Value Proposition:
To successfully access the US health system, the largest global market for health innovations,
Canadian innovators MUST be elevated to the same level as their US counterparts. Since Canadians
typically lag in IP protection, business development expertise, market comprehension, an executable
exit strategy and capital generation, Mammoth created C.H.I.E.F.S. as the catalyst to overcome this!
Epiphany:
After twenty-eight years of working in, on, and on behalf of early stage companies (SMEs),
split evenly between Canada and the USA, with an emphasis on health innovations,
it became obvious that Canadian innovators significantly lag in the Priorities necessary for
success against their US counterparts at the same level of development.
Now there is empirical evidence to back this up.
Globally, the USA is THE market for health innovations…why?
With proximity and a common language why don’t Canadian health innovators have a distinct advantage?
Empirical Evidence: Charles Plant, PhD, published ten short articles under his “Scaleup Math” banner in LinkedIn. Five of these were directly applicable to a four of the six Priorities monitored by C.H.I.E.F.S.:
The myth of the newbie “why do we support founders who have no knowledge of their market when we wouldn’t hire someone with that lack of experience?” C.H.I.E.F.S. Priority: Formation
Where are Canada’s M&S leaders “It has led me to conclude that the reason we don’t grow as fast as we could is as a result of who we hire to drive marketing and sales…experience matters and if you want a new company to introduce a new product to a new market you better have someone on board who has done that before. C.H.I.E.F.S. Priority: Formation
The less you raise, the less is available for M&S spending - duh! “Even though Canadians could raise more as there is no limit to funding, they typically don’t. Over time, the differences in funding levels between the two countries becomes greater. So much so that by the end of a series A round, the US firm has been able to spend $500,000 a month and the average Canadian firm has had less than $300,000 a month to spend.
C.H.I.E.F.S. Priority: Funding
The number 1 reason Canadian tech firms don’t spend enough on M&S
Hint: You can’t manage what you don’t measure “this is a relatively easy problem to fix”
C.H.I.E.F.S. Priority: Business Development / Commercialization.
The number 2 reason… “If they understood how to go to market, they would know what it costs to get a lead
and to turn that lead into revenue. They would have a much better understanding of M&S costs at an early stage.”
C.H.I.E.F.S. Priority: Business Development / Commercialization.
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