The Les Kilpatrick
Students to Start-ups
Entrepreneurial Skills Workshop Series
Start-up to Exit
Workshop 6: Midcourse corrections
The Les Kilpatrick
Students to Start-ups
Entrepreneurial Skills Workshop Series
Schedule
– My background
– Midcourse correction
– Start-up process
– I do not like to make presentations
*You all need to participate in the discussion (ask questions)**
Help the process: Write down two questions
1. What do I want to learn about midcourse corrections?
2. What do I want to learn about the start-up process?
The Les Kilpatrick
Students to Start-ups
Entrepreneurial Skills Workshop Series
Workshop #6 - Objectives
1. Discuss the cause of major deviations in the start-up
process and how to manage these events
“Midcourse corrections during the evolution of a start-up”
2. Discuss some tools you can use to manage the process
3. Help you gain a better understanding of the “start-up” process
through my experience
The Les Kilpatrick
Students to Start-ups
Entrepreneurial Skills Workshop Series
George Wallace
Background
The Les Kilpatrick
Students to Start-ups
Entrepreneurial Skills Workshop Series
Personal
50 years old
Married, 3 Daughters (25 yrs, 24 yrs, 20 yrs)
2 Colorado,1 UCI
29 years in medical devices (last 20 years in OC)
Active lifestyle, fitness, sports, beach….OC
BMI 29
The Les Kilpatrick
Students to Start-ups
Entrepreneurial Skills Workshop Series
Why I am here?
Serial entrepreneur in medical devices (Orange County)
Raised significant venture capital
Managed companies from start to exit
Still starting and managing medical device companies
Some level of success in this process
I like entrepreneurs (informed risk takers)  Some of You?
* I have worked through many “midcourse corrections”
The Les Kilpatrick
Students to Start-ups
Entrepreneurial Skills Workshop Series
Professional Experience
Edwards Labs – sales, sales management, marketing, marketing
management
Vaser Inc. – VP Marketing & Sales, clinical & regulatory
Applied Medical – VP Sales, general management
Micro Therapeutics, Inc. (MTI) – Founder, CEO, Independent Director
Intersect Partners – Founder, CEO, Director
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Sub-Q, Inc.
Trans1, Inc.
ReShape Medical, Inc.
MindFrame, Inc.
Altura Interventional, Inc.
SV Life Sciences – Venture Partner
The Les Kilpatrick
Students to Start-ups
Entrepreneurial Skills Workshop Series
Interest in Start-Ups – Early Stage Companies
American Edwards Laboratories, Inc. (1980)
Entrepreneurs
Advanced Cardiovascular Systems, Inc. (1982-1985)
Exciting/ $’s
• Balloon angioplasty
• Friend was an early employee
• Successful sale to Eli Lilly (IOX)
Cardiometrics, Inc. (1986)
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Continuous cardiac output
Investor consultant – previous experience
Changed directions – technology
Cram down financing/revise split  sold later
Lost most of my invested capital $25K
Vaser, Inc. (1986-1989)
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Tech Development
Laser angioplasty – peripheral/coronary
VP Sales & Marketing (Regulatory/Clinical Affairs)
Marginal clinical results
Recommended direction change/restart (Business Plan)
Fired – All of my options returned
Reg/Clin strategy
Reimbursement
BOD communication
The Les Kilpatrick
Students to Start-ups
Entrepreneurial Skills Workshop Series
Definitions
Start-up – from the beginning
Individually driven – “entrepreneur”
• Define the business opportunity – not the invention?
• Develop the product
• Take the early risk!
Develop a detailed plan
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Resources required
Timing
Financing/exit
Communication tool!
