those around you and increases your chances of making mistakes. -- Carl Sloane, Professor Emeritus, Harvard Business School >>>
If you go into a situation thinking you already know the answer, you will fail to pay attention and fail to seek input.
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{ 17 }
{ Professional Profiles }
Steve Sorensen, Founder and Chief Revenue Strategist at Enlighten360, LLC. Steve Sorensen
Steve Sorensen is the Founder and Chief Revenue Strategist
designed to improve workforce morale, company profits and
at Enlighten360, LLC. During his career history and now as
organizational longevity.
a business consultant, Steve has been instrumental within various organizations to achieve higher levels of revenue
He earned a Master’s of Science in Management degree
growth and increased productivity.
from Regis University with an emphasis in Leadership, writing his master’s thesis on the power of retained customers and
He has successfully led numerous national and regional
employees to maximize organizational profitability through
teams and business units. He has successfully launched and
high performance, client centric teams.
managed multimillion dollar national marketing and product initiatives within Fortune 500 clients.
Steve is adjunct faculty at the Healthcare Leadership Masters program, University College of the University of Denver. He
Steve’s experience includes three successful decades in the
writes for industry publications, and delivers speeches on
Fortune 500 as a Vice-President, a Manager of Corporate
the positive impact and strategic importance of leadership
Accounts and Western States/Western Canada Regional
development as well as customer and employee retention.
Manager. Steve also produces a live radio show every Monday morning Steve now directs this wealth of experience to help individuals
called “SoPE Box Radio” (Society of Physician Entrepreneurs).
and organizations accelerate to higher levels of performance
This radio show provides educational, informative and
and maximized profits.
conversational programs about topics of interest to medical professional entrepreneurs and stakeholders in the innovation
Enlighten360 provides executive coaching, individual and
commercialization process.
organizational 360 assessments, “C” level readiness programs for high potentials and customer engagement tools. All
Steve Sorensen Revenue Strategist
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720.343.0033 steve@enlighten-360.com www.enlighten-360.com
September 11, 2012 | Marriott City Center, Denver th
The 9 BioWest Conference is a one day event attended by more than 500 national and international industry leaders, government representatives, executives, researchers, investors and entrepreneurs.
The Conference
Registration opening May 2012 | Member rate starting at $250
September 11, 2012 One Day Only Premier Conference
Keynote Speakers Nationally known speakers Breakfast: Ginger Graham, Harvard Business School, past president of Amylin Pharma Lunch: Mike Huckman, Former CNBC bioscience reporter Conference Tracks Attendees can choose between programs segmented into two tracks – Business Development and Clinical Trials. Venture Showcase Selected start‐up company finalists pitch their technologies and business plans to a panel of bioscience experts and venture capitalists. Poster Session Researchers showcase earlier stage technologies from the region’s top institutions.
Sponsorship Opportunities
Level range: $2,500-10,000 Hit your target market. Sponsorships offer maximum exposure and include the following options. Contact April for more info agiles@cobioscience.com.
Conference registration(s) Color ad in exclusive bio section of ColoradoBiz issue-print and web Logo visibility at designated level Web and e-marketing On-site banners & Media screens Conference brochure Press release-125 media contacts Logo on conference badge lanyards or bags Public speaking role On-site marketing materials
Expo Opportunities
Exhibit booth only: $1,000-1,500 Over 40 exhibitors showcase new technologies, products and services to attendees. Exhibit booth size options include a 6’ x 6’ Table Top Booth or 10’ x 10’ Floor Booth plus logo visibility at exhibitor level on the website and in the conference materials. Contact Tracey for more info tnilson@cobioscience.com.
Medical device Biotechnology Pharmaceutical Diagnostic Agricultural-bio
CoBioScience.com/BioWest
{ Your Health }
Have You Wondered About the Impact Stress and Burnout Might Be Having On You? { Michelle Mudge-Riley }
Most physicians enter the medical field believing that hard work and dedication will lead to a happy, successful and satisfying career in the practice of medicine. Physician burnout is more common than it should be. There are a number of steps you can take if you suspect stress and burnout may be affecting you.
The sacrifices made through the added years of education and training required to develop medical expertise seem to be well worth it in the journey that is supposed to culminate in a successful career with wealth, stability and a sense of personal accomplishment and altruistic satisfaction. A recent article in The Annals of Surgery indicated that 40 percent of surgeons reported being burned out and 30 percent screened positive for symptoms of depression. Several other peer-reviewed articles suggest that many of these problems may actually begin during medical school and residency training. One study reported a 50 percent burnout rate in medical students with 10 percent experiencing suicidal thoughts. A survey conducted by the non-profit Physicians Foundation found that 78 percent of physicians think medicine is either “no longer rewarding” or “less rewarding” and 49 percent of primary care physicians say they will reduce the number of patients they see over the next three years. Physician burnout is more common than it should be. There are a number of steps you can take if you suspect stress and burnout may be affecting you.
