Entrepreneurship is not a linear processLARS HEDBYS, FEB 14, 2017

...or lessons learned

on the way

-A bit of my history with

the direction towards

starting and running

companies

The person who wakes up

first, makes the decisions

-Italian proverb

First lesson...

...Time to meet the world !

Next stop....

Lessons learned...

1. Start your career in a big company if possible

2. Growing companies are more fun

3. ... There is more to be explored...time to check out

Two types of team leadership

Culture lessons from a Swedish/ British company...

Anglo-Saxon: -The Guided Missile Model◦ Clear roles, clear expectations, fast, small steps

Scandinavian: -The Incubator Model◦ Synergistic, slow, big steps forward

From big to small... CEO and GM, from specialist to generalist and back

Lessons learned...

• Few processes.... And no rules

• A small company is a bit of DIY

• Risks are higher in a small/young

company and there is no safety net

• ... Don’t try to do it yourself but

understand the details

• Don’t lose focus of leading the

company

• Leadership is not management!

Leadership1, Where are we going?

2, How do we get there?

3, How can I get the

organization to follow?

ManagementThe tools to get leadership to

work in practice

-Control

-Organization, roles

-Planning

-Risk mgmt

... different but both are needed in strong winds

External/Internal change

External change will ‘stick’ to the extent

That internal change takes place

Internal change

Time

Change

Next stop...

International network of life science

executives

1. Start new companies

2. Consulting to industry and

universities

Our Consultants are located around the WorldWe work where you do

Lund

Copenhagen

BaselMadrid

San Diego

BoulderBoston

Trondheim

Düsseldorf

Shanghai

19

San Francisco

London

13

About Ventac PartnersWhat we do

• Portfolio Building – We practice what we offer to others

Leadership over two decades in spin-outs built on innovative technologies

• Consulting – We are covering all company functions 360°

R&D - Phase I to III – Licensing – Partnering – BD - Commercialisation - Exit/IPO

• Management – We are running your company

You focus on science, we focus on business

• Fundraising – We get your funds for the next phase

We know all relevant VC firms, the people and how to approach them

Next stop... From small to nothing!

Starting new companies is a fun but scary business!

Entrepreneurship is not a linear process

• Discussions in 2007, Lund

• Founded in 2008

• Lived on air and passion to 2014

• Funded 2014

• IPO 2015, AktieTorget

• Market cap 145 M SEK

• Discussions in 2007, Amsterdam

• Founded and funded in 2009

• Well funded on VC from start

• Struggling with next funding round

Tolerogenic vaccine – A completely new treatment method

With the potential of fundamentally changing how we look at

the treatment of:

- Autoimmune disease

- Transplant rejection

- Anti-drug antibodies

Idogen – Cell therapy of the future

• A mix of employed staff and consultants, 10-12 individuals

involved on a regular basis, mostly part-time.

• Managment team based in three countries

• Lab shared with university researchers associated with the

company

• Benefits of this structure are flexibility in cost and access to

highly skilled staff

Idogen, partly a virtual company

Lars Hedbys, CEOPhD, 25 years experience in senior and executive positions in life science industry, co-founder of Idogen

Anette Sundstedt, CSO PhD in immunology, over 15 years of research and project management in life science industry

Ingvar Karlsson, CFO MBA with over 20 years experience in senior and executive positions, both private and listed companies

Dennis Henriksen, CTOPhD, 20 years experience in senior and executive positions in life science with focus on GMP manufacturing of biologics

Neil Thomas, CBO, Head of IPR strategyPhD, 19 years experience in IPR and venture capital backed life science

18

Idogen’s management team

• Project management

• Communications

• Research connected to the fundamental understanding of our

technology

• Business development

• Management of outsourced activities

• IPR

• GMP manufacturing

• Regulatory

• Development e.g. clinical and preclinical

• Financial, legal

• Investor relations

Key functions on “the inside”

Lessons learned from working with academia

• Can be cost effective and valuable if well managed

• Cultural differences:

• Academic scientists aim for generating new knowledge, scope creep can be acceptable in academia and sometimes

better than sticking to the plan

• Defining and sticking to a good plan is not the default setting

• On-time delivery is often not critical in academia

• Don’t mix academic credibility with ability to deliver

• Understand that the driving force of the scientist can be different to yours

• IPR needs to be managed carefully before you start

...a slide from a presentation on outsourcing, Stockholm Dec 2016

Some lessons learned from

starting new companies

• This i DIY!

• ...get a way from it as fast as you can and

build a first class team

• Risks are enormous but you have little to

lose!

• It takes more time than you think to build a

company!

Work load over phases of change to achieve success

0

5

10

15

20

25

Analysis Problem solving Implementation

Work load

...Meet the investors

Lessons learned from speaking to investors

• “We invest in people and some technology!”

• “When can I get my money back and with

what return?”

• “What makes you think you will reach your

goal?”

• One out of 10 make it all the way!

• Make certain you have a business plan with

the correct numbers.

• ... A lot of tap dancing is needed

• Do you believe in your case? –make is show!

• They are not your friend – they are your first

customer!

Closing remarks

• It needs to be fun!

• Starting a new company takes

more time than you think

• Get the best people on board

• If you don’t accept risk, don’t

start a new company

• “The first step in making your

dream come true is to wake up!”

Thanks for listening

...and give me a call if I can support in any way

www.ventac-partners.com