WIB/J&J Innovation Lobster Pot Event Draws Large Crowd
The room was full on March 16, 2016, when WIB-Greater Boston held a repeat “Shark Tank”-style event to celebrate Women’s History month. The “Lobster Pot” featured two groups of influential women in the biotech space - investment firms and fundraising companies.
Marian Nakada, Vice President, Venture Investments, J&J Innovation moderated the event, during which fundraising companies representing four healthcare sectors - including medical devices, diagnostics, therapeutics and healthcare IT - presented investors with their pitches.
Investor Advisors Company presenters (in order)
Maria Berkman, Director, Broadview Ventures
Georgia Mitsi, CEO, Apptomics
Christine Brennan, Principal, Novartis Venture Fund
Laura Davis, Managing Director, Golden Seeds
Patricia Gray, Member, Mass Medical Angels
Barbara Sosnowski, VP External R&D Inflammation, Worldwide Research & Development
External Partnerships, Pfizer
Abigail Barnes, Co-Founder & CEO, Allergy Amulet
Joyce Lonergan, CEO & Co-Founder, Mellitus, LLC
Barbara Davis, Chief Executive Officer and President, Innogenics
Maria Vilenchik, Founder & CEO, Felicitex Therapeutics
Elizabeth Asai, CEO & Co-Founder, 3Derm Systems
Ailis Tweed-Kent, CEO & Founder, Cocoon Biotech
Tiffany Kelley, Founder & CEO, Nightingale Apps
The investors had great advice for each of the companies, which included some key takeaways:
Address your Audience
Keep your audience in mind and tailor your message appropriately. Take into account their background and expertise: Do they know your target market? In what areas will they require more explanation? Do they have a scientific background? Knowing your audience tells you what can be addressed briefly, and where to delve deeper.
Address the Patient Impact
Step back from your clinical evidence and give a broad overview of what this means for the patient. What are you trying to change? Think about compliance, symptom monitoring, reimbursement and your endpoint. How will patients use your technology and how will it change their everyday lives?
Explain how to get to the Provider(s)
It’s important for investors to know how the technology gets into an actionable set of hands. Look past the fundraising and commercialization process and answer how the technology will be ultimately distributed, analyzed and utilized. Include your Development Timeline
Summarize your entire development timeline in one easy slide. This includes the reimbursement pathway; the FDA regulatory process and approval; the clinical trials and commercialization strategy; and where you currently lie.
Keep your Slides Clear and Simple
Slides should be easy on the eyes. A common critique at the event was that slides had too many words, too few visuals, and repetition that could be consolidated. Can the audience see your point in just a few seconds?
Address your Competitors & Strategic Partners
You must name and address your competition up front. Demonstrate how your technology compares to anything else in development and on the market. At the other end of the commercialization spectrum, include potential strategic partners. This will demonstrate your knowledge of your market segment in its entirety.
Show your Management Team & Advisers
Be sure to acknowledge your team and the experience behind it. Who is supporting you and who are your advisers behind-the-scenes? Show off your team as thoroughly as you can.
Practice your Pitch
Deliver your overall vision at the start. Start with the problem; how it is treated today; shortcomings of the current therapy; and how you are solving it. If under a time constraint, practice your pace. Let your passion come through the presentation and show ownership in its delivery while being clear, direct, and polished.
Tell them what you need and where you’re going
Include how much you currently want to raise, what milestone it will get you to, and the future inflection points. If your technology is currently on the market, include its revenue generation. It was also advised to know your pre-money valuation, but not to include in your slides, as it would likely be as high as you will get and more difficult to negotiate down the road.
A full house of attendees (including a large number of walk-ins) enjoyed cocktails, hors d’oeuvres and networking prior to the start of the presentations. Thanks to all the investors and presenting companies, as well as to J&J Innovation/JLABS and Microsoft Technology Center!
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