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S2 Ep2 | David Crean, General Partner, 1004 Ventures, Discusses The Knowledge Needed To Optimize The Capital Stack and Valuation
WELCOME TO VITALS, THE PULSE OF GEORGIA LIFE SCIENCES
In this episode of Vitals, Maria Thacker, the CEO of Georgia Life Sciences, interviews David Crane, a venture partner at 1004 Venture Partners, about the biotech industry in Georgia as well as on a national level. David, with a PhD in physics and an MBA, discusses the importance of a diverse funding stack, including NIH, VCs, family offices, and strategic partnerships. He emphasizes the need for founders to understand investor preferences and the importance of risk mitigation. David highlights the current economic challenges affecting investment strategies and the necessity for founders to think like investors. He also touches on the potential of family offices and the importance of business acumen beyond scientific expertise.
David Crane's Background and Role in Venture Capital
About Georgia Life Sciences
As the leading advocate for the state’s dynamic and diverse life sciences sector, Georgia Life Sciences’ mission is to advance the growth of Georgia’s life sciences industry through partnerships and initiatives that accelerate innovation, investment, and job creation. To accomplish this mission, Georgia Life Sciences conducts economic development activities; advocates on behalf its members on public policy matters; educates the public about the benefits of life sciences research and product development; and provides a network for idea exchange and cooperation.
For more information on the impactful work, to join as a member, or provide support to the mission, please visit Georgia Life Sciences at https://www.galifesciences.org/
About Cloudcast Media
As the national leader in local podcasting, Cloudcast Atlanta, a division of Cloudcast Media, proudly produces "VITALS: The pulse of Georgia Life Sciences" through its CauseCast platform to help amplify, augment, and accelerate the mission and reach of community social impact organizations. For more information on Cloudcast Media, please visit their website at CloudCast Media.
This episode was produced by Senior Associate Producer Brandon Joe. The episode was recorded, engineered, mixed and mastered by Sky Guides Atlanta, the podcast program and studio affiliated with the Russell Innovation Center for Entrepreneurs (RICE) in Atlanta, Georgia.
In this episode of Vitals, Maria Thacker, the CEO of Georgia Life Sciences, interviews David Crane, a venture partner at 1004 Venture Partners, about the biotech industry in Georgia as well as on a national level. David, with a PhD in physics and an MBA, discusses the importance of a diverse funding stack, including NIH, VCs, family offices, and strategic partnerships. He emphasizes the need for founders to understand investor preferences and the importance of risk mitigation. David highlights the current economic challenges affecting investment strategies and the necessity for founders to think like investors. He also touches on the potential of family offices and the importance of business acumen beyond scientific expertise.
David Crane's Background and Role in Venture Capital
- Maria Thacker introduces David Crane, highlighting his role at 1004 Venture Partners and his expertise from the West Coast.
- David Crane shares his background, including a PhD in physics and an MBA, and his experience in biopharma, private equity, VC, and investment banking.
- David discusses his move from Buffalo, New York, to California and his current time split between the Bay Area and San Diego.
- Maria and David discuss their experiences at various biotech conferences, including the BIO Convention and the JP Morgan Healthcare Conference.
- Maria asks David about the recipe for a resilient funding stack for early-stage R&D in biotech, mentioning various funding sources like NIH, VCs, family offices, and strategic partnerships.
- David emphasizes the importance of pursuing multiple funding avenues and understanding the investor's needs and preferences.
- Maria shares feedback from an investor conference in the Southeast, noting the region's potential but lack of sophistication in investor relations.
- David advises founders to understand their investors' investment theses, fund sizes, and portfolio companies to customize their pitches and increase their chances of success.
- David discusses the inherent risk in the biotech industry and the importance of risk mitigation through key experiments and milestones.
- He emphasizes the need for founders to focus on proof of concept, reimbursement, and strategic partnerships to improve their odds of success.
- Maria and David discuss the challenges of building teams in emerging markets and the role of mentors and networks in supporting founders.
- David highlights the importance of understanding the investor's perspective and the need for founders to think like investors when building their business cases.
- David addresses the current challenging investment environment, including liquidity crises, macroeconomic challenges, and cautious investor behavior.
- He advises founders to have a capital stack mentality and explore multiple funding sources, including NIH, BARDA, and family offices.
- David notes that larger funds are increasingly looking at earlier-stage investments and the importance of transformative technologies in today's market.
- Maria and David discuss the potential for family offices to invest in life sciences and the need for education and domain expertise in this space.
- David emphasizes the importance of founders thinking like investors and understanding the strategic value of their VCs beyond valuation.
- He advises founders to look at the VC's network, diligence, experience, and ability to provide mentorship and support.
- Maria and David discuss the challenges of scientific founders transitioning to CEO roles and the need for business acumen and team-building.
