The Biotech Startups Podcast

Part 1 of 3.

My guest for this week’s episode is Stephanie Sirota, Partner, and Chief Business Officer at RTW Investments, a full lifecycle life sciences investment firm dedicated to solving the most challenging unmet patient needs. Stephanie is a seasoned expert and leader in business development, strategic partnerships, communications, and investor relations. Prior to joining RTW, she was a director at Valhalla Capital Advisors. She worked in the New York and London offices of Lehman Brothers, where she advised on various mergers and acquisitions, IPOs, and capital market financing transactions for the firm's global corporate clients. Her deep insights into investment banking, strategic partnerships, and business development, offer founders many lessons.

Join us as we sit down with Stephanie as she discusses her upbringing and early exposure to different cultures and how it influenced her business leadership style. She shares key insights into how being a high-level tennis player has armed her with the competitive mentality to help her succeed in investment banking. We discuss her path through academia at Columbia University, the value of not specializing too early and allowing yourself the opportunity to explore your interests, and how it led her to where she is today. Stephanie explains how these life experiences helped shape her career and how it led to the transition from journalism to investment banking. Please enjoy my conversation with Stephanie Sirota.

Find Our Guest, Stephanie Sirota, at these links:
https://www.linkedin.com/in/stephsirota/
http://www.rtwfunds.com

Find Our Host, Jon Chee, at these links:
https://www.linkedin.com/in/jonchee
https://www.excedr.com

Timestamps:
00:00
00:24 Intro
02:00 Episode starts, Steph’s upbringing and how it influenced her leadership and business style
06:33 How her love of tennis started, how her competitive mentality helped sharpen her professional resolve
10:44 How ego death in sports offers life lessons, more translatable lessons from sports to the business world
13:51 Balance of education and sports at SNU, sports career’s abrupt end, transitioning to the next phase of her life at Columbia
16:19 Studying literature at Columbia University, appreciation of the humanities, organically choosing your track
18:24 The value of a well-rounded education and being able to organically find what interests you
21:15 Steph’s progressed from a Master’s in journalism to investment banking with Lehman Brothers, finding the hook in your story
22:53 Outro

Social & Website
LinkedIn: https://www.linkedin.com/company/excedr/
Youtube: https://www.youtube.com/@excedr
Instagram: https://www.instagram.com/excedr_inc
Twitter: https://twitter.com/ExcedrInc
Facebook: https://www.facebook.com/excedr
TikTok: https://www.tiktok.com/@excedr
Podcast Website: https://www.thebiotechstartupspodcast.com/

Enriched Notes:

Topics Mentioned:
Top VC Firms for Biotechs https://www.excedr.com/blog/top-vc-firms-for-biotech 
VC Term Sheets https://www.excedr.com/resources/venture-capital-term-sheets 
VC Term Sheet Clauses: A Glossary of Key Terms https://www.excedr.com/resources/vc-term-sheet-clauses-and-terms 
What are Your Funding Options https://www.excedr.com/resources/biotech-startup-funding-options 
Getting Funding for Lab Research https://www.excedr.com/blog/how-to-get-funding-for-lab-research 
Post vs Pre Money Valuations https://www.excedr.com/resources/pre-money-vs-post-money 
Marketing and Sales for Startups https://www.excedr.com/blog/marketing-sales-strategies-for-biotechs 
What is Capital Outlay? https://www.excedr.com/blog/what-is-capital-outlay The Biotech Startups Podcast gives you a front-row seat to the business and science of building a biotech. Hosted by Jon Chee, CEO of Excedr, the show features honest conversations with founders, execs, and investors about their work, their companies, and how they got there. From scientific breakthroughs to startup lessons, each episode explores what it really takes to grow a life science company—from pre-seed to IPO.

Part 3 of 3.

My guest for this week’s episode is Kittu Kolluri, Founder and Managing Director of Neotribe Ventures, an early- and growth-stage venture capital firm investing in companies that solve hard technical problems and disrupt non-traditional industry sectors. Neotribe is led by a team of serial entrepreneurs with a track record of supporting and advising startups from seed round to IPO. As a Silicon Valley veteran with a career spanning three decades, Kittu has had numerous roles before his time at Neotribe Ventures. Some highlights include working as an engineer at Silicon Graphics, co-founding Healtheon/WebMD, being the founder and CEO of Neoteris, and investing in over four dozen successful companies as a general partner at NEA.

Join us for the conclusion to the conversation with Kittu as he discusses working at the VC firm NEA and how his risky initial investment paid off after the company sold for over a billion dollars. His thoughts on sourcing opportunities and the differences between being a leader in a venture and a leader at a company. Kittu also discusses his investment philosophy as well as the values that he instilled in Neotribe Ventures. We also cover the personal and professional struggles that Kittu had to overcome while founding Neotribe. Lastly, Kittu discusses his take on why personal networks are critically important for long-term success. Please enjoy my conversation with Kittu Kolluri.

