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Managing Money Managing Success - 05.10.2016

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Slide deck for finance lecture of MSKCC (NYC) Biomedical Science Leadership course. May 2016.
https://www.eventbrite.com/e/leadership-for-scientists-tickets-21213494132

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Managing Money Managing Success - 05.10.2016

  1. 1. May 10, 2016 © UniTechAdvisors, LLC Eric Vieira PhD Managing Money Managing Success
  2. 2. The Language of Finance & Accounting • Budgets • Capital • Cash • Costs • Cost of Capital • Cost of Goods Sold • Direct Costs • Discount Rate • Discounted Cash Flows • EBITDA • Equity • Expenses • Facilities & Administration ( F&A rates) • Fringe Benefits • Indirect Costs • Interest Rate • Internal Rate of Return • Liabilities • Loss • Net Present Value • Opportunity Costs • Probability of technical success • Profits • Revenue • Revenue Projections • Return on Investment • Risk • Royalty • S,G, and A • Time Value of Money © UniTechAdvisors, LLC 2
  3. 3. The Black-Scholes pricing formula for call options Call option: is an agreement that gives an investor the right, but not the obligation, to buy a stock, bond, commodity or other instrument at a specified price within a specific time period. 3
  4. 4. The Black-Scholes pricing formula for call options Shows the expected benefit of purchasing the underlying outright 4
  5. 5. The Black-Scholes pricing formula for call options Shows the expected benefit of purchasing the underlying outright Provides the current value of paying the exercise price upon expiration 5
  6. 6. Mathematical Operations Add (+) Subtract (-) Multiply (*) Divide (/) © UniTechAdvisors, LLC 6
  7. 7. Mathematical Operations Add (+) Probability & Statistics Subtract (-) Multiply (*) Divide (/) © UniTechAdvisors, LLC 7
  8. 8. Mathematical Operations Add (+) Probability & Statistics Subtract (-) Multiply (*) Divide (/) © UniTechAdvisors, LLC 8
  9. 9. Mathematical Operations Add (+) Probability & Statistics ‘For all else, there’s a calculator for that Subtract (-) Multiply (*) Divide (/) © UniTechAdvisors, LLC 9
  10. 10. book·keep·ing /ˈbo͝okˌkēpiNG / noun: bookkeeping the activity or occupation of keeping records of the financial affairs of an individual or business, and part of the process of accounting. © UniTechAdvisors, LLC 10
  11. 11. Budgeting your life Grad School (20s-30s) Income $28,000 $1,500 $100 $130 EXPENSES, monthly $23,700 Expenses, annually + taxes $28,554 ANNUAL SAVINGS (LOSS), Net $(554) Rent/Mortgage+ Utilities Phone Childcare Transportation Student Loans Debt Incidentals EXPENSES, annually $150 $35 $60 $1,975 © UniTechAdvisors, LLC 11
  12. 12. Budgeting your life Grad School (20s-30s) Post-Grad (30s-40s) Income $28,000 $1,500 $100 $130 EXPENSES, monthly $23,700 Expenses, annually + taxes $28,554 ANNUAL SAVINGS (LOSS), Net $(554) Rent/Mortgage+ Utilities Phone Childcare Transportation Student Loans Debt Incidentals EXPENSES, annually $150 $35 $60 $1,975 $160,000 $3,200 $400 $200 $101,400 $156,000 $4,000 $2000 $1000 $500 $350 $800 $8,450 © UniTechAdvisors, LLC 12
  13. 13. Setting up a lab YR1 YR2 YR3 Salary PI (50%) $50K $50K $50K Tech (100%) $35K $35K $35K Student (100%) $25K $25K Fringe (35% F/S, 15% Stu) $30K $34K $34K Reagents $10K $15K $15K Equipment $15K TOTAL DIRECT Cost $140K $159K $159K F & A / Indirect Cost (56%) $70K $89K $89K Modified Total Direct Cost $125K $159K $159K TOTAL NEED $210K $247K $247K © UniTechAdvisors, LLC 13
