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生物科技公司初期投資實(shí)戰(zhàn)寶典

生物科技公司初期投資實(shí)戰(zhàn)寶典

Bruce Booth 2013-02-20
成長(zhǎng)為一名優(yōu)秀的風(fēng)險(xiǎn)投資人往往猶如當(dāng)徒弟。師傅帶進(jìn)門(mén),修行在個(gè)人。入行之后往往要經(jīng)歷長(zhǎng)時(shí)間的歷練,才能積累足夠的經(jīng)驗(yàn)?,F(xiàn)在,生命科學(xué)投資公司Atlas Venture合伙人現(xiàn)身說(shuō)法,總結(jié)了自己在生物科技領(lǐng)域?qū)嵤┏跗谕顿Y的一些寶貴經(jīng)驗(yàn)。

????風(fēng)險(xiǎn)投資經(jīng)常被稱(chēng)為學(xué)徒行當(dāng),原因是,經(jīng)驗(yàn)很重要,而且積累經(jīng)驗(yàn)需要時(shí)間。但成功的企業(yè)能把經(jīng)驗(yàn)帶來(lái)的智慧轉(zhuǎn)化為自身的記憶,或者融入自己的記憶之中,并在這個(gè)過(guò)程中總結(jié)出哪些東西可行,哪些不可行。2007年,我們?cè)臀覀兊纳茖W(xué)行業(yè)投資團(tuán)隊(duì)共同編制了一份清單,詳細(xì)說(shuō)明了當(dāng)時(shí)我們?cè)谏锟萍碱I(lǐng)域的投資所帶來(lái)的教訓(xùn)。最近我們又回顧了這份清單,也重溫我們的思路。

????從2000年起,我們投資了近60家生物科技企業(yè),所以我們可以考慮較多的負(fù)面問(wèn)題,同時(shí)把我們觀察到的結(jié)果一并拿出來(lái)和大家分享。

????下文是對(duì)這些教訓(xùn)的總結(jié),非常簡(jiǎn)單扼要。從宏觀層面看,許多內(nèi)容都相當(dāng)乏味,其中的見(jiàn)解也并不是非常深刻。但通過(guò)實(shí)際操作,每項(xiàng)投資都從想法變成了行動(dòng)(不作為則會(huì)帶來(lái)問(wèn)題)。為免于傷及無(wú)辜,我刪掉了大多數(shù)公司的名稱(chēng)。同時(shí),所有這些要點(diǎn)基本上都來(lái)自于實(shí)戰(zhàn)經(jīng)驗(yàn),而不是閉門(mén)造車(chē)。

????1. 管理、管理、還是管理。 初創(chuàng)型生物科技公司的成功主要依靠管理團(tuán)隊(duì),這不是什么新鮮事。風(fēng)投的原則就是,在發(fā)展初期找到合適的創(chuàng)業(yè)者和管理者是關(guān)鍵所在。但對(duì)剛剛起步的生物科技公司來(lái)說(shuō),做到這一點(diǎn)往往并不容易。

????? 處在不同階段的生物科技公司往往需要不同的管理團(tuán)隊(duì),而且實(shí)際上許多處于萌芽狀態(tài)和起步狀態(tài)的生物科技企業(yè)并不需要首席執(zhí)行官(CEO)。這些公司受科技左右,需要很棒的首席科學(xué)官(CSO)來(lái)為它奠定基礎(chǔ),還需要負(fù)責(zé)業(yè)務(wù)開(kāi)發(fā)的董事來(lái)幫助它建立整體愿景。完成這項(xiàng)工作后,它們才需要找到一名非常出色的首席執(zhí)行官。在發(fā)展初期把一名參與公司設(shè)立的CSO任命為CEO會(huì)帶來(lái)不必要的沖突,那就是在招聘未來(lái)CEO時(shí)需要這位CSO讓賢,而這會(huì)被看做是降級(jí),會(huì)很尷尬,而且是原本可以避免的情況。讓負(fù)責(zé)開(kāi)發(fā)業(yè)務(wù)的創(chuàng)業(yè)者在早期填補(bǔ)CEO的空白也會(huì)造成這樣的局面。讓CEO一職從一開(kāi)始就處于空缺狀態(tài)可以避免隨后出現(xiàn)的尷尬場(chǎng)面,或者至少能盡量降低尷尬的程度。

