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Digital Fatigue and the Future of Partnering

19 May

By Rory McCann, Marketing Manager & Conference Producer, LSN

It will take decades to understand the full impact of the past couple years on the healthcare industry. These impacts range from public health adherence to treatments and even the rate of pharmaceutical development. However, beyond the obvious healthcare impacts are those that change how we work, interact, and communicate regularly. All these changes point to a need for connectivity, but also flexibility. Digital partnering has been a lifeline to many startups during the pandemic – building roads into networks of capital and licensing partners. However, as we move back into in-person partnering, the question remains is there a place for digital partnering in the future?

At Life Science Nation (LSN), we frequently source feedback from our clients and community. Surveys, one-on-one interviews, and conversations provide valuable insight into how market shifts have a real impact on the RESI network. We hear from the startup founder who is strapped for cash, looking for ways to connect with well-matched investors and strategic partners. For these clients, digital partnering is a low-cost alternative to in-person events. We also hear from busy investors, for whom the pandemic has increased productivity in that they can pack their days with meetings all from the convenience of home. We’ve also heard from entrepreneurs who would prefer to use their partnering budget for an optimum in-person option, as well as investors who have told us that it’s the quality of the in-person meeting that makes the deal, not the number of meetings in a day.

Digital fatigue is real, but it’s more complicated and nuanced than a single process or platform. One cause of fatigue is likely linked to the excess time and resources it takes to learn new systems and optimize them, not to mention the frustration that comes with knowing there aren’t other options available. We are now met with more options in the form of digital, in-person, and various forms of hybrid events. Going forward, it’s the goal of RESI to always offer attendees opportunities to connect with the partners who will join them along the way to their next milestone. This may take new forms but will prioritize both digital and in-person events to accommodate the unique needs of the early-stage ecosystem. As we look forward to our upcoming digital and in-person events, we hope to hear from our community how we can best support their efforts in continuing the important work they do to reshape the landscape of healthcare.

Digital RESI returns June 7-9 and may be the last chance before the summer breaks to connect with potential partners who are a fit for your product and stage of development. Participating in Digital RESI June could launch the second half of your 2022 global partnering campaign, with an in-person RESI September, Digital RESI November, and RESI JPM to round out the calendar. If you’d like an inside look at investors who are signed up who may be a fit for your needs or have questions about the digital format or your marketing collateral, contact us and we’d be happy to help!

Want to learn more? The Business Development team at Life Science Nation is available to answer questions and share additional details to help you meet your partnership goals!
International
East Coast (USA) & China
Midwest (USA)
& Canada
West Coast  (USA)
Alex
Greg Mannix
Vice President International Business Development
Book a Meeting
Email Me
Candice He
VP, Business Development & Global Investment Strategist
Book a Meeting
Email Me
Antoinette Lowre
Manager of Business Development
Book a Meeting
Email Me
Alexander Vassallo
Manager of Business Development
Book a Meeting
Email Me

Crafting the Perfect Message

19 May

By Karen Deyo, Director of Investor Research, Israel BD, LSN

You’ve registered for a partnering conference.

You’ve filled out a profile in the partnering system detailing who you are and what your company does.

You’ve researched the investors in attendance and built a list of targets to book meetings with.

You hit “Send Message” and freeze.

What do you say?

Partnering is an involved process with multiple steps that must be taken to ensure optimal results. These steps often require major time investment, and we forget that, even after the hours we’ve poured into the process, none of it matters without a compelling message to pique the interest of a potential partner.

Life Science Nation (LSN) has developed and consolidated the messaging process into easy steps:

  1. Introduction: The first message is the one where you introduce yourself and your company, as well as request a meeting. It’s ok if your target investor does not respond immediately (hence this system). To help them understand your position, it’s important to include the following:
    1. Company tagline (5-6 words explaining who you are and what you do)
    2. Elevator pitch (1-3 sentences describing the company and tech)
    3. Technology differentiation, product innovation, or market position
    4. Raise and milestone information
  2. Follow Up 1 (Product/Tech): Why is your product and technology unique? Is it first-in-class? Best-in-class? This is your opportunity to dive into your company’s differentiated value.
  3. Follow Up 2 (Management/Team): Highlight your management and team. How have your people had a notable impact on the business development? What makes your people special?
  4. Follow Up 3 (One Pager): Condense all the important messages you’ve already shared into a one-page tear sheet for quick and easy reference later. Even if the investor you’ve targeted is not a fit, this will make it easier for them to share your company with another.

