Innovate, Fund, Thrive: The Entrepreneur's Playbook to VC Fundraising in Life Sciences

Cover
Half Title
Title Page
Copyright Page
Contents
Preface
About the Authors
1. Overview of the Entrepreneur’s Journey
2. Basics of Market Research
	2.1. Basic Market Research Concepts
		2.1.1. Primary and Secondary Market Research
		2.1.2. Quantitative and Qualitative Data
		2.1.3. “Miles Wide” versus “Deep Dives” Research
		2.1.4. Types of Market Research
	2.2. Preparing Your Market Research Plan
	2.3. Collecting Data – Primary Research
		2.3.1. Data Collection Methods
	2.4. Secondary Research
		2.4.1. Active Secondary Research
		2.4.2. Passive Secondary Research
		2.4.3. Internal Secondary Data
	2.5. A Few Words on Ethics and Market Research
3. Basics of a Product-Market Fit
	3.1. Getting Your Data
		3.1.1. Conducting Conversations
		3.1.2. Collecting Online Reviews
		3.1.3. Organizing Online Surveys
	3.2. Evaluating PMF
	3.3. The Final Word
4. Basics of Intellectual Property Strategy
	4.1. The IP Portfolio
		4.1.1. Patents
		4.1.2. Trademarks
		4.1.3. Copyrights
		4.1.4. Trade Secrets
	4.2. Activities That Enhance the Value of Your IP Portfolio
		4.2.1. Patentability Assessment
		4.2.2. Freedom to Operate Search
	4.3. Theranos and the Limits of the IP Portfolio
	4.4. Final Thoughts
5. Developing a Customer-Centric Approach
	5.1. Introduction to the Healthcare Ecosystem
		5.1.1. Overview of the Healthcare Ecosystem
		5.1.2. A Transforming Healthcare Ecosystem
	5.2. Different Ecosystems, Different Payer Models
		5.2.1. Single-Payer Healthcare
		5.2.2. The Social Insurance Model
		5.2.3. National Health Insurance Model
		5.2.4. The Out-of-Pocket Model
		5.2.5. Standing on Its Own: The United States
	5.3. Correctly Identifying Your Client
		5.3.1. Building Customer Profiles
	5.4. Developing a Customer-Centric Approach
	5.5. Closing Words
6. Developing Your Business Model
	6.1. The Commercialization Model
		6.1.1. Classic Models: The B2B and B2C Models
		6.1.2. Eschewing the Private Sector: The B2G Model
		6.1.3. Evolution in Digital Health: The B2C2B Model
		6.1.4. Using Companies to Reach Individuals: The B2B2C Model
		6.1.5. One Product, Multiple Models
	6.2. Revenue Model
		6.2.1. The Transactional Model
		6.2.2. Membership/Subscription Fee
		6.2.3. Pay-per-Use Model
		6.2.4. Freemium Model
		6.2.5. Licensing Model
	6.3. Corporate Strategy
		6.3.1. Fully Integrated Model
		6.3.2. The Virtual Model
		6.3.3. The Research Model
		6.3.4. The Platform Model
		6.3.5. The No Research Development Only Model
		6.3.6. Other Specialized Models
		6.3.7. A Few Words on How to Select Your Model
	6.4. Planning VCs Exit
	6.5. Bringing It All Together, an Example of a Hypothetical Company
7. Preparing Your Pitch – The Presentation Deck
	7.1. Presenting Quantitative Data
		7.1.1. Transforming Quantitative Data into a Graphic
		7.1.2. Building a Graph
		7.1.3. Decision Tree Modeling
	7.2. Presenting Qualitative Data
		7.2.1. Overview of Presenting Qualitative Data
		7.2.2. Using Quotes to Reinforce Qualitative Presentations
		7.2.3. Visual Layouts to Display Qualitative Data
	7.3. Presentation Tools
		7.3.1. Slideshow
		7.3.2. Visual Storytelling Software
		7.3.3. Infographics
	7.4. Slideshow Framework: The 10/20/30 Rule
	7.5. A Few Tips on Preparing Content
		7.5.1. Ask Yourself the Right Questions
		7.5.2. Gain the Support of “Ambassadors”
		7.5.3. Don’t Neglect the Operation Side of Your Start-Up
	7.6. Closing Remarks – Simplifying Technology
8. Preparing Your Pitch – The Story
	8.1. Five Things to Remember before You Start Writing Your Pitch Deck
		8.1.1. Give It Time!
		8.1.2. Practice Your Skills!
		8.1.3. Tailor Your Pitch to the Audience
		8.1.4. Be Committed
		8.1.5. Highlight Your Team
	8.2. The Seven Components of the Perfect Pitch
		8.2.1. Be Concise
		8.2.2. Be Clear
