Each year OTT helps launch high-quality start-up companies based on discoveries made by Emory faculty or staff. Over the past few months, OTT set out to interview a selection of the entrepreneurs and VCs we have worked with and pick their brains about what it takes to make a successful startup venture.
How did you go about building a team?
Michael Lee (Chairman & CEO of the Emory start-up Syntermed): Assuming you’ve made the correct/best hire, understanding every team members’ personal and professional goals and aspirations within the context of the company’s corporate goals with an executive commitment to make sure these are fulfilled. Hire slowly, fire quickly.
How did you know which technology is a good opportunity for starting a company?
Stephen Snowdy (CEO; Venture Advisory Board Member at Emory University): I look for technologies that have the potential to materially change clinical outcomes for patients or that will significantly reduce the cost of healthcare. Also important are the quality of the data, strong international patent positioning, attractiveness in the financial markets (fundability), the height of the regulatory hurdles, and the likely value proposition presented to the entity that will pay for the product (e.g., the patient, Medicare, private insurers, etc.).
Tom Callaway (Life Science Partner Founder, President): I think it’s necessary to ensure that there is a very large market with a major problem that the technology can solve or improve. The technology should be unique and protectable through trade secrets, IP, etc., so that others cannot easily imitate it. It’s also key to be sure that there are large buyers and exit opportunities and that the technology fits another company’s strategic plan.
What do you look for in a business plan?
Stephen Snowdy: I generally do not need to see a formal business plan; I prefer slide decks and in-person presentations over long business plans that will be out of date before they are finished. However, [the plan] must be carefully thought through, researched, and answered in a very crisp format.
Tom Callaway: I think that a good business plan comes down to three important factors:
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Strong management team and advisors
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Clearly explained product and benefits
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Deep understanding of market and competitors (peripheral vision)