  14. 14. Setting up a lab YR1 YR2 YR3 YR4 Salary PI (50%) $50K $50K $50K $65K Tech (100%) $35K $35K $35K $40K Student (100%) $25K $25K $50K Fringe (35% F/S, 15% Stu) $30K $34K $34K $44K Reagents $10K $15K $15K $20K Equipment $15K $20K TOTAL DIRECT Cost $140K $159K $159K $239K F & A / Indirect Cost (56%) $70K $89K $89K $123K $125K $159K $159K $219K TOTAL NEED $210K $247K $247K $362K © UniTechAdvisors, LLC 14 Modified Total Direct Cost
  15. 15. Running a company YR1 YR2 YR3… Revenues Product Sales Licensing Income $35K $45K $60K Contract Services $50K $80K $100K $150K $300K $10K $20K $120K $116K $180K $434K Taxes Earnings before I,T,D,A $(56K) $(85K) $(234K) PROFIT (LOSS) $(56K) $(85K) $(294K) $25K Expenses Research & Development Sales, General & Administration $6K $10K $14KCosts of Goods Sold TOTAL REVENUE TOTAL EXPENSES $60K $95K $140K © UniTechAdvisors, LLC 15
  16. 16. Running a company YR1 YR2 YR3… …YR6 Revenues Product Sales $1,800K Licensing Income $35K $45K $60K $75K Contract Services $50K $80K $100K $100K $150K $300K $400K $10K $20K $120K $300K $116K $180K $434K $1,188K Taxes $130k Earnings before I,T,D,A $(56K) $(85K) $(234K) $787K PROFIT (LOSS) $(56K) $(85K) $(294K) $656K $25K Expenses Research & Development Sales, General & Administration $6K $10K $14K $488KCosts of Goods Sold TOTAL REVENUE TOTAL EXPENSES $60K $95K $140K $1,975K © UniTechAdvisors, LLC 16
  17. 17. Regeneron Pharmaceuticals Income Statement – YR 2015 10-K © UniTechAdvisors, LLC 17
  18. 18. fore·cast /ˈfôrˌkast / verb gerund or present participle: forecasting to predict or estimate a future event or trend. © UniTechAdvisors, LLC 18
  19. 19. Market models informs future sales Disease Market Model (Top Down Approach) US Population (#) Target Population (#) Market Share (%) Penetrated Market (#) Annual Cost of Therapy ($) Annual Product Sales ($) © UniTechAdvisors, LLC 19
  20. 20. Market models informs future sales Disease Market Model (Top Down Approach) US Population (#) Target Population (#) Market Share (%) Penetrated Market (#) Annual Cost of Therapy ($) Annual Product Sales ($) Income Statement Product Sales IncomeExpensesProfits/Losses Licensing Revenue COGS R & D S,G & A Earnings/Losses per Share © UniTechAdvisors, LLC 20
  21. 21. Market models informs future sales Disease Market Model (Top Down Approach) US Population (#) Target Population (#) Market Share (%) Penetrated Market (#) Annual Cost of Therapy ($) Annual Product Sales ($) Income Statement Product Sales IncomeExpensesProfits/Losses Licensing Revenue COGS R & D S,G & A Earnings/Losses per Share © UniTechAdvisors, LLC 21
  22. 22. fi·nan·cial mod·el·ling / fəˈnan(t)SHəl,fīˈnan(t)SHəl / /ˈmädliNG / Adjective gerund or present participle: modelling the task of building an abstract representation (a model) of a real world (financial) situation. © UniTechAdvisors, LLC 22
  23. 23. Total Population % of pop >65 yrs of age # of pop >65 yrs of age Product Sales © UniTechAdvisors, LLC Disease X prevalence (%) # patients w/ Disease X % treated w/ drugs # treated patients % market share of Drug 451 # patients treated w/ Drug 451 Ann. Cost of Rx (MFG price; $) Modelling Disease 23
  24. 24. Total Population % of pop >65 yrs of age # of pop >65 yrs of age Product Sales © UniTechAdvisors, LLC Disease X prevalence (%) # patients w/ Disease X % treated w/ drugs # treated patients % market share of Drug 451 # patients treated w/ Drug 451 Ann. Cost of Rx (MFG price; $) Modelling Disease 24
