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UTSA CITE Program Boot Camp Feb. 15, 2014 Becky Ariana CEO.

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Presentation on theme: "UTSA CITE Program Boot Camp Feb. 15, 2014 Becky Ariana CEO."— Presentation transcript:

1 UTSA CITE Program Boot Camp Feb. 15, 2014 Becky Ariana CEO

2 Our CITE Team 4 Mechanical Engineering students – Gary Walters 4 Business Students – Justin Stultz Entire team met weekly for 2-3 hours Additional meetings with Mentor and Business Team Built a working prototype – “Technical Proof of Concept” Developed detailed Business Plan Our Inspiration: Gary is a Wounded Warrior; we saw the need for our product daily

3 Why We Won Clearly articulate the problem and our solution to it Detailed Business Plan: “Plan your work; Work your plan” – Situation Analysis Scope and significance of problem Market size, segments, and dynamics of market Competitive environment Regulatory environment – Strategic and Tactical – Comprehensive – “Tied together” – Realistic Financials Worked our tails off!!

4 The Problem: HEAT CONFIDENTIAL - Not For Distribution 4 Prosthetic limb provides mobility and sense of independence BUT….heat and sweat build up within the socket of the prosthesis

5 The Consequences For the amputee – Discomfort – Disruption of daily activities – Impact on overall quality of life

6 The Consequences For the amputee – Discomfort – Disruption of daily activities – Impact on overall quality of life – Serious medical problems: Friction blisters Skin ulcers Infection Need for additional surgery

7 Our Solution: The first commercially available prosthesis cooling system Lightweight, battery-powered Activated by the patient Embedded in socket by prosthetist Kit components: – Thermoelectric elements for cooling – Heat dissipation system – Power supply

8 Cool It. 1 st generation prototype

9 Our Progress Incorporated in September Moved into office at SATC Developed 7 Provisional Patents – Will file 2 Non-Provisional PCT Patents in April Design is frozen FDA docs are prepared Selected our Federal sales channel partner Selected our manufacturing and order fulfillment partner Executive Team in place – 5 of 8 students

10 What’s Next? Money is the lifeblood of any new company

11 What’s Next? Money is the lifeblood of any new company Currently raising $2.0 Million File patents, secure FDA-clearance, conduct beta test, launch first product, design 2 nd product Next raise: $4.5 million First sale in Q3 2014 Profitability at end of Year 3

12 Opportunities – How can they help? Raising $$ – Allow 6-12 months – Investors must be “accredited”

13 Opportunities – How can they help? Raising $$ – Allow 6-12 months – Investors must be “accredited” Provide valuable services (regulatory, marketing,…)

14 Opportunities – How can they help? Raising $$ – Allow 6-12 months – Investors must be “accredited” Provide valuable services (regulatory, marketing,…) Key introductions – Influence/drive demand for your product – Provide technical expertise – Serve as Business Advisors – Serve as members of your Board of Directors

15 Opportunities – How can they help? Raising $$ – Allow 6-12 months – Investors must be “accredited” Provide valuable services (regulatory, marketing,…) Key introductions – Influence/drive demand for your product – Provide technical expertise – Serve as Business Advisors – Serve as members of your Board of Directors Expand your product line

16 Opportunities – How can they help? Raising $$ – Allow 6-12 months – Investors must be “accredited” Provide valuable services (regulatory, marketing,…) Key introductions – Influence/drive demand for your product – Provide technical expertise – Serve as Business Advisors – Serve as members of your Board of Directors Expand your product line Expand into new markets

17 Opportunities – How do you find them?

18 Sources Your Mentor Professors CITE Judges UTSA Public Affairs Potential Investors Family, Friends, Neighbors Research

19 Opportunities – How do you find them? Sources Your Mentor Professors CITE Judges UTSA Public Affairs Potential Investors Family, Friends, Neighbors Research You must be fearless!!

20 Our Unexpected Opportunities Publicity and increased awareness KC Gonzalez Publicity Interviews Articles Trade journal article Contact from major prosthetics university

21 Our Unexpected Opportunities An opportunity to expand our product line CITE Judge Researcher New product for us; new application for his technology

22 Our Unexpected Opportunities Support from a Four-Star General Former Deputy Commander of NATO Chairman, Wounded Warrior Games MentorInvestorCTANCTAN MemberGeneral

23 The Challenge: Balance Your investors expect you to hit your milestones, on time You need to “Work Your Plan”

24 The Challenge: Balance Your investors expect you to hit your milestones, on time You need to “Work Your Plan” Plan Opportunity

25 Bottom Line….. You must deliver on your commitments to your investors Assign responsibilities to your team members – hold everyone accountable Communicate often with your BoD, Business Advisors, and Investors Pursue opportunities as you can

26 Thank you! Becky Ariana CEO b.ariana@letosol.com 858-705-2243


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