Cagri Savran, Founder - Biotech Angel Bootcamp I

Join Sal's Syndicate: https://www.angelinvestboston.com/our-syndicates Sponsored by Purdue University entrepreneurship and Peter Fasse, patent attorney at Fish & Richardson Hesitant about investing in biotech startups? Founder Çağrı Savran and I discuss the unique opportunities and requirements of angel-scale life science startups. This is the first in a series of biotech angel bootcamps. Highlights: Podcast Sponsored by Purdue University Entrepreneurship and Peter Fasse, Patent Attorney Sal Daher Introduces Founder, Çağrı Savran, PhD Purdue University Now Evaluates Professors of Engineering on Translation of their Technology to Industry as Well as on Publications and Citations Episode Created for Angel Investors Who Are Hesitant About Biotech Savran's First Round of Funding Was Very Easy, the Subsequent Three Rounds Took Great Effort Several Walnut Members Had Invested in SQZ, Which Also Had a Fast Angel Round "...they saw parallels between SQZ and Savran." " If somebody is taking too much time to think, they're probably not interested and that's okay. You don't need the whole world..." "...it's similar to marriage... Sometimes it clicks, sometimes it doesn't click." There Are Many People Looking for Attractive Investment Alternatives – It's About Finding Those People Sal Asks About an Alternative Way to Fund Biotech Startups that Could Be More Efficient in the Long Run Angels Should Consider Staging their Investment in Biotech Startups Over Four Years with Annual Drawdown Based on Milestones Staged Funding Would Provide a Stable Financing Path So Founders Can Focus on the Business Angel Investors Have Contributed Much More than Money to Savran Tech; Advice, Introductions and Encouragement Çağrı Savran Wants Angels to Appreciate All the Trial & Error Involved in Building Life Science Companies When Things Work Out, Life Science Companies Can Build a Lot of Value Due to Strong Barriers to New Competitors Software Startups Face Stiff Competition Due to Low Barriers to Entry for Competitors "...you need to worry about minimizing user-to-user variation, especially if you're making an instrument. It's not like a computer code where if you hit a couple of keystrokes, it doesn't matter who it is that's hitting the keystroke." Biotech Startups Have Different Metrics for Progress from Software Startups Biotech Startups Tend to Collaborate with Big Players; Software Startups Usually Compete Strong Patents Are Needed to Make Biotech Startup Valuable to Strategic Players "If the startup is making progress, it will have built a prototype." Maturation of the Technology Is an Important Measure of Progress, It's What Will Get the Company Acquired Founder-Led Companies Are Special Startups Can't Afford Experienced People in Management but They Can Get Them on the Board "...the lesson here for angels is, don't expect a professional CEO in a life science startup." We Are Living in a Time of Miracles; Biotech Miracles There Are Promising Biotech Startups that Can Flourish with Just $5 Million in Funding – Angel-Scale Biotech Startups Topics: biotech, management, angel investing strategies