I'd like to figure out the best business approach for my service in this case. The return on investment would be substantial for a successful product. It's a multi-billion dollar annual industry.
It's a tricky situation. In my experience, it makes the CEO of the company not strong enough if he can't handle the fundraising efforts. It might be different in biotech, especially because the R&D and the work that has to be done is way more time consuming than a regular startup.
Also, investors like people who are also investing (in equal conditions) in the startup, because that reflects that they put their money where their mouths are.
You should help the CEO to make a fundraising strategy, build it up for them and let him put his face on it. If you're working as a consultant, you can charge by commission.
Start with one potential investor. Ask, Ask, Ask. Have thick skin and learn from each "mistake." In a short while, the market will tell you what you need to do and who and what you need to ask. But get started now even if that just means asking a contact on LinkedIn.
Whether you are selling B2B or B2C, you have to focus on selling to only one person. You can actually sell to one person at a time while selling to millions at a time. They are one and the same. Don't get off track, what we call digital marketing selling is just selling in print. And that has not changed since Cluade Hopkins wrote "Scientific Advertising." Really long before he wrote the book.
The secret to success: I have had the pleasure of knowing and working with some of the biggest names in business, celebrities, actors, entrepreneurs, business people, and companies from startup to billion dollar operations. The number one reason for their success is doing what they know and love while doing it in new, creative, and innovative ways.
While you are thinking, think big and think of something at least 1% better, newer, or different. And being cheaper is not a winning strategy.
Best of luck,
Take massive action and never give up.
Michael
Michael Irvin, MBA, RN
If you are genuine in your approach, you will be God to small companies. Because, you are bridging a gap that they are not able to.
I suggest you try with a small transaction and learn few lessons and then work on bigger ones.
