On this week’s episode, Mark’s guest is Steve Dickman, CEO of CBT Advisors, a strategic consultancy supporting the biotech industry.
Topics discussed during the episode include:
- How Steve made the transition from working at Science and at Nature – where he founded and ran the first Nature news bureau in Germany, among other responsibilities – to thriving in the ecosystem of VCs, Private Equity, and startups
- The obstacles Steve faced as he shifted his professional focus and how he overcame them
- How Steve develops and delivers persuasive, impactful stories for his clients, with examples from the startup environment of stories he felt were particularly compelling
- Steve’s advice for listeners thinking about trying to break into the startup ecosystem, and, for those already working within it, what qualities and approach Steve has found to be hallmarks or similarities of successful entrepreneurs
- Common blindspots or areas for further development that Steve and his team frequently see in the field
- How Steve and his firm provide feedback, particularly when a business plan, for example, may be way off the mark
- During this period of historic uncertainty and flux, what challenges and opportunities Steve sees on the horizon, and his career advice for scientists and engineers looking to start or shift careers
Useful resources
- The works of statistician, data visualizer, and artist Edward Tufte on communicating data using graphics. Described by The New York Times as the ‘Leonardo da Vinci of data,’ and Bloomberg as the ‘Galileo of graphics’, Tufte taught data analysis and policy making at Princeton and Yale for 32 years and authored five books
- Michael Gilman’s blog post on choosing your VCs https://lifescivc.com/2015/04/five-questions-to-ask-your-investors-before-you-take-their-money/
- Gilman’s blog post on risk reduction in biotech startups: https://lifescivc.com/2014/05/risk-a-users-guide-for-drug-developers/ and why it’s good to be virtual https://lifescivc.com/2016/01/the-virtues-of-virtual-and-why-were-devirtualizing/.
- Jeff Bussgang’s book on how VCs operate reviewed by Steve Dickman: https://bostonbiotechwatch.com/2010/04/26/vc-from-both-sides-mastering-the-vc-game-by-jeffrey-bussgang/
- How data science is influencing life science VC investing, https://a16z.com/2020/01/13/bio-newsletter-january-next-decade/ and https://a16z.com/2020/01/08/komodo-health/
- Steve Dickman’s post on Vijay Pande https://www.forbes.com/sites/stevedickman/2016/02/02/can-biology-even-drug-discovery-be-clouded-its-early-but-andreesen-horowitz-vc-thinks-so/#4c16d6955a16 and his portfolio company Benchling https://www.forbes.com/sites/stevedickman/2017/11/08/lab-notebook-software-bypassed-by-biologists-poses-tough-challenge-for-software-developers/#55c1c5ed1804
- Steve Dickman’s post describing Baillie Gifford: https://www.forbes.com/sites/stevedickman/2017/04/12/the-long-game-in-life-sciences-181-billion-fund-baillie-gifford-invests-big-in-private-companies/#1907f7334d89
- Books recommended for listeners interested in biotech and the startup ecosystem:
- Invisible Frontiers by Stephen Hall
- Making PCR by Paul Rabinow
- Hackers by Steven Levy (re the original hackers at MIT, one of whom, Tom Knight, is a co-founder and executive at Ginkgo, a synthetic biology unicorn)
- Bad Blood
- Lake Success by Gary Shteyngart (recent novel, topical for those interested in the money business)
- Market Wizards by Jack Schwager (how individuals make money in all sorts of markets – a classic – deeply relevant)
