ABSTRACT
Innovation is a translation of a new method, idea, or product into reality and profit. It is a process of connected steps that accumulates into a brand reputation required for success. Unlike Fortune 500 companies, whose projects are self-funded, a start-up must simultaneously have a value proposition that attracts a customer (for revenue), investors (for capital), and acquirers (for a liquidity event or IPO). A high percentage of start-ups fail before attaining positive cashflow, due to a variety of reasons that are detailed in this book.
Avoiding the pitfalls and wrong turns are the goals of this book. Innovation, Commercialization, and Start-Ups in Life Sciences details the methodologies necessary to create a successful life science start-up from initiation to exit.
Written by an expert who has worked with more nearly 500 life science start-ups, this book discusses specific processes and investor milestones that must be navigated to align customer, funder, and acquirer needs. Successful commercialization requires attention to multiple constituents, such as investors, regulators, and customers. Investors require liquidity for their return, which is achieved through selling their stock in a public or private sale. The reader will gain an appreciation for the necessary data, partnerships, and skills needed to create a competitive and sustainable company. The author discusses such specific issues as customer problems, demonstrating sales access, and ensuring intellectual property is impervious to competitive advancement. This book is intended to be suitable for entrepreneurs, venture capitalists, and investors in both business and academic settings. These organizations have specific departments, such as R&D, operations, business development, legal, regulatory, and marketing, that would also benefit from this book.
FEATURES
- Focuses specifically on life science start-ups
- Examines how to determine a company valuation and future "fundable milestones"
- Explores how to align regulatory and clinical strategies
- Discusses intellectual property derived from a university or individual through formation to exit.
- Reviews how start‐ups must simultaneously meet the needs of multiple constituencies at once: investors, regulators, customers and exit candidates
James F. Jordan is an author, consultant, and speaker. He is a Distinguished Service Professor of Healthcare & Biotechnology Management, a former Fortune 100 executive, and a managing director of a venture fund.
Access the Support Material: https://healthcaredata.center/
Cover design by Sarah Mailhott.
TABLE OF CONTENTS
part Section I|27 pages
Innovation Is a Process of Connected Steps
chapter 1|6 pages
Investment Uses a Translation Process to Deliver Innovation
chapter 2|2 pages
Investment Is Critical to a Nation's Prosperity
chapter 3|6 pages
The Journey of Innovation Begins with Investment
chapter 4|5 pages
The United States Helps Small Companies Conduct R&D
part Section II|46 pages
Investment Must Be Connected to Exit
chapter 6|16 pages
Angels and Venture Capitalists Invest in Commercialization
chapter 7|6 pages
Create Liquidity for Your Investors
chapter 8|12 pages
A Liquidity Event Is Not Consummated without Due Diligence
chapter 9|10 pages
Due Diligence Reputation Is a Critical Business Process
part Section III|78 pages
Align with the Industry Norms
chapter 10|5 pages
Find the Industry Norms
chapter 11|9 pages
Solve an Important Customer Problem
chapter 12|6 pages
Demonstrate the Ability to Access the Sales Channel
chapter 13|26 pages
Gather Domain-Experienced Personnel to Reduce Risk
chapter 14|11 pages
Determine the Acquirer's Strategic Future and Purchase Triggers
chapter 15|9 pages
Align an Investor's Fundable Milestones and an Acquirer's Exit Points
chapter 16|6 pages
Create an IP Pyramid for Impervious Positioning
part Section IV|31 pages
A Start-Up Must Tell a Compelling Story