Find Our Guest, Kittu Kolluri, at these links:
https://www.linkedin.com/in/kittukolluri/
https://www.neotribe.vc/

Find Our Host, Jon Chee, at these links:
https://www.linkedin.com/in/jonchee
https://www.excedr.com

Timestamps:
00:20 Intro
01:15 Episode starts, starting at NEA and learning venture capital is about influence/control
04:07 Raising money at a Seed Stage, proof of value and proof of market, setting up a sales module
07:10 Sourcing opportunities, the differences between being a leader at a venture and a leader at a company
08:48 Partnership model differences in venture capital
10:33 First risky investment in Weatherbuild, growing his reputation with its billion-dollar success
14:00 Ranking the importance of product, market, and team before writing the check
15:38 Knowing when to start Neotribe, Neotribe as a “passionate rage against the status quo”
17:23 Pillars of Value at Neotribe and how they work with companies, building trust with entrepreneurs without feeling judged
20:45 Raising the first VC fund, the difficulties of building a company with personal struggles, the importance of a support network
26:44 Success is a function of two things, why a CEO can be considered an investor in their own company
29:16 The differences between operators and Venture Capitalists, optimizing customer acquisition
35:00 Outro

Social & Website
LinkedIn: https://www.linkedin.com/company/excedr/
Youtube: https://www.youtube.com/@excedr
Instagram: https://www.instagram.com/excedr_inc
Twitter: https://twitter.com/ExcedrInc
Facebook: https://www.facebook.com/excedr
TikTok: https://www.tiktok.com/@excedr
Podcast Website: https://www.thebiotechstartupspodcast.com/

Enriched Notes:

Topics Mentioned:
Fooled By Randomness by Nassim Taleb https://en.wikipedia.org/wiki/Fooled_by_Randomness
Thinking in Bets by Annie Duke https://www.amazon.com/Thinking-Bets-Making-Smarter-Decisions/dp/0735216355
Go long or go short? A VC reveals when it’s time to sell and how to maximize buyer interest by Kittu Kolluri https://techcrunch.com/2023/02/22/go-long-or-go-short-a-vc-reveals-when-its-time-to-sell-and-how-to-maximize-buyer-interest/

Top VC Firms for Biotechs https://www.excedr.com/blog/top-vc-firms-for-biotech
VC Term Sheets https://www.excedr.com/resources/venture-capital-term-sheets
VC Term Sheet Clauses: A Glossary of Key Terms https://www.excedr.com/resources/vc-term-sheet-clauses-and-terms
What are Your Funding Options https://www.excedr.com/resources/biotech-startup-funding-options
Getting Funding for Lab Research https://www.excedr.com/blog/how-to-get-funding-for-lab-research
Post vs Pre Money Valuations https://www.excedr.com/resources/pre-money-vs-post-money
Marketing and Sales for Startups https://www.excedr.com/blog/marketing-sales-strategies-for-biotechs
What is Capital Outlay? https://www.excedr.com/blog/what-is-capital-outlay

People Mentioned:
Mike Long CEO https://en.wikipedia.org/wiki/Mike_Long_(American_businessman) The Biotech Startups Podcast gives you a front-row seat to the business and science of building a biotech. Hosted by Jon Chee, CEO of Excedr, the show features honest conversations with founders, execs, and investors about their work, their companies, and how they got there. From scientific breakthroughs to startup lessons, each episode explores what it really takes to grow a life science company—from pre-seed to IPO.

Part 2 of 3.

My guest for this week’s episode is Kittu Kolluri, Founder and Managing Director of Neotribe Ventures, an early- and growth-stage venture capital firm investing in companies that solve hard technical problems and disrupt non-traditional industry sectors. Neotribe is led by a team of serial entrepreneurs with a track record of supporting and advising startups from seed round to IPO. As a Silicon Valley veteran with a career spanning three decades, Kittu has had numerous roles before his time at Neotribe Ventures. Some highlights include working as an engineer at Silicon Graphics, co-founding Healtheon/WebMD, being the founder and CEO of Neoteris, and investing in over four dozen successful companies as a general partner at NEA.

Join us as we sit down with Kittu to talk about Healtheon’s origins, mission, and culture, and how he applied learnings from that experience with Neoteris. He talks about the important difference between leadership and management, talks about the dot com bubble and its similarity to the AI trend of today, and talks about fundraising in a down economy. He also speaks on feeling shifts in the market, finding a “new normal” in the economy, and how he ended up in venture capital. Please enjoy my conversation with Kittu Kolluri.

Find Our Guest, Kittu Kolluri, at these links:
https://www.linkedin.com/in/kittukolluri/
https://www.neotribe.vc/

Find Our Host, Jon Chee, at these links:
https://www.linkedin.com/in/jonchee
https://www.excedr.com

Timestamps:
00:20 Intro
01:11 Episode starts, Healtheon’s origins, mission, and culture
03:38 Starting Neoteris and focusing on creating a culture to be proud of, co-authoring a culture statement
07:03 The difference between leadership and management, leaving Healtheon
08:40 Comparing the dot com bubble and the current AI trend, talking down-market conditions
12:15 Neoteris’ origins, raising money during a down economy, the importance of a CEO’s confidant
15:25 The isolation of being a CEO, attracting a great team, and discovering product/market fit
19:02 Feeling shifts in the market, capital being cheap for nearly 30 years, finding a “new normal”
23:37 Leaving Juniper Networks to do venture capital at NEA, interviewing many people to find a fit
27:34 Finding a rubric of success in venture capital, the value of authenticity and intellectual curiosity
30:27 Outro

