Punch out that Great Idea

Congrats! You came with up with the Big Idea. Now you need a breakthrough. Unfortunately, (humorously) according to Joe Muldoon, CEO of FAST Biomedical, such far-reaching business development represents the land of misfit toys where ideas go to die.

Avoid the detour to the Land of Where Ideas Go to Die

Obviously, one wants to avoid this “land of misfits.” Four executives who have been there served up humor and strategic advice at the April 2018 Barnes & Thornburg Life Sciences seminar Getting Your Foot in the Door: Working With Big Players When You’re a Small Company.

According to the panel, here’s a typical scenario: You finally receive an email from Company String-You-Along after a prolonged back and forth process of emails, phone calls, and face-to-face meetings.  The email is short and generic.  Thank you, but you or your product is not a strategic fit for us. Lovely.  Conversely, this shows up: Keep us posted on your progress.  Translation: we want to keep you on the hook but have no definite plans to move forward. Thanks a lot.

What can you do to move through this frustrating and lackluster mumbo-jumbo?

On April 17, Barnes & Thornburg LLP hosted a panel discussion as part of their Life Sciences Lunch series on the topic.

Deborah Pollak-Milgate, Partner at Barnes & Thornburg LLP moderated an energetic discussion among the panel participants, which was comprised of Steve Carchedi, President and CEO of Apexian Pharmaceuticals; Michael Coleman, President and CEO of Theratome Bio; and Muldoon, CEO of FAST Biomedical.

These medical executives shared their combined 84-plus years of experience. Want to get upfront with the right decision-makers for your Big Idea or new product?

Overcoming Key Challenges: Avoid the Black Hole

Carchedi spoke of getting to the right person in a big company as his key challenge over the years.  To overcome that challenge, even though it may seem to be “Master of the Obvious,” take the time and effort to “network and connect with as many people in the organization as possible.”

Coleman chimed in: “small companies cannot cold call; they go into the black hole.  Be sure to gain commitment on mind share,” he said.

Muldoon went straight to the Gold Standard of having the right financial and human capital at the right time.  “Always raise money and recruit people, even if you don’t have a specific place for the money to go or a specific position open.”

Carchedi warned: “small companies can be a bit arrogant.  They say, ‘I’m sorry, I can’t share that with you without a confidential disclosure agreement.’  Be as open, honest and transparent as possible.”

Here’s a key point: When responding to a question about the practicality of when to contact people Muldoon joked, “I find it helpful to call people at home every weekend.”  Shifting to a more

serious note, Muldoon recommended, “when you have something relevant to share, that’s the time to make contact.  If you have to choose between relevance and frequency, always choose relevance.”

Punching out that Great Idea

Here’s some key take-aways and wisdom:

• Be willing to say this is not a fit and walk away
• Big companies have big processes; as a small company you cannot afford to get sucked in
• Meet people in person whenever you can
• There’s a black hole in universities just like the black hole within big companies
• As a small company, differentiate on unmet needs
• People start to respond when they think they are going to lose something (like a potential advantage)

What solutions have advanced your progress as a small company when working with the big players?