Recognize the Symptoms Many times, physicians don’t perceive that they’re working under any undue stress, and even if they do, they look at stress as being part of the job. You may recognize the more obvious physical symptoms of stress such as chest pain, palpitations, headaches, muscle pains, panic/anxiety attacks, and gastrointestinal distress, but you may not recognize the more subtle symptoms such as anger, irritability, mood swings, apathy, loss of focus, sleep disturbance, isolation, and an overall sense of frustration and dissatisfaction with what you are doing. Understanding, acknowledging and accepting the fact that you are stressed and that the stress is affecting your moods and behaviors opens the door for the next steps.
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Consider Career
Diversifying
Yourself
and
Your
You may want to take steps to innovate and diversify your current model of practice. You might try a new mode of practice such as academia, private practice, salaried employment or a community health center. You could explore opportunities in a field that is complementary to your current field and interests such as informational technology, public health, genomics, or long-term care.
You could pursue more of an administrative
role as a medical director. Some of the options for a physician who wants to use his or her medical knowledge and skills to do more than practice clinically
include
medical
communications
and
writing,
consulting, teaching, starting a business, working in the medical device industry, wellness and health promotion industry, business development, finance, or grant writing. Any of these things can be done part time. There are also full time non-clinical roles. Bottom line is that it’s important to realize there are options Michelle Mudge-Riley
and there is hope. Recognizing you are not a failure for feeling this way, then finding others and reaching out to those who have been there or who may be doing what you want to do can be an important and empowering first step.
Remind Yourself This is Not a Character Weakness Remind yourself that you are not invincible, that reacting to stress is not a character weakness, and you can take steps on your own to help adjust to the pressures of the surrounding environment. Introspection is often involved and includes re-
From the following peer-reviewed article: Rosenstein, Alan and Mudge-Riley, Michelle. “The Impact of Stress and Burnout on Physician Satisfaction and Behaviors.” Physician Executive Journal Vol. 36 No.6, Nov-Dec 2010, p.16-23. Parts of this article appeared on FreelanceMD.com.
visiting the question of why you became a doctor, what the you enjoy about the profession and what you could do to reenergize the passion in your medical career.
Reach Out to a Mentor or Physician Coach Taking advantage of a physician coach or mentor can help provide the needed expertise to move forward. “big
picture
view”
from
a
knowledgeable
An external person
with
experience working with other physicians can help you put things into perspective and create an action plan to move forward.
This can culminate in a desire to change or offer a
new perspective on the current situation.
A recent study in
the British Medical Journal concluded that physicians who are dissatisfied might greatly benefit from a peer coach or mentor
Many times, physicians don’t perceive that they’re working under any undue stress, and even if they do, they look at stress as being part of the job.
to decrease the chance that the process of burnout will get out of hand.
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{ The Human Factor }
How Does a VC Evaluate a Management Team? { By Nic Brisbourne, Partner at DFJEsprit London, United Kingdom }
It is a cliché in venture capital that ‘it is all about the team,’ particularly with early stage investments. Some will argue that the market and product are more important, but everyone agrees that having a great team is critical. To give more weight to this point, I recently heard one of Europe’s more experienced VCs describe how his fund used to make investments in companies that had great products in hot
The CEO is the most important member of the management team in any investment analysis.
markets, but where they weren’t so sure about the team, but they found that those investments rarely ended well and ‘don’t make that mistake any longer.’ So everyone is agreed that having a great management team is important. The tricky thing is working out whether any given management team is great or not. Starting with the CEO, there are some objective characteristics that you can look for and which would raise a flag if they were absent: >>> Strong company vision >>> Passion for the product and opportunity >>> Hard-working >>> Deep understanding of the market/customer problem >>> Ability to hire well >>> Good communicator >>> Ability to delegate and manage >>> Strategic thinker >>> Good judgment Beyond that you get to a bunch of ‘nice to haves’ which would include existing personal relationship, relevant industry experience, previous startup experience (ideally as founder/CEO), blue chip corporate experience, technical skill set, ability to sell, product management capability, financially numerate, leadership ability, good outside interests and so on. All these are ‘nice to haves’ rather than essentials and many of the best startup CEOs and founders don’t possess, them (e.g. Zuckerberg, Page and Brin, Gates, Ellison). Or at least they
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don’t when the company is small. They may acquire them later. To make matters more complicated, there are many people who tick all the boxes on the list of essentials and have some great experience from the ‘nice to have’ list who turn out to be awful CEOs. In fact one of the biggest mistakes a startup can make is making what is disparagingly known as a ‘CV hire’, which means choosing someone solely (or largely) because they have a great name on their CV.
A good CEO will fill the gaps around her as the company grows, but if the CEO isn’t at the right level then there will inevitably be difficulties ahead.
