Course 2: Entrepreneurship in healthcare

Learn how to develop a research idea into a new company from experienced entrepreneurs, life science executives and academics.

Read about the experience of former attendees: Starting a company together after meeting at School of health innovation.

Note that the specific information on this webpage applies to the course that starts fall 2022. New courses with updated information will be announced on this webpage.

Course description

The chosen participants for the "Entrepreneurship in healthcare", will experience Scandinavia´s most advanced support systems for healthcare entrepreneurs. Leading experts from BI – the Norwegian Business School will teach you the skills of entrepreneurship and show you the basic steps in how to build a start-up business.

This course provides the skills and network for researchers or clinicians to develop their research idea into a successful business with a commercial output.
Applicants are required to bring their own project idea, which will be the framework for the development of a business plan.

Each participant will get a business mentor, who will provide guidance and advice during the process as well as help developing the business plan. All participants will have to do a project pitching at the end of the course, where the three best projects will be awarded a money price.

This course requires 4 days of participation in classes in Oslo (depending on the pandemic situation it might be online) as well as 2 days of participation in Copenhagen for the exam project pitching. Participants must also set time aside for the mentorship, the preparation of a business plan and for the preparation of the final project pitch.  

Examination

The exam will have two parts Development of a written business plan for a research idea that may be commercialized. An investor presentation, which will be pitched at the final meeting in Copenhagen.

Practical issues and expenses

The course is free of cost and the School of Health Innovation covers breakfast, lunch, and dinners as well as two nights of accommodation for each module. We reimburse travel expenses up to 2000DKK. per module. Taxa is to be preapproved and no additional accommodations are reimbursed.

The course gives 5 ECTS.

Dates

3 modules x 2 days each.

  • Module 1: 22–23 September 2022
  • Module 2: 27–28 October 2022
  • Module 3: 1–2 December 2022

Location

Location for Module 1 and 2 is Oslo. Module 3 will happen in Copenhagen.

Programme outline

This program focuses on commercialisation of healthcare research and aim to give participant knowledge and training on how to develop from idea to successful launch a venture. The program covers main topic: strategy, business plan, valuation and finance. The program consists of two modules with lectures, case studies, plenary discussions and guest lectures from corporate and public sectors.

During a month, participant will work in team to develop a business plan for commercialisation of their research project. Each project team/participant will get a dedicated mentor to follow them throughout the program.

We leverage the extensive networks from Norwegian Business Schools and partners to find mentors with experiences and network that help you to address the challenges in development of business plan. The mentors from previous programmes have different background as investor, entrepreneurs, and business development directors from growth and large corporates in healthcare industry.

The program

  • Sept 22-23rd, 2022 (Oslo)
  • October 27-28, 2022 (Oslo)
  • Final exam: December 1.-2nd, 2022 (Copenhagen): Project pitching

Module 1

These 2 days are targeted towards entrepreneurial projects within healthcare and related industries. Contents are based on research in strategy, entrepreneurship and innovation combined with practical experience/cases within the healthcare sector. We take the perspective of understanding customers’ needs to develop product and market, thereafter finding a scalable business model and developing strategy and business plan

Introduction of the Program

  • 22.9.2022 - 9.00 – 17.00
  • 23.9.2022 - 09.00 – 16.00
  • Location: Room A2-070; BI Campus Oslo; Nydalsveien 37 N-0484 Oslo

Strategy and business modelling

Before lunch – Entrepreneurial strategy

  • The role as entrepreneur
  • Create and exploit opportunities
  • Planning and smart improvisation

Lunch

After lunch – Business models and plans

  • A framework to develop business plan
  • BM canvas as strategy map for experimentatio
  • How to write a professional business plan

- Groupwork

- Class discussion

Day 2 Customer development and scaling

Before lunch Customer development and entrepreneurial marketing

  • Customer discovery and customer validation
  • Minimum viable products

Lunch

After lunch

  • Entrepreneurial strategy and scalability
  • Partnering and bootlegging
  • Exploiting opportunities: Why scale, and what is a scalable business model?
  • What does it take to scale a business?

