Jeff Behrens, PhD - Why You're Wrong About Biotech Funding

<p><strong><span style="color: #e67e23; font-size: 14pt;">Join Sal Daher's Investment Syndicate:</span> <span style= "font-size: 14pt;"><a href= "https://www.angelinvestboston.com/our-syndicates">Click to Join</a></span></strong></p> <p>Jeff Behren's doctoral dissertation suggests that life science startups are not funded the way we all think. Listen to our discussion of his work and learn why he believes we have to revise what is taught to founders about raising money.</p> <p>Highlights:</p> <ul> <li>Sal Daher Welcomes Jeff Behrens Back on the Podcast to Discuss His Findings on Biotech Funding</li> <li>“We published papers. We had a world class SAB, and ultimately, we sold these drugs. So, during that, you'd think, "Well, we should be able to raise venture capital." We never could.”</li> <li>The Conventional Wisdom about How Life Science Startups Are Funded</li> <li>Casma Therapeutics as an Example of a Startup Born Inside a Venture Firm</li> <li>“There was no Lisa and Joe… There [was] no outside founders. This was born inside the venture firm.”</li> <li>Jeff’s Research Result: Only 8% of All Startups Follow Path of Angel Funding Then VC Funding</li> <li>Jeff’s Research Result: For Biotech Startups, 4.5% of those that Started with Angel Money Got VC Funding</li> <li>“So, it's almost like these are two distinct entrepreneurial streams that don't intermingle very much.”</li> <li>Angel Investors Should Not Expect Future Rounds to Come from VCs – Should Think About How to Fund Future Rounds in the Absence of VC Money</li> <li>"Well, we want to have fewer new companies and more companies that we invest longer and heavier and over time."</li> <li>Jeff’s Research Result: In a Decade VC-Started Biotechs Went from Taking 20% of Funded Deals to Taking 80%</li> <li>The Big Biotech VCs Don’t Take Pitches from Outside Companies Anymore</li> <li>Only 3% Funding Goes to the Scrappy Biotechs Who Were Not VC-Founded or Did Not Have Famous Founders</li> <li>Scrappy Biotech Startups Need to Draw a Credible Path that Does Not Inclu