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Booting Up Biotech

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Raymond McCauley

on 21 June 2017

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Transcript of Booting Up Biotech

What
(problem + tech)
Wh0
(market: people)
Where
(market: location)
Industrial
Biocatalysts
Biofuel
Materials
Nanotechnology
Environmental sensing
Environmental remediation
Other
Bioinformatics
Systems Biology
Microbiomics
Biomimicry/Design
Biodefense
Forensics/Paternity
Anthropology
Wildlife management
Biodiversity

Medicine
Diagnostics
Therapeutics
Genomics
Personalized medicine
Regenerative medicine
Vaccines
Medical devices
Food
Crops
Livestock
Alternative Foods
Pest control
“Pharm” animals
Make better with .
problem
tech
Government

Business

Consumer
Pharma/Institute

Biotech

Academic
small
med
large
or
Other
Country

Region

World

or
Other

Founders
Booting Up Biotech
Exercise:
Co-Founder Speed Dating
Team
Dynamics

Hire or Consult?
Interview
Exercise
Hiring
Sectors
Some Modest Suggestions...
Founders work together
for 10 minutes
to fill in your sector sheets
Exercise
Slicing Pie
Regulatory
Your Examples
10 Words
and...
Look What You Did!
not that hard after all

Topics
Not Covered

Examples from Reality
Doesn't have to be biotechnology solution...
Kristina Hathaway
+1-650-464-4129
kristina.hathaway@gmail.com

Raymond McCauley
+1-650-776-4561
raymond@raymondmccauley.net

bio
tech
examples:
What
(problem + tech)
Wh0
(market: people)
Where
(market: location)
Make
problem
tech
better with .
cancer diagnostics
genomics
oncologists
United States
No good ideas?
Pick at random!
What
(problem + tech)
Wh0
(market: people)
Where
(market: location)
Industrial
Biocatalysts
Biofuel
Materials
Nanotechnology
Environmental sensing
Environmental remediation
Other
Bioinformatics
Systems Biology
Microbiomics
Biomimicry/Design
Biodefense
Forensics/Paternity
Anthropology
Wildlife management
Biodiversity

Medicine
Diagnostics
Therapeutics
Genomics
Personalized medicine
Regenerative medicine
Vaccines
Medical devices
Food
Crops
Livestock
Alternative Foods
Pest control
“Pharm” animals
Make better with .
problem
tech
Government

Business

Consumer
Pharma/Institute

Biotech

Academic
small
med
large
or
Other
Country

Region

World

or
Other

bio
tech
examples:
What
(problem + tech)
Wh0
(market: people)
Where
(market: location)
Industrial
Biocatalysts
Biofuel
Materials
Nanotechnology
Environmental sensing
Environmental remediation
Other
Bioinformatics
Systems Biology
Microbiomics
Biomimicry/Design
Biodefense
Forensics/Paternity
Anthropology
Wildlife management
Biodiversity

Medicine
Diagnostics
Therapeutics
Genomics
Personalized medicine
Regenerative medicine
Vaccines
Medical devices
Food
Crops
Livestock
Alternative Foods
Pest control
“Pharm” animals
Make better with .
problem
tech
Government

Business

Consumer
Pharma/Institute

Biotech

Academic
small
med
large
or
Other
Country

Region

World

or
Other

bio
tech
examples:
What we're doing
Meet Kristina
by Mike Moyer
"Beyond 50/50"
Calculating "dynamic equity split"
What if founders leave or get fired?
What
(problem + tech)
Wh0
(market: people)
Where
(market: location)
Make
problem
tech
better with .
mining
microbiomics
mineral companies
Western
Hemisphere
biomine
+impact +cost +time
human health - treatments
medical devices
human health - diagnostics
human food
health data
animal health
environmental remediation
materials
environmental sensing
Complex
Special Cases
Examples of Shifts
Work together for 5 minutes
to pick a spot on the regulatory pyramid
Bonus: What is your Plan B?
Exercise

What
(problem + tech)
Wh0
(market: people)
Where
(market: location)
Industrial
Biocatalysts
Biofuel
Materials
Nanotechnology
Environmental sensing
Environmental remediation
Other
Bioinformatics
Systems Biology
Microbiomics
Biomimicry/Design
Biodefense
Forensics/Paternity
Anthropology
Wildlife management
Biodiversity

Medicine
Diagnostics
Therapeutics
Genomics
Personalized medicine
Regenerative medicine
Vaccines
Medical devices
Food
Crops
Livestock
Alternative Foods
Pest control
“Pharm” animals
Make better with .
problem
tech
Government