It should go without saying that the perfect message is meaningless without a well-researched and formulated target list and marketing collateral at the ready. Think of the perfect message like how an athlete approaches the arena on game day. It’s the starting shot of a long and exciting process. It won’t replace the training and conditioning that got you to game day, but it’ll ensure you’re off with a competitive edge.

Partnering is open for Digital RESI, June 7-9 and there is still time to register! Contact us to see which investors are currently active in our partnering system who may be a fit for you.

Want to learn more? The Business Development team at Life Science Nation is available to answer questions and share additional details to help you meet your partnership goals!
International
East Coast (USA) & China
Midwest (USA)
& Canada
West Coast  (USA)
Alex
Greg Mannix
Vice President International Business Development
Book a Meeting
Email Me
Candice He
VP, Business Development & Global Investment Strategist
Book a Meeting
Email Me
Antoinette Lowre
Manager of Business Development
Book a Meeting
Email Me
Alexander Vassallo
Manager of Business Development
Book a Meeting
Email Me

Book Meetings, Form Partnerships, Save the World

12 May

By Karen Deyo, Director of Investor Research, Israel BD, LSN

The time has come to launch the partnering platform for Digital RESI, June 7-9. Launching on Monday, May 16, the partnering platform – powered by the LSN Investor Database – enables companies to identify investors and strategic partners who are a fit for their sector, product, and stage of development, among other important criteria.

Using the partnering platform to its fullest capacity can seem like a daunting task, and it is a lot of hard work! We have compiled a lot of tips and tricks to help companies get the most out of their partnering experience. Check out the links below.

Still have questions? Our business development team is happy to aid and answer any questions!

Want to learn more? The Business Development team at Life Science Nation is available to answer questions and share additional details to help you meet your partnership goals!
International
East Coast (USA) & China
Midwest (USA)
& Canada
West Coast  (USA)
Alex
Greg Mannix
Vice President International Business Development
Book a Meeting
Email Me
Candice He
VP, Business Development & Global Investment Strategist
Book a Meeting
Email Me
Antoinette Lowre
Manager of Business Development
Book a Meeting
Email Me
Alexander Vassallo
Manager of Business Development
Book a Meeting
Email Me

Everything You Need to Start Partnering Today

3 Mar

By Karen Deyo, Director of Investor Research, Israel BD, LSN

Digital RESI March partnering is now open! While it may seem like a simple task to book meetings, successful partnering is a process that takes time, effort, and careful strategy. With over 40 events across a decade, Life Science Nation (LSN) knows how to partner like a pro and offers many free resources, including fundraising bootcamps and informational articles designed to help startups succeed.

RESI attendees also have an added benefit of an investor profile based on the content of the LSN Investor Database, and reading it thoroughly is critical – make sure you are a fit for the investor before reaching out. Additionally, craft a message that is clear and concise with enough information to whet the investor’s appetite for more. Most importantly, follow up!

If you find yourself needing help, or even if you just want to see if there is a new trick for you to learn, read one of the articles we’ve written about partnering in the links below, or sign up to attend our free webinar, Strategies For Successful Partnering, taking place on Tuesday, March 8 at 12PM EST. Happy partnering!

There’s still time to sign up – register here for a chance to meet with the 300+ investor attendees who will take part in Digital RESI March!

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Help! How to Connect When an Investor Won’t Respond

17 Feb

By Karen Deyo, Director of Investor Research, Israel BD, LSN

Life Science Nation (LSN) is well-known for teaching startup founders how to identify fit, reach out, and follow up with early-stage investors, but a prominent issue remaining is this: What happens when the message is clear, the materials are strong, the fit is promising, but you cannot get a response? What happens when an investor ghosts you?

Let’s go back to the beginning: No outreach campaign should consist of just one message. When working with our clients, we always recommend crafting a four-part outreach plan. The first message, which should be your elevator pitch, should be followed by several other messages, each highlighting a different part of the company that makes you unique. Whether this is the management team, a KOL in your advisory board, a strategic partnership that will help your technology enter the market – the messages will depend on what makes your company unique. Make sure to wait a decent interval between your outreach attempts, as you do not want the investors to feel that you are overloading them with messages. Also, do not take the lack of response personally. Many investors liken their inboxes to ‘drinking out of a firehose’ with the sheer number of inbound messages they receive from startups, and they may have just missed the first message.