Lesson learned from an early entrepreneur
“Informed Risk Taking”
The Les Kilpatrick
Students to Start-ups
Entrepreneurial Skills Workshop Series
An Early Entrepreneur – Christopher Columbus
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Opportunity – more direct route to Asia (land & trading)
Plan – maps, resources, time
Financing – Spain (ships & supplies) Terms
Assumption miss – ran into America’s “Midcourse Correction”
Columbus
Spain
“Americas”
“Asia”
The Les Kilpatrick
Students to Start-ups
Entrepreneurial Skills Workshop Series
Definition - Midcourse Correction
Assumes you are on a journey
Opportunity
Assumes you have a map
Plan
Assumes an unexpected event
Wrong assumption
“Negative & Positive”
Assumes you still plan on going
to the destination
You are still in charge,
you did not get fired
Assumes you may have to
modify your plan
Resources, time, returns
“Communicate to Stakeholders”
The Les Kilpatrick
Students to Start-ups
Entrepreneurial Skills Workshop Series
Start-Up Experience – Founder
Companies
Micro Therapeutics, Inc. (1993) – neuro/cath lab
Sub-Q, Inc. (1995) – vascular/cath lab
TranS1, Inc. (1997) – orthopedic/spine
ReShape Medical, Inc. (2003) – obesity
MindFrame, Inc. (2006) – neuro/cath lab
Altura Interventional, Inc. (2008) – vascular/AAA repair
Review
History of the company
Midcourse corrections
Outcome
The Les Kilpatrick
Students to Start-ups
Entrepreneurial Skills Workshop Series
Midcourse Corrections
The Les Kilpatrick
Students to Start-ups
Entrepreneurial Skills Workshop Series
Micro Therapeutics, Inc. (1993) – (MTIX)
History
Business strategy developed while working full time (Andy Cragg, MD)
4th business plan became MTI (significant planning)
All cost ($100K) were absorbed by Founders (20-30 hrs/wk)
Notified employer of intention to leave (terminated 30 days)
Seed financing – “friends & family” (investing in You!)
Sent out 15 business plans to qualified venture groups
Presented to 7 venture groups in 3 cities over 2 weeks
• Received a term sheet on day 3
• Negotiated term & presented in parallel
• Signed term sheet & closed financing in 9-10 weeks
Management & facility in place (financing)
Business strategy / product development
• Peripheral blood clot therapy (2 products)
• Neuro/hemorrhagic stroke – aneurysm & AVM embolization
The Les Kilpatrick
Students to Start-ups
Entrepreneurial Skills Workshop Series
Micro Therapeutics, Inc.
Midcourse correction #1 – product development
Situation
3 product development programs in parallel
• Infusion catheters – late development / process
• Mechanical thrombectomy – design validation
• Brain aneurysm embolization – concept testing
Brain aneurysm testing – balloon exclusion/scleroses
• 2 pigs died immediately
• 1 pig died in follow-up testing
}
Did not work
The Les Kilpatrick
Students to Start-ups
Entrepreneurial Skills Workshop Series
Micro Therapeutics, Inc.
Midcourse correction #1 – product development
What are you thinking? Group
Balloon, catheter, protocol, model, agent did not work?
What am I going to tell my investors?
What am I going to tell the employees?
What if I take that product out of the plan?
How much time, money & milestones are on this project?
Is there a better way to achieve the objective?
Can I achieve the plan with a different approach?
Do we have the capability/resources?
The Les Kilpatrick
Students to Start-ups
Entrepreneurial Skills Workshop Series
Micro Therapeutics, Inc.
Midcourse correction #1 – product development
What did I do?
Reviewed case results – can we make it work?
Hired a Ph.D. biochemist with device experience
Reviewed other approaches – 3 categories/56 ideas
Re-planned the project – longer & more money
Talked to the investors & BOD (discussed options)
• Accomplishments with current capital
• Financing strategy changes/return at exit
Moved forward with the “NEW STRATEGY”
The Les Kilpatrick
Students to Start-ups
Entrepreneurial Skills Workshop Series
Micro Therapeutics, Inc.
Midcourse correction #1 – product development
How did the company do?
Completed the revised aneurysm product
Completed a successful Series B financing
Completed development & introduced both peripheral/BCT products
Completed development of full line of neuro support products
Raised capital from corporate investors (distribution)
Initiated clinical trials on 2 neuro products
Completed an IPO
Raised private equity in public market (PIPE)
Change of control financing (Warburg/ev3) / merger
Currently neuro division of ev3 ($250M)
* More time & money – successful investment
The Les Kilpatrick
Students to Start-ups
Entrepreneurial Skills Workshop Series
Sub-Q, Inc. (1995)
History
Business strategy developed while running MTI (release)
This is when Intersect Partners was formed ($100K)
Sub-Q formation much easier 2nd time (much larger existing market)
Two rounds of seed financing – “friends & family”
Raised small Series A from a “known” second tier VC
Converted consulting team to full time employees
VP/GM raised Series B (very difficult) – talked to 4 groups
George Wallace leaves MTI and joins Sub-Q as CEO
Sub-Q completes and files PMA – Vascular Closure Device
Start the Series B financing with venture & corporate targets
Went to big medical meeting to negotiate terms sheet (TCT)
The Les Kilpatrick
Students to Start-ups
Entrepreneurial Skills Workshop Series
Sub-Q, Inc.
