Is there a Sasquatch?
According to Wikipedia;
“In North American folklore, Bigfoot or Sasquatch are said to be hairy, upright-walking, ape-like creatures that dwell in the wilderness and leave footprints. They are strongly associated with the Pacific Northwest (particularly Oregon, Washington and British Columbia), and individuals claim to see the creatures across North America. Over the years, these creatures have inspired numerous commercial ventures and hoaxes.”
We mention this as we are beginning to wonder if Bigfoot Biomedical is a real company. The Bigfoot story is well known and not that unfamiliar in our wacky world. The company has raised a fair amount of money but other than being very active on social media we can’t figure what is taking so long.
This is especially perplexing given all the insulin pump Tyler wannabes out making noise. Considering that Bigfoot bought the wreckage formerly known as Asante, they have a pump. They also have an insulin pen cap cover and a relationship with Abbott and the FreeStyle Libre, which means they have all the pieces for a Tyler. So why haven’t we seen anything or even seen any serious clinical work.
We hate to say this and truly hope this is not the case, but Bigfoot is beginning to look like just another insulin delivery wannabe that came and went. Heck there isn’t even any serious buzz about what they are doing unless of course you want to believe their own press releases. Being a social media darling may create the impression that they have something but those of us seeking some hard evidence haven’t seen a damn thing.
We originally became interested in the company not because of their technology, which may or may not actually exist, but their revenue model. Bigfoot if they ever have something to sell would sell it using the Shave Club for Men pricing model. A model which is no longer unique and could well become the de-facto model for the insulin delivery business going forward.
Now just in case everyone is wondering yes, we did reach out to the company as perhaps we are missing something that there really is there there. All we heard back is they are hard at work getting Tyler ready which losely translated means they ain’t got squat. Even worse it puts them smack in the middle of the most competitive new market in diabetes that will eventually be dominated by the insulin companies.
Ok let’s say we’ve got it all wrong and they really do have something why are they waiting so damn long to get moving. Listen if they think Apple or Google or Amazon is going to come along and buy them, they should think again. If they think their system, if it does actually exist is that much better than everyone else’s they should hit the local pot dispensary. (And we now understand why pot is legal here in California.) If they think they are not falling further and further behind all the other insulin pump and Tyler wannabes they are very wrong.
Knowing the people at Bigfoot we do not for a moment believe they are con-men or crooks, something we have also seen before. This is good group of very dedicated and talented people which makes this behavior even stranger. These people do get it yet for some reason they can’t do anything well other than social media. We see them becoming the AgaMatrix of insulin delivery.
For those with short memories AgaMatrix was a BGM company that had a great system but came along at the wrong time. Simply put the company missed their window did not go public or get acquired and now lingers on in oblivion. Bigfoot has all the earmarks of this exact same situation.
Tandem and Insulet are now successfully battling the evil empire, who itself is doing everything they can to kill the golden goose. Lilly, Novo Nordisk, Sanofi and a host of others all are developing a Tyler. Lilly, Sanofi, BD and heaven knows how many others are entering the insulin pump market. And where is Bigfoot? Posting on Facebook, Twitter and Instagram.
Listen we may be old and out of touch but when it comes to running an insulin delivery business it takes more than being good at social media. As Momma Kliff used to say there has to be some meat on that bone and from what we are seeing with Bigfoot it’s all hat and no cattle.