Social & Website
LinkedIn: https://www.linkedin.com/company/excedr/
Youtube: https://www.youtube.com/@excedr
Instagram: https://www.instagram.com/excedr_inc
Twitter: https://twitter.com/ExcedrInc
Facebook: https://www.facebook.com/excedr
TikTok: https://www.tiktok.com/@excedr
Podcast Website: https://www.thebiotechstartupspodcast.com/

Enriched Notes:

Topics Mentioned:
Healtheon https://en.wikipedia.org/wiki/Healtheon
Neoteris https://www.computerworld.com/article/2572211/netscreen-to-buy-neoteris-for--265-million.html
Naming Your Startup https://www.excedr.com/resources/naming-your-startup
NetScreen Technologies https://en.wikipedia.org/wiki/NetScreen_Technologies
Juniper Networks https://en.wikipedia.org/wiki/Juniper_Networks
NEA https://www.nea.com/
Top VC Firms for Biotech https://www.excedr.com/blog/top-vc-firms-for-biotech
Fully-Diluted Capitalization & Why It’s Important https://www.excedr.com/resources/fully-diluted-capitalization
Funding https://www.excedr.com/category/funding
Negotiating a Term Sheet https://www.excedr.com/resources/negotiating-a-term-sheet
Leasing Options: Lower Monthly Payments vs. Lower Total Lease Cost https://www.excedr.com/blog/lower-monthly-payments-vs-lower-total-lease-cost
Tax Advantages of Equipment Leasing https://www.excedr.com/blog/tax-advantages-of-equipment-leasing
Applying for an Equipment Lease https://www.excedr.com/blog/how-to-apply-for-an-equipment-lease
Leasing vs. Buying Equipment: Benefits & Drawbacks https://www.excedr.com/blog/leasing-vs-buying-equipment

People Mentioned:
Jim Clark https://en.wikipedia.org/wiki/James_H._Clark
James Barksdale https://en.wikipedia.org/wiki/James_L._Barksdale
Danny Rimer https://www.linkedin.com/in/dannyrimer/
Alan Greenspan https://en.wikipedia.org/wiki/Alan_GreenspanThe Biotech Startups Podcast gives you a front-row seat to the business and science of building a biotech. Hosted by Jon Chee, CEO of Excedr, the show features honest conversations with founders, execs, and investors about their work, their companies, and how they got there. From scientific breakthroughs to startup lessons, each episode explores what it really takes to grow a life science company—from pre-seed to IPO.

Part 1 of 3.

My guest for this week’s episode is Kittu Kolluri, Founder and Managing Director of Neotribe Ventures, an early- and growth-stage venture capital firm investing in companies that solve hard technical problems and disrupt non-traditional industry sectors. Neotribe is led by a team of serial entrepreneurs with a track record of supporting and advising startups from seed round to IPO.

As a Silicon Valley veteran with a career spanning three decades, Kittu has had numerous roles before his time at Neotribe Ventures. Some highlights include working as an engineer at Silicon Graphics, co-founding Healtheon/WebMD, being the founder and CEO of Neoteris, and investing in over four dozen successful companies as a general partner at NEA.

Join us as we sit down with Kittu to talk about his childhood in Hyderabad and his recollection of the many serendipitous accidents that have occurred in his life. He talks about his experience as a first-generation immigrant getting into entrepreneurship, and the differences between his and his parent’s generation. He also discusses how he got into computer science, his time at Silicon Graphics, and his opinion on why culture can make or break a startup. Please enjoy my conversation with Kittu Kolluri.

Find Our Guest, Kittu Kolluri, at these links:
https://www.linkedin.com/in/kittukolluri/
https://www.neotribe.vc/

Find Our Host, Jon Chee, at these links:
https://www.linkedin.com/in/jonchee
https://www.excedr.com

Timestamps:
00:20 Intro
01:51 Episode starts, Kittu’s childhood in Hyderabad, India, recognizing accidental influences in his life
06:10 The difficulties of taking the entrepreneurial risk as a first-generation immigrant
08:50 The differences in outlook between his parent’s generation and his generation
10:18 Choosing to studying mechanical engineering, ending up at SUNY Buffalo
12:52 Studying operations research, getting exposure to computer science, benefits of multidisciplinary exposure
16:35 Working at Silicon Graphics, falling in love with being a software engineer
20:48 Dealing with a company’s rapid growth, learning from your mistakes
24:05 Pride of ownership, mentors and colleagues who influenced Kittu
28:37 Being a student for life, the definition of trust in a team
30:17 Why startups can beat large companies, the dangers of microcultures in a company, company culture’s importance
34:02 Outro