Midcourse correction #2 – financing/exit
Situation
Initiated commercialization in US (direct)
Completing development on second generation product (clinicals)
Raising $10 million to $15 million (continue commercialization)
Less than $1 million ($400K/month burn)
Negotiated “Bridge” financing (timing)
Left for TCT to meet with 4 venture groups/4 corporate groups
** 9/11 ATTACK **
Did not get to Washington DC for TCT
No return calls from venture or corporate groups
The Les Kilpatrick
Students to Start-ups
Entrepreneurial Skills Workshop Series
Sub-Q, Inc.
Midcourse correction #2 – financing/exit
What are you thinking? Group
Were any potential investors on those planes?
Will anyone want to invest in this environment?
Can I continue commercialization in this environment?
Will my existing investors still complete the “Bridge” financing?
How long will the “Bridge” need to last?
The Les Kilpatrick
Students to Start-ups
Entrepreneurial Skills Workshop Series
Sub-Q, Inc.
Midcourse correction #2 – financing/exit
What did we do?
Put a pause on the commercialization process – convert to clinical
Went back to vendors and asked for payment terms
Revised the plan to lower burn, stretch cash
Went back to investors/BOD with revised “Bridge” plan
Contacted current potential venture investors (none died)
Contacted current potential corporate groups (none died)
Focused financing on corporate groups for financing vs. purchase
Completed corporate financing with BSC
(financing/distribution/purchase option)
Corporate Financing
Talked to 4 groups
Signed term sheet with “another” group
“Last minute” term sheet came in from BSC
The Les Kilpatrick
Students to Start-ups
Entrepreneurial Skills Workshop Series
Sub-Q, Inc.
Midcourse correction #2 – financing/exit
How did the Company do?
Completed the financing
• $15 million ($10M + 5M tranche)
• Worldwide distribution with sales minimums
• Option to purchase the company at pre-determined value (2 time periods)
Trained the BSC sales organization (target specialist)
Support target account introduction (1st generation)
Completed 2nd generation clinicals OUS
Prepared for manufacturing ramp up (BSC audit)
1 yr. later – first option to purchase
• Business development/Sr. management
• R&D/marketing group
• Sales management
The Les Kilpatrick
Students to Start-ups
Entrepreneurial Skills Workshop Series
Sub-Q, Inc.
Midcourse correction #2(B) – financing/exit
Situation
BSC has option to purchase @ $100 million
They are challenging the design, but positive
Second generation product addresses remaining issues
BSC is distracted by roll out of drug eluting stents
If BSC does not exercise the option, $5M financing required
We are confident they will meet and exercise option to purchase
BSC declines the purchase option
Want the performance of the next generation
Sales force focus on drug eluting stents
The Les Kilpatrick
Students to Start-ups
Entrepreneurial Skills Workshop Series
Sub-Q, Inc.
Midcourse correction #2(B) – financing/exit
What are you thinking? Group
Why did they really turn this down?
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Price – better price after rejection
No longer interested in the space
Focus on stents (sales force)
Did we miss the performance?
Will BSC be interested based on Generation II?
Will BSC invest the second $5 million?
Will BSC buy up to the minimums?
How will other potential investors/buyers view this?
What will my investors/BOD reaction be?
The Les Kilpatrick
Students to Start-ups
Entrepreneurial Skills Workshop Series
Sub-Q, Inc.
Midcourse correction #2(B) – financing/exit
What did we do?
We pressed BSC for the basis of their decision
• Too much sales time required (effect on stents)
• Second generation may address this in future
• Lack of management commitment – competitive technology
Negotiated a plan to go direct with BSC
Accelerated development of Generation II and III products
Completed the $5 million BSC financing
Went back to other corporate groups to determine interest
Expanded sales & clinical specialists and moved forward direct
The Les Kilpatrick
Students to Start-ups
Entrepreneurial Skills Workshop Series
Sub-Q, Inc.
Midcourse correction #2(B) – financing/exit
How did the Company do?