Given the absence of objective measures of the items listed above, most VCs fall back on making a gut feel based assessment. In addition to the list of essentials they will be looking for a good solid feeling that the CEO in question will work well, and will work well with them. Psychometric testing is an option, but not one that many VCs I know take advantage of. I think that is maybe because startup CEOs and founders rarely fit well into standard categorizations of personality types and the tests wouldn’t reveal enough insight to justify the cost and effort involved. The CEO is the most important member of the management team in any investment analysis. A good CEO will fill the gaps around her as the company grows, but if the CEO isn’t at the right level then there will inevitably be difficulties ahead. That said, we do of course look beyond the CEO to the rest of the management team, and we are looking for the same things as we look for in the CEO, but with the expectation that individuals will be deeper in competence in their area and may not be as rounded overall (i.e. may not have the full list of ‘essentials’). Beyond that we look to see if the team has complimentary skills and that they work well together, and usually that means they get on well together. Given the importance of gut feel in the evaluation of management teams the assessment needs to come largely from meetings and less from what can be written on a piece of paper. I would still say that it is worth putting a slide in the pitch deck about team. I wouldn’t go overboard on the detail and wouldn’t spend too long on it during a pitch meeting. Rather, I would focus on showing the passion, knowledge, and commitment of the whole team at
Definition of INNOVATION Pronunciation: in-uh-vey-shuhn 1: the introduction of something new 2: a new idea, method, or device — in·no·va·tion·al adjective
Examples of INNOVATION She is responsible for many innovations in her field. >>> The latest innovation in computer technology >>> Through technology and innovation, they found ways to get better results with less work. >>> The rapid pace of technological innovation >>>
First Known Use of INNOVATION
various points during the meeting.
15th century
To reach Nic, visit: http://www.dfjesprit.com Headquarters: 14 Buckingham Gate • London • SW1E 6LB Telephone: +44 (0)20 7931 8800
Related to INNOVATION Synonyms: brainchild, coinage, concoction, contrivance, creation, and invention
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{ Feature Story }
Ten Innovation Killers { By Joyce Wolcott, The Innovation Network }
While it’s probably impossible to compute the exact percentage of business initiatives that fail, it is widely acknowledged that most do. After years of research and observation, it is clear that the same reasons for any change
Innovation requires new ways of thinking and new skills. Developing a just-in-time, activelearning training process insures that innovation teams develop the desired results effectively and efficiently.
initiative failure tend to be the same culprits that make innovation initiatives fail. Here are the top ten reasons for innovation failure: >>> 1.
Not creating a culture that supports innovation
>>> 2.
Not getting buy-in and ownership from business unit managers
>>> 3.
Not having a widely understood, system-wide process
>>> 4.
Not allocating resources to the process
>>> 5.
Not tying projects to company strategy
>>> 6.
Not spending enough time and energy on the fuzzy front-end
>>> 7.
Not building sufficient diversity into the process
>>> 8.
Not developing criteria and metrics in advance
>>> 9.
Not training and coaching innovation teams
>>> 10. Not having an idea management system
Culture – culture is the playing field of innovation. Unless the culture honors ideas and supports risk-taking, innovation will be stifled before it begins. Culture is like our immune system…its job is to kill intruders before they can harm the body. Culture can change but it is a slow process.
Ownership – once great ideas have shown up, they have to be implemented somewhere. Generally that means a business unit manager has to take on the idea and devote scarce resources of time and budget to the new project. If that manager has not bought into the new project fully, it generally doesn’t succeed. Business unit managers need to be engaged from the very beginning of an innovation initiative and they need to have the option of “buying” new concepts.
Process
– when organizations want to embrace innovation, they often hold a two-day
kickoff to hype innovation and provide some training in tools and techniques. They set up a few innovation teams, schedule some brainstorming sessions and then are shocked to learn (about six weeks later) that “innovation isn’t working.” In today’s world where people are already overloaded, a piecemeal approach to innovation just doesn’t work,
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not if you want real, bottom line results. Innovation needs a
criteria guides long before going into idea generation mode can
process that focuses people on the right challenges and leads
provide the rational means for evaluating ideas and prevent
them through an organized process of releasing creativity and
going over the edge on a seductive idea that doesn’t fit.
evaluating results so that the right concepts move into the
Training & Coaching
implementation process.
– a mistake often made by
organizations is assuming that innovation teams are the same as
Resources – too often the CEO stands up at an annual meeting
other project teams. In a recent survey by the InnovationNetwork,
and says, “We need to be more innovative,” and then goes on to
responses indicated that people participated on an average of 3.7
the next topic. Innovation takes time, energy and money. People
innovation projects per year. However, only 21% of the respondents
need some freedom and time to think and tinker around with new
had had some training on how to participate on an innovation
possibilities. They also need new skills and systems that support
team and less than 10% had actually had training as part of the
thinking and collaboration. Innovation is critical to the future; but
innovation team. No wonder over 70% of all projects fail.
it depends on the investment of today’s resources. Innovation requires new ways of thinking and new skills.
Strategy
– somewhere along the line, as people were taught
Developing a just-in-time, active-learning training process insures
to “think out of the box,” a false impression was created. People
that innovation teams develop the desired results effectively and
began to believe that there should be no rules, no boundaries, no
efficiently. As with any new set of skills, innovation competency
constraints. This turns out to be a counter-productive approach that
develops over time while working on real projects. Coaching is a
produces popcorn – wild ideas bouncing around with no purpose in
critical piece of developing this competency.
sight. Once in a millennium this might produce a breakthrough–but it is not a cost-effective process. What is more effective is focusing
Idea Management System
creativity within the scope of a well-constructed company strategy.
have died on a sticky-note covered wall as participants lost
Of course, this requires a strategy that is both narrow enough to
energy trying to figure out what to do with those yellow pieces
define the company’s core competency and broad enough to allow
of paper fluttering to the floor. Having an effective system that
exploration into related areas.
captures ideas and engages people in developing, modifying,
– Many innovation projects
enlarging and evaluating those ideas is just as critical to
Fuzzy Front-End
– there are a lot of unexpressed ideas
lurking in organizations. However, to find the truly new and
innovation as accounting systems are to the financial health of an organization.
different ideas–the ones that could create a breakthrough, requires a process of looking outside and inside: at customers,
To learn more about the work of Joyce Wolcott and the Innovation
suppliers and competitors: at changes in demographics, trends,
Network, please visit: http://www.innovationnetwork.biz/index.htm
economics, regulations, and political environments. Innovation that begins with an internal brainstorming session will seldom result in anything other than pale, incremental concepts.
