Omar Khateeb Presents Khateeb & Co. at LSI USA ‘23

Transcription

Omar M. Khateeb  0:05  

everyone, how's everyone doing? Fantastic, fantastic. Well, welcome to the track, it's gonna be a great track. So I'm gonna give a quick presentation, I don't think too many people are interested in what my company does. I'm more excited about the fact that I get to introduce an idea that I've been working on for over 10 years, and hopefully change your minds about how you see things. So nothing is more powerful than idea whose time has come. This is one of my favorite quotes. I think this is the real theme of this conference. And it's the theme of this presentation. And I want you guys to kind of keep that in mind, as you see the talk that I'm about to give, and more importantly, the great presenters I have coming up after me. But a little bit about my background. So I identify first and foremost as a proud father and husband. LSI is a family event. So my wife is here pregnant last year, this year, she's back again, but we have a little boy. So please be sure to say hello to them. And you know if you have cool tech show to them. I'm a first generation American I started off as a medical student and transitioned to a sales rep, I worked for one of the greatest robotic companies on planet Earth. That was Mizuro Robotics. And then I transitioned to be the first head of growth marketing later on in the med tech industry. And I spent the last decade in healthcare capital equipment and SaaS sales. I'm also the host of the podcast the state of medtech, it's a great show, be sure to check it out. And if you do give us five stars, we'd appreciate it. Now, my mission when starting this company was changing how we sell and market in medtech. Okay. And how we specifically do that is by helping medtech startups, attract investors, grow sales pipelines and drive product adoption through network effects on social media. And this is the introduction and ideas. So no more talk about my company, I want to focus more on the idea. A network effect, if you haven't heard of it is when something becomes more valuable as more people use it or interact with it. And so if we look at Metcalfe's law, for any the people that are coming in from Silicon Valley, you know what that means? You have two phones, that's one interaction. If you make that, I'm gonna get this down. If you have that to be five phones, that's 10 interactions. If you go to like 12 phones at 66 interactions, you can see that it scales, there's more users equals more valleys gets more users. So interesting concept. Now, the most powerful companies on planet earth who have carved out their own categories and become billion dollar unicorns, all of them have utilized network effects to do this. And so I personally believe that you can leverage network effects on social media to engineer a new market category and grow. And yes, like, I really do mean you the entrepreneur in the crowd, the founder, the CEO. And so the first thing that everyone's gonna ask me, I just want to make sure I handle this from now is can you help us go viral? Well, let's talk about virality. You know, we think about PokemonGo Gangam. style, the ice bucket challenge. And my question to you is, would you really want to build a business that relies on virality to succeed? Probably not, right. But the thing about it is that virality does not guarantee a network effect. But in leveraging a network effect, it does guarantee virality. And even visually, if we look at virality versus network effects, with virality, you're relying on one thing to go well, and then causing a chain link reaction versus network effects. It's more scalable, it's more manageable, and it's a lot more powerful. And now I want to introduce you the big idea, this something that I've spent the last 10 years thinking through working on and developing and implementing, and we're going to take three ideas and combine them into one to reveal something now. So the first thing is that if you're in this conference, I hope to God that you've seen this at some point, this is Geoffrey Moore's technology adoption curve. The main thing is that if you're new to this, every technology, whether it's your iPhone, a medical device, you know, new grooming product starts in the left side of the curve, the early market with tech enthusiast, right, and over time, it starts to get adopted until you get to the mainstream market where you make billions of dollars. The main point to know about this slide is that every single one of these people have their own psychology as to when they adopt a product and how they adopt it. Here's what's interesting, though, for all the investors in the crowd, you fit here as well, those tech enthusiast think of those as angel investors, visionaries, early stage VCs, when you get to the mainstream market, maybe that's private equity, maybe that's investment banking. The next graph is when a new technology comes out, it goes to the hype cycle of emerging technologies. So if you see on the y axis, that's the visibility, new technology comes out, big spike in terms of excitement, attention, everything, but then we all realize that the new technology that came out, isn't that great, it goes down, but over time you have adoption. For those of you who are wearing like a wearable, like an apple watch or something we all remember like eight years ago, we bought a Fitbit and that ended up in our closet collecting dust after a few months. Sorry for anybody from Fitbit, like you know it's true. That's how you can think about new technology as it comes out. And the very last thing, which is I would say one of my favorite graphs is the evolution of a new market. So when a new market comes out this green line is that market cap start in the far left, there's no market. But then if you start getting traction Very quickly, you'll have a spike in number of competitors who say, Oh, we do that too. But if you last by time you get to the far right, you become that category king or queen and you own the market with no little competitors. That's why when I say electric car we think of don't all go at once. Tesla, exactly. We didn't think of the Toyota Prius, right? There's a reason for that. Now, here's the thing. If you take all three of these things, and combine their seemingly different ideas, you actually have this extremely confusing graph. I'm not a graphic designer. But here's the point, they all line up perfectly qualitatively and quantitatively from the data. And if you focus here to leverage network effects and engineer new market category, that's where you win. And I believe that whether it's investors, or prospects, and physicians, each of them have their own peer networks that they have influence on. And so if you use network effects to engineer a new market category on social media, you can fill out this graph you can attract the right adoption adopters and move up in terms of creating an engineering new market. So that allows you to attract investors at scale. Grow your pipeline at scale and drive product adoption at scale. So if you want to learn more, please connect with me on across all social media channels and yes, I'm on Tik Tok. It's not on my phone though. And if you want to see if you qualify to work for me, with me, please send me an email. So with that being said, you guys ready for some innovators or what? That's it. That's where you clap. That's your Okay. Perfect.