- David highlights the importance of having a viable business model and articulating a clear pathway to success for investors.
- David shares his focus on cardiometabolic diseases, neurodegeneration, and oncology as key areas in healthy aging and longevity.
- He discusses the potential of integrating AI in neurodegenerative research and the progress being made in oncology.
- David emphasizes the importance of improving quality of life rather than just extending lifespan.
- Maria and David discuss the role of associations like Georgia Life Sciences in supporting entrepreneurs and the importance of policy advocacy.
- David praises the role of associations like Georgia Life Sciences in convening industry events, advocating for policy, and supporting innovation.
- He highlights the importance of building relationships with academic institutions and human capital in emerging hubs.
- Maria and David discuss the challenges of engaging small companies in policy matters and the increasing importance of policy in the biotech industry.
- David emphasizes the need for organizations to help entrepreneurs navigate the complexities of innovation and policy.
- David shares a personal anecdote about his background in baseball and his journey from Ohio State to the minor leagues.
- Maria and David discuss the importance of networking and building relationships in the biotech industry.
- David advises founders to be open to self-reflection and bringing in the right team members to ensure the success of their ventures.
- Maria thanks David for his insights and contributions to the conversation, highlighting the importance of continued collaboration and support in the biotech ecosystem.
About Georgia Life Sciences
As the leading advocate for the state’s dynamic and diverse life sciences sector, Georgia Life Sciences’ mission is to advance the growth of Georgia’s life sciences industry through partnerships and initiatives that accelerate innovation, investment, and job creation. To accomplish this mission, Georgia Life Sciences conducts economic development activities; advocates on behalf its members on public policy matters; educates the public about the benefits of life sciences research and product development; and provides a network for idea exchange and cooperation.
For more information on the impactful work, to join as a member, or provide support to the mission, please visit Georgia Life Sciences at https://www.galifesciences.org/
About Cloudcast Media
As the national leader in local podcasting, Cloudcast Atlanta, a division of Cloudcast Media, proudly produces "VITALS: The pulse of Georgia Life Sciences" through its CauseCast platform to help amplify, augment, and accelerate the mission and reach of community social impact organizations. For more information on Cloudcast Media, please visit their website at CloudCast Media.
This episode was produced by Senior Associate Producer Brandon Joe. The episode was recorded, engineered, mixed and mastered by Sky Guides Atlanta, the podcast program and studio affiliated with the Russell Innovation Center for Entrepreneurs (RICE) in Atlanta, Georgia.
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By CloudcastWELCOME TO VITALS, THE PULSE OF GEORGIA LIFE SCIENCES
In this episode of Vitals, Maria Thacker, the CEO of Georgia Life Sciences, interviews David Crane, a venture partner at 1004 Venture Partners, about the biotech industry in Georgia as well as on a national level. David, with a PhD in physics and an MBA, discusses the importance of a diverse funding stack, including NIH, VCs, family offices, and strategic partnerships. He emphasizes the need for founders to understand investor preferences and the importance of risk mitigation. David highlights the current economic challenges affecting investment strategies and the necessity for founders to think like investors. He also touches on the potential of family offices and the importance of business acumen beyond scientific expertise.
David Crane's Background and Role in Venture Capital
About Georgia Life Sciences
As the leading advocate for the state’s dynamic and diverse life sciences sector, Georgia Life Sciences’ mission is to advance the growth of Georgia’s life sciences industry through partnerships and initiatives that accelerate innovation, investment, and job creation. To accomplish this mission, Georgia Life Sciences conducts economic development activities; advocates on behalf its members on public policy matters; educates the public about the benefits of life sciences research and product development; and provides a network for idea exchange and cooperation.
For more information on the impactful work, to join as a member, or provide support to the mission, please visit Georgia Life Sciences at https://www.galifesciences.org/
About Cloudcast Media
As the national leader in local podcasting, Cloudcast Atlanta, a division of Cloudcast Media, proudly produces "VITALS: The pulse of Georgia Life Sciences" through its CauseCast platform to help amplify, augment, and accelerate the mission and reach of community social impact organizations. For more information on Cloudcast Media, please visit their website at CloudCast Media.
This episode was produced by Senior Associate Producer Brandon Joe. The episode was recorded, engineered, mixed and mastered by Sky Guides Atlanta, the podcast program and studio affiliated with the Russell Innovation Center for Entrepreneurs (RICE) in Atlanta, Georgia.
In this episode of Vitals, Maria Thacker, the CEO of Georgia Life Sciences, interviews David Crane, a venture partner at 1004 Venture Partners, about the biotech industry in Georgia as well as on a national level. David, with a PhD in physics and an MBA, discusses the importance of a diverse funding stack, including NIH, VCs, family offices, and strategic partnerships. He emphasizes the need for founders to understand investor preferences and the importance of risk mitigation. David highlights the current economic challenges affecting investment strategies and the necessity for founders to think like investors. He also touches on the potential of family offices and the importance of business acumen beyond scientific expertise.