If you find yourself consistently getting either no or negative feedback, you may need to adjust your messaging. A service, like LSN’s Branding and Messaging, can help craft a message that will resonate. You may also have connections with investors who can help identify what should be adjusted for a better response. One company at a past RESI crafted multiple messages and tried them all just to see which got him the best result. Once he saw which message garnered the most attention, he went forward with that for the rest of his outreach and ended up with an extremely successful conference, with many connections made. When fundraising outside the context of a conference, we recommend waiting with your top-tier targets, specifically to allow you to adjust your messaging to improve the response.

Another way companies can make themselves stand out is by putting in the effort to customize their messages for the investor. Say why you think it is a good fit for them, based on their investment criteria, or mention a specific portfolio company that made you think you would be a good fit for them. Investors can tell when you exert special effort to catch their attention specifically, and that can make them pay more attention to you in turn. While this makes the outreach stage a lot more labor-intensive, the outcome can be worth the effort.

Lastly, be creative in your outreach strategy. Doing an email campaign or requesting a meeting at a partnering conference are obvious choices, but in addition to these, you can find alternative paths to an initial meeting. Social media platforms like LinkedIn can be extremely useful for this – Look for the investor you are trying to reach and see if any unexpected connections pop up that you can utilize to make an introduction. If, when looking through the investor’s portfolio companies, you find one that you know, they may be willing to connect you, as well. Business connections do not always start through an introduction by someone you know extremely well, sometimes an acquaintance will make the connection that matters most – So keep your mind open and keep trying until you succeed!

While these tips can help limit the chance of having messages missed or ignored by investors, there is no fool-proof way to ensure that does not happen to you. It is an inevitability that some messages may go unread or unanswered, even from an investor who seemed initially interested. In this case, your best course of action is to follow the outreach plan outlined above. Trying to understand why or reading into a crystal ball may not be the best use of your time. It is an unfortunate part of the process, which is why fundraising is a numbers game and you increase your odds with every message. Remember that it is not personal, and so long as you are crafting a compelling message with a strong story to the right people, you are heading in the right direction.

Want to learn more? Join us at a free bootcamp: Strategies for Successful Partnering on Tuesday, March 8 at 12PM EST. This bootcamp covers tactical fundraising skills for early-stage companies on how to build a target investor list to prepare investor meetings. Sign up today and learn more about LSN partnering events like Digital RESI, March 22-24. Early bird registration rates end Friday, February 18.

resi-march-2022

1500+ Meetings at Digital RESI September

16 Sep

By Karen Deyo, Director of Investor Research, Israel BD, LSN

Life Science Nation’s (LSN) virtual events continue to be successful with a global gathering of early-stage startups, as well as the investors and strategic partners looking to invest in them. With attendees representing over 30 countries from 5 continents participating in this week’s Redefining Early Stage Investment (RESI), more than 1500 meetings were booked over the three days of the conference. Individual companies booked up to 40 meetings over the course of the conference, with more than 75% of meetings booked occurring between companies and investors.

RESI-PARTNERING-MEETING-CHART-SEPTEMBER-2021

In addition to an extremely active partnering platform, the panels, workshops and pitch sessions were well-attended and dynamic, with enthusiastic audience participation. RESI events continue to show that even in an all virtual platform, the needle keeps moving forward in the life sciences, bringing life-saving technologies closer and closer to market.

September Partnering Opens Soon

12 Aug

By Karen Deyo, Director of Investor Research, Israel BD, LSN

Life Science Nation (LSN)’s mission is to connect products, services, and capital to advance deals that save lives. There are many opportunities to achieve this in the early-stage life science ecosystem, but few more powerful than well-matched partnering, which is why LSN’s match-based partnering platform can be a game-changer for fundraising entrepreneurs.

Learn more about virtual partnering at LSN events at one of our free fundraising bootcamps coming up on Wednesday, August 18 at 2 PM EDT. Register here for the complimentary webinar. These events give an overview of LSN’s partnering system, what sets it apart, and why a comprehensive strategy is essential to succeed in booking meetings with qualified investors.

Check out some of our resources below to help you succeed in your partnering, and sign up for our one-day prep course ahead of RESI Partnering Week, September 13-17 to get started!

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