Why biotech is like high school
When it comes to raising money for a biotech startup, the contents of one’s Rolodex can be just as important as the stuff in the lab dish.
That was Laura Indolfi’s experience in a five-year odyssey to raise money for her company, which succeeded only when she made the right social connections. And, as STAT’s Kate Sheridan reports, it’s backed up by experts. Venture capital firms are far more likely to invest in entrepreneurs they already know, research shows. And because those networks can often be insular, that can put women, people of color, and entrepreneurs from certain geographies at a disadvantage.
“The analogy of high school is pretty apt,” said Scott Shane, a professor at Case Western Reserve and a partner at Midwest-focused venture capital firm Comeback Capital.
Read more.
That was Laura Indolfi’s experience in a five-year odyssey to raise money for her company, which succeeded only when she made the right social connections. And, as STAT’s Kate Sheridan reports, it’s backed up by experts. Venture capital firms are far more likely to invest in entrepreneurs they already know, research shows. And because those networks can often be insular, that can put women, people of color, and entrepreneurs from certain geographies at a disadvantage.
“The analogy of high school is pretty apt,” said Scott Shane, a professor at Case Western Reserve and a partner at Midwest-focused venture capital firm Comeback Capital.
Read more.
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