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MOEBIO GRADUATION
Toby Reid, BioCity Group
● BioCity Nottingham
● MediCity Nottingham
● BioCity Glasgow
● MediCity Scotland
● Biohub
INCUBATOR – ACCELERATOR – INVEST...
Can you manufacture successful businesses?Challenge
Success / Failure
Statistic Brain –
Startup Business
Failure Rate
(2017)
Top 20
reasons
startups fail
(2016)
Success v Failure
Startup
Genom...
• Founders with general and domain-specific business
knowledge
• Develop the right mentoring relationships
• Willingness t...
Top 20 reasons startups fail (2016)
Success v Failure
Product Market Fit
Business Model
Management Team
Top 20 reasons startups fail (2016)
Success v Failure
Management Team Business Model
• Product Market Fit
1 2
Success v Failure
Success
depends on…
Management Team
/ Experience
1
UK University Spin Outs
• 72.5% first-time entrepreneurs
• 6% serial entrepreneurs; having previously
founded 3 or more US...
No Evidence
Nuanced
Inconclusive
Management Team
Value of
Experience
Problems
• Drawing on experience with only one reference point makes it difficult to extrapolate to other contexts
• Seria...
Ucbasaran et al. 2010; 2011
Toft-Kehler, 2010
The strongest predictor of future success resides in
ability of entrepreneur...
What does improve the
chances of success for the
Management Team?
• Balanced Founding Team
• Participate in an Accelerator...
Business Model
/ Product Market Fit
2
Business Model
Product
Market Fit
Design ExperimentInsight
Test
Hypothesis
WHO?
WHY?
HOW?
Business Model
Product Market Fit
Value Proposition: Relationships:
Key Resources:
Key Activities:Strategic...
Business Model
Business Model Innovation
Business Model
Business Model Innovation
What
does an
investor
want to
see?
Business Model
Securing Investment
Business Model
Securing Investment
Business Model
Securing Investment
Most
startups
jump from
Stage 0 to 2
and then
slide
backwards
….
Startup Growth Phases
• Balanced Founding Team
• Participate in an Accelerator
• Access to a relevant and connected network
• Experienced adviso...
Get a balanced team
Learn how to listen -
Really listen!
Get connected
Be scientific &
cynical
Be prepared to run
through ...
“Get connected and find true
validated product market fit
and everything else will get a
lot easier”
Toby Reid, Managing Director – BioCity Group: “How entrepreneurs can accelerate their projects: lessons learned, insights,...
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Toby Reid, Managing Director – BioCity Group: “How entrepreneurs can accelerate their projects: lessons learned, insights, tools, main mistakes.”

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Toby Reid, Managing Director at BioCity Scotland, was the keynote speaker of the Graduation Cerimony of d·HEALTH Barcelona 2017.

BioCity is UK's largest bioscience incubation centre. Over 200 companies are based in a BioCity Group business incubator, with a 91% survival rate of companies.

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Toby Reid, Managing Director – BioCity Group: “How entrepreneurs can accelerate their projects: lessons learned, insights, tools, main mistakes.”

  1. 1. MOEBIO GRADUATION Toby Reid, BioCity Group
  2. 2. ● BioCity Nottingham ● MediCity Nottingham ● BioCity Glasgow ● MediCity Scotland ● Biohub INCUBATOR – ACCELERATOR – INVESTOR 40,000m2 250 companies 1,000+ employees 90 companies through Accelerator Programme 91% survival rate at BCN 50+% occupied by companies supported since start BioCity Group
  3. 3. Can you manufacture successful businesses?Challenge
  4. 4. Success / Failure
  5. 5. Statistic Brain – Startup Business Failure Rate (2017) Top 20 reasons startups fail (2016) Success v Failure Startup Genome Report (2011)
  6. 6. • Founders with general and domain-specific business knowledge • Develop the right mentoring relationships • Willingness to observe, listen and learn • Balance of technical and business knowledge • Commitment to stay the course and stick with a chosen path • Willingness to adjust, but not constantly adjusting • Implementing “Lean Startup” principles • Raising just enough money in a funding round to hit the next set of key milestones • Lack of focus • Lack of motivation, commitment and passion • Too much pride and arrogance • Lacking good mentorship • Lack of general and domain-specific business knowledge • Raising too much too soon Success Failure
  7. 7. Top 20 reasons startups fail (2016) Success v Failure
  8. 8. Product Market Fit Business Model Management Team Top 20 reasons startups fail (2016) Success v Failure
  9. 9. Management Team Business Model • Product Market Fit 1 2 Success v Failure Success depends on…
  10. 10. Management Team / Experience 1
  11. 11. UK University Spin Outs • 72.5% first-time entrepreneurs • 6% serial entrepreneurs; having previously founded 3 or more USOs Enterprise Research Centre, 2015 Study Technology Transfer Offices: • Universities prefer experienced founders/executive leadership • However difficult to recruit talented/experienced entrepreneurs • Lack ability/bandwidth to assess market/investor readiness of technologies BioCity Group, 2017 interviews Management Team Value of Experience
  12. 12. No Evidence Nuanced Inconclusive Management Team Value of Experience
  13. 13. Problems • Drawing on experience with only one reference point makes it difficult to extrapolate to other contexts • Serial entrepreneurs can act based on “superstitious comfort” • Serial entrepreneurs are overly-optimistic which may be a barrier to learning • Entrepreneurs with multiple reference points may learn better – especially if they have experienced failure Ucbasaran et al. 2010; 2011 Toft-Kehler, 2010 Management Team Value of Experience
  14. 14. Ucbasaran et al. 2010; 2011 Toft-Kehler, 2010 The strongest predictor of future success resides in ability of entrepreneur to learn from experience – i.e. Derive insight from knowledge Management Team Value of Experience “ “ Industry experience helps build a network (customers, mentors) that increase likelihood of success “ “
  15. 15. What does improve the chances of success for the Management Team? • Balanced Founding Team • Participate in an Accelerator (Lean Start-up) • Access to a relevant and connected network • Build entrepreneurial EXPERTISE Based on interviews with BioCity companies 2017 Management Team
  16. 16. Business Model / Product Market Fit 2
  17. 17. Business Model Product Market Fit Design ExperimentInsight Test Hypothesis
  18. 18. WHO? WHY? HOW? Business Model Product Market Fit Value Proposition: Relationships: Key Resources: Key Activities:Strategic Partners: Channels: Revenue Streams:Costs: Customer Segments:
  19. 19. Business Model Business Model Innovation
  20. 20. Business Model Business Model Innovation
  21. 21. What does an investor want to see? Business Model Securing Investment
  22. 22. Business Model Securing Investment
  23. 23. Business Model Securing Investment
  24. 24. Most startups jump from Stage 0 to 2 and then slide backwards …. Startup Growth Phases
  25. 25. • Balanced Founding Team • Participate in an Accelerator • Access to a relevant and connected network • Experienced advisory board and/or connected Chairman • Maintain flexibility to pivot to larger market need • Recruit top talent • Engage early with potential acquirers • Conduct Customer Discovery • Test ideas and be prepared to pivot • Launch with a Beachhead customer – early revenue generation How do you improve chances of success? Based on interviews with BioCity companies 2017
  26. 26. Get a balanced team Learn how to listen - Really listen! Get connected Be scientific & cynical Be prepared to run through brick walls Get supported Overvalue experience DO’s: Believe your own hype Test ideas Launch early Get early revenues Be prepared to pivotTrust facts over opinions Confuse raising investment with success BUT DON’T: How do you improve chances of success?
  27. 27. “Get connected and find true validated product market fit and everything else will get a lot easier”

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