Strategic guidance for technical founders in biotech
Hey {{first_name|default:there}}, it’s Vadim 👋
First, a few exciting updates:
We're 4 issues in! We just wrapped our first month together, with nearly 200 readers strong. I couldn't be more grateful to be writing to all of you every week - thank you!
DealForma data 🤓: I recently connected with the DealForma team, and they graciously offered preliminary access to their market data. Since our community is still small, I want to hear from you: what would be most valuable? Reply and let me know what you'd like to see:
Pre-seed/seed round benchmarks and valuation data?
M&A deal structures by therapeutic area and stage?
Partnership terms (upfront payments, milestones, royalties) by asset maturity?
Geographic funding trends (US vs EU vs Asia)?
Something else entirely?
JPM: I'm considering attending the JPM conference in SF this January. Will you be there? If so, hit reply and let me know - I'd love to connect in person!
THE PATTERN
Every week I'm fortunate to meet brilliant founders and review at least several pitch decks. And there's one pattern I see over and over again that I think holds back promising raises before they even get started.
I see presentations where the science is brilliant, the unmet need is clear, and the team has impressive credentials.
But when you get to the "business model" slide, there's often a vague description of "multiple commercialization pathways" or "strategic optionality."
Here is the issue I see from both sides of the table:
On one hand, founders worry about narrowing their options too early.
On the other, I see investors struggle to underwrite deals when they can’t see a clear path to commercialization.
Which, I realize, is made all the more frustrating by many investors saying they want to see "multiple shots on goal."
So today, I want to show you how to build the missing bridge between your breakthrough science and a fundable business - without pigeonholing yourself or scaring away your dream investors.
Here’s what we’ll cover in today’s issue:
Why brilliant science without a commercial roadmap greatly reduces your odds of success in fundraising
The four questions every investor needs answered (that most founders skip)
Sector-specific frameworks: How therapeutics, devices, and platforms make money differently
Your commercial roadmap visual guide
Are you as excited as I am?
Let’s dive in!