Building the team - Life Science Fast Track

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Part of the life science fast track: http://www.thecapitalnetwork.org/programs/life-science-venture-fast-track/

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Building the team - Life Science Fast Track

  1. 1. Role  of  the  Founder   Founders  and  Founding  Team  Dynamics   January  21,  2014   #TCNvA    Slides  available  at  bit.ly/ tcnlifesci2014  
  2. 2. What  does  the  Founding  Team  Need?   It’s  preKy  straighLorward…   #TCNvA    Slides  available  at  bit.ly/tcnlifesci2014  
  3. 3. Role  of  the  Founder   What  should  a  Founder  spend  his/her  Xme  on?   •  Team  building   •  Find  &  Refine  Product-­‐Market  Fit   – Technical  development   – Business  development   •  Fundraising   •  Evangelizing  
  4. 4. Founding  Team  Alignment   There’s  nothing  more  important   •  Founder  alignment  is  crucial  to  success  of  the   venture.   •  Make  sure  everyone  is  open  and  honest  about   their  goals   •  Do  you  want  to  be   Or  
  5. 5. Founding  Team  ComposiXon   What  IteraXons  of  Founding  Teams  Exist  and  can  they  succeed?   •  Have  hammer  –  need  nail   –  Typical  of  classical  biotech  innovaXon   –  Strong  technical  skills  /  scienXfic  excellent   –  LiKle  of  no  commercializaXon  experXse   •  Have  nail  –  need  hammer   –  Typical  of  late  phase  development  and  asset-­‐centric  plays   –  Strong  business  background  /  connecXons  in  the   ecosystem   –  SomeXmes  also  strongly  personally  moXvated    
  6. 6. Be  Ready  For  the  Pivot   Pursue  Product-­‐Market  Fit  Rigorously  and  ConXnuously   •  Corollary  1:   – You  don’t  know  what  the  ideal  product   market  fit  is,  but  you  DEFINITELY  feel  it   when  you  hit  it.   •  Corollary  2:   – It  comes  in  all  shapes  and  sizes  so  BE  OPEN   MINDED  
  7. 7. Meta-­‐QuesXons   When  things  are  going  well…   •  The  only  constant  is  change   •  Under  the  best  circumstances  it  comes   when  things  are  great!   •  Pressures  of  scale,  financing,  market  are  real   •  What  does  the  founder(s)  role  evolve  to?   •  When  is  it  Xme  to  change?  
  8. 8. Building  the  Team   •  Founders  should  think  criXcally  about  their  value   to  the  organizaXon    (Self  Awareness)   –  IdenXfy  gaps  in  skills  and  experXse  needed  for  the   organizaXon  to  succeed   •  Business  development,  scienXfic,  fundraising,  scaling,  etc     –  IdenXfy  others  to  fill  these  gaps   •  full  Xme,  part-­‐Xme,    consultants   •  A  complimentary  well  rounded  team  appeals  to   investors   #TCNvA       Slides  available  at  bit.ly/tcnlifesci2014  
  9. 9. Advisory  Board  to  Compliment  Founders   •  Founders  should  idenXfy  advisors  with  deep   domain  experXse  to  compliment  them   –  ScienXfic,  Business,  Market,  Company  Growth,  etc   –  Customized  based  upon  needs/focus  of  company   –  Advisors  should  compliment  each  other   •  Choose  advisors  carefully   •  These  individuals  can  maKer  to  potenXal  investors   #TCNvA       Slides  available  at  bit.ly/tcnlifesci2014  
  10. 10. Segng  the  Culture  and  IdenXfying  Talent   •  Founders  should  set  the  organizaXonal  culture   –  Company’s  beliefs  and  values     –  Leadership  style   –  Management  expectaXons   –  Which  soA  skills  are  important?   •  When  hiring  individuals,  ensure  a  cultural  match     –  Alignment  can  help  the  team  prevail  during  tough   Xmes   –  Misalignment  can  be  a  large  distracXon     •  Hire  Slow;  Fire  Fast     #TCNvA       Slides  available  at  bit.ly/tcnlifesci2014  
  11. 11. Culture  fit     vs   #TCNvA       Slides  available  at  bit.ly/tcnlifesci2014  
  12. 12. EvaluaXng  entrepreneurial  suitability     Is  your  potenXal  employee:   •  •  •  •  •  •  •  •  A  go  geKer     Comfortable  with  risk/uncertainly   ProacXve  and  results  oriented   EnthusiasXc  and  filled  with  energy   Team  player   Able  to  take  construcXve  criXcism   Shows  conXnuous  improvement   High  growth  potenXal   #TCNvA       Slides  available  at  bit.ly/tcnlifesci2014  
  13. 13. EvaluaXng  entrepreneurial  suitability     What  really  moXvates  the  employee?       vs   #TCNvA       Slides  available  at  bit.ly/tcnlifesci2014  
  14. 14. What  you  (and  investors)  want  is  a  winning  team   #TCNvA       Slides  available  at  bit.ly/tcnlifesci2014  
  15. 15. Founding  Team  CharacterisXcs     Vision   Exper(se   Technical,  business   Drive   Work  ethic,  perseverance,   commitment       Alignment,  focus   Personality     Self  awareness,  interpersonal   skills,  flexibility       #TCNvA       Slides  available  at  bit.ly/tcnlifesci2014  

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