The Biotech Startups Podcast

Part 2 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 career journey from investment banking to the buy side, leveraging her journalism background to highlight her unique skills. She also discusses her time at Lehman Brothers and her transition to Valhalla Capital. Steph also talks about her unexpected passion for biotech and her belief in the sector's fundamental importance to the future. She shares the importance of staying proactive, avoiding complacency, and embracing new opportunities while highlighting how to view your uniqueness as an asset and how your distinct point of view is a benefit to your team. 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/joncheehttps://www.excedr.comTimestamps: 00:28 Intro01:27 Episode starts, how the opportunity at London Lehman Brothers came about04:39 What is investment banking, and how it differs from the buy side07:06 Experiences at Lehman Brothers, hard truths, and dealing with constructive criticism09:46 How a rude awakening as a junior banker led to a senior banker position, pivoting back to New York, starting all over again11:56 Moving to the buy side at a new company, “institutionalizing” processes and building a team dynamic amongst individual contributors15:44 Using your uniqueness to your advantage, the benefits of being an unconventional thinker in your specific field19:27 Moving on from Valhalla, dealing with a global financial crisis, and shifting to science with RTW23:16 Evaluating the science sector from a business perspective, why it is the most important sector going into the future26:20 Takeaways from volatile markets and the cycles of bioscience, post-global finance crisis28:37 Advice on how to survive a bear market, being confident in what you are investing in31:36 OutroSocial & WebsiteLinkedIn: 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/ As a podcast listener, you can redeem exclusive discounts with a growing list of biotech vendors and get $500 off your first equipment lease by using promo code “TBSP” on excedr.com/rewards.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 Top Biotech Seed and Angel Investors 2024 https://www.excedr.com/blog/biotech-seed-and-angel-investors What Type of Equipment You Need for Molecular Biology Lab https://www.excedr.com/blog/what-type-of-equipment-is-used-in-molecular-biology-research What is Molecular Biology https://www.excedr.com/blog/what-is-molecular-biology Legacy (All Blacks) (Book) - https://a.co/d/gwBezDWOperating Expenses 101 - https://www.excedr.com/blog/what-is-opexPeople Mentioned:Rod Wong https://www.linkedin.com/in/roderick-wong-543aa64/ Bryan Fiedler https://www.linkedin.com/in/bryan-fiedler-525485164/ 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 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/joncheehttps://www.excedr.comTimestamps: 00:0000:24 Intro02:00 Episode starts, Steph’s upbringing and how it influenced her leadership and business style06:33 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 world13:51 Balance of education and sports at SNU, sports career’s abrupt end, transitioning to the next phase of her life at Columbia16:19 Studying literature at Columbia University, appreciation of the humanities, organically choosing your track18:24 The value of a well-rounded education and being able to organically find what interests you21:15 Steph’s progressed from a Master’s in journalism to investment banking with Lehman Brothers, finding the hook in your story22:53 OutroSocial & WebsiteLinkedIn: 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/joncheehttps://www.excedr.comTimestamps:00:20 Intro01:15 Episode starts, starting at NEA and learning venture capital is about influence/control04:07 Raising money at a Seed Stage, proof of value and proof of market, setting up a sales module07:10 Sourcing opportunities, the differences between being a leader at a venture and a leader at a company08:48 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 check15:38 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 judged20:45 Raising the first VC fund, the difficulties of building a company with personal struggles, the importance of a support network26:44 Success is a function of two things, why a CEO can be considered an investor in their own company29:16 The differences between operators and Venture Capitalists, optimizing customer acquisition35:00 OutroSocial & WebsiteLinkedIn: 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/0735216355Go 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/joncheehttps://www.excedr.comTimestamps: 00:20 Intro01:11 Episode starts, Healtheon’s origins, mission, and culture03:38 Starting Neoteris and focusing on creating a culture to be proud of, co-authoring a culture statement07:03 The difference between leadership and management, leaving Healtheon08:40 Comparing the dot com bubble and the current AI trend, talking down-market conditions12:15 Neoteris’ origins, raising money during a down economy, the importance of a CEO’s confidant15:25 The isolation of being a CEO, attracting a great team, and discovering product/market fit19:02 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 fit27:34 Finding a rubric of success in venture capital, the value of authenticity and intellectual curiosity30:27 OutroSocial & WebsiteLinkedIn: 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.htmlNaming Your Startup https://www.excedr.com/resources/naming-your-startupNetScreen Technologies https://en.wikipedia.org/wiki/NetScreen_TechnologiesJuniper 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-biotechFully-Diluted Capitalization & Why It’s Important https://www.excedr.com/resources/fully-diluted-capitalizationFunding 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-costTax Advantages of Equipment Leasing https://www.excedr.com/blog/tax-advantages-of-equipment-leasingApplying for an Equipment Lease https://www.excedr.com/blog/how-to-apply-for-an-equipment-leaseLeasing 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/joncheehttps://www.excedr.comTimestamps: 00:20 Intro01:51 Episode starts, Kittu’s childhood in Hyderabad, India, recognizing accidental influences in his life06:10 The difficulties of taking the entrepreneurial risk as a first-generation immigrant08:50 The differences in outlook between his parent’s generation and his generation10:18 Choosing to studying mechanical engineering, ending up at SUNY Buffalo12:52 Studying operations research, getting exposure to computer science, benefits of multidisciplinary exposure16:35 Working at Silicon Graphics, falling in love with being a software engineer20:48 Dealing with a company’s rapid growth, learning from your mistakes24:05 Pride of ownership, mentors and colleagues who influenced Kittu28:37 