Business

Consumer
Pharma/Institute

Biotech

Academic
small
med
large
or
Other
Country

Region

World

or
Other

bio
tech
examples:
+impact +cost +time
human health - treatments
medical devices
human health - diagnostics
human food
health data
animal health
environmental remediation
materials
environmental sensing
Regulatory
Agencies/Laws
Plan A? / Plan B?
+impact +cost +time
human health - treatments
medical devices
human health - diagnostics
human food
health data
animal health
environmental remediation
materials
environmental sensing
Regulatory
Agencies/Laws
Plan A? / Plan B?
+impact +cost +time
human health - treatments
medical devices
human health - diagnostics
human food
health data
animal health
environmental remediation
materials
environmental sensing
Cancer Treatment
Plan A
Plan B
Problem: Ran out of money
+impact +cost +time
human health - treatments
medical devices
human health - diagnostics
human food
health data
animal health
environmental remediation
materials
environmental sensing
23andMe
Plan A
Plan B
Problem: FDA disagrees
Plan C?
Solution: Relocate!
+impact +cost +time
GE/GMO human consumption

GE/GMO environmental release

GE/GMO food product (labeling)

GE/GMO produced material

Zebra Mussel Glue
Plan A
Plan B
Wipe out invasive species
Shift: Make glue!
+impact +cost +time
GE/GMO human consumption

GE/GMO environmental release

GE/GMO food product (labeling)

GE/GMO produced material

+impact +cost +time
human health - treatments
medical devices
human health - diagnostics
human food
health data
animal health
environmental remediation
materials
environmental sensing
Health
Food
Environment
Privacy
Human Testing
Lab Standards
FDA, CMS, CDC
FDA, USDA
EPA
HIPAA
HHS
CLIA
Alphabet Soup in the US
Documents
Get screenshots
What
(problem + tech)
Wh0
(market: people)
Where
(market: location)
Make
problem
tech
better with .
access to food
tissue culture
consumers
High Income
Nations
What
(problem + tech)
Wh0
(market: people)
Where
(market: location)
Make
problem
tech
better with .
access to biotech
research tools
cheap, open hardware
students
inventors
biohackers
everywhere
What
(problem + tech)
Wh0
(market: people)
Where
(market: location)
Make
problem
tech
better with .
crop yields
sensors + quadcopters
companies
(agriculture,
large farms)
Brazil
+
=
"fullerase"
microbe scanner + big data = biodefense
synthetic bio + nanotubes = bio-solarcells
IVF + robotics = gateway to genetic engineering
Closed Environment Life Support Systems (CELSS)
closed loop homes ------------ terraforming
Founders' Names:
Team
Number
What
(problem + tech)
Wh0
(market: people)
Where
(market: location)
Make
problem
tech
better with .
+impact +cost +time
Agencies/Laws
Plan A? / Plan B?
Regulatory
What we do & Why you care
Who am I?

Founders

Jose’s great. We’ve been friends since college, and he listened to my idea in the early days. He’s a perfect founder for me, right?

Maybe. What does he DO?


How do his skills compliment yours?

Co-Founders

Entrepreneurs come in many flavors:
Technical - Domain Expertise
Business / Finance / Operations
Sales / Marketing / Commercial

What do they have in common?

They DO
They CREATE
They EXECUTE
They TAKE ACTION


Which comes first – Team or Idea?
Jobs & Wozniak
The Power of Two
Aligned motives
Aligned timeframe and availability
Intelligence, energy and integrity

One builds, one sells

Don’t settle

Above all, your co-founder is
someone you know, respect and TRUST

They do the right thing….
… even when it’s hard.
What to look for

Motivation – pick the one that fits best

How long to you want to do this?

What are you good at / like to do?

What are you bad at / hate to do?

Exercise: Self Summary
You are looking for:

COMPATABILITY in MOTIVATION and TIME FRAME
SYNERGY and COMPLIMENTARITY in SKILLS
Who builds? Who sells?


Exercise: Find Your Co-Founder
Why do you want to work with this person?
Are your skills compatible?
Do they overlap?
Who builds?
Who sells?
What’s your motivation?
Are you good co-founders?



How did you do?

ALWAYS
Hire the team to fit the job

NEVER
Change the job to fit the team

Some Contrary Advice



Employee?
Consultant?


Early Goal: Develop Business Strategy
Skill Set: Opinion leader, Technical expertise
No one template

Talk to experts to define milestones EARLY on

Define the skills you need to achieve them

ONLY THEN determine role, and level of the person you need

Find the best person you can for the job



Organizational fit = company culture
How the company feels and operates
How do things get done
What’s OK?
How do you treat others?
What do you stand for?
Starts with founders, continues through employees
Hire ‘em right the first time
Company culture = river, not faucet

In case I haven’t mentioned it enough….

Organizational Fit is HUGE


Use open-ended questions (behavioral interview)
Get specifics
Ask for real world examples
Take notes
Allow silence
Determine Organizational Fit

The best predictor you have for future behavior
is past experience.

