Notes were provided by Linda Holroyd, CEO of FountainBlue. For more information, please visit: http://www.FountainBlue.biz
Advice About Partnerships in General
· Build partnerships with organizations who are in alignment with your own strategic goals, for the short term and for the long term.
· Focus on partnerships that would enhance the value for both organizations, either in alignment with current goals, or to help expand goals to additional products and markets for example.
· Minimize partnership risk through preparation, planning and strategic thinking.
· Consider creating a demand with multiple potential partners who might be good partners for different reasons, and be open to have non-exclusive partnerships.
· Find the win-win in all partnerships, and build a relationship of trust and respect.
· Leverage past partnerships to build new partnerships.
· Under-promise and over-deliver.
· Think outside of box to propose and develop win-for-all partnerships.
· Be clear on outcomes and milestones and other elements of the plan, but be adaptable/ flexible if your partnership plans need to change to better address customer and market needs.
· Consider working with the best partner, not necessarily the highest bidder.
· Be careful what you give away in early business development conversations.
· Be conservative about your IP protection needs. Make sure that you’re only protecting your key assets and that you will be able to afford the maintenance of that IP protection as your organization grows.
· Partnership management following the agreement is just as important as it is in the preparation and negotiation phases.
· Demonstrate your passion and zeal for your solution while negotiating partnerships.
· Find your worst critics and ask for their feedback of your product and your plan before you negotiate partnerships. This way, you will be better prepared to address criticisms raised by potential partners.
About International Partnerships
· International partnerships are increasingly more critical for life science executives as they are essential for the product research, development, approval and distribution phases of the business.
· With international partnerships, the factor of culture becomes more prevalent. Proactively understanding the culture, and viewing the conversation/interactions from their point of view will help build a long-term, collaborative relationship of trust.
· The international life science community is a small one. Make every partnership work, if at all possible. Act with integrity and transparency.
The Evolution of the Life Science Industry
· Life science businesses are interacting with each other in new ways that are more collaborative, more global and more proactively communicative than before.
· Business models for life science businesses are also evolving.
· The bar has risen for life science companies in particular. You need to have more ‘there, there’ before asking for funding, seeking partnerships. Find a way to move your company forward independently before approaching potential investors and partners.
· Growing a life science company is a daunting task at the best of times. And it’s even more difficult today, with the bar raised. However, it is doable, for companies with a great product for a growing market, with a team that can execute, with indications that it can do it again.
· Opportunities arise from adapting existing technologies to new life science purposes.
· The life science industry continues to be challenging as so many factors such as regulatory and reimbursement requirements, remain out of the control of the entrepreneurs and corporations.
· With the incoming administration, there may be positive changes that will make it easier for life science companies to grow and succeed.
Funding Resources for Life Science Execs:
· Consider applying for National Institutes of Health (NIH) grants for biodefense research http://www.genomenewsnetwork.org/articles/10_03/biodefense.shtml
· Consider securing earlier-stage funding so that you can produce a prototype and make a better case for partnerships and funding.
· Consider partnerships with universities.