  25. 25. Total Population % of pop >65 yrs of age # of pop >65 yrs of age Product Sales © UniTechAdvisors, LLC Disease X prevalence (%) # patients w/ Disease X % treated w/ drugs # treated patients % market share of Drug 451 # patients treated w/ Drug 451 Ann. Cost of Rx (MFG price; $) Modelling Disease $ 25
  26. 26. Total Population % of pop >65 yrs of age # of pop >65 yrs of age Product Sales © UniTechAdvisors, LLC Disease X prevalence (%) # patients w/ Disease X % treated w/ drugs # treated patients % market share of Drug 451 # patients treated w/ Drug 451 Ann. Cost of Rx (MFG price; $) 2015 15% $0 48M 321M 10% 4.8M 75% 3.6M 0% 0 $800 Modelling Disease 26
  27. 27. Total Population % of pop >65 yrs of age # of pop >65 yrs of age Product Sales © UniTechAdvisors, LLC Disease X prevalence (%) # patients w/ Disease X % treated w/ drugs # treated patients % market share of Drug 451 # patients treated w/ Drug 451 Ann. Cost of Rx (MFG price; $) 2015 15% $0 48M 321M 10% 4.8M 75% 3.6M 0% 0 $800 2020 17% 56M $372M 335M 10% 5.6M 75% 4.2M 10% 0.4M $880 Modelling Disease 27
  28. 28. Total Population % of pop >65 yrs of age # of pop >65 yrs of age Product Sales © UniTechAdvisors, LLC Disease X prevalence (%) # patients w/ Disease X % treated w/ drugs # treated patients % market share of Drug 451 # patients treated w/ Drug 451 Ann. Cost of Rx (MFG price; $) 2015 15% $0 48M 321M 10% 4.8M 75% 3.6M 0% 0 $800 2020 17% 56M $372M 335M 10% 5.6M 75% 4.2M 10% 0.4M $880 2025 19% 66M $939M 347M 10% 6.6M 75% 4.9M 20% 1M $950 Modelling Disease 28
  29. 29. Total Population % of pop >65 yrs of age # of pop >65 yrs of age Product Sales © UniTechAdvisors, LLC Disease X prevalence (%) # patients w/ Disease X % treated w/ drugs # treated patients % market share of Drug 451 # patients treated w/ Drug 451 Ann. Cost of Rx (MFG price; $) 2015 15% $0 48M 321M 10% 4.8M 75% 3.6M 0% 0 $800 2020 17% 56M $372M 335M 10% 5.6M 75% 4.2M 10% 0.4M $880 2025 19% 66M $939M 347M 10% 6.6M 75% 4.9M 20% 1M $950 2030 21% 74M 359M 10% 7.4M 75% 5.6M 40% 2.2M $950 $2,112M Modelling Disease 29
  30. 30. Total Population % of pop >65 yrs of age # of pop >65 yrs of age Product Sales © UniTechAdvisors, LLC Disease X prevalence (%) # patients w/ Disease X % treated w/ drugs # treated patients % market share of Drug 451 # patients treated w/ Drug 451 Ann. Cost of Rx (MFG price; $) 2015 15% $0 48M 321M 10% 4.8M 75% 3.6M 0% 0 $800 2020 17% 56M $372M 335M 10% 5.6M 75% 4.2M 10% 0.4M $880 2025 19% 66M $939M 347M 10% 6.6M 75% 4.9M 20% 1M $950 2030 21% 74M 359M 10% 7.4M 75% 5.6M 40% 2.2M $950 $2,112M 2035 21% 79M 370M 10% 7.9M 75% 5.9M 60% 3.6M $950 $3,386M Modelling Disease 30
  31. 31. Modelling Disease Total Population % of pop >65 yrs of age # of pop >65 yrs of age Product Sales © UniTechAdvisors, LLC Disease X prevalence (%) # patients w/ Disease X % treated w/ drugs # treated patients % market share of Drug 451 # patients treated w/ Drug 451 Ann. Cost of Rx (MFG price; $) 2015 15% $0 48M 321M 10% 4.8M 75% 3.6M 0% 0 $800 2020 17% 56M $372M 335M 10% 5.6M 75% 4.2M 10% 0.4M $880 2025 19% 66M $939M 347M 10% 6.6M 75% 4.9M 20% 1M $950 2030 21% 74M 359M 10% 7.4M 75% 5.6M 40% 2.2M $950 $2,112M 2035 21% 79M 370M 10% 7.9M 75% 5.9M 60% 3.6M $950 $3,386M 2040 22% 82M 380M 10% 8.2M 75% 6.2M 15% 0.9M $80 $74M 31
  32. 32. Future Product Sales © UniTechAdvisors, LLC ($‘000) 32
  33. 33. val·u·a·tion /ˌvalyəˈwāSH(ə)n / noun: valuation; plural noun: valuations an estimation of something's worth, especially one carried out by a professional appraiser. © UniTechAdvisors, LLC 33
