Biobootcamp: Staffing a Startup March 31, 2009 Dr' Michael Artinger Director, FBBp 7208594107 martin - PowerPoint PPT Presentation

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Biobootcamp: Staffing a Startup March 31, 2009 Dr' Michael Artinger Director, FBBp 7208594107 martin

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Title: Biobootcamp: Staffing a Startup March 31, 2009 Dr' Michael Artinger Director, FBBp 7208594107 martin


1
Biobootcamp Staffing a Start-up March 31,
2009 Dr. Michael Artinger Director,
FBBp 720-859-4107 martinger_at_fitzbiobusiness.com L
ori-Anne Meyers Managing Partner, CoreLogic,
Inc. 303-468-0600 LA_at_CoreLogicInc.com
2
Agenda
  • Michael
  • Background
  • Understanding the differences between the
    bioscience sectors
  • Defining stages of bioscience company evolution
    and specific functional needs at each point
  • Lori-Anne
  • Background
  • Why do entrepreneurs fail?
  • Defining CEO responsibilities
  • Staffing requirements at each stage of company
    maturation
  • Recruiting strategies

3
Michaels Background
  • PhD in Biology
  • Postdoctoral fellow, Harvard Medical School/Mass
    General Hospital
  • Visiting Scientist in Medicine, Harvard Medical
    School/Brigham and Womens Hospital
  • Drug target discovery at Genome Therapeutics (now
    Oscient)
  • Pharmaceutical market and technology assessment
    at Decision Resources
  • Business development at Boston Consulting Group
    spin-off ActiveCyte
  • Life science practice at eRoom/Documentum (now
    EMC)
  • Senior management at cardiovascular drug
    development start-up Keystone Biomedical
  • President/CEO Nanodisc, a platform discovery and
    delivery technology focusing on protein-based
    therapeutics and vaccines
  • Currently, Director of FBBp supporting the growth
    of early stage life science businesses at the
    Fitzsimons Life Science District

4
What is FBBp?
  • Advisory component of the Fitzsimons
    Redevelopment Authority (FRA)
  • Screen and support without charge
  • Current and prospective tenants
  • New companies and technologies from CU TTO,
    other universities (Colorado and beyond),
    non-academic sources
  • Through
  • Understanding the opportunity
  • Identifying issues
  • Providing guidance via Staff, advisors, network
  • Goal Create a vibrant ecosystem for Bioscience
    Companies

5
Defining Bioscience
  • Therapeutic/Vaccine
  • Diagnostic
  • Medical Device
  • IT (bioinformatics, analytics, etc.)
  • Tools/Consumables
  • Other

6
Stages of Company Evolution
  • Pre-company formation
  • Start-up
  • Development
  • Commercial

7
Pre-Company Formation
  • Technology developed by inventor
  • Typically through university affiliation
  • Initially supported by TTO
  • Crucial decision point Does the technology
    warrant company formation?
  • If yes, who will start and run the company?

8
Inventor Assessment
  • Inventors level of entrepreneurism
  • None Find a talented entrepreneur and let them
    run with it
  • Moderate Find a talented entrepreneur and work
    with them
  • High Go it alone
  • Who will do the research and where?
  • Continues in inventors academic lab
  • Secure lab space for the company
  • Outsource

9
Start-Up Stage
  • Identify business driver (CEO) with experience
  • Starting companies
  • Developing strategy
  • Obtaining value-enhancing results quickly and
    cost-effectively
  • Interpreting data
  • Translating science into easily understandable
    business opportunity
  • Raising early-stage funding
  • Equity - Angel and seed
  • Partnering - Collaborations, proof-of-concept
  • Grants - Federal and state
  • Hiring and managing capable teams

10
Development Stage
  • Nearing the clinic through mid-stage clinical
    development
  • Regulatory expertise becomes crucial
  • Significant funding needed to support development
  • What is the exit strategy?
  • MA
  • IPO - Will the company sell the product itself or
    through a partner?
  • Transition to management team with relevant
    experience?

