By Jack Fuller, Business Development, LSN
The perfect fit, the good fit, and the stretcher. Those are the three types of scientist-entrepreneurs I’ve seen do well in their fundraising efforts.
Day in and day out, LSN works with life science companies that are raising capital, and we see an enormous number of talented and intelligent people who cannot conceptualize and execute an outbound fundraising campaign. For one reason or another, otherwise smart people are not able to determine who to approach for capital or discuss their ideas and technology in a clear and convincing manner.
However, some scientist-entrepreneurs are a perfect fit or a good fit for successfully running an outbound fundraising campaign, and some can stretch and make it happen.
The Perfect Fit
This is someone who has built a team to support the fundraising process. The perfect fit realizes the importance of continually updating a contact database with the latest relevant players. He or she understands that professional marketing materials are critical. And he or she is able and willing to do whatever is necessary to secure the future of the company. With little assistance, the perfect fit can take a list of qualified investors and have meaningful dialogues that eventually lead to allocations.
The Good Fit
This usually is a person who is dedicated to fundraising. The good fit has contacts in the industry, is not afraid to pick up the phone and call a stranger, and has run a meeting with potential investors. Still, despite his or her experience, this individual often has difficulty branding the company and technology, crafting a message, and presenting not only a compelling narrative to investors but also one that’s clear so investors can determine quickly if there is a fit with their investment criteria. Because of his or her experience, however, the good fit recognizes what’s missing and can get up to speed quickly.
The Stretcher
This is often a former scientist who had a great idea, which launched a company. Then, he or she wants to get to the next level and realizes that raising money from investors is different from asking friends and family. The stretcher often needs help with fundamental sales and marketing tactics, overhauling the investor materials, and tackling list and task management. Because this individual has an uncommon desire to learn and do whatever is necessary—to stretch—he or she can become a successful fundraiser.
Which one are you?
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