Gm in the PM. TBH, YC [BIO] Demo Day was kinda disappointing.
[Welcome to Issue Number 28 of The House Brazeryen, where we break down the latest #startup, #biotech, and #ScientistCEO-related news for you fortnightly, in roughly 5 minutes. Brought to you by Brazen Bio, Brazen Capital, and brainsurgerydropout.]
Was this forwarded to you? Mash this subscribe button, homie.
CONFESSIONS OF A SCIENTIST-CEO: Entrepreneurs are Made (Not Born)
by Shawn Carbonell, MD, PhD â I remember my very first sale. I hand-drew a catalog of super-fantastical goods that I wish existed. I sold several to a friend for a dollar each. Obviously, I never delivered because the items didnât exist (and we were 8), but thankfully we are still friends to this day.
The point is, even if you have entrepreneurial DNA, you donât come out of the womb as Gary Vee (even Gary Vee wasnât Gary Vee until his early 30s). Like anything worthwhile, it takes years and years of hands-on practice and failure to build up the knowledge and skills to succeed.
Gary Vee (Gary Vaynerchuk) started by going to neighbors houses, ripping out the flowers from their flower beds, and then knocking on their door and trying to sell their own flowers back to them (even more brazen than 8-year-old me LOLZ)!
He graduated to selling sports cards in middle school, then garage sale eBay flipping, and thenâin his 20sâhe scaled his fathers liquor store from a $4M brick and mortar business into a $70M online wine business using this new thing called âthe internetâ. He subsequently wrote a NY Times bestseller and now he is an inspiration for millions (including myself) and the CEO of a 9-figure revenue media empire, VaynerX.
I say all this because one of the most common questions I get from grad students and postdocs is âhow did you figure out all the business stuff?â My usual answer is: âCompared to making novel lab discoveries, all the âbusiness shitâ is easy.â Also, I tell them about a great website with all these amazing resources called âGoogle.comâ.
Sarcasm aside, I want to convey that I didnât have the vaguest clue as to how I was going to build a biotech startup when I started (NO ONE DOES). All I knew was that I was absolutely determined to get my discovery to patients and save lives. Like the journey to my scientific breakthrough⌠I started from nothing and just figured shit out along the way by doing experiments, surrounding myself with helpful people, and LEARNING BY DOING THE WORK.
BRAZEN BREAKDOWN
Where do you start? Determination, patience, and humility are a good place. From there, dig into the myriad online resources, attend IRL and online biotech/startup meetups, enroll in one of the many university incubators (like Nucleate), and cold DM/email people.
Iâm a product of a Nucleate-like incubator at UCSF and it really laid a solid foundation for my first startup, OncoSynergy (I posted about it on LinkedIn recently). And even though we got first place at Demo Day, when I met with the course organizers to review my pitch deck ahead of my first real VC meeting they asked me where âCMCâ was.
I was like: âWatâs CMC?â
They were like: âAbout $6 million and 2-3 years.â
I was like: âFĂK.â
After I stopped blushing⌠I brushed my shoulders off, quadrupled my budget, and doubled my timeline. About year later, after more practice, meetings, and failures we closed the first tranche of our 7-figure angel round.
So, no. You do not need to have all your shit together from day one to be a successful scientist-CEO. If youâre smart enough to discover things that no one in the world has ever seen before (i.e., definition of a PhD), you can figure this out too.
UTOPIC VENTURES: Scientist CEO Club
Shawn started his first in-person scientist-CEO club in San Francisco in May 2014 with fellow startup CEOs, Ethan Perlstein and Elizabeth Iorns. They had amazing dinners talking shit about VCs and commiserating about #startuplife.
They named it âBrazen Clubâ (which shows you how long Shawn has been scheming the current-day BrazenVerse). Unfortunately, as each of them found more success with their respective startups, they found less time to meet up for dinners. Good problems to have, honestly (but RIP Brazen Club).
