Nordic Life Science 1
What is your best advice to a life science startu
p? “Create a network of potential customers, partners, etc., in order to, at an early stage, get to know the product’s market, the customer and what problem you are solving for the customer. However, it is important to have a clear vision from the start and then to follow it.” “It is also important to create a network among potential investors. Surround yourself with the right competencies, either through recruitments or through consultants. Alone is never strong. Also, make sure that you have a good board that includes different competencies.” Name a common mistake among startups? “That you are too much “in love” with your product or idea so that you forget to check whether there is a need for it on the market.” “Other mistakes are that you do not communicate your USP, you do not have a defined marketing plan, your business concept is too diverse or you are not seeking investors early enough.” What is your best advice when it comes to raising capital? “You have to be able to present a financial plan that indicates growth with time. You also have to be able to present an activity plan for how the money will be used, and your business plan must be defined. It is an advantage if you already have a client and that you will be able to use the money wisely. Investors want to know when they can get return on investment.” What previous experience throughout your career can you use when you help growing companies? “Using my commercial experience from both small and larger biotech and pharma companies, I can contribute to helping how they should think when they create and implement their marketing and business plans, how to establish partnerships and/or sell the project. I can help them to not become too product-focused but to raise their sights and make them see the bigger picture. I will also support them in formulating a strong business plan, which with the help of our internal resources at SmiLe can be turned into a professional investor presentation that attracts investors.” SmiLe is a frontrunner when it comes to female leadership. What do you think has been SmiLe’s secret to success in this area? “We believe in the power of role models and in creating an inclusive environment where people from different contexts and backgrounds can mirror themselves. SmiLe itself, during the majority of the 14 years it has existed, has had female CEOs and management teams, so we can say that SmiLe ‘walks the talk’. During the last five years we have had a clear focus on highlighting diversity in every aspect and this for example is an issue that we note already during the admissions to the incubator program.” “We have also had a focus on and have arranged activities where female CEOs have shared their experiences in order to inspire others. We are educating ourselves and we believe in equal coaching, i.e. there are no separate female programs here, both women and men get the same coaching and learn to pitch in the exact same way. Our female CEOs have raised equal amount of external capital as the male CEOs.” “In short, we focus on this issue, we carry out activities, we practice what we preach and we measure and follow up, but perhaps most importantly, we genuinely believe that inclusion and diversity is the way forward and a prerequisite for sustainable success.” NLS 01. She has a BSc in Chemistry and an MBA from Uppsala University. 02. For many years she worked for Biogen, both as Managing Director for the Swedish and the Nordic subsidiaries and as SVP Global Commercial Excellence. 03. She has worked as interim CEO for Sprint Bioscience for 6 months. 04. Since August 2021 she has been Business Coach and Advisor at SmiLe Incubator in Lund, Sweden, a non-profit business incubator for life science startups.