A few questions from the audience
What’s the first advice you’d give to a new biotech startup?
Rodrigo’s answer is planning. “Planning, planning, planning. It’s important to have a plan as general guidance, even if you can’t always stick to it. Also, build your team out as soon as you get the opportunity. In the beginning, you can rely on external expertise and consultants, but at some point, those roles have to be filled by your own team.
What’s the best approach for a biotech company to raise venture capital?
“Go as far as you can before trying to raise capital. We already had a platform and a compound. This proof of concept helped us attract a certain type of investor,” says Thomas. Dominik adds, “prepare well before you reach out to a potential investor. We receive so many business plans for medtech, diagnostics, AI and all sorts of things, even though we strictly fund drug development. It’s apparent that those people haven’t done any research on us, and that paints a bad picture.
What’s the current investment climate in general, and how does it affect biotech?
All speakers agree that funds are currently cautious about new investments. They do larger allocations to companies already in their portfolio. But nonetheless, COVID has pushed a lot of money into the industry. Biotech is important, and if you have a good project, you’ll still be able to find funding.