 Greg Mannix |
Interview with Dennis Ford By Greg Mannix, Vice President International Business Development, General Manager Europe, LSN |  Dennis Ford |
Gregory Mannix: Please Explain why Life Science Nation’s Redefining Early Stage Investments (RESI) conferences are a good strategy for a startup seeking capital investment and licensing partners.
Dennis Ford: It is very hard navigating all the partnering events and conferences if you are a startup with a limited budget, and trying to figure out which events will be best and most fruitful for you and your firm.
The first thing is getting in context; if you are raising a seed, Series A or Series B round, it can take 9-18 months to complete a round. Secondly, it is a numbers game. You must increase your visibility to as many potential players as possible, and it is not enough to go to a few events a year. You must be committed to being out in the marketplace, kissing many frogs, hearing many nos, and not being deterred. Third, this is not a part-time undertaking. It takes dedication to do a global fundraising campaign. It is a journey; you will have ups and downs along the way and must persevere.
GM: What is your fundamental advice to startup CEOs?
DF: My advice to startup CEOs is: every time you stick out your hand, you will be giving up as much as 20% of your company, so make sure you do the math and know how much cash you need for the next 24-36 months so that you have cash and runway to make your milestones and get your data for your next inflection point before the next round.
GM: What is the distinct differentiator for a RESI Partnering Event?
DF: RESI is unique because it has been a dedicated partnering event for over a decade, and while other events may have 10-15% investors in attendance, 50% of RESI’s attendees are investors. This bodes well for booking meetings with investors who fit your product and stage of development. Follow the money!
RESI is cross-border; we have three events in the U.S., one in Europe, and one in Asia, and it is also cross-silo, meaning that the buy-side attendees are seeking early-stage drugs, devices, diagnostics, and digital health (the 4Ds) startups for their portfolios. A startup can follow the RESI events every few months worldwide and use RESI to execute their global roadshow.
GM: Who attends a RESI event?
DF: The audience is well defined. As stated, the attendees are split 50/50 between sell-side startups across the 4Ds and ten categories of buy-side investors and licensing partners. This makes RESI partnering events incredibly interactive, and deals get done. LSN estimates that we have helped over 400 startups raise over $5B. The startup-to-investor ratio has been the same for the last ten years. The investors range from angels and family offices to early-stage VC and PE, Big Pharma and MedTech strategics, and corporate and government funders.
GM: Startups are frustrated with the extravagant pricing models to attend events today. What has LSN done to help with this pricing pain point?
DF: LSN introduced a flexible pricing model during COVID-19 that coincided with our virtual conferences that have morphed into present-day pricing. The challenge is finding price points that fit a startup company’s ever-changing stage of development. For example, if you are a new startup, you can buy an audience access pass for $595. Although you will not have access to the partnering system, you can experience all the investor panels and workshops firsthand to see how other startup CEOs leverage RESI in their fundraising campaign. They can attend pitch challenges to see how other start-up CEOs pitch to investors and subsequently observe investor reactions and questions. Attending RESI and learning through observation is invaluable for a newcomer.
Presently, RESI is a three-day event with one face-to-face and two virtual days, so we adjusted the pricing so a startup can purchase a one-day, in person event with partnering for $1,795. Alternatively, the standard three-day package costs $2,295, which allows flexibility and is very competitive with the extravagant pricing that is out in the event arena today. Lastly, for a company that wants to participate in partnering, but cannot physically attend the conference, they can register for a virtual-only pass that costs $1,195, allowing them to connect with investors via videoconferencing.
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