So, it was exciting to hear our friends at Utopic Ventures (an early stage biotech VC fund⌠launching soon) are starting their very own âScientist CEO Clubâ!
BRAZEN BREAKDOWN
More details are forthcoming, but according to Utopic GP, Neil Thanedar, they will start off with monthly online meetups and eventually in-person events. Sign up at scientistceos.com!
VC CORNER: If You Build It, They Will Come
Contributed by Scott Alpizar, PhD â I recently wrote about how you can build a diverse startup. In case it wasnât obvious, Iâm passionate about promoting diversity. Itâs something that I think startups should be putting effort into. And itâs not just meâMike Cloonan also writes about the importance of âA Diverse Culture From The Beginning At Early-Stage Biotechsâ as part of Bruce Boothâs Life Sci VC âFrom the Trenchesâ.
Establishing a culture starts on day one with a commitment to building something special and has a lasting impact on the success of early-stage biotech companies
Increasing diversity isnât just a trend, itâs a movement. Itâs about making a lasting change. And if youâre part of a company that has committed to be a part of this movement, youâll likely see that there is definitely something in it for you.
BRAZEN BREAKDOWN
More Innovation. This was only a fleeting thought in the previous newsletter, but thereâs research behind it. The Harvard Business Review found that cognitively diverse teams solved problems faster. A PNAS paper showed that diversity led to more challenging of decisions, less overconfidence, and better outcomes. Finally, both McKinsey and Boston Consulting Group highlighted the relationship between a diverse team and better financial performance. And these are only a handful of the studies!
Talent. I previously mentioned that thereâs talent everywhere. By widening your net, youâre more likely to find the best candidate. Thereâs also a shift in how diversity is valuedâa survey by Glassdoor found that 67% of people would rather work for organizations that prioritize diversity. You also wonât lose out on good candidates. Employees are more likely to stick around too since they will feel important and valued.
Competitive Advantage. Youâll build a naturally stronger network since a diverse team will likely have more reach. More and more VCs are also committing to supporting diverse teams and will evaluate this during due diligence. Why not give your company that advantage in tough economic times? A lasting culture and reputation go a long way towards putting your company on the map as well.
Are there disadvantages to having diverse teams? Unfortunately, there can be. There may be language barriers, conflicts over differing ideas, or opposing working styles. But the positives greatly outweigh the negatives. So what are you waiting for? Put in the effortâa diverse team may well become your greatest asset.
đ BRAZEN SNAX
đŚ Wuhan market swabs reveal more data (for both sides of the origins debate)
đ Abbvie Golden Ticket for one year of lab space in SF Bay (DUE FRIDAY)
âđ˝ Oldie/goodie: YCâs Female Founder Stories (nb, ignore fugitive Jessica Richman)
â ď¸ Behind every rejection in science is an opportunity
đ Impending trainwreck: first FDA approval overturned by a US Judge?!?
đ Elizabeth Holmes âGET OUT OF JAIL FREEâ card denied
đŤ ONO Golden Ticket for one year of lab space in SF Bay (Due in May)
đĽ Regenerating sticky tube organ defensively expelled from the anus
đŻ Check in with YOURSELF: two minute burn out checklist
â° TikTokCrak: Is the moon made of carcinogens?
đŞ CARVEOUT
The first ever YC Bio (full) PartnerâSurbhi Sarna (a NON-technical founder)âsold her med device company for $275M and wrote a new book about it: Without a Doubt.
đđ˝ A DOSE OF GRATITUDE
We are grateful for continued access to YC Demo Day (even though it was BIO-lite).
đ BRAZEN MEME
âď¸ FEEDBACK
Feel free to tweet all thoughts, questions, and insults to us. Bring it. No, really. COMEđđ˝ATđđ˝USđđ˝BROđđ˝
And letâs continue the conversation on LinkedIn: @brazencapital and @brazenbio.