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How can you build strong relationships with investors and partners in biotech?

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Biotechnology is a highly competitive and complex field that requires constant innovation, collaboration, and funding. Whether you are a startup founder, a researcher, or a business development professional, you need to build strong relationships with investors and partners in biotech to succeed. In this article, you will learn some practical tips on how to do that effectively.

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1 Know your value proposition

Before you approach any potential investor or partner, you need to have a clear and compelling value proposition for your biotech venture. What problem are you solving, how are you solving it, and why are you different from others? How do you measure your impact, and what are your milestones and goals? Your value proposition should be concise, specific, and evidence-based. It should also align with the interests and needs of your target audience.

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2 Do your homework

Investors and partners in biotech are busy and selective. They receive many pitches and proposals every day, and they only invest or partner with those who meet their criteria and expectations. Therefore, you need to do your homework before you reach out to them. Research their background, portfolio, focus areas, and preferences. Find out what they are looking for, what they have done before, and what they are currently working on. Tailor your pitch or proposal to their profile and show them how you can add value to their objectives.

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Sanjeev Thohan

Nonclinical SME (LO to EOP1) - Creatively Prosecuting Science. Funder/Board Member/Entrepreneur/Mentor/Corporate Strategy and Escape Velocity Calculations Scilosopher at large - Pick a topic Opinions are mine alone.
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Oftentimes we find ourselves telling the story we want to tell and not the story the investors want to hear. Clarity of message, assurance of data and interpretive results devoid of blue sky enthusiasm. We all do it. We just need to be aware.

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3 Build trust and rapport

Investors and partners in biotech are not just looking for technical excellence or financial returns. They are also looking for people they can trust and work with. Building trust and rapport is essential for establishing and maintaining long-term relationships in biotech. You can do this by being transparent, honest, and respectful. Communicate clearly and regularly, share your progress and challenges, and acknowledge your feedback and support. Show genuine interest and curiosity in their work and perspectives, and learn from their insights and experiences.

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Sanjeev Thohan

Nonclinical SME (LO to EOP1) - Creatively Prosecuting Science. Funder/Board Member/Entrepreneur/Mentor/Corporate Strategy and Escape Velocity Calculations Scilosopher at large - Pick a topic Opinions are mine alone.
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Effective messaging and solid data build trust better than anything else. Follow this up with a Solid organization of great teammates who are SME’s (or hire them as consultants) to validate your approaches and science.

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Ilya Captain, PhD

Passionate about data science in pharma and biotech. Facilitating connection
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Trust is a fundamental currency of business relationships. Biotech operates in an environment of high technical and business complexity, where prospective investors and partners don't have enough domain knowledge and time to fully evaluate your company and team. The best way to build trust is to give time and effort. Understand your partner/inverstor's goals and motivations, research their team and company, ask questions and listen. Finally, connect their goals and motivations to your business and team. Share relevant experiences that align you further. Make it easy for them. People work with you when they feel that you understand them, not the other way around.

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4 Leverage your network

One of the most effective ways to build relationships with investors and partners in biotech is to leverage your existing network. Your network can provide you with referrals, introductions, endorsements, and recommendations that can open doors and opportunities for you. Your network can also help you validate your value proposition, improve your pitch or proposal, and prepare for meetings and negotiations. Your network can include your mentors, advisors, colleagues, peers, alumni, customers, suppliers, and industry associations.

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5 Deliver on your promises

Finally, the best way to build strong relationships with investors and partners in biotech is to deliver on your promises. Nothing can ruin a relationship faster than failing to meet your commitments or expectations. Therefore, you need to be realistic, reliable, and consistent in your actions and results. Set clear and achievable goals and timelines, and communicate any changes or issues as soon as possible. Demonstrate your progress and impact, and celebrate your achievements and milestones. Show gratitude and appreciation for their trust and partnership.

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6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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David H. Crean

“Venturing Forward, Innovating for Impact” | Venture Capital, Strategic M&A Advisory, Investment Banking | Board of Directors | Healthcare, Life Sciences, and Longevity
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Others key elements to consider include: 1. Clear communication and regularly updating stakeholders on progress, setbacks, and future plans. Transparency builds trust and shows accountability. 2. Importantly, understanding their needs, not just yours! Know what your investors and partners are looking for, whether it's financial return, scientific advancement, or strategic partnerships. 3. Providing value beyond the Investment. Be of value. Offer insights, connections, or other resources that can benefit your investors and partners beyond the direct outcomes of the biotech project. Once again, it’s not just about you. 4. Being a thought leader can make you a more valuable partner.

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How can you build strong relationships with investors and partners in biotech?

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3

4

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1 Know your value proposition

2 Do your homework

3 Build trust and rapport

4 Leverage your network

5 Deliver on your promises

6 Here’s what else to consider

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