Social & Website
LinkedIn: https://www.linkedin.com/company/excedr/
Youtube: https://www.youtube.com/@excedr
Instagram: https://www.instagram.com/excedr_inc
Twitter: https://twitter.com/ExcedrInc
Facebook: https://www.facebook.com/excedr
TikTok: https://www.tiktok.com/@excedr
Podcast Website: https://www.thebiotechstartupspodcast.com/

Enriched Notes:

Topics Mentioned:
Staffing Your Startup https://www.excedr.com/blog/staffing-your-startup
Writing a Business Plan https://www.excedr.com/resources/how-to-write-a-business-plan-for-biotechs
What Is Startup Valuation https://www.excedr.com/resources/startup-valuations
Biotech Funding for Startups https://www.excedr.com/resources/biotech-startup-funding-options
Bootstrapping Your Biotech Startup https://www.excedr.com/resources/how-to-bootstrap-biotech-startup
Silicon Graphics https://en.wikipedia.org/wiki/Silicon_Graphics
Grant Funding for Biotech Startups https://www.excedr.com/resources/grants-public-funding-biotech-startups
Naming Your Startup https://www.excedr.com/resources/naming-your-startup
Pre-Money vs. Post-Money https://www.excedr.com/resources/pre-money-vs-post-money
Should You Incorporate in Delaware https://www.excedr.com/resources/incorporating-your-biotech-startup

People Mentioned:
Shankar Srinivasan https://www.linkedin.com/in/srinivasanshankar/
Jim Clark https://en.wikipedia.org/wiki/James_H._Clark
Pavan Nigam https://www.linkedin.com/in/pavannigam/ The Biotech Startups Podcast gives you a front-row seat to the business and science of building a biotech. Hosted by Jon Chee, CEO of Excedr, the show features honest conversations with founders, execs, and investors about their work, their companies, and how they got there. From scientific breakthroughs to startup lessons, each episode explores what it really takes to grow a life science company—from pre-seed to IPO.

Part 3 of 3.

My guest for this week’s episode is Fengru Lin, Founder and CEO of TurtleTree, a biotech company revolutionizing food for good. Having raised a 40 million dollar Series A, TurtleTree is creating cell-based milk, with a current focus on releasing LF+, the world’s first sustainably produced lactoferrin made with cutting-edge precision fermentation technology.

Prior to TurtleTree, Fengru worked at UL, Salesforce, and Google, gaining a tremendous amount of experience in sales and business development. Her breadth of experience makes her insights invaluable to life science companies looking to create opportunities for themselves in their verticals.

Join us as we sit down with Fengru to talk about TurtleTree’s early days and how focusing on HR early was crucial to their success. She talks about creating a people-first work culture and how having a business-centric leadership team can be advantageous. She also discusses her experience refocusing TurtleTree’s efforts to reach earlier commercialization and touches on navigating fundraising for series A and B in volatile markets. Please enjoy my conversation with Fengru Lin.

Find Our Guest, Fengru Lin, at these links:
https://www.linkedin.com/in/fengru
https://www.turtletree.com

Find Our Host, Jon Chee, at these links:
https://www.linkedin.com/in/jonchee
https://www.excedr.com

Timestamps:
00:20 Intro
01:13 Episode starts, TurtleTree’s vision and mission, building TurtleTree’s team and focusing on HR early
03:42 Creating a people-first company culture, the importance of a business-centric leadership team
06:34 TurtleTree’s pivot to creating lactoferrin to commercialize earlier rather than later
10:12 The idea of refocusing on something new vs pivoting completely
12:03 Planning go-to-market strategy and commercialization efforts, understanding market fluctuations
16:02 Navigating fundraising for TurtleTree, tips and tricks for fundraising efforts, raising Series B funding
18:27 Biggest challenges and triumphs for TurtleTree, empowering your team to get their buy-in
23:14 What is in store for TurtleTree in the next couple of years
26:06 Fengru’s shout-outs, advice to her 21-year-old self
27:35 Outro

Social & Website
LinkedIn: https://www.linkedin.com/company/excedr
Youtube: https://www.youtube.com/@excedr
Instagram: https://www.instagram.com/excedr_inc
Twitter: https://twitter.com/ExcedrInc
Facebook: https://www.facebook.com/excedr
TikTok: https://www.tiktok.com/@excedr
Podcast Website: https://www.thebiotechstartupspodcast.com

Enriched Notes:

Topics Mentioned:

TurtleTree https://www.turtletree.com
Staffing Your Startup https://www.excedr.com/blog/staffing-your-startup
Abbott Laboratories https://en.wikipedia.org/wiki/Abbott_Laboratories
Fonterra https://en.wikipedia.org/wiki/Fonterra
Precision Fermentation https://en.wikipedia.org/wiki/Industrial_fermentation#Precision_fermentation
Lactoferrin https://en.wikipedia.org/wiki/Lactoferrin
Gross Margin https://en.wikipedia.org/wiki/Gross_margin
Lab Equipment Leasing https://www.excedr.com/leasing
Bioreactors https://www.excedr.com/general-lab-equipment/bioreactor
Choosing & Collaborating with a CMO https://www.excedr.com/blog/contract-manufacturing-organizations
Financial Modeling & How Can It Help with Fundraising https://www.excedr.com/resources/what-is-financial-modeling
What Is Due Diligence https://www.excedr.com/resources/what-is-due-diligence
What Is Series A, B, & C Funding https://www.excedr.com/resources/series-funding-explained
What Is Patent Licensing https://www.excedr.com/resources/how-patent-licensing-works
Intellectual Property 101 https://www.excedr.com/resources/intellectual-property-guide
Understanding Intellectual Property Rights https://www.excedr.com/resources/intellectual-property-rights-for-biotechs
IFT https://en.wikipedia.org/wiki/Institute_of_Food_TechnologistsThe Biotech Startups Podcast gives you a front-row seat to the business and science of building a biotech. Hosted by Jon Chee, CEO of Excedr, the show features honest conversations with founders, execs, and investors about their work, their companies, and how they got there. From scientific breakthroughs to startup lessons, each episode explores what it really takes to grow a life science company—from pre-seed to IPO.