Experience determines what you can do,
cultural/organizational fit determines how you do it.


Interviewing – The Basics

Don’t do job postings unless you are prepared to be highly responsive.

This is why many startups use recruiters. We do that work for you.

Return calls of all folks who contact you
OR damage your brand.

What NOT to do

You have an idea, and a co-founder
Where do you go from here?
What are the most crucial skills you need to deliver on your early milestones?
What will they do?
What will they allow you to accomplish?
Employee, Consultant, Advisor, Outsource? Why?



Your Turn


Describe the role.
Seriously.

What will they do, be responsible for?
What do they need to know?
What is nice to have?

It’s about finding people who have the right technical
and interpersonal skills for the job


Missing Skill Set


The Ability to Let Go

Only focus on tasks you must specifically do
You can’t do it all yourself
Find people smarter than you
Set vision
Trust
Delegate
Execute, execute, execute


Most Underrated Quality of an Entrepreneur?

Always be looking
Hire (ONLY) when you need to
Don’t underestimate the power of cultural fit
Skills are the what you do
Cultural fit is the how you do it
Quality, quality, quality / Don’t settle


Hiring Execution


Most common motivation?
Not money.
Not stock options.

Change the world.
Cure disease.
Improve human health.

It matters.

Biotech is
different


1st hand experience
Talk to people you TRUST
Social media
Leverage your network
Meet people
Ask people for referrals
Leverage those new people in your network
Meet people
Ask people for referrals
Always be looking – even when you’re not hiring, you’re looking

Be prepared to spend serious time

Where to find them?


It
is
worth it


Letting Go is Not Easy

Your goal is:
Hire exactly the right person
for the exactly right role
at exactly the right time.

Every time.


Did they answer your question?
Did they answer the question you asked?
Did they demonstrate they have the skill you need?
Do you believe the answer?
Did the body language & non-verbal cues match words?
What does your gut say?
Do you believe they can do the job?
Do you believe they are a good cultural fit?
Would you enjoy working with them?

Evaluating what you hear

Yes Manuel
No Nonsense Nick
Chatty Cathy
Dominant Deepak


People You’re Likely to Meet

A strong team can do amazing things together.

Genentech:
Making medicines that matter.

PatientsLikeMe is a patient powered research network that improves lives and a real-time research platform that advances medicine.

BioCurious:

A hackerspace for biotech.

We believe that innovations in biology should be accessible, affordable, and open to everyone.

We’re building a community biology lab for amateurs, inventors, entrepreneurs and anyone who wants to experiment with friends.

Agilent:
Agilent Technologies designs and manufactures electronic and bio-analytical measurement instruments and equipment for measurement and evaluation.



Examples of Short Summaries

1 – 3 sentences / 10 words / 140 characters
that includes:

What you do
Your target audience
The name of your company
Why it matters

A good Short Summary
Gets people excited
Inspires them
Makes them want to know more

Short Summary / Elevator Pitch

The shorter the message, the harder it is to create


40 page slide decks full of information are easy
10 slide decks are challenging
1 pagers are harder

A short 1-3 sentence statement is harder still,
but the MOST OFTEN USED wording you will create


Keeping it Simple

The question you will get more than any other is this:
What do you do?

You need to be ready at all times

Remember, Always Be Looking, Always Be Selling

Your Most Frequently Asked Question

Create a compelling poster that outlines your idea.

Include:
Problem you solve, with what tech, your market
What you do and Why it matters

Your poster should:
Get people excited
Inspire them
Make them want to know more

You can describe it with
as few as 10 words, or as many as 3 sentences.

Just like in real life, there WILL be a winner selected.




Poster Exercise

Don’t settle.

Organizational Fit matters.

Hire people you trust.

Delegate.

Execute.

Change the world.
Final Words of Wisdom

You can have more, but it’s harder.
And in the end, two end up dominating.
Hewlett & Packard
Larry & Sergei
One Builds (Technical)
One Sells (Commercial / Financial)
Kristina Hathaway
Need more people!
Early Goal: Develop Core Technology
Skill Set: Domain Expertise
Early Goal: IP, Legal, Finance, HR
Skill Set: Expertise in related field
Decider: Can I afford to not be in control of this?
If core, you need to own it
Hire (Maybe)
Hire
Consultant


Employee?
Consultant?
Advisor?
Outsource?

Need more people!
Founders' Names:
Team
Number
What
(problem + tech)
Wh0
(market: people)
Where
(market: location)
Make
problem
tech
better with .
+impact +cost +time
Agencies/Laws
Plan A? / Plan B?
Regulatory
What we do & Why you care
Regulatory in Depth
Intellectual Property (IP)
Funding models
Pitch/Presentation Musts
Full transcript