The Challenge for Scientist-Entrepreneurs and Fundraising CEOs
The problem that LSN is solving with the Focus on Cures (FOC) Accelerator Entrepreneurial Education Curriculum is that these early life science startups who need early-stage funding (Seed, Series A & Series B), all of whom are making this major transition, commonly lack a comprehensive background in the business development, sales, and marketing fields which are essential to growing their company.
There is no standardized methodology for teaching a company how to brand and message itself. There is no reliable, accurate, and current database (besides LSN’s) to get a company a list of global partners that are a fit for their stage of development and product set. There is no tech hub that teaches how to get a list of global partners and then mange that list with a CRM like SalesForce.com, nor do they teach how to prioritize that list into A, B, and C targets to go after and manage. They also do not teach how to launch and stage a partnering campaign and how to make an introductory phone call or write an introductory email. Most importantly, no one teaches the holy grail of canvassing…how to follow up.
The problem is then compounded because early-stage companies also must be able to assemble a list of global capital investors and licensing partners that are a fit for their particular stage of development and product. Whilst many startups do manage to acquire a general investor list or spreadsheet of partners, those lists are never current and accurate, so they will waste valuable time learning the hard lesson of how to aggregate a clean list of partners that are appropriate to pursue. Then, once an early-stage company manages to procure a good list of potential partners, they have to put that list into a Customer Relationship Management (CRM) tool that allows them to properly manage and curate the list. These are all components of learning how to launch and execute a global partnering campaign which are commonly passed over in traditional education courses offered by various tech hub organizations.