The Digital Model Works If You Do it Right!

9 Jul

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

The summer months may look different in 2020, but what remains the same is that there’s no rest for fundraising CEOs and investors with mandates to fill in the healthcare arena. Companies in the diagnostics, drugs, devices, and digital health realms are still chipping away at their fundraising goals, but for many, the new ecosystem of digital partnering is unknown and varies from event to event. Luckily, the most successful participants have learned how to play this new game, and there’s still time to jump in before the summer ends.

The Life Science Nation (LSN) international partnering superstructure has made LSN the premier player in the early-stage deal-making arena because LSN events connect global buyers and sellers. LSN has not been sidelined by the new business climate. On the contrary, LSN has accelerated, and is eager to share the top strategies from their playbook:

Make the Right Match.

To make the most out of a digital partnering event, it is imperative to match meetings with buyers or sellers based on development stage and product fit. LSN’s partnering system keeps a detailed up-to-date profile of the constituents so that a match can be made on fit. Matching the stage of development and product keeps the dialogue going long after the right match is made. Efficient partnering avoids the pitfall of a wasted meeting and sitting at a (virtual) table and realizing the person facing you is not a fit.

Partnering is an Ongoing Experiential Activity.

Partnering cannot be done once or twice a year, as business deals do not work that way. In the life science domain, it can take 9-18 months to put a deal together. Buyers and sellers, now more than ever, need a simple, low-cost, straightforward vehicle to meet and interact together frequently in order to find new opportunities for their respective pipelines, advance a conversation, continue to vet and develop a relationship or close a deal.

Pivot to Digital. 

Pivoting and moving from onsite gatherings to a digital format has been a major hurdle for life science conferences, but it doesn’t need to slow down partnering activities. Many large firms are trying to dock the proverbial aircraft carrier into a new berth, and need to be nimble enough to change direction and adapt quickly to the new reality. Dive into this changing landscape by joining digital partnering events and taking advantage of the flexibility digital conferences offer, such as pre-recorded panels and presentations and 24-hour partnering platform to accommodate global conversations.

The Digital Model Works, but Only if You Do, Too. 

LSN has created a new model which is a combination of extending our typical onsite one-day events into three-day virtual events, which has seen a 30% increase in attendance. Companies across life science are discovering that a hybrid business model going forward can take advantage of certain digital perks, while enjoying the in-person experience we all miss.

Check out LSN’s lineup of digital partnering events at https://resiconference.com/ and its Inaugural 4D Meets AI digital partnering conference at http://4dmeetsai.com/. Don’t put your fundraising goals or your investments on hold like vacation plans, because unlike the summer months, the best deals won’t be back next year.

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