Sales began to increase, cash burn increased faster
Introduced Generation II product with improved results
Accelerated Generation III product development
Determined that commercialization would require 2 yrs. longer & $20M
Corporate interest from 4 groups (including BSC) all with distribution
Terminated all marketing & sales activities/people
Focused on Generation III product & corporate deal
Three term sheets (BSC)
Accepted term sheet for purchase from relatively unknown group
Never completed the deal
Successfully completed a “SMOKE” sale
The Les Kilpatrick
Students to Start-ups
Entrepreneurial Skills Workshop Series
TranS1, Inc. (1997)
History
Business strategy developed while running MTI, managing Sub-Q
Used consultants to manage development process
Two rounds of seed and Series A raised without management
Completed successful clinicals OUS
Determined 510K on first product was feasible
The Les Kilpatrick
Students to Start-ups
Entrepreneurial Skills Workshop Series
TranS1, Inc.
Midcourse correction #3 – achieve milestones early (positive)
Situation
Everything was ahead of schedule
• Product development
• Clinical validation
• Regulatory approval process
Created a need for resources
• Financing
• Dedicated management
• Commercialization strategy
George Wallace was not available
• CEO, MTI
• Managing Sub-Q part time
• Supporting TranS1
The Les Kilpatrick
Students to Start-ups
Entrepreneurial Skills Workshop Series
TranS1, Inc.
Midcourse correction #3 – achieve milestones early (positive)
What are you thinking? Group
Should we hire resources local & George Wallace manage?
Hire CEO local?
Hire CEO & move company to this location?
Raise money (Series B) then hire management?
The Les Kilpatrick
Students to Start-ups
Entrepreneurial Skills Workshop Series
TranS1, Inc.
Midcourse correction #3 – achieve milestones early (positive)
What did we do?
We hired a recruiter and targeted So Cal & Minneapolis
We scrubbed our network for candidates
Hired an experienced CEO in Wilmington N.C. (early stage/known)
Moved the company
The Les Kilpatrick
Students to Start-ups
Entrepreneurial Skills Workshop Series
TranS1, Inc.
Midcourse correction #3 – achieve milestones early (positive)
How did the Company do?
Transition to Wilmington was smooth
Product development & clinical trials on both products continued
positive
Recruited strong management team
• R&D V.P. (TranS1 consultant)
• Regulatory (former FDA director)
• Sales & marketing (veteran/spine)
Secured Series B & Series C venture financing (terms)
Launched the 1st product
IPO in 2007 (TSON)
Growing public company
The Les Kilpatrick
Students to Start-ups
Entrepreneurial Skills Workshop Series
ReShape Medical, Inc. (2003)
History
George Wallace sells Sub-Q, starts as Venture Partner (SV Life
Science)
Working on multiple projects at Intersect Partners including obesity
Complete the business strategy and present to SVLS “first”
Term sheet for “Seed” financing
Intersect Partners completes concept development under contract
Present to 4 potential Series A investors
Complete Series A financing ($4.5M)
Complete development and prepare for OUS clinicals
US regulatory strategy will be critical (bad history)
The Les Kilpatrick
Students to Start-ups
Entrepreneurial Skills Workshop Series
ReShape Medical, Inc.
Midcourse correction #4 – management
Situation
Product design & testing were 90% complete
OUS clinical trials were set up and ready to go
Discussion with FDA were positive (without commitment)
We had money in the bank to complete near term milestones
George Wallace suggested hiring CEO early
The Les Kilpatrick
Students to Start-ups
Entrepreneurial Skills Workshop Series
ReShape Medical, Inc.
Midcourse correction #4 – management
What are you thinking? Group
Product development is complete
Positive experience at TranS1 (new model)
Management of the US regulatory strategy is key
Management of the OUS clinicals requires significant resources
Allows time for R&D transfer & recruiting
Prepare for Series B financing
The Les Kilpatrick
Students to Start-ups
Entrepreneurial Skills Workshop Series
ReShape Medical, Inc.
Midcourse correction #4 – management
What did we do?
Revised the operating plan for earlier management
Hired a recruiter & targeted “experienced CEO’s”
Scrubbed our networks for candidates
Hired an experienced CEO in Minneapolis, MN
• Heavy negotiation for severance agreement
• Managed & sold two prior early stage companies
• Former GE Medical executive
Moved the company to Minneapolis
• Facility
• Recruit key people
• Transfer R&D knowledge & vendor contacts
The Les Kilpatrick
Students to Start-ups
Entrepreneurial Skills Workshop Series
ReShape Medical, Inc.
