The C.H.I.E.F.S. Story – Introduction
The impact of COVID on business was profound and it definitely affected Mammoth. Like many small companies we pivoted; first from launching a transborder investment fund to consulting. Then from working primarily with Canadian clients to only American. But it also gave us time for pro bono activities that included volunteering as a judge and screener for literally hundreds of health innovations over the past four years. This ultimately provided a unique perspective on why American health innovations are generally dramatically ahead of Canadian ones at the same level of technical development.
Although I’m a Canadian, for over fourteen years of my career I worked in the US in senior management positions for a number of early stage companies. My role was usually focused on strategic partnerships, all levels of government procurement, and generating initial commercial sales.
Since returning to Canada 14 years ago, In addition to providing business development guidance to my current US clients, I have also undertaken a number of initiatives to advance our home grown talent. This has ranged from being an EIR at ventureLAB, creating the Health Ecosphere, launching the CreateIT Now incubator at Southlake hospital, and through LSO pulling a team together that developed the ACIP (Accelerating Canadian Innovation through Procurement) initiative. Now I’m focused on Mammoth’s own C.H.I.E.F.S. (Canadian Health Innovation Evaluation For Success) program.
With this new initiative, I have pooled my extensive experience to create a program that has two elements that hone in on what is necessary to elevate the commercialization of Canadian health innovations to a parallel level as US ones; 1) an evaluation tool called the C.H.I.E.F.S. Tool? and 2) C.H.I.E.F.S. Outcomes? to assist in addressing the identified shortcomings.
We have the necessary experience to operate the Tool and through Outcomes, the know-how to address the findings/shortcomings.
The Tool is based on fifty (50) individual Criteria aggregated into ten (10) Factors, which are then combined into six (6) Priorities. Specifically, the Tool is used to evaluate the current status of the innovation in relation to an American one at approximately the same stage of development.
From the Tool, we report the Factors with a critique for each to the company (see Exhibit A), who can then either choose to take action on their own, or use the C.H.I.E.F.S. Outcomes? to provide the necessary remediation.
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For the past number of months, we have been applying the Tool to a mix of companies with Canadian and American health innovations. We started with a “matched set” of two companies and the results were absolutely startling (Canadian 11/50 vs US 35/50). Continuing, to-date no Canadian company has achieved above 21/50 while US companies haven’t dipped below 27/50. This is a significant difference!
From a pricing perspective, we have kept the costs affordable for Canadian innovators. The Tools is a fixed $1,000 (plus HST) and for Outcomes, if committed within 60-days after receipt of the Tools report, is also a low fixed price ($2,000 plus HST) along with a minimal "shared risk" component.
EXHIBIT A
For more information please contact Dan Wasserman directly at [email protected].
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I'm wondering .... which provincial Health Ministry is viewed as the most open / innovative ...... and might someone know someone in that ministry willing to give C.H.I.E.F.S a try with one of their innovators? Best of luck Dan with your model.