  34. 34. Expected Value & Royalties Product Sales © UniTechAdvisors, LLC 2015 $0 2020 $372M 2025 $939M 2030 $2,112M 2035 $3,386M 2040 $74M 34
  35. 35. Cost of Goods Sold (COGS) Product Sales © UniTechAdvisors, LLC 2015 $0 $0 2020 $93M $372M 2025 $94M $939M 2030 $211M $2,112M 2035 $339M $3,386M 2040 $7M $74M Product Sales, Net $0 $279M $845M $1,901M $3,048M $67M Expected Value & Royalties 35
  36. 36. Royalty Rate (8% of Net Product Sales) Cost of Goods Sold (COGS) Product Sales © UniTechAdvisors, LLC 2015 8% $0 $0 2020 8% $93M $372M 2025 8% $94M $939M 2030 8% $211M $2,112M 2035 8% $339M $3,386M 2040 8% $7M $74M Product Sales, Net $0 $279M $845M $1,901M $3,048M $67M Royalty Payments $0 $22M $68M $152M $244M $5M Expected Value & Royalties 36
  37. 37. Royalty Rate (8% of Net Product Sales) Cost of Goods Sold (COGS) Product Sales © UniTechAdvisors, LLC 2015 8% $0 $0 2020 8% $93M $372M 2025 8% $94M $939M 2030 8% $211M $2,112M 2035 8% $339M $3,386M 2040 8% $7M $74M Product Sales, Net $0 $279M $845M $1,901M $3,048M $67M Royalty Payments $0 $22M $68M $152M $244M $5M Lifetime (20+ yrs) Total Net Product Sales: $30B Lifetime Total Royalty Payments: $2B Expected Value & Royalties Lifetime Total Inventor Share: $0.6B 37
  38. 38. Year 0 $100.00 Year 1 $50.00 Year 2 $30.00 Year 3 $100.00 $20.00 Year 0 $100.00 $86.38 $92.11 Year 1 $50.00 Year 2 $30.00 Year 3 $115.76 $100.00 $20.00 Year 0 $100.00 $100.00 $86.38 $86.38 $92.11 $92.11 Year 1 $105.00 $90.70 $50.00 $47.62 Year 2 $110.25 $95.24 $30.00 $27.21 Year 3 $115.76 $115.76 $100.00 $100.00 $20.00 $17.28 Scenario 3Scenario 2Scenario 1 Scenario 1 Scenario 2 Scenario 3 Scenario 1 Scenario 2 Scenario 3 Future Value Present Value Assume: Interest Rate (i) = 5% Discount Rate (r) = 5% FV=PV*(1+i)^n PV=FV/(1+d)^n PV={FV1/(1+d)^1} + {FV2/(1+d)^2} + {FV3/(1+d)^3} Time Value of Money © UniTechAdvisors, LLC 38
  39. 39. Year 0 $100.00 Year 1 $50.00 Year 2 $30.00 Year 3 $100.00 $20.00 Year 0 $100.00 $86.38 $92.11 Year 1 $50.00 Year 2 $30.00 Year 3 $115.76 $100.00 $20.00 Year 0 $100.00 $100.00 $86.38 $86.38 $92.11 $92.11 Year 1 $105.00 $90.70 $50.00 $47.62 Year 2 $110.25 $95.24 $30.00 $27.21 Year 3 $115.76 $115.76 $100.00 $100.00 $20.00 $17.28 Scenario 3Scenario 2Scenario 1 Scenario 1 Scenario 2 Scenario 3 Scenario 1 Scenario 2 Scenario 3 Future Value Present Value Assume: Interest Rate (i) = 5% Discount Rate (r) = 5% FV=PV*(1+i)^n PV=FV/(1+r)^n PV={FV1/(1+r)^1} + {FV2/(1+r)^2} + {FV3/(1+r)^3} Time Value of Money © UniTechAdvisors, LLC 39
  40. 40. Net Present Value © UniTechAdvisors, LLC 2015 2020 2025 2030 2035 2040 Royalty Payments $0 $22M $68M $152M $244M $5M Net Present Value (r=25%) $0 $7M $7M $5M $3M $0.02M Lifetime Total, Royalty Payments: $2B via Discounted Cash Flows (DCF) Net Present Value (via DCF): $100M 40
  41. 41. de·ci·sion-mak·ing / dəˈsiZHən / /ˈmākiNG / noun: decision-making the action or process of making decisions, especially important ones. © UniTechAdvisors, LLC 41
  42. 42. Cash Flow Curve Break-even Point Net cash flow Positive(+)Negative(-) Time Product Launch 20 yrs Profits Investment © UniTechAdvisors, LLC 42
  43. 43. Regeneron Pharmaceuticals Cash Flows © UniTechAdvisors, LLC ($‘000) 43
  44. 44. Regeneron Pharmaceuticals © UniTechAdvisors, LLC ($‘000) 44 Net Cash Flows
  45. 45. Expected Value Net cash flow Positive(+)Negative(-) Time20 yrs Project A Project B Profits of Project B are projected to be 35% > than the projected profits of Project A ? What do you do ?© UniTechAdvisors, LLC 45 SCENARIO ANALYSIS