Diversity
– diversity is the difference between “same-
old, same-old” thinking and “Wow! I never thought of that!” possibilities. In the old days, cross-functional teams were a daring foray into diversity. Now they are standard fare and the true value of diversity comes when we deliberately focus diverse thinking styles, experiences, perspectives, and expertise on a challenging problem or opportunity. The process of innovation should include all functions: all genders, ages, races, all thinking
Innovation takes time, energy and money. People need some freedom and time to think and tinker around with new possibilities.
styles, as well as all stakeholders, customers, suppliers, competitors.
Criteria & Metrics
– in a healthy innovation environment
and process, more ideas will be generated than can possibly be implemented. This can lead to overload and frustration unless there is a mechanism for sorting and prioritizing. Developing
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{ Young Entrepreneurs }
Bio Innovation Starts Early in Canada
Ontario student, 16, invents disease-fighting, antiaging compound using tree particles. Janelle Tam, a Grade 12 student at Waterloo Collegiate Institute, was awarded the $5,000 first prize by an impressed panel of eminent Canadian scientists assembled at the Ottawa headquarters of the National Research Council of Canada.
“When we founded the Sanofi BioGENEius Challenge Canada 19 years ago we believed then, as we do now, in the potential of our youth to develop the next big breakthrough in science.
Thirteen brilliant students, all just 16 to 18 years old, took part in the national finals. They were top prize winners of nine regional SBCC competitions conducted nationwide in March and April, events that showcased youthful Canadian talent in the fast-growing field of biotech science. The theme of the competition, “How will you change the world?” inspired hundreds of students to participate in 2012 SBCC events Canada-wide.
2nd place ($4,000)
was awarded to Rui Song, 16, a Grade 11 student from Walter
Murray Collegiate, Saskatoon, for developing new insights into the potential creation of a more nutritious lentil. Project profile: http://bit.ly/IrvD9I
3rd place ($3,000)
went to Alexander Tigert and Zelun (Daniel) Zhang, both 17,
Grade 12, Northern Secondary School, who used genetically-modified Baker’s yeast to create a novel environment for testing the effects of drug treatments for depression and anxiety. Project profile: http://bit.ly/IjfNoa
4th place ($2,000) went to Ella Thomson, 16, Grade 11, Balmoral Hall School, Winnipeg, who genetically modified a common soil bacteria to produce 36% more volume of the bioingredient used to make eco-friendly plastic. Project profile: http://bit.ly/IAd0Vn
5th place ($1,000)
was awarded to Romina Hassanzadeh, 17, Grade 12, All Saints
Catholic High School, Kanata, who puzzled out a new insight into the workings of a cancerfighting drug, a discovery that could one day impact medical approaches to cancer treatment. Project profile: http://bit.ly/ICpjzR A special $1,000 prize for the project deemed to have the greatest commercial potential was awarded to Miranda Wang, 18, and Jeanny Yao, 17, both Grade 12, Magee Secondary School, Vancouver, who identified soil bacteria from the Fraser River estuary that naturally break down phthalates, a fossil fuel-based additive found in some plastics. The girls
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we do now, in the potential of our youth to develop the next big breakthrough in science. When I see the collaboration among education, government and industry at the SBCC each year, I am increasingly optimistic about Canada’s opportunity to truly make a difference in the world.” Now in its 19th year, the SBCC gives young scientists access to university labs and academic mentors, encouraging the pursuit
Mark Lievonen, Janelle Tam, Diane Finley
of future studies and careers in the country’s fast-growing biotechnology sector. This year, more than 240 high school have already approached firms in BC and Ontario on potential commercialization ideas. Project profile: http://bit.ly/Jdt1vY
Honorable mention awarded to:
prizes
of
$500
were
Nikola Viktorov and Andy Le, 16, Grade 11, from Old Scona
and CEGEP students across Canada submitted 192 projects that ranged from exploring potential new drug treatments for Parkinson’s disease, multiple sclerosis and cancer to using mold fungi as an alternative to traditional pesticides. Each of the students worked for months conducting research and collaborating with university mentors.
Academic High School, Edmonton, who lit a potential path to the development of drugs that more effectively target diseased cells,
Janelle Tam worked alongside Dr. Zhaoling Yao from the
creating a tool to help monitor the death of cells in lymphoma
University of Waterloo and is the first to show that nano-
cancer. Project profile: http://bit.ly/Ife01i
crystalline cellulose (NCC) is a powerful antioxidant, and may be superior to Vitamin C or E because it is more stable and its
Jared Trask, 17 and Kaitlyn Stockley, 16, Grade 11 students at
effectiveness won’t diminish as quickly.
