We’re deep into week 2 of teaching a Lean LaunchPad class for Life Sciences and Health Care (therapeutics, diagnostics, devices and digital health) this October at UCSF with a team of veteran venture capitalists. Part 1 of this post described the issues in the drug discovery. Part 2 covered medical devices and digital health. Part 3 described what we’re going to do about it. This is post is a brief snapshot of our progress.
I have been following Steve Blank’s journey into disrupting the way healthcare companies are funded off and on. He has brought the ‘Moneyball’ approach to funding, by using data rather than gut feelings.
As any good scientist does, he wants to do n experiment – can he teach a class on these principles to help startups get funding in a more defined way. And to change the VC industry, especially in healthcare, from looking only for home runs and perhaps consider that 3-4 singles will accomplish the same things.
As I have written before, the cost to get drugs to market today is simply too long and expensive. We must find better approaches. And this approach might just help us get there.
As with any experiment, it may not explain everything. But, as this video shows, it can help us create a better model for success.