CHECKBOXES FOR FUNDING

500,000 DOLLARS T- JAJ

Brain Tech – Part 2

Adapted from the Journal of the MIT Enterprise Forum – Chicago

John Jonelis

 Daniel DiLorenzo comes up with a concise list of what’s needed to succeed in fund raising.  He fills in all the blanks before approaching venture capital. He’s highly successful at gaining great gobs money.

“I was a super-optimist,” says Dr. Daniel DiLorenzo. I probably didn’t appreciate how hard it was to get my company funded. I now see it from the other side. A fund may see 2,000 business plans a year and invest in only four. When a VC gets a flood of 2,000 a year, it’s natural to quickly look for a reason to move on the next one. So you line everything up first. VCs are busy – they have a limited attention span. Once you get in, you gotta do a great job.”  money_stack_4

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The Speaker

Daniel DiLorenzo, MD, PhD, MBA, is the founder of NeuroVista and Barinetics. NeuroVista is a cutting-edge medical device company in Seattle that’s out to put a lid on Epilepsy. His comments are for an audience of entrepreneurs, investors, and PhDs assembled at the MIT Enterprise Forum, Chicago.

500,000 DOLLARS 3- JAJ

Checkboxes for Funding

DeLorenzo went at funding intentionally, with a rational process that included a detailed checklist:

  • IP: The IP was possible. It was a great idea. We filed early. We made real good claims. Checkbox filled.
  • Scientific Expertise: At the time, I was an intern. I had no credibility. I got a mentor who is one of the best in the world in that field. He was interested. Boom. Checkbox filled.
  • Engineering expertise: I found a guy who was really bright and designed a similar device for another company. Checkbox filled.
  • The Science: We had the vision but didn’t have people who had actually implanted a device, so we found them. Checkbox filled.
  • The Market: The Market was big. Checkbox filled.
  • Senior Management: We didn’t really have people who executed and ran a company yet, and that was one thing the VCs and I worked to round out.
  • The Pitch: We brought in the team to pitch—not some lone goofball with a laptop. When there’s something with many dimensions of expertise, it’s important to bring the team along. Whenever there’s a question – Boom, you answer it.

Has your company checked all of the boxes?

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GO TO PART 3 – THINK FAST

GO TO PART 1 – WHAT MAKES INNOVATION?

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Contacts

MITEF Chicago – http://www.mitefchicago.org/T MITEF

NeuroVista – http://www.neurovista.com/

Photo Credits – Parker Brothers, MITEF Chicago

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Chicago Venture Magazine is a publication of Nathaniel Press www.ChicagoVentureMagazine.com Comments and re-posts in full or in part are welcomed and encouraged if accompanied by attribution and a web link. This is not investment advice. We do not guarantee accuracy. It’s not our fault if you lose money.

.Copyright © 2014 John Jonelis – All Rights Reserved

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