Holy Spirit High School, Conception Bay West, NF, who used a centrifuge, chemicals and high frequency sound waves to extract a bio-fuel oil from locally-obtained cold environment algae. Project profile: http://bit.ly/KsVbsM Nivatha Balendra, 16, Grade 11, from Royal West Academy, Montreal, who found Isopropanol to be the better alcohol to use in hand sanitizers because it kills more bacteria and fewer skin cells than ethanol, the more common ingredient in such
Each of the students worked for months conducting research and collaborating with university mentors.
products. Project profile: http://bit.ly/JqbZiG The students’ national winnings add to those awarded in the regional competitions. In some cities, regional winners also
“NCC is non-toxic, stable, soluble in water and renewable,
receive university scholarships and/or summer jobs.
since it comes from trees. The results of my research were really exciting,” she says and especially since cellulose is
The Hon. Diane Finley, Minister of Human Resources Skills
already used as filler and stabilizer in many vitamin products.
Development Canada and keynote speaker at the awards
One day those products may be super-charged free radical
ceremony, said: “Our government’s top priority is job creation, and
neutralizers thanks to NCC, she hopes.
economic growth and we recognize that as the future workforce, young Canadians have much to contribute to our country’s long
Working alongside a young student is not an everyday occurrence,
term prosperity. We proudly support the BioGENEius Challenge
and Dr. Yao was deeply impressed by Janelle’s hardworking,
as an excellent way to inspire young people to explore rewarding
creative thinking, organization and presentation skills. “It was
careers in high demand fields.”
a pleasure to have her in my lab since Janelle is not only a taskorientated young lady, also she also gets along very well with
Sanofi Pasteur Canada President Mark Lievonen, who presented
others.”
the first place prize, said: “When we founded the Sanofi BioGENEius Challenge Canada 19 years ago we believed then, as
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{ Young Entrepreneurs }
It was a pleasure to have her in my lab since Janelle is not only a task-orientated young lady, also she also gets along very well with others.
The award ceremony at the NRC also included a special
Janelle Tam
presentation honouring the contribution to SBCC of Jeff Graham of Toronto, Chair and President of Bioscience Education Canada, which has coordinated the competition
The nine national finalists presented their projects at NRC headquarters Monday May 7 to a panel of eminent Canadian scientists: >>> Dr. Luis Barreto (Chief Judge), Senior Advisor, Vaccine Program, Human Health and Therapeutics, National Research Council Canada, and ex-Vice President, Immunization and Science Policy, Sanofi Pasteur Limited;
Health and Therapeutics, National Research Council Canada; >>>Dr. Alain Beaudet, President, Canadian Institutes of Health Research;
Foundation; Kelly,
Commercialization,
Vice-President, Ontario
Fruit
Erie &
Innovation
Vegetable
and
Growers’
Association; and >>>Dr. Alison Symington, Vice President, Outreach, Ontario Genomics Institute. >>> Also on the judging panel was Marshall Zhang, 18, of Richmond Hill Collegiate, national first-place winner of the SBCC in 2011. On June 18, Janelle Tam and Rui Song will represent Canada in Boston at the Sanofi-sponsored International BioGENEius Challenge, taking place in conjunction with the BIO Annual International Convention.
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BioGENEius
Challenge
The Sanofi BioGENEius Challenge Canada (SBCC) is a national, biotechnology research competition that encourages high school and CEGEP students to pursue future studies and is sponsored by Sanofi Pasteur Limited, Sanofi Canada, Genome Canada, the National Research Council Canada/ Conseil national de recherches Canada (NRC-CNRC), Canadian Institutes of Health Research/Instituts de recherche en santé du Canada (CIHR-IRSC) and the Government of Canada’s Youth Awareness Program. Canada’s respected Sanofi BioGENEius
>>> Dr. Ron Pearlman, Associate Scientific Director, The Gairdner
John
About the Sanofi Canada (SBCC)
careers in the exciting field of biotechnology. The initiative
>>> Dr. Jim Richards, Director General, Vaccine Program, Human
>>>Dr.
from its beginning in 1994.
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Challenge Canada has inspired counterpart competitions in the USA and Australia.
Ready.gov/business
Up to 40% of businesses never recover after experiencing a major disaster. Do you have a plan to keep your business running if disaster strikes? For a free online tool that helps you develop an emergency plan, visit Ready.gov/business.
{ News from the Industry }
A Roundup of the Latest Industry News and Insights { by Various Contributors }
Neuro Assessment Systems Announces Series A Funding To Initiate Brain Injury Study With Texas A&M Denver CO - May 29, 2012 - Neuro Assessment Systems (NAS) has initiated a joint study with Texas A&M University to use Neuro-Screen, a new brain-based system, to assess concussion symptoms in their football athletes. The announcement is made by NAS President and CEO, Jim Miller stating, “The study will consist of obtaining a baseline measure of brain
The study will consist of obtaining a baseline measure of brain activity prior to the season and follow-up testing for any athlete with a suspected concussion.
activity prior to the season and follow-up testing for any athlete with a suspected concussion.” This research study exemplifies Texas A&M’s commitment to student athletes and will enhance the University’s current comprehensive concussion analysis procedures. “The care and wellbeing of our student-athletes is paramount at Texas A&M and any research that can assist us with learning more about concussions and brain injuries is important,” says Dr. John Thornton, Interim Director of Athletics at Texas A&M. The Neuro-Screen system provides objective and quantifiable information about the symptoms associated with concussion.
