THE ROLE OF THE PRINCIPAL INVESTIGATOR




Creating and Funding Start-Ups:
   A Venture Capital Perspective



         NO...
My Background
» Ph.D. in Biochemical Engineering from MIT in 1987

» 20 year career in Entrepreneurship

» Last 7 years al...
Entrepreneurial Experiences

  Past (1987 - 1999)
   •   PerSeptive Biosystems   Instruments for Biotechnology
   •   Chem...
Entrepreneurial Experiences

  Past (1987 - 1999)
   •   PerSeptive Biosystems                     Instruments for Biotech...
Flagship Ventures
» Formed in 2000 to finance entrepreneurial innovation

» $700M under management

» Primary focus on Lif...
Entrepreneurial Experiences

  Past (1987 - 1999)
   •   PerSeptive Biosystems   Instruments for Biotechnology
   •   Chem...
Finding a Profit Zone



          Technically      Desirable to
           possible      large or growing
               ...
Case Studies
CODON DEVICES
                                 »   Harvard, Duke, and University of
                                     W...
HELICOS BIOSCIENCES
                                 »   Formed after discussions with Prof.
                             ...
HELICOS BIOSCIENCES




 Proceedings of the National Academy of Science: April 1, 2003




                               ...
Venture Opportunities in 2007 and beyond

 Untreated diseases represent >50% of health care costs; most drugs
 work in few...
Do Entrepreneurs and VC’s mix?
Entrepreneurship and Venture Capital




   Entrepreneurs: Paranoid Optimists




                                       14
Entrepreneurship and Venture Capital




   Entrepreneurs: Paranoid Optimists
   Venture Investors: Skeptical Optimists


...
Entrepreneurship and Venture Capital




    Entrepreneurs: Paranoid Optimists
    Venture Capitalists: Skeptical Optimist...
Entrepreneurship and Venture Capital




    Entrepreneurs: Paranoid Optimists
    Venture Capitalists: Skeptical Optimist...
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HIGHLAND CAPITAL PARTNERS

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Transcript of "HIGHLAND CAPITAL PARTNERS"

  1. 1. THE ROLE OF THE PRINCIPAL INVESTIGATOR Creating and Funding Start-Ups: A Venture Capital Perspective NOUBAR AFEYAN FLAGSHIP VENTURES MAY 2007
  2. 2. My Background » Ph.D. in Biochemical Engineering from MIT in 1987 » 20 year career in Entrepreneurship » Last 7 years also in Venture Capital » Senior Lecturer at MIT Sloan School » >30 papers and > 25 patents » Focused on creating “Return on Innovation” 2
  3. 3. Entrepreneurial Experiences Past (1987 - 1999) • PerSeptive Biosystems Instruments for Biotechnology • ChemGenics Pharma Genomics & Drug Discovery • Antigenics Cancer Vaccines • Exact Science Cancer Diagnostics • Color Kinetics Solid State Lights (LEDs) • Celera Genomics Information & Services for Discovery 3
  4. 4. Entrepreneurial Experiences Past (1987 - 1999) • PerSeptive Biosystems Instruments for Biotechnology • ChemGenics Pharma Genomics & Drug Discovery • Antigenics Cancer Vaccines • Exact Science Cancer Diagnostics • Color Kinetics Solid State Lights (LEDs) • Celera Genomics Information & Services for Discovery Vibrant Outstanding Markets People Intellectual Property 4
  5. 5. Flagship Ventures » Formed in 2000 to finance entrepreneurial innovation » $700M under management » Primary focus on Life Science innovations » Experienced partnership team of 8 Partners and Principals with deep domain expertise and extensive networks » Balanced portfolio exposure across therapeutics, diagnostic tools and platform technologies » Unique Venture Creation and Seed Investment programs 5
  6. 6. Entrepreneurial Experiences Past (1987 - 1999) • PerSeptive Biosystems Instruments for Biotechnology • ChemGenics Pharma Genomics & Drug Discovery • Antigenics Cancer Vaccines • Exact Science Cancer Diagnostics • Color Kinetics Solid State Lights (LEDs) • Celera Genomics Information & Services for Discovery Present (2000 - ) Flagship Ventures • BG Medicine Systems Biology for Drug Development • Affinnova On-line, Consumer-led Product Design On- Consumer- • Genstruct Computational Systems Biology • Adnexus Therapeutics Engineered Biotherapeutics • Epitome Biosystems Protein measurement biochips • Helicos BioSciences Single Molecule DNA Sequencing • Ensemble Discovery DNA-Programmed Chemistry DNA- • Codon Devices Synthetic Biology • LS9 Biofuels • T2Bio Nanoparticle-based diagnostics Nanoparticle- 6
  7. 7. Finding a Profit Zone Technically Desirable to possible large or growing market Can be produced/ Can be delivered protected at a profit 7
  8. 8. Case Studies
  9. 9. CODON DEVICES » Harvard, Duke, and University of Wisconsin – equity ownership, license fees, and royalties » MIT – annual license fees and FOUNDERS royalties George Church, HMS Joe Jacobson & Drew Endy, MIT » Platform using sophisticated Jay Keasling, UC Berkeley informatics and robotics to synthesize DNA more rapidly, VC INVESTORS accurately and cost-effectively Flagship Ventures, Highland than current technology Capital Partners, Khosla Ventures, KPCB, Alloy Ventures » Creating a paradigm shift in “constructive biology” AMOUNT RAISED $33 million (over 2 rounds) » Founders are leaders of the synthetic biology field 9
  10. 10. HELICOS BIOSCIENCES » Formed after discussions with Prof. Steven Quake (Caltech/Stanford) and Prof. Eric Lander (MIT/Harvard/Broad) FOUNDERS » Licensed technology from Caltech Steve Quake, Caltech/Stanford and several additional universities Stan Lapidus » Single Molecule Analysis for VC INVESTORS sequencing, polymorphism, gene Atlas Ventures, Flagship expression, methylation, etc. Ventures, Highland Capital Partners, MPM Capital, Versant » Launching Heliscope late in 2007 Ventures AMOUNT RAISED » Expanding applications while $66.9 million (over 2 rounds) dramatically lowering cost 10
  11. 11. HELICOS BIOSCIENCES Proceedings of the National Academy of Science: April 1, 2003 11
  12. 12. Venture Opportunities in 2007 and beyond Untreated diseases represent >50% of health care costs; most drugs work in few patients Drug development process involves very high attrition in addition to high cost and duration Molecular Medicine using diagnostic and therapeutic biomarkers will allow better targeting – higher efficiency Disruption in Pharma industry driving partnerships Convergence: devices and therapy, diagnostics and therapy, computers and biology Application of Biotech breakthroughs to renewable energy Increasing focus on global warming driving new markets for clean technology Nanotechnology enabling miniaturization and automation Breakthroughs in informatics platforms driving and broadening gains in productivity 12
  13. 13. Do Entrepreneurs and VC’s mix?
  14. 14. Entrepreneurship and Venture Capital Entrepreneurs: Paranoid Optimists 14
  15. 15. Entrepreneurship and Venture Capital Entrepreneurs: Paranoid Optimists Venture Investors: Skeptical Optimists 15
  16. 16. Entrepreneurship and Venture Capital Entrepreneurs: Paranoid Optimists Venture Capitalists: Skeptical Optimists Early stage venture capital needs to combine both: Paranoid Skeptics? 16
  17. 17. Entrepreneurship and Venture Capital Entrepreneurs: Paranoid Optimists Venture Capitalists: Skeptical Optimists Early stage venture capital needs to combine both: Paranoid Skeptics? Cautious optimists! 17
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