SDBN Bootstrapping Biotech Final
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SDBN Bootstrapping Biotech Final

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Presentation by Steve Scott, Lorna Neilson, Mary Canady, and David Welch at the San Diego Biotechnology Network's Bootstrapping Biotech event October 29th 2009.

Presentation by Steve Scott, Lorna Neilson, Mary Canady, and David Welch at the San Diego Biotechnology Network's Bootstrapping Biotech event October 29th 2009.

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  • Who are we? We’ve both spent a lot of time at the bench. My background is in Crystallography, William’s XXX.
  • Let’s start on the same page and talk about what biotech is. We have many sectors represented in San Diego. Although their products and customers vary significantly, note that they do all have customers. For a biotech/pharma company such as Amylin, their end product, and their eventual customers, consumers, are a long way off, but they must market to investors and partners along the way. In these cases, we can think of the ‘product’ as the company.
  • (start of Mary’s part) A great example to think of, when thinking about being market-driven, is the movie business. We all know examples where a movie was supposed to be great, lots of money was spent on the marketing, but it flopped because the movie, or the product, was bad. There are also many examples in which good movies aren’t successful because not enough people know about them. So, both a good product, and communication to get the word out. The bottom line for biotech is that you need to start with a good product first, and get the word out.
  • A marketing plan can best be described as a journey.
  • Social media is all about stepping back and creating resources for your customers that go beyond your product offerings. For example, don’t just send a newsletter with a listing of your products, but provide them with tips and references that relate to your broader product area. It is a natural extension of what many life science companies are doing already. I worked for Calbiochem/EMD, and they have provided resources for signal transduction for decades.

SDBN Bootstrapping Biotech Final SDBN Bootstrapping Biotech Final Presentation Transcript