		8.2.3. Be Specific and Transparent
		8.2.4. Have a Dynamic and Impactful Attitude that Resonates with People
		8.2.5. Pay Attention to Your Speed
		8.2.6. When Writing Your Presentation, Follow the “7 S” Theory
		8.2.7. Sell Yourself and the Future Performance of Your Business
	8.3. Closing Words
9. Identifying the Right Person to Pitch To
	9.1. A Few Basics About VCs that You Have to Know
	9.2. The Basics of the Venture Capital Fund
	9.3. Steps to Identify the Right Investor for Your Start-Up
		9.3.1. Step 1 – Identify the Right Investment Fund
		9.3.2. Step 2 – Identify the Right Level when Making Contact
		9.3.3. Step 3 – Identify the Right Individual within the Fund
	9.4. Talking to the Wrong Investor
	9.5. Closing Words
10. The Venture Capitalist’s Rulebook to Investing
	10.1. Preparing for the Venture Selection Process
		10.1.1. Fundraising Operation – Indicative Deadlines
	10.2. The Deal Flow – Step by Step
		10.2.1 Stage 1: Deal Sourcing
		10.2.2. Stage 2: Deal Screening
		10.2.3. Stage 3: Partner Review
		10.2.4. Stage 4: Due Diligence
		10.2.5. Stage 5: Investment Committee
		10.2.6. Stage 6: Deploy Capital
	10.3. Due Diligence: How to Judge the Situation of a Company
	10.4. Negotiations
		10.4.1. Financial Negotiations
		10.4.2. Legal Negotiations
	10.5. What You Need to Know about the Shareholder Agreement
		10.5.1. The Clauses of the Shareholder Agreement and Their Issues
	10.6. Questions and Answers (Q&A) during Exchanges with Investors
11. The Art of Negotiating with VCs
	11.1. Seven Principles for Effective Negotiations
		11.1.1. Create a Relationship of Trust between Both Parties
		11.1.2. Know Well What You Want to Negotiate
		11.1.3. Treat Your Opposite Party the Way You Would Like to Be Treated
		11.1.4. Keep in Mind that You Can’t Negotiate Everything, Be Strategic!
		11.1.5. Go beyond Positions to Understand What Drives Them
		11.1.6. Do Not Follow the Proverb “an Eye for an Eye, a Tooth for a Tooth”
		11.1.7 Listen to Understand, Speak to Be Understood!
	11.2. Seven Tips to Convince an Investor
		11.2.1. Assess Your Needs before Going into a Negotiation
		11.2.2. Never Lie
		11.2.3. Be Authentic and Know How to Listen
		11.2.4. Know When to Walk Away
		11.2.5. Stay Focused
		11.2.6. Be Resilient
		11.2.7. Find a Lead
	11.3. Some Key Issues that Will Require Negotiations
		11.3.1. The Challenge of Valuing Your Business
		11.3.2. The Issue of Control
		11.3.3. Founders’ Obligations after an Investment
	11.4.. Closing Words
12. Eight Classic Mistakes Life Science Entrepreneurs Make
	12.1. They Underestimate (or Overestimate) Their Pitch Deck
	12.2. They Believe that Narrative Is Not Everything
	12.3. They Believe There Is No Competition to Their Innovation
	12.4. They Raise Funds Only When They Need Them
	12.5. They Underestimate (or Overestimate) the Protection and Value of Intellectual Property (IP)
	12.6. They Overestimate the Value of Their PhD or Business Experience
	12.7. They Neglect Cash Flow Management
	12.8. They Neglect Their Brand
	12.9. Key Learnings on Key Takeaways
13. How the World Changed Following COVID-19
	13.1. How Has the Discovery Stage Shifted?
	13.2. How Has the Evaluation Shifted?
	13.3. How Has COVID-19 Shifted Strategy?
	13.4. How COVID-19 Has Shifted the Pitch!
	13.5. How Has COVID-19 Shifted the Growth Cycle?
	13.6. How Has COVID-19 Shifted Investment Perspectives?
	13.7. How Has COVID-19 Shifted Recruitment and HR Practices?
	13.8. How COVID-19 Has Shifted This Book
14. Challenges in Commercialization for Life Sciences Innovations
	14.1. Commercialization Challenges for Digital Health Transformation
	14.2. Regulatory Frameworks
	14.3. Social Media and Life Science Marketers
	14.4. Challenges of AI and Life Sciences
15. Final Words
	15.1. Your Idea Is Mature, Your Plan Is Made? Time to Pitch!
Index