Part 2 of 3.

My guest for this week’s episode is Fengru Lin, Founder and CEO of TurtleTree, a biotech company revolutionizing food for good. Having raised a 40 million dollar Series A, TurtleTree is creating cell-based milk, with a current focus on releasing LF+, the world’s first sustainably produced lactoferrin made with cutting-edge precision fermentation technology.

Prior to TurtleTree, Fengru worked at UL, Salesforce, and Google, gaining a tremendous amount of experience in sales and business development. Her breadth of experience makes her insights invaluable to life science companies looking to create opportunities for themselves in their verticals.

Join us as we sit down with Fengru to talk about her experience doing sales and business development at Salesforce. She talks about the success of placing the customer at the core of the sales motion, the importance of the 90/10 rule, and the value of knowing your audience in every conversation you have.

She also discusses the importance of executive buy-in, shares her thoughts on innovation enabling other parts of your org, explains how the idea for TurtleTree came about, and tells us the story of how she met her co-founder. Please enjoy my conversation with Fengru Lin.

Find Our Guest, Fengru Lin, at these links:
https://www.linkedin.com/in/fengru/
https://www.turtletree.com/

Find Our Host, Jon Chee, at these links:
https://www.linkedin.com/in/jonchee
https://www.excedr.com

Timestamps:
00:20 Intro
01:10 Episode starts, going to Salesforce, the customer as the core of the sales motion
05:44 How to do sales, the difference between early sale and sales at scale
08:07 The 90/10 rule of sales and its application to fundraising, dealing with rejection in sales and business development
09:50 Mentors from Salesforce, the importance of knowing your audience in every conversation
11:26 Getting executive buy-in, innovation is there to enable other parts of the organization
14:43 How Fengru’s cheesemaking hobby sparked TurtleTree’s creation, meeting co-founder
17:12 The power of simply talking to experts, founding TurtleTree and bootstrapping at the start
19:38 Advice for filing the patents, working off of existing technology
21:03 The complexity of milk, the difficulties of reaching commercialization, finding the right partners
23:02 Outro

Social & Website
LinkedIn: https://www.linkedin.com/company/excedr/
Youtube: https://www.youtube.com/@excedr
Instagram: https://www.instagram.com/excedr_inc
Twitter: https://twitter.com/ExcedrInc
Facebook: https://www.facebook.com/excedr
TikTok: https://www.tiktok.com/@excedr
Podcast Website: https://www.thebiotechstartupspodcast.com/

Enriched Notes:

Topics Mentioned:

Salesforce https://www.salesforce.com/
Marketing & Sales Strategies for Startups https://www.excedr.com/blog/marketing-sales-strategies-for-biotechs
Software Tools https://www.excedr.com/blog/tools-for-keeping-startup-costs-in-check
Getting Funding for Lab Research https://www.excedr.com/blog/how-to-get-funding-for-lab-research
TurtleTree https://www.turtletree.com/
Bootstrap Your Biotech Startup https://www.excedr.com/resources/how-to-bootstrap-biotech-startup
Seed Funding Explained https://www.excedr.com/resources/seed-round-funding-explained
Startup Valuation https://www.excedr.com/resources/startup-valuations
VC Term Sheets https://www.excedr.com/resources/venture-capital-term-sheets
What Is Patent Licensing https://www.excedr.com/resources/how-patent-licensing-works
Intellectual Property 101 https://www.excedr.com/resources/intellectual-property-guide
Understanding Intellectual Property Rights https://www.excedr.com/resources/intellectual-property-rights-for-biotechs
How to Protect Your IP https://www.excedr.com/resources/how-to-protect-your-intellectual-property
Intellectual Property Strategy https://www.excedr.com/resources/intellectual-property-strategy-for-biotechs

People Mentioned:
Max Rye https://www.linkedin.com/in/maxrye/ The Biotech Startups Podcast gives you a front-row seat to the business and science of building a biotech. Hosted by Jon Chee, CEO of Excedr, the show features honest conversations with founders, execs, and investors about their work, their companies, and how they got there. From scientific breakthroughs to startup lessons, each episode explores what it really takes to grow a life science company—from pre-seed to IPO.

Part 1 of 3.

