Christian Tidona: How to build a biotech company; Biotech Entrepreneurship and Leadership Lectures

Tidona | Rausch

Biotech Entrepreneurshipand Leadership Lectures

How to Start a Biotech CompanyChristian Tidona

Managing Director, BioRN / BioMed X

1999: PhD Molecular Virology 2000: Multimetrix (Diagnostics) 2002: Cytonet (Cell Therapy) 2008: HI-STEM (Cancer Research) 2009: BioRN (Regional Development) 2013: BioMed X (Innovation Center)

Biotech Entrepreneurship & Leadership Lectures 2www.biotech-entrepreneurship.com

(2009 Dane Stangler and Robert E. Litan, Ewing Marion Kauffman Foundation)

Why are we helpingstartups to start up?

Over 60% of net job creation!


What do I need? How do I get it?


You want to change the world


“The ones who are crazy enoughto think that they can change theworld, are the ones who do.”


“Capital isn’t scarce; vision is”

Sam Walton1918 – 1992Founder of Wal-Mart


“People who have visionsshould go and see their doctor”

Helmut Schmidtborn 1918

Chancellor of Germany


What academic researchers want


What entrepreneurs want


You want to change the world You want to be your own boss


Losers

Clueless

Big Company

Sociopaths

(adapted from Hugh MacLeod @gapingvoid)


Startup

Team of

Talented

Wannabe

Winners


You want to change the world You want to be your own boss You want to become financially independent Your work = your life = your passion You can deal with euphoria and terror


You want to change the world You want to be your own boss You want to become financially independent Your work = your life = your passion You can deal with euphoria and terror You are able to make informed decisions fast You are willing to take risk You are ready to fight for your goals


Usually based on Surprising result of an experiment Something you have developed to overcome

a specific experimental limitation

Key to a well-rounded idea:Discussion with family, friends, and mentors!


It could be a new Drug candidate Diagnostic biomarker Device Disposable Reagent Experimental method Algorithm


InventionIn order to be patentable, the device, composition, method, or process must be Inventive (non-obvious) Novel (not published / known) Useful (industrial application)

Talk to your tech transfer office early!


Experimental data indicating that your big idea will work: In vitro data In vivo data Working prototype


Choose your team members well! Key contributors only Employees / advisors / shareholders


Best way to develop a business plan:Participate in business plan competitions!Examples: Germany: Science4Life (www.science4life.de) USA: Rice BPC (www.alliance.rice.edu)


You get: Training Access to mentors Jury feedback Seed capital


15 min presentation + 15 min Q&A:

1. Problem

2. Solution (technology / product / service)

3. Market / competition

4. Intellectual property

5. Business model

6. Roadmap / financials

7. Offer for investors

8. Take home message

9. Backup slidesBiotech Entrepreneurship & Leadership Lectures 25www.biotech-entrepreneurship.com

Clear explanation of your product / service and the problem it solves

How your company is unique and differentiated Sizable market opportunity and ability to penetrate

that market Current development stage Viable business model Clear measures of success and potential exit

opportunities Understanding of how much money is needed and

how it will be usedBiotech Entrepreneurship & Leadership Lectures 26www.biotech-entrepreneurship.com

Most important parts: start & end

No busy slides (all fonts >20pt)

Show real data / prototype

Know your competitors

Don’t try to hide weaknesses

Look at audience while presenting

Use backup slides during Q&ABiotech Entrepreneurship & Leadership Lectures 27www.biotech-entrepreneurship.com

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Compact Course for students & postdocs in Life Sciences & Health Technology

Participants are grouped in “founder teams” to jointly work on business ideas based on current research articles

Teams present their business ideas in front of a critical audience

In Germany: GmbH Capital stock: €25,000 Shareholders = founders + investors Must own IP (patent or license)


Family, Friends & Fools Public research / startup grants Business angels (invest their own money) VC funds (invest other people’s money)

Approach VCs only via personal introductions!


What do I need to start a biotech company?1. Entrepreneurial Mindset2. Big Idea3. Intellectual Property (IP)4. Proof of Concept5. Management Team6. Business Plan7. Legal Entity8. Seed / Venture Capital


Dr. Christian Tidona

Managing Director

BioMed X GmbH

Heidelberg, Germany

Phone +49 6221 655 7818

Cell +49 173 256 9824

E-Mail [email protected]

Skype christian.tidona

Twitter @tidona

LinkedIn ChristianTidona

Facebook ChristianTidona


Christian Tidona: How to build a biotech company; Biotech Entrepreneurship and Leadership Lectures

Leadership & Management

Transcript of Christian Tidona: How to build a biotech company; Biotech Entrepreneurship and Leadership Lectures