What is holding your therapeutics pitch back?
Douglas Crawford of QB3 moderated a therapeutics funding panel at a recent Life Science Ventures Summit hosted by the Kauffman Foundation. Crawford focused a majority of the discussion on pitch strategies with Allan May, Karl Handelsman and Jesus Soriano (30:15-38:37).
Here are some of the key points the panel felt entrepreneurs overlooked:
Focus on core problem
"What is it that you guys want to fix?" said Crawford. "Very few of you are going to cure type 1 or type 2 diabetes. You are attacking some niche, so give us the niche."
Sell yourself, not just the product
"We want to know that you know how the market looks...show us at least how you understand this is going to go to market," said Soriano.
"Particularly in biotech, people will spend 90 percent of the presentation telling you about the science," said May. "Why are you uniquely on this planet the people to carry that to the marketplace? The fact that it is good science doesn't mean it is going to make it to market."
"Everyone tends to build the market from the top down," said May. "We want to see it built patient segment to patient segment...On which set of patients does it have to be used? Not: 'Is it optional to use?' It has to be used. Show us how you build your market patient set by patient set. That is really impressive when people can do that."
Weekly Wisdom from Kauffman is a regular feature on eMed highlighting helpful advice from the Kauffman Foundation.