New Developments in Biotechnology: U.S. Investment in Biotechnology
Entrepreneurship in Biotechnology
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Transcript of Entrepreneurship in Biotechnology
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Columbia University GSAS BIOT 4180
Entrepreneurship in Biotechnology
Columbia UniversityGraduate School of Arts and Sciences
BIOT 4180
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Columbia University GSAS BIOT 4180
Week 5
Funding
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Columbia University GSAS BIOT 4180
The Funding Cycle
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Columbia University GSAS BIOT 4180
Financial Projections(from business plan)
• Addressable market– Market size– Revenue projections
• Product life cycle• Market exclusivity• Terminal value• Discounted cash flow calculations
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• The ability to borrow money depends in large part on the accuracy with which you can predict future cash flows
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Columbia University GSAS BIOT 4180
Discounted Cash Flow
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Columbia University GSAS BIOT 4180
Time horizons for positive cash flow generation
• Service business• Franchises• Software• Light manufacturing• Heavy manufacturing• Exploration• R&D, regulation
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Columbia University GSAS BIOT 4180
Funding cycle
• Seed capital• Angel investors• Venture capital– Early stage– Late stage
• Public offerings• Non dilutive funds– Grants– Business development: cash from partnerships
• Product revenues and profit
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Columbia University GSAS BIOT 4180
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Columbia University GSAS BIOT 4180
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Columbia University GSAS BIOT 4180