This is the third article in a continuing monthly series chronicling the growth path of Genevolve Vision Diagnostics, a life sciences startup based in Albuquerque, NM that is commercializing cutting edge genetic research to develop new diagnostic tests and gene therapies for colour blindness.
By Francis Moran and Leo Valiquette
According to Matt Lemelin, CEO of Genevolve Vision Diagnostics, there are more than 100 occupations which rely on workers having normal colour vision. As we explored in our last post, civilian and military aviation, where there is no room for error, ranks high on this list. Job performance and passenger safety depends on pilots, air traffic controllers and many other technical and support personnel having full colour vision.
It’s easy to understand, then, why Lemelin is filled with such enthusiasm for Genevolve’s prospects when he hears the United States Air Force state that “no colour vision test currently on the market delivers what the Air Force requires.”
“We are very excited about the possibilities of working with the Air Force and other governmental departments,” he said. “We have a fairly complete understanding of their needs in regards to colour vision and we feel we have a turnkey solution to resolve their longstanding issues.”
The challenge, of course, is to bring to market a compelling product that is protected by a rigorous intellectual property (IP) strategy and has garnered the regulatory approvals and industry praise to attract the interest of such a flagship customer. In this post, we will take a look at Genevolve’s product development, IP strategy, business plan and how venture capital does, or does not, fit into the picture.
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By Francis Moran
It is an article of faith that startups need funding.
For most, that means chasing external investors, whether they be friends and fools, angels or venture capitalists. Any CEO who has gone this route knows it can be an almost all-consuming task that gobbles up an inordinate share of that most restricted of resources, time. The biggest risk, besides failing to secure the necessary dollars, is that focus on the most critical objective of a new startup, developing and bringing to market an actual product, can take a back seat whilst the funding search is so fully engaged.
Too many startups fail to realise that there could well be another horse in the race to secure the money necessary to fund a new venture, a horse that is often running neck and neck with potential investors and that could, with a little judicious jockeying, beat the field to be the first past the funding post.
That horse is called your first customers and I am always amazed that so little attention is paid to this option.
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By Francis Moran and Leo Valiquette
In Part 1 we spoke with Bruce Lazenby, who is less than three months into his new job as president and CEO of OCRI. These days, the only constant is change as the organization works to remake a tarnished image under new leadership, with the support of a mayor whose election platform focused heavily on boosting economic development throughout the region.
Lazenby acknowledged how OCRI has fallen short in terms of serving the needs of young entrepreneurs, the need to better work with this group, and how it must engage with the broader community. We spoke about a new culture of collaboration with other stakeholders across the city, such as the universities and privately run business incubators, and the long overdue launch of Ottawa’s first accelerator centre.
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Thank you for being with us for the 10th month of our blog. In case you missed them, here is a recap of our posts from November.
Moving forward with our two new series, Technology Marketing 101, and A Startup’s Story, we introduced a new startup, Teamly, and explored how it is managing to drive steady organic growth on a shoestring, and shared Screenreach’s recent adventures in radio and television.
Beyond our series, we offered best practices on how small business can work with government and universities to bring technology to market, explained what makes a good PR person and also what makes a great entrepreneur. We discussed the prior art wall and its impact on patent coverage, the importance of creating a well-researched, well-funded and coherent marketing strategy and sticking to it, as well as the benefits and determents of Google Plus brand pages. Of course, this list of posts merely scratches the surface of all that was covered over the course of the month. You’ll have to read them for yourselves by clicking the links below. And, as always, we welcome your feedback.
November 7: Breaching academia’s ivory towers by Jason Flick
November 10: Driving steady organic growth on a shoestring by Francis Moran & Leo Valiquette
November 14: What an IP coordinator should know: The prior art wall by David French
November 18: Making waves in radio and television by Francis Moran & Leo Valiquette
November 21: Taking the higher ground: from product to leadership positioning by Ronald Weissman
November 23: The layman’s guide for bringing technology to market by Francis Moran & Leo Valiquette
November 28: Beware the million-dollar cheque! by Peter Hanschke
And on a related note…
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In November, we featured a guest post by serial entrepreneur Jason Flick on the complexities startups face working with universities and attempting to commercialize university IP. In today’s guest post, University of Ottawa’s Sean P. Flanigan shares his perspectives from the viewpoint of a university tech transfer office (TTO). This is his first commentary and we welcome your feedback.
By Sean P. Flanigan
There are many networking events and receptions this time of year and I love to take the opportunity to chat with entrepreneurs about their ventures and experts about trends in the markets. The question I hear the most is “What’s new?” Given the number of surprised looks that I get when I answer this question one-on-one, I thought I would spread the word a little further. So here is what’s new.
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By Francis Moran and Leo Valiquette