  • Bootstrapping Biotech
  • Bootstrapping Biotech
    Wifi Password: tanguero
    Presentation: http://sdbn.org/bootstrap
    October 29th, 2009 SDBN Networking Event
  • Bootstrapping Biotech
    ~60 min. presentation
    Interrupt at any time
    http://sdbn.org/bootstrap
    Presentation & Resources
    Videos of event
    List yourself!
    View slide
  • What is Biotech?
    *Data from Biocom’s Product Database
    **Additional data provided by CleanTECH San Diego
    View slide
  • val⋅ue
      /ˈvælyu/ noun, verb
    relative worth, merit, or importance: the value of a college education; the value of a queen in chess.
    monetary or material worth, as in commerce or trade: This piece of land has greatly increased in value.
    the worth of something in terms of the amount of other things for which it can be exchanged or in terms of some medium of exchange.
  • Value
    Create
    Getting funding
    What is your product?
    Commercialize
    Finding & protecting technologies
    Turning products into profits
    Communicate
    Who cares?
  • Steve Scott
    CEO ofTechnology Acquisition Group
    Over 25 years leading companies to the next level. Frequent Interim CEO
    Six acquisitions, 3 turn arounds
    14 boards
    Launched over 220 products
    300 million raised Twitter: Steve Scottstevescott@techacq.com
  • Lorna Neilson
    Founder and Principal, inGENEuity Life Science Group, LLC
    Ph.D., Molecular Biology
    Over 17 years in Biotech/Life Science Industries
    Corporate & Business Development, Licensing, Marketing, R&D
    • Large and small public companies and start-up private companies
    • Applied Biosystems, Invitrogen (now Life Technologies), Sequenom, GeneFormatics, Reprogen, Isis Pharmaceuticals
    Certified Licensing Professional
    Served on several M&A due diligence teams
    Lead negotiator/ integration leader for company acquisition by Invitrogen
  • Mary Canady
    Founder & Principal, Comprendia LLC & SDBN
    10 yrs at bench & computer
    Highly technical structural biology research
    9 yrs marketing & business development
    Large (Invitrogen, Calbiochem/EMD) & small biotech/life science
    Social media
    Established biotech & science
    Blogger/microblogger, thought leader
  • David Welch
    Written, directed, and produced more than two hundred films, videos, and commercials
    Broadcast-quality presentations cover all three sectors of biotechnology and have focused on:
    immunotherapies, Alzheimer’s, MS, various cancers, cellulosic ethanol and biofuels, malaria, transgenic seeding and genetically enhanced farming methods, gene silencing, and animal viruses
    First Place honors for several biotech videos in major national film contests.
    Jim Greenwood, CEO of the Biotechnology Industry Organization, calls David Welch “one of the best in the business when it comes to telling biotech’s story.”
  • Give Me Money
    Presentations which Attract
    Investment
    Tell Them What They Want to Know
    Steve Scott, CEO, Technology Acquisition Group
  • Bio-B
    Monitoring with Style
    San Diego, CA
  • Problem – Crippling Costs
    Researcher
    Lack of Quick Subject Identification
    High cost: estimated 25% of staff time
    Loss of sensor and data stream
    Resident
    Desire for individual styles
  • The Problem
    What pain does your solution solve?
    How big is the problem?
    How much does it cost?
    Ideal customer
  • Bio-Bling
  • Sensitivity Measurement
  • Your Solution
    Picture of product
    Diagram of product or service
    Main benefit
    How much does it save
  • Simple Distribution
    Standard Lab Supply
    Catalog
    Web
    3 distributors signed
    Promotional
  • How do you generate revenues?
    Operate your business
    Gain market share – Go to market strategy
    Focus on realistic operation and distribution
    Only the most important points
  • Market Growth
    Dollars (m)
  • Marketing and Sales
    Size of opportunity
    Market segments
    Served available market is key
    Graphics best
  • Competition
    Easy
    BLING
    Isolation
    Color Dot
    Tatoo
    Painful
    Slow
    Fast
  • Competition
    Competitive landscape
    Direct and indirect
    Map
    Competitive Advantage
    Matrix
  • Technology
    Color change based on chemical sensor and temperature change
    Future activity/passivity sensing
  • Underlying Magic/Technology
    Concepts only
    Differentiation from competitive methods
    IP strategy mentioned in presentation
  • Projections
  • Projections and Milestones
    Typical 5 year forecast
    Review possible revenue sources
    Total Revenue
    COS, SG&A
    Net Profit
    Some add residual cash line
    Don’t need details
  • Management Team
    CEO – E. X. Harve
    Harvard Medical
    Katrina Rodent Project
    CTO – Keep M. Glowing
    CTO 25 yrs - Dow Chemical DOD
    CMO – M. Slinger
    Former CMO – Roche, J&J, Fischer, Beckman, K-Jewelry, Mousekateers
  • Your Team
    Sell your accomplishments
    High value associations
    Schools, companies, awards, big titles
    One of most important slide in preso
    Offer a plan to fill gaps
  • Use of Funds
    Funds Raised 750K
  • Your Funding Need
    How much are seeking?
    Use of money
    How long will it last
    Will you need more money later?
  • Corporate Development
    Scale up
    Production (I)
    Scale up
    Production (II)
    Market Launch
    Project
    Milestone
    Pilot Test
    Petri Ring
    Development
    Phase I
    Development
    Yr 1
    Yr 2
    Yr 3
    Yr 4
    Yr 5
    Yr 0
    Financial
    Milestone
    Fund
    Raising (I)
    US$ 750k
    Fund
    Raising (II)
    US$ 1.5M
    Exit
  • Status and Timeline
    Show what you’ve done
    Where you are
    When you will do the next steps
    Technology, business and funding
    Exit plan
    Gantt chart or timeline
  • Strong market demand
    Scalable product
    Large cost improvement
    Time saving
    Individual identity
    Seeking $750,000 for market launch
    Contact: exHarve@biobling.com
  • Summary & Call to Action
    How much capital are you seeking?
    Key strengths
    Contact info
  • Commercializing
    Technology & IP Strategy
    Life Science Group, LLC
  • Position for Success
    Ideal position for new ventures
  • Commercializing R&D
    The Development Gap
  • The Development Gap
    Too New
    lack of validation by other parties and/or commercial acceptance
    Too early in development
    vicious cycle - need money to complete development
    Weak IP position
    e.g., early patent applications or need 3rd party IP
  • Solution for Patent Problems
  • Key Strategies for Success
    Must have a business plan
    Executive summary, team biographies
    Product(s) description, including IP
    Market and competitive research
    Go to Market plan
    Develop a budget/funding strategy
    Have intellectual property (IP) strategy
    Think about exit strategies
  • Intellectual Property
    Different factors to consider
    One strategy per product or technology
    Several strategies for the business
    Funding consideration
