After the last proposals were finally submitted, the BBC team reflected on what we could have done better to help our clients. While after each cycle we always learn ways to improve our service to clients, we were at a loss for how to change the especially vexing and insidious problem of “the last minute submitter”. One BBC consultant noted that the saying on her husband’s favorite t-shirt might in fact be the explanation. It says, “You Can’t Fix Stupid”.

That being said, we refuse to give up! We will continue to try and find new ways to convince our clients that waiting until the last minute is the worst possible proposal preparation strategy. Don’t be surprised if at one of our upcoming training sessions we even pass out buttons that say “you can’t fix stupid!” In fact, if you are planning on developing a proposal for a future deadline, might I suggest you make your own “you can’t fix stupid” button, screen saver, password, or coffee mug?

John Rice, Managing Partner of Triathlon Medical Ventures in Cincinnati, is seeing more “virtual” companies in the drug development space with 5 or 6 key employees managing project teams of outside contractors. He notes that success with this model requires employees with extensive project management experience that typically has been acquired in large pharmaceutical companies. Rice also considers strong university collaborations critical to company survival in this environment. With acquisition as the most viable exit path in the life science space, he looks for entrepreneurs that are developing their strategic relationships as early as possible.

Ned Hill, Managing Director at Houston-based DFJ Mercury, makes seed investments in the information technology, advanced materials, and bioscience sectors. For IT companies he looks for early traction with customers and a business plan that can achieve “cash flow breakeven on a low investment number.” For hard-science companies it’s all about mitigating technology risk with early demonstrations that “the technology works.” He urges entrepreneurs to take advantage of every opportunity for non-dilutive funding and for an early exit, even if it comes at a discounted price.

For a more detailed review of this conference, visit http://www.bus.umich.edu/NewsRoom/ArticleDisplay.asp? news_id=16491.