An incredibly succinct summary by one of my good mentors Janis Naeve, a Partner at Cota Capital, who has 20+ years of experience in biotech investing.

1. The team

It’s all about the team, i.e. the founders, the experience you have in the space, your unique and complementary skills, and the teams you’ve put together in the past…

“I don’t want a team who are going to tinker around… I want a bold, committed, and undaunted team… On my first investment, I lost money because I fell in love with the science and didn’t consider the team”.

2. The problem

If you guys are able to accomplish what you set out to do, how important and significant is that? Is the juice worth the squeeze?

3. The plan

Okay, you’re a strong team working on an important problem. Can you come up with an operational plan and budget that make sense? Can you translate your big vision into points along the way and be able to measure your progress or pivot if necessary?

To me guys, the point here is not just about convincing your investors. Being able to navigate fundraising shows a lot about you and the business, but the Odyssey starts after fundraising, i.e. when you have to hit all those milestones and demonstrate operational excellence.

The three points above are about setting high standards for your company and increasing your chances of success in the challenging journey of bringing life-saving medicines to patients.