Published by Big4Bio
Big4Bio: In your experience, what are the hallmarks of successful life science start-ups? What do they do right?
John Hallinan: Certainly novel science is important, along with the ability to craft a narrative to build the team and attract investors. Capital efficiency is also key. Scientific founders who can build lean teams and then strategically partner with external experts will find themselves in a better position to build value in their programs in a capital-efficient manner. The life science community is rich with talent and know-how gleaned from both successes and failures. It’s important to tap into this community and align with professionals who’ve been there before and can fill the gaps in teams or processes. Having led and mentored in various entrepreneurial programs for more than a decade, I’ve observed how this helps start-ups sharpen their focus and become more agile.
Big4Bio: How is company formation evolving?
John Hallinan: Over the past decade we’ve seen decreasing emphasis on costly bricks and mortar and FIPCOs and increasing acceptance of virtual models, where non-core work is outsourced to strategic partners. The new model allows early-stage companies to focus on core R&D activities, access expertise when needed, and promotes greater ROI.
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