How can you use your network to find biotechnology funding?

Networking is necessary for any entrepreneur, but many approach it in the wrong way. A transactional or egocentric view of networking where you are trying to seek an immediate gain won’t benefit you in the long-term. It's usually a turnoff for anyone in the startup ecosystem. The best entrepreneurs approach networking with authenticity coupled with humility and a desire to be helpful. They don't just take; they give. The best collaborations, opportunities, and friendships stem from sincere connections that go beyond immediate gains. When done right, they genuinely fuel long-term success and personal growth.

It would be best to start with a pilot study and make an application based on preliminary results. 95% of good idea/applications fail for the want of good background data based on pilot study.

Start by asking yourself these questions: - What am I aiming to achieve? - Who can help me get there? - Where do these people spend their time? Write down the answers, don't just think about them. Once you have these in hand, create a list of target organizations or individuals. Do they attend conferences? Meetup events? Do they spend time on LinkedIn? Be where they are. Share with people what you are trying to achieve and what would be helpful to you to attain this goal. Ask the same of people you are speaking with, and help them if you can. Be open to making connections and helping people without expecting an immediate return. There are many follow up strategies and tactics that can also be employed, but this is a good start.

Effective outreach strategies somewhat depends on the funding goal. However, there are generalities that almost always apply. General prep steps to effective outreach are: - Create a target "persona" of who you need to connect with - Create a value driven message that you will send to your target. Think about what they have to gain by speaking with to you, what do you have to offer to them? Connections, knowledge, consultation, etc.. Everyone has something to offer! - Create follow-up messaging - Don't forget to follow up (this is where 80%+ of people stumble. It's simple but not easy) For more ideas on strategies and tactics, read about sales prospecting; the goal is different but it's still applicable.

Many of us have accumulated numerous LinkedIn connections over our careers. Some of these connections may stem from brief encounters at conferences or other events. After a long time, reaching out to these individuals can be challenging especially if we hope to receive a response. Here's my simple advice on reconnecting with your connections: -Keep it concise and to the point with evident reasons for reaching out. -Be genuine because people often can sense your true intentions. -Stay updated before reaching out to see if there's something relevant you can mention More importantly, if you receive an unexpected LinkedIn message from an old connection, make an effort to respond, even if it's just to politely decline or express disinterest.

Remember, a successful fundraising strategy isn't just about numbers – it's about meticulous planning, leveraging your network for your funding opportunities, introductions from portfolio CEOs and your existing VCs, and ecosystem founders, building real relationships with VCs, orchestrating VCs' back-channel interactions, crafting a compelling narrative, and igniting a sense of urgency that captures investors' attention. Often, there are many creative fundraising strategies that rely on foundations, non-duilituve grants, and other approaches that are difficult to find without recommendations from a wide and diverse network.

One thing I found most helpful on my entrepreneurial journey was building real bonds with fellow founders that were earlier, at the same stage, or further along than my startups. We would share best practices and insights to help each other. Most entrepreneurs are in the company-building mode for the right reasons. We all want to win and help each other because ultimately, together we can impact lives. I've always found other entrepreneurs willing to make time and build a culture where we always pass it forward.

One thing I've learned to appreciate is living in a give first way. Give First means giving anyone a chance through listening and finding a way to help them, without any expectation of getting anything back. This is what makes community special, we go the extra mile to see each other become successful. This builds a powerful community of caring people, all thriving because they actively look for ways to give support to each other.

Access to capital has become increasingly dependent on personal networks and social circles, which disproportionately favors those with pre-existing connections to venture capitalists or influential figures in the industry. This imbalance perpetuates a lack of diversity and stifles the emergence of disruptive solutions from underrepresented communities. Talented entrepreneurs from minority backgrounds, women, and individuals from non-traditional career paths often face barriers when attempting to secure funding. That being said, it makes it even more essential to find mentors and champions who invest in your personal growth. There are numerous accelerators and incubators that work to broaden access to resources and mentorship.