    Patents
    Trade Secrets
    Technical Information
    Know-How
  • IP Strategy
    IP creates value by giving investors confidence to invest
    Discourages others from trying to develop the same technology
    The starting point in develop IP strategy that fits company business objectives
  • Development Parnerships
    Research Grants
    Universities, Foundations and Research Institutions
    Biotech to Biotech
    Biotech to Big Pharma or Dx
  • Getting Started
    Bi-lateral Agreements
    Joint research
    Invest in the biotech company
    Up front payment and/or milestone payments
    Sponsored research
    Opting in, Opting out – at different stages
    Distribution
  • What to Pay Attention To
    License Fees
    Joint funding of development, manufacturing, commercialization, or marketing
    Loans
    Equity Investments
    Joint Investments
    Steering Teams
    Intellectual Property Issues (prosecuting, enforcing and maintaining patents)
    Transferability
  • Agreements Are Often Interrelated
    consulting
    IP License
    training
    Investment
    Services
    R&D
    Distribution
    manufacture
    Technology licensing occurs in the context of a business relationship in which other agreements are often important
  • An IP Strategy Has 3 Goals
    Secure freedom to operate
    Establish control over intellectual property assets
    Develop and assert an IP portfolio that provides meaningful exclusionary power for the company’s products in the market
  • Preparation For Negotiation
    What is the business reason for this license?
    What leverage do you have?
    What is the time frame for signing the license agreement?
    What data and documents do you or the other party need?
    What are your positions on the key issues of the license?
    What is your negotiating strategy?
    Will you need preliminary agreements?
    What are the strengths of the other side?
  • Term Sheet
    The Term Sheet provides a solid foundation for negotiation
    Clarifies issues
    Shows problem areas
    Communicates to each team
    Clears positions
    Keeps track of goals
  • Summary
    A technology at any stage of development may be appealing to an industry strategic alliance partner
    Licensing and commercialization occurs more often between people who know each other – network!
    There are many approaches and ways to structure deals
    Proper management of IP assets can create greater value for the company
  • Resources
    Licensing Executives Society (LES) www.lesusacanada.org
    Association of University Technology Managers (AUTM) www.autm.net
    inGENEuity Life Science Group, LLC www.ingeneuityllc.com
  • Marketing Plan: Commercializing
    Market Research
    What do your customers want?
    How much are they willing to pay for it?
    What is your customers’ perception of you?
    Format
    Interviews
    Focus groups
    Online survey
  • Marketing Plan: Commercializing
    Customer Profiling
    Who is your customer?
    What are their daily ‘pains’?
    Where are you likely to reach them?
  • Marketing Plan: Commercializing
    Competitive Analysis
    Identify
    Analyze
    Is your offering unique?
    How will you compete?
    SWOT Analysis
    Strengths, Weaknesses, Opportunities, Threats
  • Marketing Plan: Communicating
    Positioning & Messaging
    What is your niche?
    What is your value?
    How will you compete in the long term?
    How will you communicate your message?
  • Communication Tactics
    Materials
    Content
    Branding
    Print & online media
    Presentations
    Planning
    Campaigns
    Conferences
    PR
    Media placements
  • Communicating 2.0
    Smaller companies can do more
    Get by with help from friends
    Engage, don’t broadcast
  • Social Media: How?
    Create a community that cares about you & your product
    Spend more time than $$
    Learn from others
    http://sdbn.org/sdsms
    http://sdbn.org/sms
    We can help! http://comprendia.com/socialmedia
  • Check out the Appendix & http://sdbn.org/bootstrap for more information
  • Case Study: SDBN
    San Diego Biotechnology Network
    Founded Oct. 2008 by Mary & Partner
    Mission: Promote communication in the San Diego Biotechnology community
    Monthly events focus on hot science, networking, and workshops
    Promotion via Social Media (SM)
    LinkedIn (2100+)
    Twitter (950+)
    Meetup (175+)
    Facebook (300+)
    Amazing growth—85-100 at each event
    Branch out to charity events, mini-conferences
    Engage Scientists in SM to help grow
  • Case Study: TigerTox
    Inspired by Comprendia, SDBN
    Build Toxicology ‘community’
    Needs: Logo, Website/Blog, PowerPoint Template
    BioStartup™ Marketing Kit
    Creative Brief Process
  • Case Study: TigerTox
    Complete Package
    Also Provided
    Training
    Materials
    Blog/website up
    Full story
  • Bootstrapping Biotech
  • Science Communication 101
    What we will discuss:
    The importance of video
    How to leverage social media
    Integration of video with traditional public relations
    Creating a buzz
  • What is it?
    Why are we doing it?
    How are we doing it?
    Biotech Branding Campaign
  • Biotech Branding Campaign
  • WhatCanBiotechDoForYou.com
  • IAmBiotech.org
  • Telling the Story
    Why it’s important to use stories to
    communicate science:
    Stories help put a human face on the biotech industry
    They show how science offers hope to the world
  • Telling the Story
    Using video
    Why it’s important
    If you can’t view this video watch it at http://sdbn.org/wcs1
  • Telling the Story
    How video can help explain complicated science
    If you can’t view this video watch it at http://sdbn.org/wcs2
  • Telling the Story
    What are your options?
    High-end video production
    Flip cameras
    If you can’t view this videos watch them at http://sdbn.org/wcs3
  • Promoting videos through social media
    Video 2.0
  • Video 2.0
  • Video 2.0
    Cost and analytics
    Total # of people who
    the ad was shown to
    Total # of clicks resulting
    from promotion of 1 video
    in 2 months
    Average cost per click
    was just 23 cents
    % of people who clicked
    through the promotion
  • Traditional Communications Vs. Web 2.0
  • “Buzz”: Why You Want it and How You Get it
    Leveraging your social media presence
    Build your network
    Develop strategic partnerships
  • “Buzz”: Why You Want it and How You Get it
    Self-promote ONLY after promoting others
    Know your audience and cater to their needs
    Make it worth their while to listen
    Provide interesting content
    Respond to feedback
  • “Buzz”: Why You Want it and How You Get it
    How do you create a buzz? It’s simple:
    Communicate; stay informed; and differentiate yourself, your company, and your products
  • Next Steps
    Find us after the presentation to be interviewed on camera for IAmBiotech.org
    Sign up on IAmBiotech.org and get involved!
    Ask us how we can help you: http://WHITECOATstrategies.com
  • Appendix: Funding Resources
  • Appendix: Bootstrapping Resources