Sales for a Biotherapeutic Startup
Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing.
In a tech startup, the customer is the one who buys the product.
In a biotherapeutic startup, the customer is the pharma company that will buy the company.
While almost all tech startups launch a product and sell it to the user, the biotherapeutic startup rarely launches the startup to sell the product.
The cost to launch a biotherapeutic company is very high, given the cost of deploying the sales force and producing the product.
The biotherapeutic startup spends its time identifying the right pharma company.
This includes a review of their product line, intellectual property portfolio, and position in their sector.
The CEO of the biotherapeutic spends time with potential acquirers of the startup to learn more about their priorities.
The CEO looks for a candidate pharma company that does not already have the same IP as the startup.
Biotherapeutics, in most cases, are looking for IP that fills a gap in their patent portfolio.
In launching a biotherapeutic startup, identify the ideal customer profile and then match to the existing pharma companies on the market.
Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding.
Let's go startup something today.
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