VENTURE BUILDING: THE CREATION OF A SUCCESSFUL TEAM
VENTURE BUILDING:THE CREATION OF A SUCCESSFUL TEAMEINAT ZISMAN PHD MBA
ISRAEL IS A WORLD LEADER IN HEALTHCARE INNOVATIONCulture of Innovationand Entrepreneurship 6 Nobel Chemistry Prizelaureates this decade Leader in number ofpatents and R&Dspending per capita 1,300 Life Sciencecompanies 100 new Life Sciencecompanies formedannually 23B in Exits over 20 years Drugs based on IPoriginated in Israelgenerated 41b in 2014Leading Academicand Research FacilitiesDrugs Originating FromIsrael2
VENTURE BUILDING Role of Inventors Will they take an active position in the NewCo? Role of University/Tech Transfer Office Passive (licensing) vs. Active (creation and management) Role of Public Funders (governments, IIA, EU, NIH) Passive vs. Active (intervening in plans) Role of Private Funders (VCs, Incubators) Importance of TEAM in their investment decisions3
VENTURE BUILDING – CRITICAL COMPONENTS Technology, Milestones, Road-map Who holds the responsibility to design the work plan and thekey (killing) experiments? Who holds the responsibility for technology transfer Team What is the inventor’s responsibility? Who selects the CEO? What is the preferred CEO’s profile (hint: it changes withproject stage)4
PROJECTS’ FLOW University Scientist (Research; 2-10 yr) Goal: curiosity driven research, publications Tech Transfer Office (Licensing; 1-3 yr) Goal: find a company to develop a lead drug Startup (Initial POC; 2-4 yr) Goal: find a larger company to bring the lead drug to clinicaltrials Biotech company (Initial Clinical studies; 3-6 yr) Goal: find a pharma company that will bring drug to market Pharmaceutical company (Regulatory approval; 5-10 yr) Goal: bring the drug to the market5
GAPS BETWEEN ACADEMIA AND INDUSTRY Limited understanding of MOA, target and disease-related biomarkers Lead selection is often required (MedChem, Ab humanization etc.) Critical pre-clinical data are often lacking due to limited resources Initial Indication selection is key Need for proper clinical design Clinical data is often lacking Limited CMC capabilities Regulatory challenges Conceptual misalignment of objectives between academy and industryKey reasons: Lack of resourcesLack of expertise in drug developmentprocess6
CONTRASTING CULTURESUNIVERSITYCORPORATE Not for profit For Profit Social Responsibility Shareholder Responsibility Basic Research Application Research Create New Knowledge Develop New Products Open-Ended, Curiosity-Driven Research Specific Objectives/ Product Focus Publication & Collaboration Sharing of Materials Ownership and Secrecy Control of Materials
THE ISRAEL INNOVATION AUTHORITY FUNDING PROGRAMSPrograms Translational support (formerly Kamin and Nofar) Incubators New emerging companies New emerging companies led by women entrepreneursRules and regulations Limited funding to the academic inventors' lab – mainly for tech transfer Independent scientific team in the start-up, demand for separate facility and activities Limitation on salaries of CEO and other employees8
THE ISRAEL INNOVATION AUTHORITY INCUBATORPROGRAMEstablished in 1991 to support the creation of high-tech & life sciences companies 20 OCS supported incubators 1,850 companies created, 63% were able to raise further money 750M provided by the OCS Incubator companies raised 4B in private financing X5 Privately held “for profit” incubators provide portfolio companies with capital, working environment,administrative and business servicesFutuRx is the only BIOTECH incubator in Israel Increased term: 3 years vs. 2 years Increased seed budget: 2.1M per company vs. 0.6M Dedicated expertise and infrastructure: management team, labs, SAB9
TAKES FROM MY TEAM BUILDING EXPERIENCE AT FUTURX Limit academic inventor’s role to: hands-on support during technology transfer Consulting re work-plans and review of results Performance of unique experiments where the lab has advantage/leverage preferably in a blinded mode Build an initial team with a CTO that has industry experience in the translational stage Bring a CEO at the post-seed stage initially as a mentor and chairperson (part-time), responsible for: Mentoring, directing, preparing the company for the next round Leading the round Stepping in as CEO post roundCreate an open dialog infrastructure, with a list of approachable mentors for each stage/issue(technical, BD )Identify talents among CTOs and grow them to become CEOs10
VENTURE BUILDING Role of Inventors Will they take an active position in the NewCo? Role of University/Tech Transfer Office Passive (licensing) vs. Active (creation and management) Role of Public Funders (governments, IIA, EU, NIH) Passive vs. Active (intervening in plans) Role of Private Funders (VCs, Incubators) Importan
May 02, 2018 · D. Program Evaluation ͟The organization has provided a description of the framework for how each program will be evaluated. The framework should include all the elements below: ͟The evaluation methods are cost-effective for the organization ͟Quantitative and qualitative data is being collected (at Basics tier, data collection must have begun)
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Introduction to Venture Building Types of Venture Building Models 3. In-house Venture Building: Empowering Innovation In this third model the corporation owns the venture builder, which becomes a vehicle for investing in new businesses. Interestingly the venture builder is also the contex
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