Being a student for life, the definition of trust in a team30:17 Why startups can beat large companies, the dangers of microcultures in a company, company culture’s importance34:02 OutroSocial & WebsiteLinkedIn: 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-biotechsWhat 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-startupsNaming Your Startup https://www.excedr.com/resources/naming-your-startupPre-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/joncheehttps://www.excedr.comTimestamps: 00:20 Intro01:13 Episode starts, TurtleTree’s vision and mission, building TurtleTree’s team and focusing on HR early03:42 Creating a people-first company culture, the importance of a business-centric leadership team06:34 TurtleTree’s pivot to creating lactoferrin to commercialize earlier rather than later10:12 The idea of refocusing on something new vs pivoting completely12:03 Planning go-to-market strategy and commercialization efforts, understanding market fluctuations16:02 Navigating fundraising for TurtleTree, tips and tricks for fundraising efforts, raising Series B funding18:27 Biggest challenges and triumphs for TurtleTree, empowering your team to get their buy-in23:14 What is in store for TurtleTree in the next couple of years26:06 Fengru’s shout-outs, advice to her 21-year-old self27:35 OutroSocial & WebsiteLinkedIn: 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.comEnriched Notes:Topics Mentioned:TurtleTree https://www.turtletree.comStaffing Your Startup https://www.excedr.com/blog/staffing-your-startupAbbott Laboratories https://en.wikipedia.org/wiki/Abbott_LaboratoriesFonterra https://en.wikipedia.org/wiki/Fonterra Precision Fermentation https://en.wikipedia.org/wiki/Industrial_fermentation#Precision_fermentationLactoferrin https://en.wikipedia.org/wiki/LactoferrinGross Margin https://en.wikipedia.org/wiki/Gross_marginLab Equipment Leasing https://www.excedr.com/leasingBioreactors https://www.excedr.com/general-lab-equipment/bioreactorChoosing & 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-diligenceWhat 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-worksIntellectual Property 101 https://www.excedr.com/resources/intellectual-property-guideUnderstanding 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/joncheehttps://www.excedr.comTimestamps: 00:20 Intro01:10 Episode starts, going to Salesforce, the customer as the core of the sales motion05:44 How to do sales, the difference between early sale and sales at scale08:07 The 90/10 rule of sales and its application to fundraising, dealing with rejection in sales and business development09:50 Mentors from Salesforce, the importance of knowing your audience in every conversation11:26 Getting executive buy-in, innovation is there to enable other parts of the organization14:43 How Fengru’s cheesemaking hobby sparked TurtleTree’s creation, meeting co-founder17:12 The power of simply talking to experts, founding TurtleTree and bootstrapping at the start19:38 Advice for filing the patents, working off of existing technology21:03 The complexity of milk, the difficulties of reaching commercialization, finding the right partners23:02 OutroSocial & WebsiteLinkedIn: 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-biotechsSoftware 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-startupSeed 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-worksIntellectual Property 101 https://www.excedr.com/resources/intellectual-property-guideUnderstanding 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-propertyIntellectual 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/joncheehttps://www.excedr.comTimestamps: 00:20 Intro01:43 Episode starts, Fengru’s upbringing in Hong Kong, being self-reliant and determined, joining Girl Guides04:00 How loving planning helped hone operational management skills as a child05:40 Going to Singapore Management University, diving into tech as the internet boomed07:27 The value of business people connecting the dots and communicating between individuals11:24 Summer jobs, internship at Nestle, learning what you want and don’t want in your career14:04 Getting a job at Collis Asia after college, learning about QA/QC and how it is still an applied skill16:07 Going into international sales and business development, empowering your team19:22 Traveling internationally, learning about cultural differences in business21:28 OutroSocial & WebsiteLinkedIn: 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_GuidesDaiwa 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-biotechsWhat 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-effectsBlanket 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/joncheehttps://www.excedr.comTimestamps: 00:20 Intro01:20 Episode starts, Explora Biolabs’ contract research, technical staffing, renting vivarium rooms03:26 Creating competitive moats, unique financing opportunities as a business model07:03 Learning to negotiate his position and mitigate risk, solving problems unconventionally10:55 Maintaining profitability and the board’s purpose to keep the CEO in check13:28 Getting acquired by Charles River, finding the right timing to exit17:44 Tips for those looking to get acquired, taking your time with the decision18:50 Sandy’s attributes to success: humility, a great team, personal hustle, ambiguity as an asset22:14 What Sandy and the Seabright Ventures Fund are up to in the next couple of years25:18 Sandy’s advice to his 21-year-old self: work with interesting people doing interesting things with integrity27:16 OutroSocial & WebsiteLinkedIn: 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-explora-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-organizationsHow 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-researchManaging 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-financingSeries A, B, & C Funding https://www.excedr.com/resources/series-funding-explainedSeabright 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/joncheehttps://www.excedr.comTimestamps: 00:00 Intro 01:01 Episode starts, managing international distribution at The Jackson Laboratory03:32 The Jackson Laboratory and cancer research, personal buy-in as a form of equity06:08 Advice on business development, starting in sales, and the benefits of that experience10:20 The importance of learning about sales, and business development as “everyone’s job”13:38 Leaving The Jackson Laboratory, raising a search fund16:12 Learning about search funds, raising the fund at age 4818:50 Finding Explora Biolabs, the prevalence of VC money in biotech companies, finding a good business “fit”21:50 Outro Social & WebsiteLinkedIn: 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_fundExplora 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.