Sales & Marketing 101: The Skills Entrepreneurs Need To Get Meetings With Investors

30 Jan

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

All global incubators and accelerators will soon be up against an emerging global trend, where there are exponentially more fundable technology assets then investors and channel partners. I have been watching this develop over the 7 years I have been running RESI and in deep dialogue with the global investor market. I truly believe that ONLY the best prepared and packaged companies who are plugged into a global funding network will get the cash and partnerships needed to reach the market.

The LSN message, based on RESI, our dialogue with investors and strategic partners, and our training program, is to get early stage innovators in front of as many potential partners as possible (that are a fit) and that this interaction will create compelling relationships that can lead to capital allocations and licensing deals. LSN training programs are a bit different than then other entrepreneurial programs; essentially, the LSN theme is to take the scientist-entrepreneurs and teach them a small but gigantically important portion of basic sales, marketing and business development 101. We know they will not turn into sales experts, but we can get them some basic sales, marketing, and business development knowledge. Below are some of the main differentiators that LSN offers:

  • How to get a list of partners that are a fit for your stage of development and product set. LSN Investor Platform has 5K global profiles
  • How to define your competitive landscape. LSN Business Development Platform has 55K profiles
  • How to set up a CRM to “manage and curate that list” of potential partners that are a fit and you need to reach as part of an ongoing campaign
  • How to create and execute an email and phone canvassing. Yes, we teach how to write an intro email and how to pick up phone and make a call in our training labs
  • How to do follow up calls, and then teach how to make the 2 to 20 follow up calls that need to be made
  • How to use the RESI partnering system effectively to get as many meetings as possible

I think LSN has a bit of a different view and philosophy. All the branding and messaging LSN teaches is just to get partner meetings. That is it: essentially, how to organize your company’s branding and messaging to get in front of the right players and have that first meeting. I think the still commonly used broader, more sophisticated approach of figuring out the valuation and market size as part of their coaching is not where you want to spend a majority of your time. Predicting future sales and market size when you are preclinical, nascent startup is blindfolded forecasting. Rather, we teach PhDs to concentrate on getting the technology turned into a prototype with compelling proof of concept (data) that can be shown to the market players. Enter LSN, that connects the scientist-entrepreneur to the market player. The market players, if interested, will help determine value as the data and product takes shape and the relationship develops. LSN believes that if the fit is there, both parties will work together to achieve maximum success for the product and the market.

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