The prototype
Neuro-Screen device developed for this study uses task specific brain recordings to assess neurocognitive changes such as memory and attention. The study is supported in-part by a NAS’s recent series A financing obtained to continue the advancement of the Neuro-Screen system. The series A achievement is a significant round of funding and ensures future success for NAS. “It will help us complete our product development, support clinical studies, and lead to commercialization of Neuro-Screen,” Miller explains.
About Neuro-Screen The Neuro-Screen system uses the most advanced research grade EEG recording technology to obtain highly accurate and objective information associated with changes in the brain before and after a suspected concussion. This system provides an improved standard of care for patients to properly assess brain function.
About Neuro Assessment Systems NAS is an early stage neuro-technology company based in Denver, Colorado specializing in the development of advanced brain recording technology for objective assessment of neurocognitive changes associated with concussion and neuro-degenerative diseases. Contact: Jim Miller, Neuro Assessment Systems, President and CEO: 800 801 7597or jim.miller@neuroassessments.com www.neuroassessments.com
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Corgenix Announces Issuance of Additional U.S. Patent for AspirinWorks® (11-dehydroThromboxane B2) Test Denver-(BUSINESS WIRE)- Corgenix
Medical Corporation
(OTCBB: CONX), a worldwide developer and marketer of diagnostic test kits, has been issued an additional U.S. patent covering its AspirinWorks® technology. The U.S. Patent and Trademark Office has issued U.S. Patent No. 8,168,400 on the AspirinWorks Test Kit, which measures thromboxane metabolites in urine to evaluate aspirin effect in apparently healthy individuals. The composition-of-matter claims provide intellectual property coverage for the monoclonal antibody that recognizes thromboxane metabolites. “This patent increases the scope and variety of claims on the AspirinWorks Test Kit,” said Douglass Simpson, Corgenix President and Chief Executive Officer. “By further protecting the AspirinWorks Test we’re strengthening our intellectual property portfolio and enhancing our competitive position in the clinical testing market.” Corgenix was previously issued a U.S. Patent in 2010 related to the AspirinWorks Test’s ability to more accurately depict true levels of circulating thromboxane metabolites, chemicals that activate blood platelets and cause them to stick together. Aspirin is widely prescribed as an anti-platelet drug because of its ability to inhibit thromboxane formation and help prevent ischemic events such as heart attack and stroke.
Unlike functional platelet tests, which require freshly drawn blood that must be evaluated within at least four hours, the AspirinWorks Test is performed on a random urine sample that can be obtained in any doctor’s office or patient service center, making the test convenient for both physician and patient. Physicians and laboratories interested in ordering the test can call 1-800-729-5661 x180, or e-mail info@aspirinworks.com. More information is also available at www.aspirinworks.com.
About Corgenix Medical Corporation Corgenix is a leader in the development and manufacturing of specialized diagnostic kits for immunology disorders, vascular diseases and bone and joint disorders, including the world’s only non-blood-based test for aspirin effect. Corgenix diagnostic products are commercialized for use in clinical laboratories throughout the world. The company currently sells over 50 diagnostic products through a global distribution network. More information is available at www.corgenix.com. Statements in this press release that are not strictly historical facts are “forward-looking” statements (identified by the words “believe,” “estimate,” “project,” “expect” or similar expressions) within the meaning of the Private Securities Litigation Reform Act of 1995. These statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors that would cause or contribute to such differences include, but are not limited to, continued acceptance of the Company’s products and services in the marketplace, competitive factors, changes in the regulatory environment, and other risks detailed in the Company’s periodic report filings with the Securities and Exchange
This patent increases the scope and variety of claims on the AspirinWorks Test Kit.
Commission. The statements in this press release are made as of today, based upon information currently known to management, and the company does not undertake any obligation to publicly update or revise any forward-looking statements. Contacts
More than 1 million Americans experience new or recurrent heart attacks each year. At-risk individuals are eligible for aspirin therapy and should be tested for the presence or absence of the therapy’s effect. AspirinWorks is the only FDA-cleared test that measures the urinary biomarker 11-dehydro thromboxane B2 (11dhTxB2) to determine aspirin effect in apparently healthy individuals post ingestion. 11dhTxB2 is a metabolite of thromboxane A2 (TxA2), the target of aspirin therapy. The test targets a potential global
Corgenix Medical Corp. Company Contact: William Critchfield, 303-453-8903 Senior VP Operations and Finance and Chief Financial Officer wcritchfield@corgenix.com or Media Contact: Dan Snyders, 303-623-1190 x 230 Vice President and Public Relations Supervisor Fax: 303-623-1191 dan@armadamedical.com
market exceeding 200 million individuals.
