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Entrepreneurship is not a linear process - Lars Hedbys


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Entrepreneurship is not a linear process - Lars Hedbys

  1. 1. Entrepreneurship is not a linear process LARS HEDBYS, FEB 14, 2017
  2. 2. ...or lessons learned on the way -A bit of my history with the direction towards starting and running companies
  3. 3. The person who wakes up first, makes the decisions -Italian proverb First lesson...
  4. 4. ...Time to meet the world !
  5. 5. Next stop.... Lessons learned... 1. Start your career in a big company if possible 2. Growing companies are more fun 3. ... There is more to be explored...time to check out
  6. 6. Two types of team leadership Culture lessons from a Swedish/ British company... Anglo-Saxon: -The Guided Missile Model ◦ Clear roles, clear expectations, fast, small steps Scandinavian: -The Incubator Model ◦ Synergistic, slow, big steps forward
  7. 7. From big to small... CEO and GM, from specialist to generalist and back Lessons learned... • Few processes.... And no rules • A small company is a bit of DIY • Risks are higher in a small/young company and there is no safety net • ... Don’t try to do it yourself but understand the details • Don’t lose focus of leading the company • Leadership is not management!
  8. 8. Leadership 1, Where are we going? 2, How do we get there? 3, How can I get the organization to follow? Management The tools to get leadership to work in practice -Control -Organization, roles -Planning -Risk mgmt ... different but both are needed in strong winds
  9. 9. External/Internal change External change will ‘stick’ to the extent That internal change takes place Internal change Time Change
  10. 10. Next stop... International network of life science executives 1. Start new companies 2. Consulting to industry and universities
  11. 11. Our Consultants are located around the World We work where you do Lund Copenhagen Basel Madrid San Diego Boulder Boston Trondheim Düsseldorf Shanghai 19 San Francisco London
  12. 12. 13 About Ventac Partners What we do • Portfolio Building – We practice what we offer to others Leadership over two decades in spin-outs built on innovative technologies • Consulting – We are covering all company functions 360° R&D - Phase I to III – Licensing – Partnering – BD - Commercialisation - Exit/IPO • Management – We are running your company You focus on science, we focus on business • Fundraising – We get your funds for the next phase We know all relevant VC firms, the people and how to approach them
  13. 13. Next stop... From small to nothing! Starting new companies is a fun but scary business!
  14. 14. Entrepreneurship is not a linear process • Discussions in 2007, Lund • Founded in 2008 • Lived on air and passion to 2014 • Funded 2014 • IPO 2015, AktieTorget • Market cap 145 M SEK • Discussions in 2007, Amsterdam • Founded and funded in 2009 • Well funded on VC from start • Struggling with next funding round
  15. 15. Tolerogenic vaccine – A completely new treatment method With the potential of fundamentally changing how we look at the treatment of: - Autoimmune disease - Transplant rejection - Anti-drug antibodies Idogen – Cell therapy of the future
  16. 16. • A mix of employed staff and consultants, 10-12 individuals involved on a regular basis, mostly part-time. • Managment team based in three countries • Lab shared with university researchers associated with the company • Benefits of this structure are flexibility in cost and access to highly skilled staff Idogen, partly a virtual company
  17. 17. Lars Hedbys, CEO PhD, 25 years experience in senior and executive positions in life science industry, co-founder of Idogen Anette Sundstedt, CSO PhD in immunology, over 15 years of research and project management in life science industry Ingvar Karlsson, CFO MBA with over 20 years experience in senior and executive positions, both private and listed companies Dennis Henriksen, CTO PhD, 20 years experience in senior and executive positions in life science with focus on GMP manufacturing of biologics Neil Thomas, CBO, Head of IPR strategy PhD, 19 years experience in IPR and venture capital backed life science 18 Idogen’s management team
  18. 18. • Project management • Communications • Research connected to the fundamental understanding of our technology • Business development • Management of outsourced activities • IPR • GMP manufacturing • Regulatory • Development e.g. clinical and preclinical • Financial, legal • Investor relations Key functions on “the inside”
  19. 19. Lessons learned from working with academia • Can be cost effective and valuable if well managed • Cultural differences: • Academic scientists aim for generating new knowledge, scope creep can be acceptable in academia and sometimes better than sticking to the plan • Defining and sticking to a good plan is not the default setting • On-time delivery is often not critical in academia • Don’t mix academic credibility with ability to deliver • Understand that the driving force of the scientist can be different to yours • IPR needs to be managed carefully before you start ...a slide from a presentation on outsourcing, Stockholm Dec 2016
  20. 20. Some lessons learned from starting new companies • This i DIY! • ...get a way from it as fast as you can and build a first class team • Risks are enormous but you have little to lose! • It takes more time than you think to build a company!
  21. 21. Work load over phases of change to achieve success 0 5 10 15 20 25 Analysis Problem solving Implementation Work load
  22. 22. ...Meet the investors Lessons learned from speaking to investors • “We invest in people and some technology!” • “When can I get my money back and with what return?” • “What makes you think you will reach your goal?” • One out of 10 make it all the way! • Make certain you have a business plan with the correct numbers. • ... A lot of tap dancing is needed • Do you believe in your case? –make is show! • They are not your friend – they are your first customer!
  23. 23. Closing remarks • It needs to be fun! • Starting a new company takes more time than you think • Get the best people on board • If you don’t accept risk, don’t start a new company • “The first step in making your dream come true is to wake up!”
  24. 24. Thanks for listening ...and give me a call if I can support in any way