NHHTC’S MIT ENTERPRISE FORUM 09 – “DUDE, THAT THING’S LIKE NECTAR!”
NHHTC’s MIT Enterprise Forum, February 2009
“Dude, that thing’s like nectar!”
What’s on your iPod? If you’re a Hammerhead Sled dude, you’re listening to “Youth of the Nation” while rockin’ your oh-so-hot Hammerhead Pro digging everyone else on lame skis and boards. You’ve just scored cool points because you have the hippest new snow “toy” on the slopes. Sweet. “Dude, that thing’s like nectar.” Yea, it is! See what you’re missing if you’re not at the MIT Enterprise Forum? Last month we found out just how cool we can be if we sled, Hammerhead-style!
Steve Luhr, President of Hammerhead Sleds, presented his business plan, and brought along his high-end model, the Pro. Already featured on ABC’s Good Morning America, Hammerhead can be found in major retailers such as EMS, REI and L.L. Bean. They’ve even received the IDEA award from Business Week for elegance in industrial design. Makes sense, the hammerhead isn’t your ordinary sled. It’s made from space age material found in aircraft wings, space craft, and guided missiles, designed by aerospace engineers. This gives this you extreme lift and speed. Graphite, black and bright yellow its steel spring loaded steering allows for extreme agility, and is even bomb proof! Yahoo! The suggested retail price, $ 350. Steve’s challenge? Get Hammerhead into the mainstream and hit volumes akin to snowboards.
Introduced as an extreme new winter sport, with lots of sex appeal, what did the panelist think? We heard from the experts, Bill Quigley, Director of Marketing and Sales for Gunstock Mountain Resort, Cam Brensinger, President of Nemo Equipment, and Chris Lacata, President of Blake Natural Foods, formally of Salomon North America. Chris warned Steve about cheap imitationions out of China. Quigley warned against the uptick with established resorts and felt that sledding is a “local sport” that is better suited for backyard hills. Finally, Cam suggested that to be successful, Hammerhead has to be a bond fire brand, you’re either addicted or not. “Don’t try to appeal to everyone. You have to be cool. Be transparent about your passion.” He felt like the sled could be branded with colorful skins and tattoos. Anything to avoid being geeky! Steve has to decide if he wants to compete in the mass market, or stay at the top of the pyramid as the Z-3 of the industry. (No more UNH cafeteria trays for me, I’m hitting the slopes, James Bond style on my Hammerhead, baby!)
Closer to a cure for cancer? ImmuRx finds themselves between science and clinical trials with a focus on T-cells, the key to successfully treating cancer. David DeLucia, CEO of ImmuRx eloquently explained that they are developing a platform of drug products that stimulate the immune system for the treatment of cancer and chronic infectious diseases. He explained that our immune system “is like a lock that requires two keys – and ImmuRx provides them both.” Other approaches only stimulate half of the immune system whereas ImmuRx stimulates both the innate and adaptive halves. Apparently the immune system leaves a guard behind that prevents cancer recurrence. ImmuRx generates T-cells, and T-cells protect us from cancer.
What is David seeking from the MIT Enterprise Forum? Feedback on his business plan, and leads for seed investors. ImmuRx generates 10x the number of T cells to attack disease. This is their edge. This patented approach has extended the life of animals with cancer and it may prevent recurrence in humans. When applied to tough infectious diseases like hepatitis C, ImmuRx gets more than 1000 times the protection than competing therapies. What are we really talking about? Potentially arresting, melanoma, lung cancer, and hepatitis C to name a few.
The power panel was represented by Nancy Briefs, President & CEO of Elemé Medical, Dr. Carl Berke, Partner of the Innovation Fund at Partners Healthcare, and Richard Upton, General Partner of Harbor Light Capital Partners. The panel was impressed with the fact that the IP is being licensed from Dartmouth, University of Colorado, and 3M Pharmaceuticals in addition to a stellar team David has put together. Dr. Berke’s said “You’ve got academic rock stars. Now add industry seasoning to your advisory board and expand the business plan with more detail ” and you’ve landed it.
Nancy liked the fact that the platform is “incredibly appealing” but advised that to get investment dollars, you have to build a clear product roadmap with Go/No Go options and list how much each milestone will cost. Angels need more detail about what they are investing in, what value is being delivered, and what is being accomplished. Richard Upton stressed that angels will be looking for a return, and that David would need to show estimates of the return on investment. He also agreed with Nancy that the product roadmap makes plans clear, and added that he should show trade-offs, clear choices in priories, and the rationale.
Everyone agreed that laser focus on initial applications would help demonstrate success. In the end, we learned that, “Venture Capitalists are culling their portfolios, angels are ready.” Sounds like you need an angel, David!
It was another fun and educational night at the MIT Enterprise Fourm. The best part, a group of kids called the Inventioneers, student environmentalists, Lego league team, inventors, and TV producers. They’ll be presenting their project for the First Lego National Championship in Ohio this May, after winning first place in New Hampshire. Good luck guys!
Will you join us on April 7th for the next MIT Enterprise Forum? See you then!