Presentation on theme: "“Funding Early Stage Biotechnology” Personal Reflections of a European Investor based in the UK and France EBAN – 9 th Annual Congress – Madrid Alan Barrell,"— Presentation transcript:
“Funding Early Stage Biotechnology” Personal Reflections of a European Investor based in the UK and France EBAN – 9 th Annual Congress – Madrid Alan Barrell, A Cambridge Angel and a Sophia Business Angel 27 th April 2009
“You look at things and ask - why? but I dream of things that never were and ask - George Bernard Shaw why not?” Funding Bioscience demands exceptional talents, imagination and resolute perseverance
Charles Darwin – “Natural Selection Adaptability and Survival” Darwin’s Bicentenary this year. A “Naturalist Entrepreneur”- Messages for Biotechnology Entrepreneurs….
Darwin’s Theories - Natural Selection, Adaptation, Symbiosis and Synergy What works for meat ants and leaf hoppers Can be true for Companies and Business Models – especially in Bioscience
How the Early Stage Investment Market sources and funds successful Biotechnology Companies NOT very effectively ! With great difficulty….. No great track record….. Leaving lots of room for improvement ! Three Cheers for President Sarkosy and French Wealth Tax changes…..a silver lining in the clouds!
IS Different…. And Biotech IS Different…. Speciality – Complexity – Diversity gestation Long gestation periods means…. patient Very patient capital time Long time to market R & D and Clinical Trials High costs of R & D and Clinical Trials RISK High RISK profile specialised skills High and specialised skills requirement
Advice and Personal Opinions Don’t be phased by the current Financial Crisis – it’s nothing new…. “It was the best of times – it was the worst of times” – Charles Dickens – A Tale of Two Cities Have you really got something special?..... Be organised and have a clear Business Model and Plan Learn from past mistakes and failures Think seriously about Strategic Partnerships with larger players – early if possible and safe
The Early Stage Business Balance – what do investors look for? In ANY innovative company ? – including Biotech – Entrepreneurs take note…. Biotech. Smart And they like to see experienced - Biotech. Smart Chairman and Directors - Mentors for Innovative Companies Inspired Leadership Enthusiasm Bullshit Courage OptimismVision Creativity Management Research & Analysis Caution Process Financial Control Market Knowledge
More Advice and Personal Opinions Understand the complete $$$$ requirement to exit….and the available $$$$ supply chain Work with early stage funders connected with the later stage funds Take Darwin’s work to heart – Strategic Partners on board early make a difference- Symbiosis is a Biotech Characteristic If at first you don’t succeed…..try, try, and try again…. Network, Network, Network, Network, Network – the network again !......
Thank you for your attention…. More on my website – –