Lessons for Launching Right From Vision to Venture
Some of the most valuable advice you’ll ever receive in your startup journey is a computer key click away. Available on Amazon in both paperback and Kindle versions, Philip Crowley’s new book, “AVOID STARTUP FAILURE!: Learn The Top Ten Causes Of Failure For Technology Startups And How To Turn Them To Your Advantage,” offers tips for life science and technology entrepreneurs on circumventing the common legal and strategic errors that prevent their innovations from reaching the marketplace and receiving the rewards in recognition and economic benefit that they deserve. Additionally, the book explains the types of documents used in a typical equity financing deal and those employed by venture capital firms and other investors. Told through the narrative of fictional innovator Sam Champion, “AVOID STARTUP FAILURE!” pinpoints and details the most significant oversights that prevent even the most ingenious technical concepts from taking off. Presented in a friendly and conversational style, it is a practical, easily understandable how-to guide for any new startup to follow. For example, Crowley offers a unique perspective on written business plans, stressing that the planning process — not the plan itself — matters most.
“Creating the plan requires the company management to think long and hard about goals, metrics, risks and benefits in a way that doesn’t happen without crystallizing the thinking into a written plan,” he writes. “Sophisticated investors will want to see that before they invest.” Additionally, he suggests that investors likely won’t view an initial business plan as a definitive document but rather as “a work in progress that can be, and should be, used and refined as the business grows and develops to guide strategic direction.” In another passage, Crowley reveals that many promising startups fail to reach their financing goals due to their lack of focus “on the one or two most promising near-term projects that can result in measurable success and potentially another funding point.” Just as successful real estate value is determined by location … location … location , Crowley declares in his book that fruitful startup entrepreneurship comes down to focus … focus … focus . To illustrate this point, he has seen promising startups falter in negotiations by not focusing on the key elements that would have made them most attractive to potential financial supporters.
“When I hear a presentation where an innovator or an academic researcher speaks about how his or her technology is broadly applicable to many industries — without specifying exactly how and why it would be used — I’m thinking to myself, ‘My money would be going to finance a science project.’ Other investors with whom I’ve discussed this point give me the same reaction. Needless to say, those proposals don’t often attract investment.” Look for more details about the book in upcoming editions of this newsletter. Go to bit.ly/4396BxS to order your copy today! Note: This book does not constitute legal advice but is a general discussion of issues Crowley has observed in his years in practice. Before addressing any particular legal issues, you should consult counsel to review your circumstances. Visit the Crowley Law LLC website at CrowleyLawLLC.com to access the firm’s library of free resources — including “From Lab to Patient, Garage to Market,” a regular video podcast featuring leaders in life sciences, technology, startups and related fields.
Calder Biosciences Inc. Stable Science Through Strategic Support
“Calder Biosciences is exploring a new era in vaccines by developing a 3D shape-stabilizing technology that locks vaccine immunogens in the same structure found on pathogens, enhancing immune protection. By preserving the correct shape for longer, our process improves antibody recognition and binding — boosting potency, efficacy and safety. “When we started working with Phil in 2017, we were still under a previous company, whose activities included work in industrial enzymes and protein chips. As we moved into vaccines, he believed it was best to start from the ground up with a new company. He created an asset transfer agreement, formed Calder and coordinated the operational paperwork needed to move us from an LLC to a C corporation.
Since then, we’ve received millions in grants and additional millions in venture financing. Moving forward, we’re working to secure strategic and investment partners to participate in a round of venture funding that will allow us to complete clinical manufacturing of our lead program, run a Ph1 study, and ultimately bring to the marketplace. “Phil devised a truly elegant legal framework to transfer the assets, and we’ve been very impressed by his services, background and expertise. We’ve previously worked with larger firms, but Crowley Law LLC’s capabilities and greater availability were a much better fit for our company.”
–Christopher P. Marshall, Ph.D.
2 — CROWLEYLAWLLC.COM
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