David Crane's Background and Role in Venture Capital
- Maria Thacker introduces David Crane, highlighting his role at 1004 Venture Partners and his expertise from the West Coast.
- David Crane shares his background, including a PhD in physics and an MBA, and his experience in biopharma, private equity, VC, and investment banking.
- David discusses his move from Buffalo, New York, to California and his current time split between the Bay Area and San Diego.
- Maria and David discuss their experiences at various biotech conferences, including the BIO Convention and the JP Morgan Healthcare Conference.
- Maria asks David about the recipe for a resilient funding stack for early-stage R&D in biotech, mentioning various funding sources like NIH, VCs, family offices, and strategic partnerships.
- David emphasizes the importance of pursuing multiple funding avenues and understanding the investor's needs and preferences.
- Maria shares feedback from an investor conference in the Southeast, noting the region's potential but lack of sophistication in investor relations.
- David advises founders to understand their investors' investment theses, fund sizes, and portfolio companies to customize their pitches and increase their chances of success.
- David discusses the inherent risk in the biotech industry and the importance of risk mitigation through key experiments and milestones.
- He emphasizes the need for founders to focus on proof of concept, reimbursement, and strategic partnerships to improve their odds of success.
- Maria and David discuss the challenges of building teams in emerging markets and the role of mentors and networks in supporting founders.
- David highlights the importance of understanding the investor's perspective and the need for founders to think like investors when building their business cases.
- David addresses the current challenging investment environment, including liquidity crises, macroeconomic challenges, and cautious investor behavior.
- He advises founders to have a capital stack mentality and explore multiple funding sources, including NIH, BARDA, and family offices.
- David notes that larger funds are increasingly looking at earlier-stage investments and the importance of transformative technologies in today's market.
- Maria and David discuss the potential for family offices to invest in life sciences and the need for education and domain expertise in this space.
- David emphasizes the importance of founders thinking like investors and understanding the strategic value of their VCs beyond valuation.
- He advises founders to look at the VC's network, diligence, experience, and ability to provide mentorship and support.
- Maria and David discuss the challenges of scientific founders transitioning to CEO roles and the need for business acumen and team-building.
- David highlights the importance of having a viable business model and articulating a clear pathway to success for investors.
- David shares his focus on cardiometabolic diseases, neurodegeneration, and oncology as key areas in healthy aging and longevity.
- He discusses the potential of integrating AI in neurodegenerative research and the progress being made in oncology.
- David emphasizes the importance of improving quality of life rather than just extending lifespan.
- Maria and David discuss the role of associations like Georgia Life Sciences in supporting entrepreneurs and the importance of policy advocacy.
- David praises the role of associations like Georgia Life Sciences in convening industry events, advocating for policy, and supporting innovation.
- He highlights the importance of building relationships with academic institutions and human capital in emerging hubs.
- Maria and David discuss the challenges of engaging small companies in policy matters and the increasing importance of policy in the biotech industry.
- David emphasizes the need for organizations to help entrepreneurs navigate the complexities of innovation and policy.
- David shares a personal anecdote about his background in baseball and his journey from Ohio State to the minor leagues.
- Maria and David discuss the importance of networking and building relationships in the biotech industry.
- David advises founders to be open to self-reflection and bringing in the right team members to ensure the success of their ventures.
- Maria thanks David for his insights and contributions to the conversation, highlighting the importance of continued collaboration and support in the biotech ecosystem.
About Georgia Life Sciences
As the leading advocate for the state’s dynamic and diverse life sciences sector, Georgia Life Sciences’ mission is to advance the growth of Georgia’s life sciences industry through partnerships and initiatives that accelerate innovation, investment, and job creation. To accomplish this mission, Georgia Life Sciences conducts economic development activities; advocates on behalf its members on public policy matters; educates the public about the benefits of life sciences research and product development; and provides a network for idea exchange and cooperation.
For more information on the impactful work, to join as a member, or provide support to the mission, please visit Georgia Life Sciences at https://www.galifesciences.org/
About Cloudcast Media
As the national leader in local podcasting, Cloudcast Atlanta, a division of Cloudcast Media, proudly produces "VITALS: The pulse of Georgia Life Sciences" through its CauseCast platform to help amplify, augment, and accelerate the mission and reach of community social impact organizations. For more information on Cloudcast Media, please visit their website at CloudCast Media.
This episode was produced by Senior Associate Producer Brandon Joe. The episode was recorded, engineered, mixed and mastered by Sky Guides Atlanta, the podcast program and studio affiliated with the Russell Innovation Center for Entrepreneurs (RICE) in Atlanta, Georgia.