Ideal Bioentrepreneur

The ideal bioentrepreneur

I have put together the six dominant features that I consider necessary for all successful bioentrepreneurs as a final checklist against which to measure yourself.

1. You are a charismatic individual who articulate plans well.

Without charisma, it is unlikely that the entrepreneur can attract attention and financing. Articulating the plan of the company is key, and eventually the individual may have to stand. Too much charisma can be a dangerous thing!

2. You are a skillful manager.

We all know of the brilliant entrepreneur/ investor who builds a mediocre team because no–one will challenge him or her or, conversely, a brilliant team of unmanageable people. Obviously, "people interactive" skills rank high. We have turned down investing in many companies because the ego of the founder was overwhelming.

3. You possess technical knowledge of the area.

This is one of my favorite parameters. Whereas it is relatively easy to change management in the company, it is not generally easy to change the technology base. Thus, these days the best managers generally have a good technical background and a grasp of the company's technology. Having said that, there have been some very clever changes in strategy, generally involving older companies that have discovered that their share price increases if they include "genomics" in the title or description, or if they drop "antisense" or "monoclonal" from their major thrust.

4. You are energetic to the point of being "driven."

I think we all admire the "can do" person who works 100 hours per week, jogs five miles at lunch, and whose energy and enthusiasm are pervasive. These are clearly desirable traits in entrepreneurs and managers. Sometimes, such individuals are put under incredible pressure by investors or, at least, imagine such pressure. And under the guise of such pressures we have seen peculiar things happen, including "adjustment of scientific data" and the selling of product to empty warehouses. More than one entrepreneur/manager has ended up at a minimum security facility for trying too hard.

5. You possess the ability to lead.

It is very difficult to define leadership skills, and we all know of different styles. Perhaps one definition of entrepreneur, that of impresario, is appropriate in this sense. There are, of course, many styles, ranging from autocratic to consensual to passive. In personal interviews it is not easy to pick up leadership qualities.They were often impressive during interviews, mainly because they told me what I wanted to hear, but they were lousy at operations.

6. You have an appropriate track record.

Previous success does not automatically lead to future success, but at least it is a useful parameter—particularly if one has worked with the individual before. One thing to note is that a good track record in one sector does not necessarily translate into success in another. One of the biggest factors concerning track record is that the successful individual rarely has difficulty attracting capital.



So if you have what it takes, by all means, live your dream.