Team and Advisory Board Curation in Early-Stage Biotech Start-ups

Vellos Team
19 February 2024

Assembling a skilled team and an experienced advisory board is a pivotal step for early-stage biotech start-ups.

This process goes beyond filling immediate roles; it involves strategically planning for future growth and addressing complex challenges. For certain start-ups, converging the core technology the company is based on, with additional technology or disciplines, can be a strategic decision to increase the scope and versatility of the company. An example of convergence of technologies is combining novel wet ware or hardware, which generates new data sets, with machine learning to create innovative, predictive platforms that can you validate in the lab. When considering pursuing this approach, or building a company based on a core technology, identifying a versatile and multifaceted team, who have domain experts across the different key areas, is essential. As your team grows, harnessing equity and option pools are important considerations for incentivising and retaining talent, with incentivises being vested, providing that individuals stay with the team for X amount of time.

Team Building Strategy

Skill Gap Analysis:

Identify the essential skills and expertise lacking in your current team, with areas potentially including research expertise, technology development, and business knowledge.

Role Convergence Planning and Strategic Hiring:

Plan for roles that not only fill current gaps but also have the potential to bridge multiple disciplines. Early employees in start-ups often wear multiple hats based on the teams needs, so hiring for early versatility is beneficial.

Advisory Board Development

An advisory board for an early-stage company typically comprises experienced professionals from various fields relevant to the company's focus. As a company grows, advisors could include those from academic research, pharmaceutical development, regulatory affairs, business strategy, and finance. These advisors offer strategic guidance, industry insights, and networking opportunities, helping the start-up navigate the complex landscape of biotech innovation and commercialisation.

Diverse Expertise:

When selecting advisory board members, aim for a mix of expertise across biotech, technology, business development, and regulatory affairs. This diversity is particularly beneficial for start-ups working at the convergence of different fields.

Long-term Incentivization:

While equity and option pools can be effective for incentivizing advisors, these considerations often evolve as the start-up grows. Initially, focus on aligning advisors' expertise with your strategic goals and the unique challenges of converging disciplines.

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