My guest for this week’s episode is Fengru Lin, Founder and CEO of TurtleTree, a biotech company revolutionizing food for good. Having raised a 40 million dollar Series A, TurtleTree is creating cell-based milk, with a current focus on releasing LF+, the world’s first sustainably produced lactoferrin made with cutting-edge precision fermentation technology.

Prior to TurtleTree, Fengru worked at UL, Salesforce, and Google, gaining a tremendous amount of experience in sales and business development. Her breadth of experience makes her insights invaluable to life science companies looking to create opportunities for themselves in their verticals.

Join us as we sit down with Fengru to talk about her upbringing in Hong Kong and Singapore and her time in the Girl Guides. Fengru talks about how her early love of planning helped hone her operational management skills as an adult.

We also cover her thoughts on the value of business people for their ability to connect the dots and communicate ideas effectively. Lastly, Fengru talks about graduating college, her internship at Nestle, and how her first job out of college at Collis Asia taught her about the importance of QA/QC. Please enjoy my conversation with Fengru Lin.

Find Our Guest, Fengru Lin, at these links:
https://www.linkedin.com/in/fengru/
https://www.turtletree.com/

Find Our Host, Jon Chee, at these links:
https://www.linkedin.com/in/jonchee
https://www.excedr.com

Timestamps:
00:20 Intro
01:43 Episode starts, Fengru’s upbringing in Hong Kong, being self-reliant and determined, joining Girl Guides
04:00 How loving planning helped hone operational management skills as a child
05:40 Going to Singapore Management University, diving into tech as the internet boomed
07:27 The value of business people connecting the dots and communicating between individuals
11:24 Summer jobs, internship at Nestle, learning what you want and don’t want in your career
14:04 Getting a job at Collis Asia after college, learning about QA/QC and how it is still an applied skill
16:07 Going into international sales and business development, empowering your team
19:22 Traveling internationally, learning about cultural differences in business
21:28 Outro

Social & Website
LinkedIn: https://www.linkedin.com/company/excedr/
Youtube: https://www.youtube.com/@excedr
Instagram: https://www.instagram.com/excedr_inc
Twitter: https://twitter.com/ExcedrInc
Facebook: https://www.facebook.com/excedr
TikTok: https://www.tiktok.com/@excedr
Podcast Website: https://www.thebiotechstartupspodcast.com/

Enriched Notes:

Topics Mentioned:

Girl Guides https://en.wikipedia.org/wiki/Girl_Guides
Daiwa https://en.wikipedia.org/wiki/Daiwa_Securities_Group
Nestle https://en.wikipedia.org/wiki/Nestl%C3%A9
What Should Investors & Founders Expect https://www.excedr.com/resources/investor-founder-expectations
Write a Lean Business Plan https://www.excedr.com/resources/how-to-write-lean-business-plan
Write a Business Plan https://www.excedr.com/resources/how-to-write-a-business-plan-for-biotechs
What Is Cash Runway https://www.excedr.com/blog/what-is-cash-runway
UL https://en.wikipedia.org/wiki/UL_(safety_organization)
Loan Covenants & Their Effects https://www.excedr.com/resources/loan-covenants-and-their-effects
Blanket Liens & Their Effects https://www.excedr.com/resources/blanket-liens-and-their-effects The Biotech Startups Podcast gives you a front-row seat to the business and science of building a biotech. Hosted by Jon Chee, CEO of Excedr, the show features honest conversations with founders, execs, and investors about their work, their companies, and how they got there. From scientific breakthroughs to startup lessons, each episode explores what it really takes to grow a life science company—from pre-seed to IPO.

Part 4 of 4.

My guest for this week’s episode is Sandy Paige, co-managing director of the Seabright Ventures Fund, a search fund investing in the US middle market, with a focus on life sciences and cleantech.

Sandy is an expert CEO, most recently leading and scaling Explora BioLabs before its acquisition by Charles River Laboratories for $295 Million. Prior to Seabright, Sandy led The Jackson Laboratory as a Site Director and a Director of International Distribution from 2008 to 2018. Before The Jackson Laboratory, Sandy spent time as a general manager, consultant, and financial analyst, gaining extensive experience in a wide range of industries outside of the life sciences.

Join us as we sit down with Sandy to talk about creating and finding competitive moats, and how Explora Biolabs leaned into a creative financing opportunity to grow. Sandy also discusses the importance of solving problems in unconventional ways.

We cover his thoughts on how a board of directors finds its purpose in keeping the CEO in check and the healthy tension that exists in that balance. Lastly, Sandy touches on the qualities he attributes his success to, as well as offering advice to his 21-year-old self that everyone can benefit from hearing. Please enjoy my conversation with Sandy Paige.

