I sat in on the Lifesciences session, where Josh Tolkoff of Ironwood Equity explored big picture problems that our Founders were facing. Should they sell to big pharma or CROs, when the products they were creating may put CRO reputations on the line ? How to price products ? Should they be sold per seat, or on a success basis ? Was that trackable ? Was one company creating a software product, or was it really a service. The latter had implications for raising money, because no one would back a services company without traction. The conclusion there: get some customers and show you can get the traction. One biotech that has angel backing to test compounds was asked whether this proposition was too risky. Were grants a better path to go down and how so ? A very interesting garage startup in the robotics world came up with an action plan to figure out what it should end up selling – a low-cost but extremely versatile new controller that would go into a large installed base, or a new product that would compete against that installed base.
Information and learnings from other rooms to follow.
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