In the competitive and ever-evolving biotech industry, early-stage start-ups often face significant challenges. This case study delves into how a discovery-stage biotech company in Switzerland partnered with BioTalent to overcome funding hurdles and secure a key board advisor, driving their strategic vision forward.
Key Stats
Process Duration: 12 weeks from start to finish, accounting for holidays, conferences, and business trips.
Stages of Hire: 5 stages, including interviews, pitch review, on-site visit, and contract negotiations.
The Context
Our client, a biotech start-up with a team of eight employees, is based in Switzerland. They focus on groundbreaking research in inflammation and immuno-oncology. As a discovery-stage company, they were at a critical juncture, needing seed funding to advance their programs towards an Investigational New Drug (IND) submission.
The Challenge
Despite their promising research, the start-up struggled to secure initial seed funding due to the economic crisis in Europe. This delay in funding put their projects at risk. Realising they needed strategic guidance; the company sought a board advisor who could provide direction and introduce them to various venture capital (VC) and private equity (PE) firms. However, their inability to offer immediate financial compensation made attracting top talent difficult.
The Solution
BioTalent's engagement began in January 2023, leveraging an established relationship with the start-up's Chief Scientific Officer (CSO) and Co-founder. We initiated a comprehensive discussion to understand the company’s financial needs, desired sources of financing, and the ideal profile for a board advisor.
Tailored Strategy Development
Market Research and Feedback: Engaging with several industry professionals and acting board advisors, we gathered valuable insights into current market conditions and advisor expectations.
Realistic Approach: Based on this feedback, we developed a strategy to make the advisor role more appealing despite the lack of immediate monetary compensation. This involved highlighting the potential for long-term benefits and the impact the advisor could have on innovative biotech research.
The Results
After defining the company’s needs and refining the advisor profile, BioTalent utilised its extensive network to identify three potential candidates with experience in seed funding and drug development in inflammation or immuno-oncology. The ideal candidate was selected after a thorough vetting process, including:
Interviews: Two rounds of interviews with the CSO/Co-founder and both co-founders
Pitch Deck Review: A call to discuss the company’s pitch deck and confidential information.
On-Site Visit: An in-person meeting with the team.
Contract Review and Acceptance: Finalizing the terms and securing acceptance of the board advisor role in May 2023.
"I am very happy with the candidate that Yasin suggested and all his help. All has gone very well so far and we are much more confident of securing our seed funding round" - CSO/Co-Founder
By partnering with BioTalent, the biotech start-up successfully navigated a challenging economic landscape, securing a strategic board advisor to guide them towards their funding and development goals. This collaboration underscores the importance of tailored strategies and leveraging industry networks to overcome obstacles in the biotech sector.
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