Find Our Guest, Sandy Paige, at these links:
https://www.linkedin.com/in/nathanielsandypaige/
https://seabrightventuresfund.com/

Find Our Host, Jon Chee, at these links:
https://www.linkedin.com/in/jonchee
https://www.excedr.com

Timestamps:
00:20 Intro
01:20 Episode starts, Explora Biolabs’ contract research, technical staffing, renting vivarium rooms
03:26 Creating competitive moats, unique financing opportunities as a business model
07:03 Learning to negotiate his position and mitigate risk, solving problems unconventionally
10:55 Maintaining profitability and the board’s purpose to keep the CEO in check
13:28 Getting acquired by Charles River, finding the right timing to exit
17:44 Tips for those looking to get acquired, taking your time with the decision
18:50 Sandy’s attributes to success: humility, a great team, personal hustle, ambiguity as an asset
22:14 What Sandy and the Seabright Ventures Fund are up to in the next couple of years
25:18 Sandy’s advice to his 21-year-old self: work with interesting people doing interesting things with integrity
27:16 Outro

Social & Website
LinkedIn: https://www.linkedin.com/company/excedr/
Youtube: https://www.youtube.com/@excedr
Instagram: https://www.instagram.com/excedr_inc
Twitter: https://twitter.com/ExcedrInc
Facebook: https://www.facebook.com/excedr
TikTok: https://www.tiktok.com/@excedr
Podcast Website: https://www.thebiotechstartupspodcast.com/

Enriched Notes:

Topics Mentioned:

Explora Biolabs https://ir.criver.com/news-releases/news-release-details/charles-river-laboratories-acquires-expl
ora-biolabs
Choosing & Collaborating with a CRO https://www.excedr.com/blog/contract-research-organizations
Choosing & Collaborating with a CMO https://www.excedr.com/blog/contract-manufacturing-organizations
How Do Core Labs Support Life Science Research https://www.excedr.com/blog/core-labs
Biotech Partnerships https://www.excedr.com/blog/how-biotech-partnerships-support-research
Managing Your Capital: Equipment Leasing vs. Traditional Financing https://www.excedr.com/resources/equipment-leasing-vs-traditional-financing
Equipment Leasing vs. Financing https://www.excedr.com/blog/equipment-leasing-vs-financing
Series A, B, & C Funding https://www.excedr.com/resources/series-funding-explained
Seabright Ventures Fund https://seabrightventuresfund.com/The Biotech Startups Podcast gives you a front-row seat to the business and science of building a biotech. Hosted by Jon Chee, CEO of Excedr, the show features honest conversations with founders, execs, and investors about their work, their companies, and how they got there. From scientific breakthroughs to startup lessons, each episode explores what it really takes to grow a life science company—from pre-seed to IPO.

Part 3 of 4.

My guest for this week’s episode is Sandy Paige, co-managing director of the Seabright Ventures Fund, a search fund investing in the US middle market, with a focus on life sciences and cleantech. Sandy is an expert CEO, most recently leading and scaling Explora BioLabs before its acquisition by Charles River Laboratories for $295 Million.

Prior to Seabright, Sandy led The Jackson Laboratory as a Site Director and a Director of International Distribution from 2008 to 2018. Before The Jackson Laboratory, Sandy spent time as a general manager, consultant, and financial analyst, gaining extensive experience in a wide range of industries outside of the life sciences.

Join us as we sit down with Sandy to talk about his experience managing international distribution at The Jackson Laboratory. Sandy also discusses how meaningful work and personal buy-in are important forms of equity. We cover his thoughts on how business development is different from sales and his advice on getting your start in BD.

Lastly, Sandy touches on leaving The Jackson Laboratory to start a search fund, his success in doing so, and the initial stages of his acquisition of Explora Biolabs. Please enjoy my conversation with Sandy Paige.

Find Our Guest, Sandy Paige, at these links:
https://www.linkedin.com/in/nathanielsandypaige/
https://seabrightventuresfund.com/

Find Our Host, Jon Chee, at these links:
https://www.linkedin.com/in/jonchee
https://www.excedr.com

Timestamps:
00:00 Intro
01:01 Episode starts, managing international distribution at The Jackson Laboratory
03:32 The Jackson Laboratory and cancer research, personal buy-in as a form of equity
06:08 Advice on business development, starting in sales, and the benefits of that experience
10:20 The importance of learning about sales, and business development as “everyone’s job”
13:38 Leaving The Jackson Laboratory, raising a search fund
16:12 Learning about search funds, raising the fund at age 48
18:50 Finding Explora Biolabs, the prevalence of VC money in biotech companies, finding a good business “fit”
21:50 Outro

Social & Website
LinkedIn: https://www.linkedin.com/company/excedr/
Youtube: https://www.youtube.com/@excedr
Instagram: https://www.instagram.com/excedr_inc
Twitter: https://twitter.com/ExcedrInc
Facebook: https://www.facebook.com/excedr
TikTok: https://www.tiktok.com/@excedr
Podcast Website: https://www.thebiotechstartupspodcast.com/

Enriched Notes:

Topics Mentioned:

