Maximizing Your One-on-one Partnering Experience at BIO
Tips for Successful Partnering
By Robert Meister, DNA Gateway International, LLP
If you
have not partnered at BIO, your freshman (even sophomore) experience can be
daunting, to say the least. Information about Partnering at BIO 2006 is buried
in the Business Forum section of BIO's Web site (business-forum.bio.org/opencms/bf/2006/partnering/).
Unfortunately, there is very little information about the partnering logistics.
Here are ten tips that will help you get the most out of your partnering
experience.
Make sure you meet the partnering deadlines! Both the US
and European BIO conferences set important partnering deadlines. It is
imperative that you meet the “Company Background” and “1st Round Meeting”
deadlines. Failure to meet these two deadlines will have tremendous impact
on the success of your partnering experience.
Take your time when filling out the “company background”
information online. This information is what other companies use to identify
prospective partners. The more information you have about your company and
its pipeline, the better!
Become familiar with the meeting layout. Do a dry run so
you know exactly where you are going and how much time it takes to get
there.
Know your partner. Have hard copies of the company
profiles arranged in the order of your meetings.
Have plenty of business cards.
Always attend the meetings with another colleague from
your company. Decide who is going to take the lead and let the other person
take notes.
If a company requested the meeting with you, ask them
exactly what they are looking for.
Make your 'elevator pitch' quick and easy to understand.
If you are going to present your corporate deck, don't
use a laptop. A hardcopy of your presentation is much more efficient.
Afterwards, post your deck to your corporate Web site and send an email with
the URL. This is a great call to action.
And finally, the most important tip to successful
partnering – Follow up, follow up, follow up. We recommend a thank you email
after the conference followed by a 'next plan of action' email one to two
weeks later.
The one-on-one partnering format features private cubicles
clearly marked with numbers. Some of the major biopharma companies may have
larger partnering rooms with their names branded on the outside. Typically, you
can expect each cubical to be set up with four chairs, a table and a power
strip. Each meeting lasts exactly 30 minutes.
Partnering is a 'company' fee. In the U.S., only one person from each company
will need to pay to schedule one-on-one partnering meetings. If you are a
presenting company and have paid the optional presentation fee, partnering is
included. Partnering at BIO 2006 will run $500 for BIO members and $750 for
non-BIO members.
Remember, partnering meetings with proper planning, due diligence and a friendly
approach can create significant opportunities!
