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The Perfect Elevator Pitch Technology Transfer Tactics June 15, 2010 1 Confidential – Please Do Not Distribute About Wildcat Venture Management 2 • Established in 2006 • Develops university bio-technologies into commercially viable life science startup ventures • Holds relationships with 20+ major academic institutions and affiliates • Dedicated team of business and technical experts with significant experience in the commercialization of pharmaceuticals and medical devices • Vision: Strategic partnership with leading academic centers to build a new model for academic drug discovery and development Confidential – Please Do Not Distribute What Is The Elevator Pitch? 3 • A clear, concise introduction about you and your technology • A teaser to generate interest in your technology • An opening to allow for the chance of a formal meeting to follow Confidential – Please Do Not Distribute What Is It Not? 4 • A detailed presentation of technical or business information • A formal “pitch” • An opportunity to convince your audience Confidential – Please Do Not Distribute The Perfect Elevator Pitch 5 • 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 • 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 • Is often just another part of the conversation you are having • Despite being short, should always pack in the most important elements of the technology Confidential – Please Do Not Distribute Required Elements 6 • Type of technology – “The technology we are working on is a small molecule…” • Indication/Field – “…for treating breast cancer…” • Stage of Technology – “…that is ready for IND enablement/Phase I clinical trials.” • 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” • 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.” Confidential – Please Do Not Distribute Additional Elements 7 • 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” • Inventor – “The technology was developed by Dr. Oldfield who is an established medicinal chemist who has several other commercialized inventions” • 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” Confidential – Please Do Not Distribute Information To Use Sparingly/Not At All 8 • Detailed Data – Unless asked specifically, try to avoid going into a lot of detail about the data. – Save that for the formal pitch • 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 • 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 Confidential – Please Do Not Distribute When To Give Elevator Pitches 9 • 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 • 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 • 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! Confidential – Please Do Not Distribute Who Should Give the Pitch • 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 10 Confidential – Please Do Not Distribute Securing the Follow-Up Meeting 11 • 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 • 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 Confidential – Please Do Not Distribute