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{ News from the Industry }
Gevo Announces Successful Startup of World’s First Commercial Biobased Isobutanol Plant ENGLEWOOD,
Colo.–(BUSINESS
WIRE) –Gevo,
Inc. (NASDAQ: GEVO), a leading renewable chemicals and nextgeneration biofuels company, announced today it has begun startup of the world’s first commercial biobased isobutanol production plant located in Luverne, Minnesota. “At 1 p.m. MDT yesterday we made history by initiating production of biobased isobutanol at commercial scale,” said Dr. Patrick Gruber, CEO of Gevo. “One year ago, we broke ground with a startup goal of less than 12 months and we’ve succeeded. It’s an extremely proud moment for Gevo and a tribute to the drive and ambition of our scientists, chemical engineers and production team.” “The startup of our Luverne plant represents a major milestone for the industry and validation of our commitment to commercially produce biobased isobutanol in the first half of 2012,” said Gruber. “The next milestone will be to successfully ship product to our customers.”
have been through similar startups before, to address and meet these challenges. We look forward to growing into a very large business.”
About Gevo Gevo is converting existing ethanol plants into biorefineries to make renewable building block products for the chemical and fuel industries. The Company plans to convert renewable raw materials into isobutanol and renewable hydrocarbons that can be directly integrated on a “drop in” basis into existing chemical and fuel products to deliver environmental and economic benefits. Gevo is committed to a sustainable biobased economy that meets society’s needs for plentiful food and clean air and water. For more information, visit www.gevo.com
Forward-Looking Statements Certain statements in this press release may constitute “forwardlooking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include statements that are not purely statements of historical fact, and can sometimes be identified by our use of terms such as “intend,” “expect,” “plan,” “estimate,” “future,” “strive” and similar words. These forward-looking statements are made on the basis of the current beliefs, expectations and assumptions of the management of
One year ago, we broke ground with a startup goal of less than 12 months and we’ve succeeded. It’s an extremely proud moment for Gevo and a tribute to the drive and ambition of our scientists, chemical engineers and production team.
Gevo and are subject to significant risks and uncertainty. Investors are cautioned not to place undue reliance on any such forwardlooking statements. All such forward-looking statements speak only as of the date they are made, and the company undertakes no obligation to update or revise these statements, whether as a result of new information, future events or otherwise. Although the company believes that the expectations reflected in these forward-looking statements are reasonable, these statements involve many risks and uncertainties that may cause actual results to differ materially from what may be expressed or implied in these forward-looking
Gevo retrofitted the Luverne plant to incorporate its proprietary yeast and Gevo Integrated Fermentation Technology® (GIFT®) system to produce biobased isobutanol. Through initial operation of the Luverne plant, Gevo expects to advance its learning of largescale production of renewable isobutanol at the site maintaining a goal of producing isobutanol at a run rate of approximately 1 million gallons per month by yearend 2012. Per its previous guidance, Gevo expects to reach full capacity run rates by year-end 2013. “This ramp up in production is actually fast for a new technology,” said Gruber. “It would be much longer and present more execution risk if this were a greenfield plant. I like this retrofit approach.” “This is only the beginning for Gevo as we work toward our first shipment to Sasol and increasing production over the coming months,” added Gruber. “As with all plant startups we will face challenges. However, we have an outstanding team, many of whom
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statements. For a further discussion of risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the business of Gevo in general, see the risk disclosures in the Annual Report on Form 10-K of Gevo for the year ended December 31, 2011, as amended, and in subsequent reports on Forms 10-Q and 8-K and other filings made with the SEC by Gevo. Contacts Peppercom for Gevo Media: Beth E. Starkin, 212-931-6108 bstarkin@peppercom.com or Stern IR for Gevo Investors: Sarah McCabe, 267-909-9237 sarah@sternir.com
Sharklet Technologies Awarded $1.2 Million Phase II NIH Research Grant for Further Development of SharkletPatterned Urinary Catheter Denver-Sharklet
catheter. These chemically-coated catheters elute their antimicrobial agents into urine, which can lead to the emergence and selection of antimicrobial-resistant strains of bacteria. The Sharklet micro-pattern is unique in that it is a surface texture – not chemical elution – that inhibits bacterial colonization. This non-toxic approach reduces the risk of development of multi-drug resistant bacteria species.
Technologies, Inc. today announced that it has
been awarded a $1.2 million Small Business Innovation Research (SBIR) Phase II grant by the National Institutes of Health (NIH) / National Institute of Diabetes and Digestive and Kidney Diseases to continue its development of a urinary Foley catheter with the Sharklet™ micropattern that inhibits bacterial growth on the surface of the catheter. Building on the successful outcome from Phase I SBIR research that validated the effectiveness of the Sharklet pattern for inhibiting
We are pleased to receive this significant award as it validates our use of a novel topography-based, non-chemical approach to inhibit bacterial biofilm development.
