Q&A with BD Rockstar Jack Anthony
As our industry regains traction, it’s imperative that dealmakers be at the top of their game. A widely known dealmaker, Jack Anthony, sat down with us to discuss his role in BioMentorz’ two-day skill honing course to be offered this summer by BayBio.
Anthony, Phil Haworth and Gayle Mills are the principals of BioMentorz, each with 30+ years experience in life sciences, half in large complex organizations, and half in younger more entrepreneurial settings. At the course, July 25-26, they will share their “Secret Sauce of Deal Making.”
Anthony shared with us a few of his ingredients for business development success.
BayBio: How does someone succeed in business development?
Jack Anthony: By doing deals! The conundrum is that it has always been difficult to get deal experience without doing a deal.
BB: What do you look for in a company presentation?
JA: I’m for looking for something to catch my attention in the first three slides. And it is not the company officers or the SAB or a Credo. It is what, how, when and why. The rest adds detail. And if the audience is a VC he/she will make up their mind in the first 3 minutes about whether to be interested. Sounds easy, doesn’t it?
BB: Yes it does sound simple. What’s the most difficult challenge in business development?
JA: Giving the elevator pitch. Literally, you’re in an elevator and you’ve got no place to hide for the next 30 seconds. When that door opens to the lobby, did you secure a meeting? Our mantra is not to close the deal in 30 seconds; it’s about getting to the next meeting with your new prospect. If you don’t have a pitch down cold, there’s a good chance all your other presentations will suffer as well.
BB: What differentiates “Secret Sauce” from any other BD course out there?
JA: First off, the people conducting the seminar are real dealmakers as in LOTS of deals. We’ve made every mistake you can make. And we have had a lot of success. You’re not going to sit there with a calculator running NPV calculations, or leading phony contrived negotiations. You can’t find anything like it anywhere else.
BB: Sounds very interactive. What’s your course like?
JA: We walk around. We’re yelling as we go round the room. We’re challenging. We’re giving constructive criticism. There is a lot of energy in the dance. There is no podium. This is not a lecture and little time for notes – we’ll supply all that. There is no script because we know cold what we are talking about. Participants do not leave as the same people they were when they walked in.
BB: I’m a 20 year vet of BD. Why would I take the course?
JA: If you’ve survived 20 years of BD, then you have been very successful or you have pictures taken at a long ago Christmas party. But if you’re coming from biotech, pharma, a CRO, or out of academia and have a couple of industry years under your belt we’ll help you understand the dance better and improve your deal-making odds.
BB: If I take the course, what should I expect to walk away with at the end of the two days?
JA: You’ll have a refined elevator pitch, a punchy non-confidential slide deck, increased confidence, and a handful of new ways to get initial meetings or to get to the next meeting.
BioMentorz: The Secret Sauce of Deal Making will be on July 25-26 in Palo Alto. Additional information online at www.baybio.org/biomentorz.