PROPEL helps life sciences entrepreneurs refine their business strategies through one-on-one coaching led by accomplished business professionals and serial life sciences entrepreneurs over a period of months.
The culmination of this coaching is at a formal panel presentation, when the entrepreneur presents his or her refined business model and financial strategy to an interdisciplinary group of experts who provide critiques and feedback in many areas, such as funding strategies, business development, marketing, finance, investment and law. Coaching and panel sessions may result in strategies for improving the technology, product, business opportunity, market, management, intellectual property or financing.
The benefits of the final panel presentation are:
- Rapid collective assessment from a variety of expert perspectives
- A safe setting for constructive criticism of the entrepreneur’s plan
- A short list of actionable next steps
PROPEL coaches are successful life sciences entrepreneurs and business professionals. Their accomplishments may include leading companies through venture financing, bringing companies public, growing companies to the point where they are acquired, bringing products to market or progressing through the final stages of FDA approval.
PROPEL Coaches will:
- Attend the initial strategy session, setting goals and milestones with the PROPEL entrepreneur
- Advise the PROPEL entrepreneur on specific weaknesses in his or her business plan over 2 to 5 months
- Prepare for the panel presentation, including at least one in-person trial run
- Attend the final panel presentation
- Help the entrepreneur understand panel feedback and recommend next steps
The participant should be prepared to pitch business to a group of six to ten interdisciplinary industry experts. The presentation should be no longer than 15 to 20 minutes, with ample time for a Q&A session. The presentation should incorporate key sound bites with a maximum of 12 to 14 slides. Back-up slides should address anticipated panel questions during the Q&A session.
The presentation must:
- Clearly articulate the company story
- Create excitement about the company
- Elicit feedback from the panel to make the best use of the collective panel experience
- PROPEL staff works with company to determine when the company is ready for a PROPEL coach
- Coach is assigned
- Initial strategy session with coach, participant and PROPEL staff
- Milestone meeting sessions with coach
- Scheduling and preparation for final panel presentation
- Final panel presentation and feedback
- Evaluation and follow-up