Transcript Wildcat-MD Anderson Pharmaceutical

The Perfect Elevator Pitch
Technology Transfer Tactics
June 15, 2010
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Confidential – Please Do Not Distribute
About Wildcat Venture Management
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Established in 2006
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Develops university bio-technologies into commercially viable life
science startup ventures
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Holds relationships with 20+ major academic institutions and affiliates
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Dedicated team of business and technical experts with significant
experience in the commercialization of pharmaceuticals and medical
devices
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Vision: Strategic partnership with leading academic centers to build a
new model for academic drug discovery and development
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What Is The Elevator Pitch?
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A clear, concise introduction about you and your technology
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A teaser to generate interest in your technology
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An opening to allow for the chance of a formal meeting to follow
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What Is It Not?
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A detailed presentation of technical or business information
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A formal “pitch”
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An opportunity to convince your audience
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The Perfect Elevator Pitch
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Is always evolving. It will change:
– As your technology does
– As your knowledge in the technology does
– Based on your audience/setting
– Based on your immediate goals
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Is an extension of your “stump” speech
– The best way to build an elevator pitch is to develop your formal pitch
– It should be a highly simplified version of the longer version you discuss
every day
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Is often just another part of the conversation you are having
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Despite being short, should always pack in the most important
elements of the technology
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Required Elements
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Type of technology
– “The technology we are working on is a small molecule…”
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Indication/Field
– “…for treating breast cancer…”
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Stage of Technology
– “…that is ready for IND enablement/Phase I clinical trials.”
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Mechanism of Action /Class of Technology
– “This drug is a next generation bisphosphonate…like Zometa that is
both an osteoporosis drug and being used for treating cancer”
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Commercial Appeal
– “This is a really hot area of research and Big Pharma is actively looking
to acquire new bisphosphonates that could be cancer agents.”
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Additional Elements
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Brief Summary of Data
– “ We have validated the compound in multiple in vitro and in vivo animal
models and shown 100X greater potency than Zometa”
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Inventor
– “The technology was developed by Dr. Oldfield who is an established
medicinal chemist who has several other commercialized inventions”
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Patent Status
– “We have new composition of matter claims, international coverage and
based on previous search reports/office actions we expect an allowable
letter this year”
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Information To Use Sparingly/Not At All
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Detailed Data
– Unless asked specifically, try to avoid going into a lot of detail about the
data.
– Save that for the formal pitch
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Detailed Work Required/Action Items
– Sometimes it can be helpful if a TTO knows exactly what is needed for
commercialization, but this may also complicate the pitch
– Use sparingly or save for the formal pitch
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Mentioning Competition for Licensing
– My personal opinion: Unless the technology is exceptional or very
unique, I am less interested in learning about deals that I know I will
have to compete for – there is just too much good technology out there I
can invest in
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When To Give Elevator Pitches
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Early
– Many times when I am getting to know a technology I will pitch it to
others to get feedback/reaction and to test my own understanding
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Often
– When I am actively working on a technology or a deal I will pitch it
informally 10-15 times a week (not including scheduled meetings)
– This helps to refine the presentation and your comfort with it
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Everywhere
– My favorite place to pitch is on planes but I have pitched in elevators
before
– Hone your pitch so that even the technologically unsavvy sitting next to
you can understand/get excited about it
– You may also get lucky and find yourself sitting next to a VC or Pharma
Exec!
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Who Should Give the Pitch
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Depends on the venue
– Everyone on your team (inventor, TTO case manager, etc) should be
prepared and able to give the pitch
– When participating in formal elevator pitch sessions, chose the person
most comfortable with the pitch not the technology!
– Spending extra time to get your inventors comfortable with the elevator
pitch will pay dividends down the road: if they can explain things simply
in the elevator pitch, they will be a lot easier to work with during
commercialization
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Securing the Follow-Up Meeting
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Ask clearly but don’t be pushy
– The goal isn’t to convince someone to invest after the elevator pitch, the
goal is just to get a formal meeting
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Ask for advice
– Even if we aren’t initially interested in the technology, we may be willing
to look at it further and give some feedback.
– This gives you the benefit of their advice and another opportunity to
show off the merits of the technology…occasionally this can lead to
investment down the road
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