- Groupwork
- Class discussion

Interesting background material

Check out youtube videos with people like Steve Blank (customer discovery, business modelling), Stefanie Marrus (UCSF healthcare entrepreneurship centre), and perhaps Jerry Engel (UC Berkeley), Eric Ries (Lean Startup), and Alexander Osterwalder (the business model canvas).

Literature

Blank, S. (2013). Why the lean start-up changes everything. Harvard business review, 91(5), 63-72.

Evers, Cunningham & Hoholm (forthcoming). Technology Entrepreneurship: Bringing Innovation to the Marketplace, 2nd edition. Macmillan.

  • Chapter 6: Business modelling: Value creation in lean start-ups
  • Chapter 9: Business plan and pitching

Learning goals

After the course the students should have obtained the following learning goals:

Knowledge

  • Define the essential elements of business models and their relationships
  • Understand core elements of entrepreneurial strategy, including opportunity creation, business model innovation and networking, as well as strategies for growth and scaling
  • Understand elements of lean startup: customer discovery and validation, MVPs and smart learning
  • Understand the concept and format of a business plan

Skills

  • Work with core elements of the innovation toolbox (customer discovery, lean startup, business model canvas) to experiment with, develop and validate their business idea and business model
  • Write a simple business plan
  • Recognize and do simple analyses of entrepreneurial business opportunities and strategies.

General

  • Reflect on the different challenges of early vs scaling phases of entrepreneurial processes
  • Reflect on the role of entrepreneurship in transforming healthcare and related sectors

Between modules

  • Delivery between module 1 and 2

Module 2

This module is targeted towards entrepreneurial projects within healthcare. Based on research within finance/investment theory, combined with practical experiences/cases within healthcare sectors, the program focusses on how to capture and evaluate value of products/services, risk and available financing options

  • 27.October.2021 - 9.00 – 17.00
  • 28.October.2021 – 09.00 – 16.00
  • Location: Room A2-070; BI Campus Oslo; Nydalsveien 37 N-0484 Oslo

Day 1

Before lunch

  • What is value?
  • Accounting and financial value – what is the difference?
  • Model for evaluating the value of a project What is a necessary condition for value generation?

Lunch

After lunch

  • The difference between a business plan and a business case
  • What should go into the business case? What should not?
  • Details of the model
  • Can the lean start-up canvas help?

- Groupwork

- Class discussion

Day 2

Before lunch

  • Raising Capital
  • When to raise fund?
  • How to attract investors, what type of investors?
  • Competence acquisition when the company grow Important considerations in fundraising – Guest speakers (Ingrid) (cap table, investor consideration,etc)

Lunch

After lunch

  • The value of flexibility
  • How to attract investors, what type of investors?
  • How does crowd funding work – both equity and debt
  • Pitching your business plan to banks and investors, what is the difference?

- Groupwork

- Class discussion

Interesting background material

https://www.youtube.com/watch?v=ScA6lO-vMn8

https://www.youtube.com/watch?v=MuTdS29M1o4

https://www.youtube.com/watch?v=64W4P-fP0Ag

Litterature

Knowledge

  • Define the term value, as opposed to profit
  • Understand the importance of cash flow and risk -Understand what factors effect relevant risk, and that this depends on several situational variables.
  • Understand the importance of a structured decision model
  • Difference between various financing instruments Difference between the business plan and the business case

Skills

  • Estimate cash flow, given various situational variables
  • Estimate the relevant cost of capital using a bottom up process
  • Treating flexibility as a value General
  • Reflect over the viability of a business case, and be able to link all the aspects together in a holistic approach

Participants

All (PhD, Postdocs, young clinicians, young professors) who already have an idea for a start-up/spin-out (it can be early-stage) can apply.

Admission

The best applicants will be hand-picked, based on their project description, CV, and motivational letter. For PhDs to be considered, it is required to include a supervisor recommendation letter (confirmation of acceptance of your enrolment in the course is sufficient). 

The application deadline was 26 June 2022.

About School of Health Innovation (SHI)

A collaboration between:

  • The University of Oslo (UiO)
  • Norwegian University of Science and Technology (NTNU)
  • Karolinska Institutet (KI) in Stockholm
  • University of Copenhagen (KU)
  • The healthcare business cluster Nansen Neuroscience Network
Published June 29, 2022 10:07 AM - Last modified Aug. 15, 2022 12:16 PM