You’ve got the idea. You’ve got the science. You’ve got the team. Now all you need is the money, but that can be a tricky step for a new biotech entrepreneur.
In any field, getting in front of the right investors is a challenge of its own. Once you’re pitching, experienced investors and entrepreneurs say it’s important to be prepared, clear, adaptive, and patient.
According to Nancy Stagliano, CEO and Executive Chair at the US-based biotech startup Neuron23, the first key is clarity. “Tell a clear and succinct story that appeals to the investment thesis of the investors you’re pitching to.” This means articulating a clear ask–which sounds simple. “But for a lot of people who don’t have much experience, it’s daunting to say, ‘I need a lead investor, I need $25 million, I need three investors.’”
Stagliano is a serial entrepreneur. She started as the co-founder and CEO of CytomX Therapeutics, next helming iPierian through its acquisition by Bristol-Myers Squibb, and then running the iPierian spinout True North Therapeutics.