11
Commercial Stage
  • Is there commercialization in the companys
    future?
  • Late stage-clinical development
  • Manufacturing
  • Market approval
  • Build sales and marketing force
  • National vs. international
  • In-house vs. outsource

12
Lori-Annes Background
  • CSU graduate with dual degree in Business
    Management/Marketing and Accounting
  • 17 years in the talent industry outplacement,
    recruiting Corp HR
  • VP HR fast growing multi-national firm
  • Director of Recruitment for Emerson Process
    Management
  • Expert consultant to fortune 100 companies such
    as Ernst Young, IBM, Emerson, Dean
    Food/Horizon and Sun Microsystems
  • Serial Entrepreneur
  • Hart Staffing, Inc. (2000- 2004) Sold in 2004
  • CoreLogic, Inc. (2004-Present) Expanded
    internationally
  • NPPL, LLC (2005-Present) Expanded internationally
  • MREI, LLC (2007-Present) Expanding domestically

13
What is CoreLogic?
  • We are a boutique executive search firm that
    specializes exclusively in the Life Science
    industry
  • Services
  • Executive Search Retained, Contingent Contract
  • Interim Management Contractor / Consultants
  • HR Consulting
  • Specialized Sectors
  • Industry Start Ups to Large Companies
  • Government and Universities
  • Support Industries within the Life Science
    industry
  • Global Reach
  • UK London
  • Ireland Dublin
  • USA Denver, Colorado

14
Why Do Most Entrepreneurs Fail?
  • The recipe for success
  • Technology
  • Money
  • People
  • Talent evaluation art or science?
  • Common leadership mistakes
  • Passing the ball
  • Setting expectations
  • Skills and competencies
  • Leadership selection aim high
  • Hire slow...fire fast!

15
CEO Duties Skills
  • General CEO Duties
  • Setting Strategy and Vision
  • Building Culture
  • Hiring and Leading the Senior Team
  • Capital Raising and Allocating
  • Different skills at different stages
  • Pre-Company (SF) Start-Up (BD) Development
    (CEO) Commercial (CEO)
  • Inventor and Visionary Capital Raising Hiring
    Leading Team Delegation
  • Initial Corporate Structure Influencing
    Selling Delegation Leading Senior Team
  • Write and Vet Business Plan Business
    Development Management Pre-IPO/IPO
  • Providing initial capitalization Finance
    Relationships Creating Strategy Implementing
    Strategy
  • Organization (1) Organization (2) Organization
    (4) Organization (200)

16
Pre-company Stage Leadership
  • Organization Scientific Founder (SF)
  • Perception vs. Reality…King vs. Rich (Founders
    Dilemma)
  • Startling statistics for the Scientific Founder
    looking for
  • 50 of SFs do not hold the CEO title by year
    three
  • 5 is the average ownership percentage of a SF by
    the Commercialization Stage.
  • 3 is the average number of CEOs hires by the
    commercialization stage

SF

Pre-Company Stage

17
Start Up Leadership
  • Organization Scientific Founder Business
    Driver (BD)
  • Where to find the BD (Power Hiring)
  • How to qualify the right BD (Behavioral
    Interview Competencies)
  • What is the SFs title now??
  • Capitalizing is the Goal VCs invest in
    People!!

BD
CSO
SF
Start-Up
Pre-Company Stage

18
Development Stage Leadership
  • Organization CCO, CSO, Clinical, Regulatory,
    Business Dev.
  • What are the SFs and BDs titles now?
  • Outsourcing Options

CEO
BD
VP BD
BOD?
CSO
SF
Start-Up
Pre-Company Stage
Development
19
Commercial Stage Leadership
  • Organization Executive Team Sales/Marketing
    Group
  • Implement Strategy
  • Making

CEO
CEO
COO
BD/CEO
VP BD
VP BD?
????
BOD?
CSO
SF/CEO
Commercial
Start-Up
Pre-Company Stage
Development
20
C-Level Compensation
  • Start-up
  • Base Salary (0-150K) -- Skin in the game??
  • Bonuses (incentive based ranging 10-20)
  • Equity (1-5)
  • Development Stage
  • Base Salary (100K-200K)
  • Bonuses (10-20)
  • Equity (1-5)
  • Commercial Stage
  • Base Salary (150K-350K)
  • Bonuses (10-20)
  • Stock/Equity (10K to 50K shares/1-5)

21
Successful Recruiting Strategies
  • Recruiting is a sales and marketing function
  • Marketing campaign
  • Selling the company
  • Negotiation the offer
  • Every search is different (Power Hiring)
  • Advertise
  • Networking (70 rule)
  • Specific interviewing and competency tools
  • Proactively recruit all the time!!
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