Attributes of Successful Scientific Founders

UNC OTD April 29, 2010

Overview

• Passion for the science • Big idea vs clever idea – Outside funding $10 million up – Potential revenues $200 million up • Exceptional talented individuals – Many differences – Always interesting, usually fun

Tenured Professors / Entrepreneurs

Commonalities • Work system to their advantage – Lab, University, across organizations • Good results from people • Believe in mission • Effectively communicate, persuade – Always have an angle/plan

Big Idea Scientific Founder

Professional Characteristics • Tenured • Credibility – acknowledged leader • Academic pedigree – links to fame • Far reaching concept – ambition to see work commercialized – want to start a company

Personal Characteristics

• Creative • Objective? – Not Objective?

– “true believers” – Honest in looking at the data • Difficult?

• Vision – See global perspective – Instinct on commercialization • Willing to not make every decision – Recognize where others have better judgment/expertise

Company / Founder Relationship

“

Recognize that a shift from basic research to translation research to preclinical and clinical studies is less and less creative and free wheeling and more and more regimented and following prescribed steps.”

Ryszard Kole, Ph.D.

Professor, Lineberger Comprehensive Cancer Center, Founder of Ercole Biotech, Inc, Senior Vice President, AVI BioPharma

Ryszard Kole, Ph.D.

founder of Ercole Biotech, Inc • Recognize that the goal of the company is NOT to prove that the founder's idea is right but to make a product. ….requires input from people with diverse expertise, ….means that the founder will have less input & control …..that the ultimate outcome may be determined by factors (unmet medical need, IP, competition, market, funds etc) that have very little to do with founder's science. • This does not mean giving up on science, but it is crucial to recognize these factors to maximize chances for success.

Company / Founders lab Conflicts

• Conflicts of Interest?

• Believe lab/company success benefits both • Commitment of time

Money?

• Accumulate personal wealth?

– Not a primary motivating factor • Additional funding for lab?

– A result, not a reason • Once money in the company – Allocation is sensitive – Economic objectives priority

Risk

• Easier for Tenured • Comfortable with risk – Believe in technology – Typically other people’s $ is at risk

Co-founder perspective

• Is idea big enough & broad to make company?

• Is scientist credible?

– Track record, pedigree • Is scientist “presentable” – take to Lilly, Sand Hill Road, Palo Alto • Fit – Personal – Add by each party

In the Act

Once the company starts • Catch on very quickly – Start out green, soon • Really like it – Recognition • organization built around their ideas – Pace of activities • Impact – Competitiveness • Pitching their ideas