By Thomas Galassi and Sarah Kishinevsky
Last summer the Weill Cornell Dean’s Entrepreneurship Lab and the Cornell Center for Technology Licensing (CTL) worked together to host a “Patent Class Mini Series” as a follow up to the BBI course. Upon the completion of the mini-series participants filled out course evaluations and indicated an overwhelmingly positive reaction. Furthermore, when asked for suggestions, several participants indicated a desire for additional lectures.
In response to these requests the Weill Cornell Dean’s Entrepreneurship Lab and BioPharma Alliances and Research Collaborations expanded this series and offered a Biotechnology Due Diligence Workshop. The workshop consisted of 7 lectures covering:
- Expanding your patent portfolio strategy as a startup
- The important documents that are involved in starting a company
- How to hire employees/consultants
- Types of investors and investments
- FDA compliance
- University licensing
- Walking through a standard term sheet with a venture capital investor
Lecturers for the course included Craig Kenesky, Ph.D. and Associate and Wilson Sonsini Goodrich & Rosati, PC, Vibhu Sachdev, JD. Cornell Technology Licensing, and Blake Stevens, Ph.D., Vice President at Harris and Harris Venture Capital and Private Equity. Specifically, these lecturers taught BBI alumni the steps necessary to turn a business plan built around a scientific discovery/invention into a seed funded startup company. From all accounts the lectures were extremely effective as participants indicated the workshop was “very practical”, “well organized”, and “provided a clear picture of starting a company.” Moreover, when asked to quantify their opinions participants gave the workshop an average score of 4.69 out of 5 for being informative and 4.77 out of 5 for being interesting.
To keep this positive momentum going the Dean’s E-lab and BBI will continue to offer events throughout the spring. Next up will be the Weill Cornell Biomedical Business Plan Challenge and a BBI matchmaking event where inventors will showcase their technologies to attendees in hopes of forming the strongest business plan teams possible for this falls upcoming Pitch Day Competition.