Role  of  the  Founder  Founders  and  Founding  Team  Dynamics  

January  21,  2014  

#TCNvA    Slides  available  at  bit.ly/tcnlifesci2014  

What  does  the  Founding  Team  Need?  It’s  preKy  straighLorward…  

#TCNvA    Slides  available  at  bit.ly/tcnlifesci2014  

Role  of  the  Founder  

• Team  building  

• Find  &  Refine  Product-­‐Market  Fit  – Technical  development  

– Business  development  

• Fundraising  • Evangelizing  

What  should  a  Founder  spend  his/her  Xme  on?  

Founding  Team  Alignment  

•  Founder  alignment  is  crucial  to  success  of  the  venture.  

•  Make  sure  everyone  is  open  and  honest  about  their  goals  

•  Do  you  want  to  be  

There’s  nothing  more  important  

Or  

Founding  Team  ComposiXon  

•  Have  hammer  –  need  nail  –  Typical  of  classical  biotech  innovaXon  –  Strong  technical  skills  /  scienXfic  excellent  –  LiKle  of  no  commercializaXon  experXse  

•  Have  nail  –  need  hammer  –  Typical  of  late  phase  development  and  asset-­‐centric  plays  –  Strong  business  background  /  connecXons  in  the  ecosystem  

–  SomeXmes  also  strongly  personally  moXvated    

What  IteraXons  of  Founding  Teams  Exist  and  can  they  succeed?  

Be  Ready  For  the  Pivot  

•  Corollary  1:  – You  don’t  know  what  the  ideal  product  market  fit  is,  but  you  DEFINITELY  feel  it  when  you  hit  it.  

•  Corollary  2:  – It  comes  in  all  shapes  and  sizes  so  BE  OPEN  MINDED  

Pursue  Product-­‐Market  Fit  Rigorously  and  ConXnuously  

Meta-­‐QuesXons  

•  The  only  constant  is  change  •  Under  the  best  circumstances  it  comes  when  things  are  great!  

•  Pressures  of  scale,  financing,  market  are  real  

• What  does  the  founder(s)  role  evolve  to?  

• When  is  it  Xme  to  change?  

When  things  are  going  well…  

Building  the  Team  

•  Founders  should  think  criXcally  about  their  value  to  the  organizaXon    (Self  Awareness)  –  IdenXfy  gaps  in  skills  and  experXse  needed  for  the  organizaXon  to  succeed  •  Business  development,  scienXfic,  fundraising,  scaling,  etc    

–  IdenXfy  others  to  fill  these  gaps  •  full  Xme,  part-­‐Xme,    consultants  

•  A  complimentary  well  rounded  team  appeals  to  investors  

#TCNvA      Slides  available  at  bit.ly/tcnlifesci2014  

Advisory  Board  to  Compliment  Founders  

•  Founders  should  idenXfy  advisors  with  deep  domain  experXse  to  compliment  them  – ScienXfic,  Business,  Market,  Company  Growth,  etc  – Customized  based  upon  needs/focus  of  company  – Advisors  should  compliment  each  other  

•  Choose  advisors  carefully  •  These  individuals  can  maKer  to  potenXal  investors  

#TCNvA      Slides  available  at  bit.ly/tcnlifesci2014  

Segng  the  Culture  and  IdenXfying  Talent  

•  Founders  should  set  the  organizaXonal  culture  –  Company’s  beliefs  and  values    –  Leadership  style  – Management  expectaXons  – Which  soA  skills  are  important?  

•  When  hiring  individuals,  ensure  a  cultural  match    – Alignment  can  help  the  team  prevail  during  tough  Xmes  

– Misalignment  can  be  a  large  distracXon    

•  Hire  Slow;  Fire  Fast    

#TCNvA      Slides  available  at  bit.ly/tcnlifesci2014  

Culture  fit    

#TCNvA      Slides  available  at  bit.ly/tcnlifesci2014  

vs  

EvaluaXng  entrepreneurial  suitability    

Is  your  potenXal  employee:  •  A  go  geKer    •  Comfortable  with  risk/uncertainly  •  ProacXve  and  results  oriented  •  EnthusiasXc  and  filled  with  energy  •  Team  player  •  Able  to  take  construcXve  criXcism  •  Shows  conXnuous  improvement  

•  High  growth  potenXal  

#TCNvA      Slides  available  at  bit.ly/tcnlifesci2014  

EvaluaXng  entrepreneurial  suitability    

#TCNvA      Slides  available  at  bit.ly/tcnlifesci2014  

vs  

What  really  moXvates  the  employee?      

What  you  (and  investors)  want  is  a  winning  team  

#TCNvA      Slides  available  at  bit.ly/tcnlifesci2014  

Exper(se  Technical,  business  

Vision  Alignment,  focus  

Drive  Work  ethic,  perseverance,  

commitment      Personality    

Self  awareness,  interpersonal  skills,  flexibility      

Founding  Team  CharacterisXcs    

#TCNvA      Slides  available  at  bit.ly/tcnlifesci2014