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

1. Role
of
the
Founder
Founders
and
Founding
Team
Dynamics
January
21,
2014
#TCNvA
Slides
available
at
bit.ly/
tcnlifesci2014

2. What
does
the
Founding
Team
Need?
It’s
preKy
straighLorward…
#TCNvA
Slides
available
at
bit.ly/tcnlifesci2014

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. 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. 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. 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. 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. 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. 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. 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. Culture
fit
vs
#TCNvA
Slides
available
at
bit.ly/tcnlifesci2014

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. EvaluaXng
entrepreneurial
suitability
What
really
moXvates
the
employee?
vs
#TCNvA
Slides
available
at
bit.ly/tcnlifesci2014

14. What
you
(and
investors)
want
is
a
winning
team
#TCNvA
Slides
available
at
bit.ly/tcnlifesci2014

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