bacterial biofilm development, Sharklet Technologies will draw from Phase II funds to further evaluate several uropathogenic bacterial species, assess the pattern’s ability to inhibit bacterial migration, and produce Sharklet-patterned catheters that meet functional, quality and biocompatibility requirements. As part of the research project, the company expects to conduct a small human clinical trial to guage in vivo efficacy. Concurrent to its research, the company will submit a 510K application to the FDA. Sharklet Technologies’ Director of Research Dr. Shravanthi Reddy, who led Phase I research, will serve as the principal investigator for the Phase II project. “We are pleased to receive this significant award as it validates our use of a novel topography-based, non-chemical approach to inhibit bacterial biofilm development,” said Dr. Reddy. “Through our continued development of a Sharklet-patterned Foley catheter our goal remains constant – to advance catheter technology by reducing catheter-assosicated urinary tract infections, or CAUTI, which will improve patient outcomes and improve healthcare financials.” CAUTIs account for about 40 percent of the two million annually occurring hospital-acquired infections. About 95 percent of urinary tract infections are associated with urinary catheters. These infections account for an estimated $565 million annually in additional costs to patients and the healthcare system. About 8,000 patients die per year from CAUTI. Additionally, in 2008, Medicare announced that it will no longer pay for treatment of avoidable hospital-acquired infections due to urinary catheters effectively making hospitals economically responsible for reducing the occurrence of these infections. Today’s urinary catheter technology suffers from key drawbacks, most notably that they frequently cause infection due to bacteria colonizing the surface of the catheter. Current antimicrobial catheters rely on biocides to coat the catheter prior to insertion or antimicrobial agents manufactured directly into the surface of the
“Sharklet represents a breakthrough in bacterial control and the culmination of years of work in determining how surface topography can impact microorganism growth,” said Mark Spiecker, chief executive officer of Sharklet Technologies. “We are grateful for this award as it underscores the importance of introducing new non-kill technologies to advance our standards for healthcare especially as it pertains to infection prevention.”
Sharklet Technologies, Inc. Sharklet Technologies is a biotechnology company that develops surface technologies that are designed to inhibit microorganism growth to make the world a healthier, environmentally safer and better place. Inspired by the microbial-resistant properties of sharkskin, Sharklet™, the company’s core technology, is the world’s first micro-pattern developed to control bacteria including Staph, MRSA, VRE, E. coli and a host of others. Sharklet™ is suited for commercial, healthcare, food service and laboratory environments where bacterial inhibition is desired to help protect human health. The company is based at the Bioscience Park Center,an incubator in the Fitzsimons Life Science District adjacent to the renowned Anschutz Medical Campus in Aurora, Colo. Learn more about Sharklet at www.sharklet.com. *The project described is supported by Award Number 2 R44 DK084590-02 from the National Institutes of Diabetes and Digestive and Kidney Diseases. The content is solely the responsibility of the authors and does not necessarily represent the official views of the National Institute of Diabetes and Digestive and Kidney Diseases or the National Institutes of Health Contact: Sarah Eder VP Sales & Marketing at Sharklet Technologies 303.887.9744 seder@sharklet.com
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{ Publisher’s Letter }
Welcome to SoPE Magazine!
{ Dirk R. Hobbs, Executive Publisher }
On behalf of SoPE Founder, Arlen Meyers, MD, MBA, and Mr. Jim Blakely, Executive Director for the Society of Physician Entrepreneurs, and the rest of the staff, we welcome you to SoPE Magazine. This e-zine is dedicated to providing our global readership insights from world-class thought leaders in a number of categories specific to life-sciences innovation and development in the life sciences and bio-innovation realms. In our folio, you will learn from experts in global economy, regulation, clinical trials, leadership, developing the right team, intellectual property, IT, legal, accounting and finance, marketing, raising capital, insightful to-market business strategies and thought processes, and much more. Many of you have been waiting for SoPE Magazine to be released since earlier in 2012. Well, we have finally sifted through hundreds of submissions and have selected those whose contributions toward the edification and continuing education of physician innovators, inventors and entrepreneurs, were a notch above the rest. We wanted our first contribution to our membership of than 10,000 (and growing), to be something they enjoy–something out of the ordinary, and something they would reference time and time again as they navigate the unpredictable waters of innovation and to-market efforts. Now, here’s where you come in: Each edition of SoPE Magazine will feature profiles of individuals, companies and thought leaders from around the world whose work could make a positive difference in clinical medicine. Is your company a “break-through” company like our first cover feature, iTriage? Are you coaching and mentoring physician innovators as a business consultant and want to expand your efforts to a broader market? Send me a personal email and let’s delve into how we can best get your message out to our ever-expanding membership. Business leaders, service providers and vendors: SoPE
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Magazine is a wonderful way to position your organization as a “go-to resource” for tens of thousands of physician entrepreneurs, worldwide. There are tons of “doctor magazines”, but many of them are filled with irrelevant content. We’re different and so too will your company be when you submit “actionable, educational content” to SoPE Magazine! Got suggestions? We welcome you to engage and help us to create a must-read business magazine. To keep our publication free to our hard-to-reach audience, we need your support by way of advertising and sponsored content. And of course, if you want to use your article as collateral material for support of your individual corporate objectives, we can do that for you too. Other opportunities of the SoPE organization include: our social media channels (LinkedIn, Facebook, YouTube), local SoPE chapters, SoPEBox Radio (every Monday), and, of course, corporate sponsorship of SoPE and sopenet.org are all available to you. So enjoy this inaugural edition of SoPE Magazine. Each edition will get better than the last. Thanks to those of you who let us showcase some of your expertise. Until next time,
Dirk R. Hobbs, Executive Publisher CEO, Medical Voyce Sciences & Multimedia, Inc. dirk@medicalvoyce.com
(Colorado, USA number: 719.884.1184)
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