Midcourse correction #4 – management
How did the Company do?
Transition did not go well
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CEO decisions were questioned at early stage
CEO did not like the Intersect Partner contract
CEO treated Intersect personnel poorly
CEO terminated all consulting relationships
CEO hired average people
Product development issues & delays came up
CEO attacked Intersect Partners over issues & delays
CEO approach BOD about Intersect termination
BOD decided to terminate CEO & pay severance
The Les Kilpatrick
Students to Start-ups
Entrepreneurial Skills Workshop Series
ReShape Medical, Inc.
Midcourse correction #4 – management
What did Company do?
Manage the departure of the CEO
Revise the operating plan under Intersect Partners management
Extend the Series A financing by $3 million
Terminate the employees/close Minneapolis facility
Complete the design & testing & start OUS clinicals
Design improvements & OUS testing
Met with FDA on US clinical trial design
Start recruiter on CEO search (So Cal target)
Hired CEO (OC) recruited team
Initiated transfer from Intersect Partners
Completed Series B financing (new plan)
Completed 100th OUS clinical
Focused on US clinical trial strategy (PMA)
The Les Kilpatrick
Students to Start-ups
Entrepreneurial Skills Workshop Series
MindFrame, Inc. (2006)
History
Neuro opportunity investigated with industry R&D executive
Business strategy developed with R&D executive
Presented business strategy to SVLS (ReShape Medical)
Term sheet for “Seed” financing (with full time employee)
Intersect & employee complete concept development (3 products)
Present to 2 venture groups with neuro experience (Series A)
SV Life Sciences submits term sheet as sole investor
* Complete OUS clinicals/US clinicals, exit early
* Return metrics work for single investor/not multiple
Product development focuses on single approach
The Les Kilpatrick
Students to Start-ups
Entrepreneurial Skills Workshop Series
MindFrame, Inc.
Midcourse correction #5 – unanticipated clinical results
Situation
Product design & testing demonstrated positive results
Two competitors were building the market with inferior products
New product testing was showing encouraging results
MindFrame had an experienced neuro team
Waited two months for our first patient
Treated our first patient
• Product worked well (as designed)
• Poor clinical result
Treated two additional patients – same results
The Les Kilpatrick
Students to Start-ups
Entrepreneurial Skills Workshop Series
MindFrame, Inc.
Midcourse correction #5 – unanticipated clinical results
What are you thinking? Group
There must be an issue with patient selection
The physician might not be using the product correctly
Did the product work the way it was suppose to?
Why did competitive products work in similar circumstances?
Will the physician, hospital & other investigators continue?
My plan has just changed significantly (cash)
The Les Kilpatrick
Students to Start-ups
Entrepreneurial Skills Workshop Series
MindFrame, Inc.
Midcourse correction #5 – unanticipated clinical results
What did we do?
Suspended clinicals at 1st clinical site
Reviewed case results with clinical experts
Modified the protocol
• Age of blood clot
• Length of blood clot
• Location of blood clot
Completed site expansion process to improve enrollment
Modified the device so that it is longer
Proposed 5 different operating plans to BOD
* Clinical results prior to financing or sale
The Les Kilpatrick
Students to Start-ups
Entrepreneurial Skills Workshop Series
MindFrame, Inc.
Midcourse correction #5 – unanticipated clinical results
How did the Company do?
Reduced burn rate by 50%, buy time
• Intersect Partners fees
• Operating expenses
Expanded clinical sites
Completed product change
Looking for patients
The Les Kilpatrick
Students to Start-ups
Entrepreneurial Skills Workshop Series
“Midcourse Correction” Takeaways
– Deviation from your plan happen continuously
• Change in your assumptions
• Identification of a critical need
• Significant event
– Midcourse corrections can be generated by negative &
positive events
– Direction changes require communication–revised plan
Bigger the change, more communication required
The Les Kilpatrick
Students to Start-ups
Entrepreneurial Skills Workshop Series
Midcourse Correction Timing – “Anytime”
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Company formation
Intellectual property development
Financing
Product development
Clinical evaluation
Regulatory approval
Marketing & sales
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Reimbursement
Distribution
Product offering
Pricing
Promotion
– Exit
The Les Kilpatrick
Students to Start-ups
Entrepreneurial Skills Workshop Series
Lessons – Midcourse Corrections
1. Take time to plan
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Challenge your assumptions
Model sensitivity of changes
2. Have contingency plans for key assumptions
3. Model changes caused by events or results &
communicate
4. Communicate informally & formally on all key changes
5. Only change your operating plan formally (BOD)
The Les Kilpatrick
Students to Start-ups
Entrepreneurial Skills Workshop Series
Start-Up Process
The Les Kilpatrick
Students to Start-ups
Entrepreneurial Skills Workshop Series
Developing Your Plan
Your plan is the best communications tool you have in the
start-up process
Communications Requirements
• Investors – individuals, venture capital, private equity,
corporations, debt, Wall St.
