October 2024

Hi Gang,

May I be the first to wish you Happy Holidays! (Halloween counts, right?) I have been thinking about you and, on the heels of last week’s BioCom CEO Summit, thought you might be interested in a few key takeaways from the event.

Comments and predictions from investors 🔮

• “Experienced management teams derisk investment opportunities” (direct quote from the VC panel);

• Investor appetite for early-stage deals remains high;

• We will see increased consolidation and/or company shut-downs over the next 12 months;

• BUT we continue to see newco creation and Series A investments;

• IPOs will be tougher this quarter but strong in Q1 2025 (Jon Norris/HSBC prediction!).

Reflections and advice from CEOs 👩🏻‍💼

• Get used to rejection. Fundraising is an exercise in resilience, but you only need one Yes;

• Deals can happen fast… even overnight on Christmas Eve (just ask Rayze – Santa was generous last year!);

• It’s never too early to add an independent director to your board;

• Establish a personal Board of Advisors; they are particularly valuable when navigating issues you can’t take to your actual Board and/or management team;

• Being a Driver can grind down a team if you do not share enough positive feedback and encouragement to balance the critiques and requests (the need for this is far greater than you may realize);

• It can be difficult to know when to hire a full-time executive vs. use consultants. (The RRA team can help you with that determination!)

These are just a few of the many great insights and conversations over the course of the day. I don’t recall a single reference to the election, which may mean we are hovering somewhere between hope and terror. 😵

I hope you all have a fun and safe Halloween and hold on to your sanity next week. This childless cat lady will be dodging WiFi in the Caribbean for a spell. I’m hoping for the best…

Be well,

Jackie