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 - 1859 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 – www.alanbarrell.com E-mail – firstname.lastname@example.org