Lunch & Learn “Startup’s & E.I.R’s” Presented by: Robert Masterson and Dick Rylander Date: September 29th 2015
Finding the right path only happens if you: Entrepreneurs in Residence The Maze Finding the right path only happens if you: 1) Define what success is 2) Find the people 3) Raise enough money 4) Fill a commercial need 5) Have a great business plan 6) Pursue with passion
Entrepreneurs in Residence Understand the Challenges What is Success? Funding? Approval? Sell company? Go-to-market? Only 10-20% reach market
Entrepreneurs in Residence Life Science Startup Challenges For the scientist: Things vs. People Understanding your strengths and weaknesses & asking for help Have the ability to speak two languages: Business and Science
Entrepreneurs in Residence Financing Entrepreneur personal funds • “Friends and family” • Personal credit card and other borrowings • Angel investors • Venture capital • Corporate direct investment • Venture leasing Mezzanine financing • Merger and acquisition • Initial public offering • Secondary/follow-on public offering • Private placements – debt & equity • Buyout/acquisition financing • Corporate debt
Entrepreneurs in Residence Filling a Commercial Need Solve a real problem or do “it” much better Develop a product and not just a technology Define a market large enough to attract attention that you can sell
Entrepreneurs in Residence New Resources for Life Sciences Resources EIRs are team members: OHSU Researchers/Clinicians + TTBD + EIRs Help spin out new life science companies. Share real-world, life science startup experience. Help identify technologies with commercial promise. Advise about fundraising strategies and product development.
Entrepreneurs in Residence New Resources for OHSU Life Sciences Startups Entrepreneurs in Residence: Objective observers, confidential. Provide expertise on ‘proof of concept’, market analyses, business planning, financial projections. Advise on basic/applied research & development next steps for startups and inventor teams. Work with new and existing OHSU life science startups. Mindful of helping OHSU life science ecosystem.
Entrepreneurs in Residence New Resources for OHSU Life Sciences Startups How EIRs can help: Step 1. EIRs coordinate with Daphne Emerson (TTBD); introductions to OHSU researchers & clinicians. Meet in person and discuss technology. ‘What is the unmet medical need your life science technology helps solve?’ Milestones, timelines, fundraising. Daphne coordinates further meetings; EIRs suggest topics (e.g. market potential, FDA, feasibility).
Entrepreneurs in Residence New Resources for OHSU Life Sciences Startups How EIRs can help: Step 2. EIRs meet with researchers in person, Skype or telephone. Meet weekly/biweekly/monthly. Possible introductions to life science company/community members (i.e. LinkedIn). Help identify specific market niches and commercial potential.
Entrepreneurs in Residence New Resources for OHSU Life Sciences Startups How EIRs can help: Step 3. Develop ‘value proposition’. Investor pitch preparation, using Lean Canvas approach. Startup financing: angel, venture capital, strategic investors. Possibly join as or suggest life science startup CEO. Help team with successful startup launch. Ideation > Company Formation > Launch > Traction > Exit Strategy
Entrepreneurs in Residence What we need from you EIRs need your help: 1) Department chairs to introduce us at faculty meetings and encourage people to reach out to us 2) Faculty to engage us early to help define market opportunities, reduce risk factors 3) OHSU research community to use us as a sounding board, ask questions about life science startups
Entrepreneurs in Residence Team Your E.I.R. Team is waiting for you… First point of contact is Daphne: Daphne Emerson, MPA, Alliance Manager emersond@ohsu.edu Direct: 503-494-8913 Business Development Technology Transfer & Business Development Entrepreneur In Residence Team Coordinator Startup Company Resource Management Investor Outreach, Tracking Company Lifecycle Development Startup Advisory Group Liaison Annual Startup Symposium Lead Project Manager Richard Rylander rylander@OHSU.edu Robert Masterson, Ph.D. masterro@OHSU.edu EIRs: