6. Next stop....
Lessons learned...
1. Start your career in a big company if possible
2. Growing companies are more fun
3. ... There is more to be explored...time to check out
7. Two types of team leadership
Culture lessons from a Swedish/ British company...
Anglo-Saxon: -The Guided Missile Model
◦ Clear roles, clear expectations, fast, small steps
Scandinavian: -The Incubator Model
◦ Synergistic, slow, big steps forward
8. From big to small... CEO and GM, from specialist to generalist and back
Lessons learned...
• Few processes.... And no rules
• A small company is a bit of DIY
• Risks are higher in a small/young
company and there is no safety net
• ... Don’t try to do it yourself but
understand the details
• Don’t lose focus of leading the
company
• Leadership is not management!
9. Leadership
1, Where are we going?
2, How do we get there?
3, How can I get the
organization to follow?
Management
The tools to get leadership to
work in practice
-Control
-Organization, roles
-Planning
-Risk mgmt
... different but both are needed in strong winds
12. Our Consultants are located around the World
We work where you do
Lund
Copenhagen
Basel
Madrid
San Diego
Boulder
Boston
Trondheim
Düsseldorf
Shanghai
19
San Francisco
London
13. 13
About Ventac Partners
What we do
• Portfolio Building – We practice what we offer to others
Leadership over two decades in spin-outs built on innovative technologies
• Consulting – We are covering all company functions 360°
R&D - Phase I to III – Licensing – Partnering – BD - Commercialisation - Exit/IPO
• Management – We are running your company
You focus on science, we focus on business
• Fundraising – We get your funds for the next phase
We know all relevant VC firms, the people and how to approach them
14. Next stop... From small to nothing!
Starting new companies is a fun but scary business!
15. Entrepreneurship is not a linear process
• Discussions in 2007, Lund
• Founded in 2008
• Lived on air and passion to 2014
• Funded 2014
• IPO 2015, AktieTorget
• Market cap 145 M SEK
• Discussions in 2007, Amsterdam
• Founded and funded in 2009
• Well funded on VC from start
• Struggling with next funding round
16. Tolerogenic vaccine – A completely new treatment method
With the potential of fundamentally changing how we look at
the treatment of:
- Autoimmune disease
- Transplant rejection
- Anti-drug antibodies
Idogen – Cell therapy of the future
17. • A mix of employed staff and consultants, 10-12 individuals
involved on a regular basis, mostly part-time.
• Managment team based in three countries
• Lab shared with university researchers associated with the
company
• Benefits of this structure are flexibility in cost and access to
highly skilled staff
Idogen, partly a virtual company
18. Lars Hedbys, CEO
PhD, 25 years experience in senior and executive
positions in life science industry, co-founder of Idogen
Anette Sundstedt, CSO
PhD in immunology, over 15 years of research and
project management in life science industry
Ingvar Karlsson, CFO
MBA with over 20 years experience in senior and
executive positions, both private and listed companies
Dennis Henriksen, CTO
PhD, 20 years experience in senior and executive
positions in life science with focus on GMP
manufacturing of biologics
Neil Thomas, CBO, Head of IPR strategy
PhD, 19 years experience in IPR and venture capital
backed life science
18
Idogen’s management team
19. • Project management
• Communications
• Research connected to the fundamental understanding of our
technology
• Business development
• Management of outsourced activities
• IPR
• GMP manufacturing
• Regulatory
• Development e.g. clinical and preclinical
• Financial, legal
• Investor relations
Key functions on “the inside”
20. Lessons learned from working with academia
• Can be cost effective and valuable if well managed
• Cultural differences:
• Academic scientists aim for generating new knowledge, scope creep can be acceptable in academia and sometimes
better than sticking to the plan
• Defining and sticking to a good plan is not the default setting
• On-time delivery is often not critical in academia
• Don’t mix academic credibility with ability to deliver
• Understand that the driving force of the scientist can be different to yours
• IPR needs to be managed carefully before you start
...a slide from a presentation on outsourcing, Stockholm Dec 2016
21. Some lessons learned from
starting new companies
• This i DIY!
• ...get a way from it as fast as you can and
build a first class team
• Risks are enormous but you have little to
lose!
• It takes more time than you think to build a
company!
22. Work load over phases of change to achieve success
0
5
10
15
20
25
Analysis Problem solving Implementation
Work load
23. ...Meet the investors
Lessons learned from speaking to investors
• “We invest in people and some technology!”
• “When can I get my money back and with
what return?”
• “What makes you think you will reach your
goal?”
• One out of 10 make it all the way!
• Make certain you have a business plan with
the correct numbers.
• ... A lot of tap dancing is needed
• Do you believe in your case? –make is show!
• They are not your friend – they are your first
customer!
24. Closing remarks
• It needs to be fun!
• Starting a new company takes
more time than you think
• Get the best people on board
• If you don’t accept risk, don’t
start a new company
• “The first step in making your
dream come true is to wake up!”
