One of the most common questions we hear from university clients is: “How can we improve our chances when speaking with a potential industry partner?”
To help answer that, we spoke with a member of our industry network about the red and green flags they look for when engaging with academic leads.
Do your homework before reaching out
The first step of a connection starts with an introduction sent by Inpart from an industry user in our network. Universities are then free to respond to the introduction. On how to make the best first impression our contact said:
“I like universities that have done their homework, that have actually understood what kind of company I represent. So, if you come to me with an inappropriate opportunity, then I know you haven't done your homework. Stanford is a fantastic example of this. They will give you a curated collection of opportunities. [ When you know what the company is looking for] you can go back into your portfolio, and you pull out your most promising [technologies].”
Our contact also commented on what creates a bad impression:
“I hate gatekeeping [of contact with academics], it’s unnecessary. If academics can give me consolidated and targeted information, it makes my life much easier. Our company wanted to have a scientific conversation. We want to be walked through the latest paper.”
Additionally, pushing for a CDA (Confidential Disclosure Agreement) too early can also backfire:
“We have a very high bar for CDAs. I have terminated so many conversations; I do not want to obligate my company legally unnecessarily. Targets are not protectable, so if you tell me the target, I can run a conflict and prioritization check. I can tell you if we have significant experience with the target.”
Tip: Before reaching out, check the company’s current focus areas and recent collaborations. Start with non-confidential information where possible.
Our contact also provided us with a short guide on what companies should and shouldn’t do with information like targets, which you can find below.
Make the information easy to review
Initial impressions aside, preparing supporting materials for the first meeting can make connections smoother. To stand out from competing research, our contact said that information needs to be easily reviewable, ideally in a slide deck:
“I don’t have time to read papers or patents. Universities right now are competing for my attention with biotechs, and every biotech has a non-confidential deck, they have one for investors and they make one for strategics. I don’t have time to read papers or patents.”
Tip: Use a clear, concise slide deck to present your opportunity. Highlight the value proposition, key data, and readiness level up front.
Focus on what makes you stand out
Above anything else, our contact highlighted what information is most critical to their decision:
“If you are talking to a member of search and evaluation in industry, show me the key experiment along with a slide deck. I have four questions for researchers: is it safe, does it work, is it straightforward to make, and is it going to sell?”
Keep an eye on open and collaborative discussions
After the meeting has been scheduled and discussions started, our contact highlights indicators to watch out for that the conversation is progressing well:
“If my scientist and your scientist can't stop talking to each other, that is a very good sign. I am very focused on the scientists and a collaborative, open spirit. I’m looking for a collaboration that could lead to a license. I’m looking to generate a potentially valuable IP. Let’s not put the cart before the horse; science and data first. Your PI is going to get funding and a publication, probably co-authored with us. Maybe we make a discovery or validate the technology or start a company on this.”
Spinouts can often be more attractive
Aside from technologies, you can also add spinouts to your portfolio at Inpart. Our industry users are also open to collaboration with spinouts as our contact mentioned:
“If I know that [the university] has an entrepreneur PI (Principal Investigator), I will just wait till they start the company. I'd rather work with the startup than the academic. When you work with a spin out, there is way more accountability. We agree on an R&D budget, on the aims and on the deliverables. For a big collaboration with a company, we have a joint steering committee that oversees that.”
They also mentioned an example of a team from a university they have worked with that had created a company:
“We saw a paper from one of [the university’s] PIs. We wanted to talk to the PI.[The university]was very open with me and said we're starting a company. We're building a company right now as we speak. We have investors and everything. If you can wait three to six months, we promise we will introduce you to the management team. And they were true to their word. And right now, we have a feasibility study going on with that company and it may very well expand.”
Keep them updated on your progress
If the initial conversation leads to a dead end for now, how do you still see value from this new contact? From our experience, we recommend keeping in touch with the contact made through Inpart, either with lead management platforms like Deal, or revisiting the contact details that can be found in your dashboard (Link). If there are any updates to your technology, we recommend you let the company know as soon as possible. Our contact agreed:
“Some universities are easier to work with than others. Send me an e-mail. There's often a reason why there's no outcome; you're missing this and this. Talk to me when you have these things."
They also recommended updating in person through one-to-one meetings at conferences:
“Conferences are a great place to update me organically. We don't need to bring five people from your side and five people from my side for a quick update.”
Don’t forget the Portal Management page of your dashboard now has a QR code generator to speed up in-person networking. These QR codes can be added to your business cards and flyers to direct people straight to your open-access portfolio of technologies on Inpart, making it quick and easy to share the latest information on your cutting-edge research.