What You Need to Do Before You Write Your Business Plan

13 Feb

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

LSN business development teams spend a lot of time at various bio clusters and technology hubs around the world.  In the last week, my team visited two hubs in the Netherlands to deliver our free Fundraising Bootcamp, and we are planning more visits to Europe tech hubs soon.

The more I travel around the planet the more similarities I see in the approach tech hubs take with their early stage company training strategy.  I see that unanimously they are focused on getting a rational business plan to present to partners and investors.  In order to accomplish this task they have hired Entrepreneurs In Residence and developed training programs. We have written before about the LSN training program fundraising training program Focus on Cures (FOC) and where it fits in the early stage of identifying potential partners and teaching how to reach out. LSN has found that FOC is augmenting and complementary with almost all of the tech hub strategies for partnering. You can learn more about how FOC is different here.

In many aspects getting a business plan around early stage technology assets is a great challenge. A company needs to be thorough and in context in a fast changing arena on many different levels.  LSN offers training in a complementary skillset: the LSN mantra is to find all the folks you should be in dialogue with and start that dialogue no matter where you are at in the development cycle from idea to clinical stages. When you start a dialogue and begin relationships, the data elements needed for the business plan will  fall out of the relationship.

LSN is the early view of talking about your company’s technology and team. It is not about market segments and reimbursement strategies – those will happen immediately after some validation with the existing programs already in place.  LSN will posit that the partners in the early stage technology arena are more interested in trying to determine if the management team can be vetted and parsed for their ability to execute and move the technology forward.  After the technology is vetted and partners surface around a table, that’s when formal business plans evolve.

 

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