????? 管理不善時(shí),董事會(huì)往往會(huì)開(kāi)始負(fù)責(zé)公司的運(yùn)營(yíng)。隨后就會(huì)出現(xiàn)惡性循環(huán):在第一季度董事會(huì)議上,管理層認(rèn)為自己服從于董事會(huì)并因此追逐某一個(gè)目標(biāo);而在第二季度董事會(huì)議上,董事會(huì)說(shuō)他們覺(jué)得另一個(gè)目標(biāo)更好,而管理層則認(rèn)為自己所做的符合董事會(huì)的要求;到了第三季度董事會(huì)議,董事會(huì)就會(huì)覺(jué)得公司缺乏方向并因此感到困惑,接下來(lái)就是一片混亂。這絕不是一個(gè)良性循環(huán),當(dāng)然也不會(huì)這么簡(jiǎn)單。好的董事能夠指明方向,實(shí)施監(jiān)管并提供建議,而好的管理層則能過(guò)濾董事會(huì)的反饋,把它轉(zhuǎn)化成為公司戰(zhàn)略方向的一部分。這是一個(gè)均衡而有張力的有利局面。關(guān)鍵在于,不要讓董事會(huì)干涉選擇哪些項(xiàng)目這樣的日常事務(wù)。但在這里,一個(gè)重要的細(xì)微差別是,某一個(gè)活躍的董事會(huì)或者某一名活躍的牽頭投資人在初創(chuàng)型企業(yè)的起步階段扮演代理CEO的角色非常普遍,而且這是個(gè)好現(xiàn)象(特別是在考慮到上文所述要點(diǎn)的情況下,那就是科技導(dǎo)向的初創(chuàng)型公司最初并不需要正式的CEO)。

????? 迅速調(diào)整管理層幾乎總是正確的選擇。以往,即使知道管理層運(yùn)轉(zhuǎn)不良,我們對(duì)高管的調(diào)整也總是不夠迅速。相信直覺(jué)很重要,如果你覺(jué)得管理層成效不佳,實(shí)際情況很可能就是如此。在負(fù)責(zé)這家公司的投資團(tuán)隊(duì)看來(lái),高管的情況可能也是這樣。此外,如果在結(jié)束一筆新投資時(shí)出現(xiàn)了實(shí)質(zhì)性的管理問(wèn)題,情況就不太可能得到改善。我發(fā)現(xiàn)在結(jié)束投資前往往值得向現(xiàn)有團(tuán)隊(duì)說(shuō)明對(duì)他們的預(yù)期和可能采取的行動(dòng)。感覺(jué)并非一帆風(fēng)順時(shí)就要結(jié)束投資,然后立即解雇CEO。

????Venture capital is often called an apprenticeship business because experience matters and takes time to accumulate. But successful firms are able to translate and transfer experiential wisdom through institutional memory, which involves codifying what works and what doesn't. Back in 2007, we did this with our life science team by pulling together a detailed list of "Lessons Learned" from our existing biotech portfolio. We recently went back and revisited that list of reflections.

????Since 2000, we've invested in nearly 60 biotech companies, so we've had a reasonable 'n' to think about and inform our collective observations.

????Below is a very distilled and rather sanitized summary of our "Lessons Learned." At the macro level, many of these are rather prosaic and not very insightful, but practical reality of each deal is where insight becomes actionable (and inaction causes issues). To spare the innocent, I've dropped most of the company names, but all of these points were largely informed by experience in the trenches not abstract thinking.

????1. Management, management, management. It's not news that the success of a biotech startup depends largely on the management team. This is an axiom in venture: getting the right group of early entrepreneurs and executives around the table is critical. But this is often not easy in early stage biotech companies.

????? Different management teams are often required at different stages of a biotech, and the reality is that many seed- and early-stage deals don't need a CEO. They are science-driven companies that need great Chief Scientific Officers to build the fundamentals of the story, and a BD executive to help build the broader vision. It's upon that progress with which a company can recruit a great CEO. Putting a founding CSO in as the CEO early on can create unnecessary conflict: having the conversation about a perceived "demotion" to CSO when hiring the future CEO is uncomfortable and avoidable. Same goes for putting the lead BD entrepreneur in as CEO early on to "fill the role". Keeping the role vacant in the beginning prevents future discomfort, or at least minimizes it.

????? With weak management, boards often begin to run companies. And then it's a vicious cycle: At the 1Q board meeting, the management thinks they are responding to the board so they chase after XYZ; then at the 2Q meeting, the board says they think chasing ABC is a better idea, which the management does thinking it’s being responsive; and then at the 3Q meeting, the board wonders why the company has no direction and chaos ensues. Never a good cycle, but of course it’s not as simple as this. A good board is able to provide direction, governance, and input, and a good management is able to distill that feedback and integrate it into the strategic direction of the company. It's a healthy balance and tension. But keeping the board away from whiplashing the "day to day" program choices of what to "chase" is key. An important nuance is worth mentioning here though: an active board chairman or single lead investor playing the role of an acting CEO is very typical in an early stage startup, and is a good thing (especially given the point above about not having a formal CEO in a science-led startup at the beginning).

????? Making management changes quickly is almost always the right answer. We historically have not moved fast enough to make senior management changes even when we knew it wasn't working. Trusting one's instincts is important: If it feels like it’s not working, it probably isn't. And the team working in the company probably sees the same thing from their view of the executives. Further, if real management questions are present at the closing of a new investment, it's unlikely to improve. I find it's often worth being explicit about this with the existing team before the closing to lay out expectations and possible action plans. Closing the deal and then firing the CEO immediately after doesn't feel like the high road.

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