Follow Up-The Holy Grail of Fundraising

11 Jul

By Dennis Ford, Founder & CEO, Life Science Nation; Creator of RESI Conference Series

Many scientist-entrepreneurs have a challenge developing the sales, marketing and BD acumen needed to get a startup fundraising campaign off the ground. The attention paid to training and teaching rudimentary sales and marketing is pretty much limited to the creating and coaching needed to for the elevator pitch, executive summary and the pitch deck, which run the gamut from ‘could use some more work’ to ‘pretty darn good.’  Exacerbating the problem is the diverse advice provided to fundraising scientist-entrepreneurs.  This is also true for the universities, colleges and hospital tech hubs, as well.  These hubs all have their own, often disparate, viewpoints on how things, like finding investors and channel partners, are properly done.

There is no standardized methodology for teaching a company how to brand and message itself.  There is no reliable, accurate, and current database besides LSN to get a company a list of global partners that are a fit for their stage of development and product set. No tech hub (that I know of) teaches how to get a current list of global partners and then manage that list with a CRM like  Nor do they teach how to prioritize that list into A, B, and C targets to go after and manage. Nor do they teach how to launch a partnering campaign and how to make an introductory phone call or write an introductory email.  Most importantly, no one teaches the holy grail of canvassing…how to follow up which is a universe onto itself.  I have written three books on the subject and have been doing boot camps around the world for 6 years trying to help solve the problem with a methodology LSN has created.  LSN’s Redefining Early Stage Investment Conference Series has featured thousands of pitching startup companies and hosted thousands of investors and for efficiency sake truly believe a standardization of the pitch can lead to faster understanding of who a company is and what it has to offer.

The team at LSN has created an accelerator called Focus on Cures that has a two week immersion course followed by the possibility for the startups to stay for 6-12 months while they transition from a regional-based mindset to a global mindset. At the same time, they can get wired into the LSN early-stage funding superstructure that we have created with the 6 global RESI conferences LSN now offers (3 in U.S., 1 in Europe and 2 in Asia, Shanghai and Taipei).  Having the FOC Accelerator take place in Boston is an added bonus because we are in one of the biggest hubs of the global life science ecosystem. You can do this – we want to help.

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