It’s difficult to imagine anyone launching a biotech company in anticipation of it stalling and becoming a turnaround three or five years later. Still, many companies find themselves just a few years after launch in a position where growth (if there was any) has stagnated and raising capital is increasingly difficult. In our experience there are three reasons why biotech turnarounds are so hard.
What are some practical methods that can accelerate your biotech start-up? Most of these tips center on conserving cash at the early stage (seed rounds) by avoiding unnecessary outlays. After all, if your business can’t survive the seed rounds, what is the point?
Marketing clutter accumulates the same as the detritus in a teenager’s room. Worn tactics are tossed about the floor, taking up valuable space. The laundry basket is overflowing with campaigns that have outlived their usefulness but nobody really wants to take the initiative to clean them up. Out dated materials for sales reps are littered about, like old homework assignments. It's time to declutter!
Can you remember how fun (and forbidden) it was to draw on the wall when you were a kid? Or how excited you were when the teacher allowed you to use the classroom board? I’m so happy I have started doing it again – several times a week! I cannot imagine a day in my office without using our dry erase boards for creative collaboration. Aside from computers, they are the most useful and productive tools we have.
Even though I am risking exposing myself as being completely clueless, I want to share my story with you because I know I am not the only one who has utterly failed while asking for a raise. I want you to be more successful in getting a raise than I was, and in order to do this we will take a look back at the mistakes I made- and yes, it is plural.
“The spectacles of experience; through them you will see clearly a second time.” Henrik IbsenWhy leave your next project to chance? A proper debriefing on the project you just finished can give you a tremendously powerful launch on your next project. This type of project evaluation will formalize learning your successes and mistakes- allowing you to build on the former while avoiding the latter.