14 January 2021
Read 7 minutes
In this ongoing series, we are sharing advice, tips and insights from real entrepreneurs who are doing business battles daily from there. (Answers are edited and thickened for clarity.)
Who are you and what is your occupation?
I had a 32-year career at JP Morgan and was the Vice Chairman of Private Bank. After I left, I invested in Bioincept based on my interest in developing therapeutic treatments to treat a growing number of people who suffer from autoimmune disease, including a very close friend with Lupus. also includes. I was asked to successfully introduce BioIncept’s pipeline and play the role of CEO with a mandate for commercial success. They are clearly closely linked results. My banking customers and now BioIncept investors respond well to working in a first class manner.
Bioincept focuses on developing drug therapy and diagnostic capabilities that will be transformational in their treatment areas. They can be considered disruptive, but I like to think of them as “competent” – enabling recovery from critical illness or the success rate of in vitro fertilization cycles and potentially improving women’s health issues.
Was there a special moment that launched this company?
Bioincept was founded around the discovery of a biomarker early in pregnancy – and the understanding that maternal immune acceptance is initiated rather than maternal. Today, we take advantage of synthetic versions of the molecular drivers of the protective effects of the immune system, which an embryo enjoys in clinical and preclinical developmental programs in maternal-fetal interaction, in patients with autoimmune and cell damage. Can benefit the population of. Related diseases.
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When COVID arrived, we saw that it was caused by the body’s powerful immune response to damage to tissues and organs. We felt that our approach provides the ability to reduce the symptoms of COVID-induced disease and promote tissue damage repair to the cardiovascular, neurological, and pulmonary systems typically experienced by the majority of survivors.
We decided to pursue a clinical study for the treatment of COVID “long hulls”, a term that refers to a large and growing population of survivors who have symptoms present. We expect that most patients treated with our therapy will have a faster and more robust recovery. It is a unique medicine. We are incredibly excited to pursue this clinical study as fast as possible.
From an entrepreneurial point of view, the decision to double the fight against COVID was one of the many possible options for allocating our resources, which is always a somewhat difficult obstacle. Fortunately, the work we are doing at COVID directly supports our broader platform and will also benefit patients from other disease areas that we are targeting.
What advice would you give to entrepreneurs looking for funding?
Look everywhere. Most importantly, work very hard in the initial company formation to find others who share your business vision or have a similar passion to make a difference and join them as much as possible. Investors identify with the theme and most often understand businesses or technology. A CEO has more funding than a fulltime job. So, while the introductions you get from supporters may not ultimately influence an investor’s decision to invest or not – always hoping that they will work diligently – it’s so valuable that you have the opportunity to voice With only one foot on the door, we get the story.
How do you advise entrepreneurs about the pitch process?
Find your initial pitches to at least the potential investor you can find, so you can send your message. They may come from general investor forums, family office groups, etc. – this is great practice and you may get feedback. Try to understand what the future investor is interested in so that you can tailor your pitch to their interest.
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As you advance to more winding prospective investors, do all your homework, not just a few. This includes their fund website, prior investment, industry experience, and a hypothesis on why your investment opportunity is particularly relevant to them. You might think this is obvious, but you will be surprised that investors sometimes encounter… so you need to stand out! If they show interest, try to understand why the next conversation might be more informed. Whenever it is difficult to read people’s personality on video conference days, “slots” are easy to obtain and engage. Overall, the goal should be to understand what you have done well and improve on what does not.
Identify potential investors along the alignment of your business or end product. If your product has the potential to expand into new markets, think about who can benefit and they will have a reason to invest. If your product or service is compatible with the other that may increase sales of both or cross-sell.
What has been your biggest challenge during the epidemic and how did you overcome it?
This became apparent to us in February as we were pursuing studies at two universities in Baltimore, Maryland that COVID would discontinue most drug development activity that was not relevant to COVID. It was a coincidence that our medicine had the ability to treat and repair the damage caused by the virus, but it proved to be necessary that we started our axis on the same day and we could rapidly stop our resources even before shut-down . As an entrepreneur, when you get a momentary gorge instinct that you should pivot, you usually should, because the fastest first stage has much less friction and more alternation.
Where do you see this company in a year? In five years?
A year from now, we will better understand the disease progression of COVID-19, and in five years, we expect patients to be in a position to benefit greatly from relapse and most importantly, challenging. Autoimmune recovery from diseases has enabled a change in IVF success as well. And we will be able to talk openly about some other exciting topics that we are currently working under the radar.
If successful, we should complete our clinical studies and move many of our treatments closer to patient use. We should have become a reliable partner of IVF centers to help our patients achieve success.
In many ways, as with technology developments in other fields, entering a clinical study will take years to shine before your eyes, because you feel like you have to choreograph where you think the results are. You may feel it, and also because you have to, be prepared to take a different trajectory according to your plan.
What does the word “entrepreneur” mean to you?
Entrepreneur means that you are in everyone. You have very little time for other things and you have to sweat the details. You have to plan for success but the most important thing is to be creative and flexible when things fail. As a small biotech, flexibility is the most important skill for survival, bouncing back and keeping things moving.
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Are there any specific quotes or sayings that you use as personal inspiration? Explain how it inspires you.
“When you come to the fork in the road, take it,” by Yogi Barra. The development of novel technologies does not always occur in a straight line. It is intellectually challenging; Staying sharp, facing the facts, and staying alive to face challenges is critical to success and success. Working hard to find the right path is very motivating.