  46. 46. • Definition: A performance measure that allows the comparison of investment opportunities ROI = Gain from Investment – Cost of Investment Cost of Investment = Profit Investment Return on Investment © UniTechAdvisors, LLC 46
  47. 47. ROI = Gain from Investment – Cost of Investment Cost of Investment = Profit Investment Return on Investment Project A $6.0B - $0.5B $0.5B = Project B $8.0B - $0.6B $0.6B = $5.5B $0.5B = $7.4B $0.6B = © UniTechAdvisors, LLC 47
  48. 48. ROI = Gain from Investment – Cost of Investment Cost of Investment = Profit Investment Return on Investment $0.5B = $0.6B = = = $5.5B $0.5B = $7.4B $0.6B = 11X return 12X return © UniTechAdvisors, LLC Project A Project B 48 $6.0B - $0.5B $8.0B - $0.6B
  49. 49. ROI = Gain from Investment – Cost of Investment Cost of Investment = Profit Investment Return on Investment $0.5B = $0.6B = = = 11X return 12X return $5.5B $0.5B = $7.4B $0.6B = © UniTechAdvisors, LLC Project A Project B 49 $6.0B - $0.5B $8.0B - $0.6B
  50. 50. Probability of Technical Success © UniTechAdvisors, LLC adapted from Nature Review Drug Discovery 9: 203- 214 (March 2010) & Journal of Health Economics 47: 20-33 (February 2016)50
  51. 51. Probability of Technical Success © UniTechAdvisors, LLC adapted from Nature Review Drug Discovery 9: 203- 214 (March 2010) & Journal of Health Economics 47: 20-33 (February 2016) Hit -> Approval = 4% p{TS} 51
  52. 52. Probability of Technical Success © UniTechAdvisors, LLC adapted from Nature Review Drug Discovery 9: 203- 214 (March 2010) & Journal of Health Economics 47: 20-33 (February 2016) Hit -> Approval = 4% p{TS} Phase I -> Approval = 12% p{TS} 52
  53. 53. Probability of Technical Success © UniTechAdvisors, LLC adapted from Nature Review Drug Discovery 9: 203- 214 (March 2010) & Journal of Health Economics 47: 20-33 (February 2016) Hit -> Approval = 4% p{TS} Phase I -> Approval = 12% p{TS} Phase II -> Approval = 20% p{TS} 53
  54. 54. Probability of Technical Success © UniTechAdvisors, LLC adapted from Nature Review Drug Discovery 9: 203- 214 (March 2010) & Journal of Health Economics 47: 20-33 (February 2016) Hit -> Approval = 4% p{TS} Phase I -> Approval = 12% p{TS} Phase II -> Approval = 20% p{TS} Phase III -> Approval = 56% p{TS} 54
  55. 55. Considering Risk Net cash flow Positive(+)Negative(-) Time20 yrs Project A Project B Project B has a 10% chance of success, while Project A has a 20% chance of success. ? What do you do ?© UniTechAdvisors, LLC 55 PROBABILISTIC VALUATION
  56. 56. ROI = Gain from Investment – Cost of Investment Cost of Investment = Profit Investment Considering Risk $6B*(.20) - $0.5B $0.5B = $8B*(.10) - $0.6B $0.6B = © UniTechAdvisors, LLC Project A Project B 56
  57. 57. ROI = Gain from Investment – Cost of Investment Cost of Investment = Profit Investment Considering Risk $6B*(.20) - $0.5B $0.5B = $8B*(.10) - $0.6B $0.6B = $0.7B $0.5B = $0.2B $0.6B = © UniTechAdvisors, LLC 1.4X return= = Project A Project B 57 (a loss)
  58. 58. ROI = Gain from Investment – Cost of Investment Cost of Investment = Profit Investment Considering Risk $6B*(.20) - $0.5B $0.5B = $8B*(.10) - $0.6B $0.6B = $0.5B = $0.6B = © UniTechAdvisors, LLC = = Project A Project B 58 1.4X return (a loss) $0.7B $0.2B
  59. 59. ROI = Gain from Investment – Cost of Investment Cost of Investment = Profit Investment Considering IRR / Hurdles $6B*(.20) - $0.5B $0.5B = $8B*(.10) - $0.6B $0.6B = $0.5B = $0.6B = © UniTechAdvisors, LLC = = Project A Project B Internal Rate of Return … Hurdle Rate : Growth => 1.8X 59 1.4X return (a loss) $0.7B $0.2B