The Jackson Laboratory https://www.jax.org/
Marketing & Sales Strategies https://www.excedr.com/blog/marketing-sales-strategies-for-biotechs
Intellectual Property 101 https://www.excedr.com/resources/intellectual-property-guide
Understanding Intellectual Property Rights https://www.excedr.com/resources/intellectual-property-rights-for-biotechs
How to Protect Your Intellectual Property https://www.excedr.com/resources/how-to-protect-your-intellectual-property
Life Sciences Licensing Agreements https://www.excedr.com/blog/life-sciences-licensing-agreements-guide
Patent Licensing & How It Works https://www.excedr.com/resources/how-patent-licensing-works
Search Fund https://en.wikipedia.org/wiki/Search_fund
Explora Biotech https://ir.criver.com/news-releases/news-release-details/charles-river-laboratories-acquires-explora-biolabs
What Is Secured Debt https://www.excedr.com/blog/what-is-secured-debt
Understanding Debt & Equity Funding Options https://www.excedr.com/resources/debt-equity-options-funding-startup The Biotech Startups Podcast gives you a front-row seat to the business and science of building a biotech. Hosted by Jon Chee, CEO of Excedr, the show features honest conversations with founders, execs, and investors about their work, their companies, and how they got there. From scientific breakthroughs to startup lessons, each episode explores what it really takes to grow a life science company—from pre-seed to IPO.

Part 2 of 4.

My guest for this week’s episode is Sandy Paige, co-managing director of the Seabright Ventures Fund, a search fund investing in the US middle market, with a focus on life sciences and cleantech. Sandy is an expert CEO, most recently leading and scaling Explora BioLabs before its acquisition by Charles River Laboratories for $295 Million.

Prior to Seabright, Sandy led The Jackson Laboratory as a Site Director and a Director of International Distribution from 2008 to 2018. Before The Jackson Laboratory, Sandy spent time as a general manager, consultant, and financial analyst, gaining extensive experience in a wide range of industries outside of the life sciences.

Join us as we sit down with Sandy to talk about his experience practicing corporate entrepreneurship after getting his MBA. Sandy also discusses how his time as a general manager of a paper mill taught him life lessons about people and led to his commitment toward treating them in a way he’ll never regret.

We cover his move from the East Coast to the West Coast, where he took up a position at The Jackson Laboratory, and where he learned to scale a non-profit aggressively. Lastly, Sandy touches on when to be frugal and when to spend, the 3-5 important decisions per year that CEOs make, and how crucial a good team is to running a successful business. Please enjoy my conversation with Sandy Paige.

Find Our Guest, Sandy Paige, at these links:
https://www.linkedin.com/in/nathanielsandypaige/
https://seabrightventuresfund.com/

Find Our Host, Jon Chee, at these links:
https://www.linkedin.com/in/jonchee
https://www.excedr.com

Timestamps:
00:00 Intro
01:04 Episode starts, joining CIANBRO after getting his MBA, practicing corporate entrepreneurship
05:18 Starting consulting, becoming a general manager of a paper mill
10:10 Life lessons taken away from his experience, treating people in a way you’ll never regret
13:08 Finding an industry that has margin and growth instead of being a commodity
16:07 Moving from the East to the West coast and joining The Jackson Laboratory, managing a very different team of people
18:40 Managing employee churn, understanding cultural differences after the move
21:33 Hiring and scaling effectively at an enormous non-profit company
24:45 Choosing when to spend vs when to be frugal, over-capitalizing things that are mission-critical
27:23 Making the most important decisions, a good team is a critical component for success
29:42 CEOs make 3-5 important decisions per year, most of those are hiring people, pattern recognition
34:11 Outro

Social & Website
LinkedIn: https://www.linkedin.com/company/excedr/
Youtube: https://www.youtube.com/@excedr
Instagram: https://www.instagram.com/excedr_inc
Twitter: https://twitter.com/ExcedrInc
Facebook: https://www.facebook.com/excedr
TikTok: https://www.tiktok.com/@excedr
Podcast Website: https://www.thebiotechstartupspodcast.com/

Enriched Notes:

Topics Mentioned:

CIANBRO https://www.cianbro.com/
Knight-Celotex https://en.wikipedia.org/wiki/Celotex
Employment Agreements https://www.excedr.com/resources/understanding-employment-agreements
How & When to Fire Someone https://www.excedr.com/resources/how-and-when-to-fire-someone
The Jackson Laboratory https://www.jax.org/
Staffing Your Startup https://www.excedr.com/blog/staffing-your-startup
Leasing & Financing https://www.excedr.com/category/leasing-financing
Cost of Capital https://www.excedr.com/blog/cost-of-capital
Loan Covenants https://www.excedr.com/resources/loan-covenants-and-their-effects
Understanding Debt & Equity Funding https://www.excedr.com/resources/debt-equity-options-funding-startup
Equipment Lease vs Loan https://www.excedr.com/blog/equipment-lease-vs-loan
Explora Bio https://ir.criver.com/news-releases/news-release-details/charles-river-laboratories-acquires-explora-biolabs
Intellectual Property Strategy https://www.excedr.com/resources/intellectual-property-strategy-for-biotechs

People Mentioned:
Chuck Hewett https://www.linkedin.com/in/chuckhewett/ The Biotech Startups Podcast gives you a front-row seat to the business and science of building a biotech. Hosted by Jon Chee, CEO of Excedr, the show features honest conversations with founders, execs, and investors about their work, their companies, and how they got there. From scientific breakthroughs to startup lessons, each episode explores what it really takes to grow a life science company—from pre-seed to IPO.