4 Tips on How to Get the Most Out of Partnering

3 Dec

By Alejandro Zamorano, VP of Business Development, LSN

Alejandro 10*10

The life science partnering conference circuit provides entrepreneurs with many venues to book meetings with potential strategic partners and investors, and ultimately to build relationships that will lead to allocations. When it comes to raising funds for your emerging life science company, partnering conferences are an important aspect of a campaign. Below are 4 key lessons on how to use a partnering system effectively:

Register Early

Several advantages are derived from registering early for partnering events. Conferences typically open their partnering systems several weeks prior to the event, so by registering early you ensure that you will have access to partnering and can send meeting requests early. Due to this flurry of early activity, some investors will fill up their schedules well in advance. Registering early can also boost your chances with investors who plan their schedules closer to the event; most partnering systems order messages from first received to last, so sending a message out early will put you on top of the heap.

Leverage Partnering for Meetings Outside of the Event

A partnering portal is more than just a messaging system. A partnering system tells you which investors will be present and may provide you with detailed profiles of those investors. Knowing who’s attending and having a direct means of contact matter even more with events during JPM, as there are so many investors in attendance and they will likely have a long list of events to attend. If an investor’s partnering schedule is already full, ask if they can meet outside the event: perhaps in the evening, or the next day. You would be surprised how many people give up once investors have said their event schedule is full, instead of looking for an alternative option.

Put in the Time

Many entrepreneurs wait until the last minute to send partnering invitations and tend to spam investors with a generic message about their company that has no specific draw for the investor to which it’s addressed. They are doing themselves a huge disservice as they fail to provide a specific, compelling reason why investors should meet with them. You should spend time on qualifying and personalizing all your partnering messages. The results are well worth the effort as you’ll get more meetings, and those meetings will have a stronger basis and therefore be more productive. Remember, investors and strategic partners are there to meet companies like yours, so don’t be afraid to reach out, but do keep your outreach targeted. One well-crafted message to an investor who’s a strong fit beats ten vague messages to poor fits any day.

Contact Using Multiple Avenues

One of the most effective ways to get meetings is to email your targets outside of the partnering system and ask if they would like to meet at the event. This allows you to send your pitch deck as an attachment, and to make messages more personal. This second touch point increases your response rates, as it will reach investors who haven’t yet logged into the partnering system. The final step is a follow-up phone call to introduce yourself and ask if the investor would be interested in meeting.

For RESI, LSN’s goal is to create a dynamic partnering platform with customizable profiles and search features so that biotech/medtech companies can be matched with the investors that are a fit for their technology. This initial good fit provides a basis for dialogue and a starting point for a long-term relationship.

With partnering going live on Monday, the best time to register for the event is now, before investors begin to fill up their meeting slots. To see a demonstration of just how effective the partnering system can be at finding a match, please check out this video.

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