  60. 60. in·vest /inˈvest/ verb gerund or present participle: investing expend money with the expectation of achieving a profit or material result by putting it into financial schemes, shares, or property, or by using it to develop a commercial venture. © UniTechAdvisors, LLC 60
  61. 61. Assets Debt Cash Making an Investment © UniTechAdvisors, LLC 61
  62. 62. Assets Debt Cash Assets Liabilities Shareholder Equity Making an Investment Balance Sheet © UniTechAdvisors, LLC 62
  63. 63. House Mortgage (Debt) Down payment + principal payments on mortgage Making an Investment © UniTechAdvisors, LLC 63
  64. 64. House Mortgage (Debt) Down payment + principal payments on mortgage $1000K $800K $200K Making an Investment © UniTechAdvisors, LLC 64
  65. 65. House Mortgage (Debt) Down payment + principal payments on mortgage $1000K $800K $200K $1300K $700K $600K ($200K+$100K+$300K) Interest Making an Investment © UniTechAdvisors, LLC 65
  66. 66. House Mortgage (Debt) Down payment + principal payments on mortgage $1000K $800K $200K $850K $700K $150K $1300K $700K Interest Interest Making an Investment $600K ($200K+$100K+$300K) ($200K+$100K-$150K) © UniTechAdvisors, LLC 66
  67. 67. House Mortgage (Debt) Down payment + principal payments on mortgage $1000K $800K $200K $850K $700K $150K $1300K $700K Interest Interest Debt/Equity Ratio $600K ($200K+$100K+$300K) ($200K+$100K-$150K) © UniTechAdvisors, LLC 67 D/E=400% D/E=117% D/E=467%
  68. 68. The Language of Finance & Accounting • Budgets • Capital • Cash • Costs • Cost of Capital • Cost of Goods Sold • Direct Costs • Discount Rate • Discounted Cash Flows • EBITDA • Equity • Expenses • Facilities & Administration ( F&A rates) • Fringe Benefits • Indirect Costs • Interest Rate • Internal Rate of Return • Liabilities • Loss • Net Present Value • Opportunity Costs • Probability of technical success • Profits • Revenue • Revenue Projections • Return on Investment • Risk • Royalty • S,G, and A • Time Value of Money © UniTechAdvisors, LLC 68
  69. 69. Resources • How to Read a Financial Report (2014) by John Tracy • At the Helm: Leading Your Laboratory, Second Edition (2010) By Kathy Barker • Entrepreneurial Finance, Third Edition: Finance and Business Strategies for the Serious (2014) by Steven Rogers and Roza Makonnen • Commercializing Successful Biomedical Technologies: Basic Principles for the Development of Drugs, Diagnostics and Devices (2011) by Shreefal S. Mehta • Biotechnology Valuation: An Introductory Guide (2008) by Karl Keegan • Getting to Yes: Negotiating Agreement Without Giving In (2011) by Roger Fisher, Bruce Patton (Editor), William Ury • The Founder's Dilemmas: Anticipating and Avoiding the Pitfalls That Can Sink a Startup (2013) by Noam Wasserman © UniTechAdvisors, LLC 69 BOOKS
  70. 70. Resources • Investopedia (www.investopedia.com) • NIH Grants & Funding site (www.grants.nih.gov/oer.htm) • Daily Worth (www.dailyworth.com) © UniTechAdvisors, LLC 70 WEBSITES University/Medical Centers • Grants & Contracts Office {pre-award} • Office of Research & Projects Administration {post-award} NYC Small Business Services (SBS) • NYC Business Solutions centers NY Public Library • Science, Industry and Business Library (SIBL)- 34th street LOCAL ADMINISTRATORS & SUPPORT
  71. 71. Stay in touch… Eric Vieira, PhD www.linkedin.com/in/ericvieira @emvieira00 71 THANK YOU!

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