• Team – management, employees, BOD
• Advisors – lawyers, accountants, consultants, vendors, banks
• Customers – physicians and hospitals
* Every plan will change continuously
* Major changes require communications
The Les Kilpatrick
Students to Start-ups
Entrepreneurial Skills Workshop Series
The Planning Process (example)
– Start from the exit and work backwards (opportunity value)
– Build value through the accomplishment of key milestones
– Define the key assumptions & resources required for each
milestone
“Series Investing”
– Measure & report each key assumption
– Review results against plan with management & advisors
frequently
“Good & Bad Results”
“Planning is a Communications Process”
The Les Kilpatrick
Students to Start-ups
Entrepreneurial Skills Workshop Series
5-7 Year Operating Plan
– Develop your own opportunity specific model
• P&L
• Balance Sheet
• Cash Flow
– Make it flexible; model changes
– Sub document (detail)
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Project schedule /cost
Clinical data accumulation / cost (OUS/US)
Hiring plan
Regulatory time line
Milestones
The Les Kilpatrick
Students to Start-ups
Entrepreneurial Skills Workshop Series
Examples
Milestones
2008
1st OUS Clinicals
11/08
OUS Clinicals Complete
06/09
CE Mark Approval
09/09
IDE Approval
10/09
US Trial Start
11/09
Hire CEO
02/10
File 510(k)
11/10
Complete US Trial
04/11
FDA Approval
11/11
$1M Series A Extension
06/09
Series A Cash Out
12/09
Series B Financing
11/09
The Les Kilpatrick
Students to Start-ups
Entrepreneurial Skills Workshop Series
Intersect Partners, LLC – Medical Device Incubator
George Wallace & Andrew Cragg, MD (Interventional Radiology)
Medical device incubator – start & manage multiple companies
simultaneously
3 experienced R&D managers/engineers, 1 business development analyst
5,000 sq. ft./San Clemente – Quality System supports multiple opportunities
Consultants & vendors – experts in IP, legal, development, quality, regulatory
& clinical
Define opportunities, start and finance companies, develop products
Equity ownership, development fees
“Twice as fast on half the capital”
The Les Kilpatrick
Students to Start-ups
Entrepreneurial Skills Workshop Series
Medical Device Start-Up Process (Communications)
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Define the un-met clinical need
Develop a plan to address this need
Raise capital to finance your plan
Recruit needed resources
Develop your product or service
Prove that your product works
Gain approval to sell your product
Market penetration
• Served market
• Un-served marked
“The Plan”
Intersect Partners
The Les Kilpatrick
Students to Start-ups
Entrepreneurial Skills Workshop Series
Intersect Partners – Incubation
Internally developed (all functions)
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Review 3-5 un-met clinical problems
Develop unique solutions (device)
IP protection & prototyping
Develop business strategy & plan
Review with venture firm (SV Life Sciences)
Select “best” opportunity and negotiate financing (more than 1)
Develop the product to clinical proof of concept
Recruit management team
Support at BOD level (Exit?)
Manage 3 opportunities – different states
The Les Kilpatrick
Students to Start-ups
Entrepreneurial Skills Workshop Series
Intersect Partners – Incubation
Externally generated (partial functions)
• From: venture firms, entrepreneurs, physicians, investors,
industry contacts
• Different phases of development & financing
• Negotiated fees & ownership
• Have not completed a deal yet
– Don’t like the area or approach (opportunity)
– Control of process (vs. financing)
The Les Kilpatrick
Students to Start-ups
Entrepreneurial Skills Workshop Series
Intersect Partners, LLC - Capabilities
Opportunity
Phase Out
(Transition)
New Opportunity
(Formation)
Opportunity
Management