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The best projects - with their hands. Ekaterina Ryzhova on venture capital investment in medicine

Автор материала: Александр Сашков

Ekaterina Ryzhova many years was engaged in mergers and acquisitions in the pharmacy chain 36.6. She has two higher educations - medical and marketing. Since 2013 Ekaterina has been working in the venture capital market - management of investment of the major venture capital firms, and specializiruetsya on projects related to human medicine. BitCryptoNews decided to learn how projects are selected for investment in this field, how to work with them and why a good project to Fund will never come.

— please Tell us how the selection of projects, which the Fund still allocates money?

— the Projects fall in the Fund in two ways: either find the website and send a request with your project, or, as practice shows, the best designs we create for ourselves. Successful option if people come to us with the idea, contributed in the form of managerial, organizational, financial part, we have financial competence. Mature startups understand the market, know your product and how much they need investment. There are also people with burning gases and a good idea, but do not understand how everything works, so we first look at the idea and the team.

But still, we felt it was 100% successful projects 50% - the ones that we created ourselves. Many funds wait, and when it comes to a successful project, but it's not working. A good project will never come to such projects investors come themselves. We are often blamed for the fact that we are deeply immersed in the project, know all of the details involved in networking, that is, you can find these projects beneficial contacts. And so, we are the leaders of this project, but it is a guarantee of success.

— what areas are usually the projects? Like robotics?

— well, that biotechnology, robotics, genetics.

— And what about Biomedicine, the fight against cancer?

— the Cycle of creation of medicines, that concerns the struggle with cancer, tens of years and tens, hundreds of millions of dollars. The Fund in which I now work, has a mandate to attachments for a period of ten years. We look at such projects only if they are in a Mature stage have passed the first clinical trials are at the second, the third phase. Usually such projects we do not need. They proved themselves early on, independent or they have an investor who already believed them. It does not guarantee success, but a big study.

speaking generally about the medications development started in Big Pharma, there was a fundamental laboratory where chemists, biologists, microbiologists, something cooked, raised to the levels above, reached the stage of  RnD in itself, Big Pharma, did the design of the medicinal product, conducted research, verification. Now this layer is very expensive, and most Big Pharma away from her. Now the zero stage - RnD who is looking for molecules at different stages, but not on the level of fantasy or fundamental chemistry, but something worked. At this stage, ideas are picked up, licensed, or trying to develop on its platform.

For cancer: not yet project preparation, which would lie on the shelf. However, such projects support, organize a laboratory in the United States, for example, to take out our scientists and  continue to Fund the project, trying to invent breakthrough pill.

— you can Often hear that we have a particular project were given 1 million rubles. When such mikroinvestitsy really make sense?

— the fact that when the Fund invests, he comes to the participants. The Fund is just not interested to invest a million dollars, it is a life laboratory for 3 months in ekonomrezhime. We are considering a round of investment from one to three years, i.e. until the moment when the company will be able to bring themselves to the market and self-financing. Comfortable check our Foundation was 50-100 million, and in 2014 a check could grow in a single round to 200 million. Although we have a project in which we invested 3 million, it is a commercial success, and even pays us a dividend every year, so we are bound not to check, and to the idea. But the most important  - not even an idea, is all talk, and team. Sometimes, a great idea buries a bad team, and Vice versa, is not very prominent ideas are a success due to strong team with different competences. Usually it is 70% of success.

you Know, the most difficult for people to admit that something I do not know how. He's a great scientist, but he's not a businessman, he knows how to count the market, how to approach him, did not know the regulations, and in fact the medical market is a very regulated part.  

— And the Fund has a goal to become successful in financial terms, for example, to implement more projects and make more profits?

— Yes, of course. We have this main objective. We as a venture investor, I have the goal to support the domestic economy, domestic scientists, and so on. But the ultimate goal – profitable to sell these projects or bring them to the stage where they will be of interest to the financial partners on a different level. Still venture – the null history, we can still engage in the creation, packaging, bringing the project to market. Then not our story, we work within 5-7 years.

— do you think in Russia there is such a function of state corporations are below let by some of the losses yet, show interesting projects that would support our science, technology?

— Yes, oddly enough, our corporations a lot in this direction are doing. We spent Accel, I spoke with representatives of the participating corporations, they have this setup. They are looking for interesting projects to support them, to rock and bring then to the market. Now it is, for example, the Commissar, and it is. In most cases these corporations with state participation, or about the state. They have a very complex decision-making system, and any Corporation can ruin a project timeline for their adoption. Breakthrough – we began to talk about it, they realize that such times – the problem. I know a company which is considering the project for two years. They hold meetings, make a bucket of protocols, proudly sending them, saying, see, we are moving. Two years, they know about the project, plowed it up and down, but he has not received still a single ruble. They mark that this project is attractive for investment, but say they need at least another fortnight, or even a year to make the investment decision. For three years, any project will die without investments, this rests on the force of will of the founder of the project - a Mature man, not a student. A young man after six months priorieties, and if he was smart, he was immediately intercepted. If the Corporation will be able to change the approach, it will be an absolute breakthrough.

— if then the meaning of their participation?

— the Corporation can take the project after we supported him. They buy a project, and he associated with him a contract of purchase and sale, provision of services, but operates in the market independently.

— That are generally important for the investor?

— For the investor are three important criteria. The first stage is the startup. Second - see if you're at this stage or not, i.e. whether the investor is professional direction, in that it considers investments and what is the average check. And, third, the market itself: it was big, but terribly competitive, or small with low competition, because you go out in very difficult, for example, a technical subject that is important to gain market share. Analyzing and weighing these criteria, the investor also analyzes the possible risks and so comes to the impact of the project.

If the investor does not prescribe exactly the rules, you leave him. We managers - hired staff. Today we, tomorrow someone else, it is important for us to KPI. And for the startups - that's life. He invests his own nerves, money, and most importantly - your time. If he loses, that's all. So the big fight needs to be at the stage of structuring all documents that have prescription rights.

— a Widespread belief that, upon entering, the investor can select a project. Is this possible?

— Certainly, admission of the investor is a strong intervention. We are included in the corporate management bodies, begin to demand reports, ask stupid questions. A full-fledged member, which will give the money is, of course, relieved, but also a big problem too. Important the ultimate strategic goal.

But “away” is exaggerated, of course, nobody knows that with this selected then do it. We, investors, need to be you to lead this project, so we are going to look the same as you, why then?

— what would you advise startups? Especially interesting is the question of the financial basis of the project, when the developer initially must make some capital.

— to Invest the pension of her grandmother – is not a very good option. It's shaped nice words, we also love the investment Committee to ask: «And you are ready to invest in the project?” — “ready”, then a decision about investing. But the most important contribution of startups, if he can't pull money out of the airbag on the existence of the company – its ability to negotiate with the subcontractor for delay free work to obtain the grant. I know such a project, he had a large debt, all working for the idea, without salary. They did not sit still, and arose, and went, say, to the factories, said: “Guys, we have such a cool project, but no money, support us right now”. It is clear that the first, second, third refused, but the fourth agreed. It's team work of startups.

of Course, most current projects are ‘packing": beautiful design, business plan for 150 pages, raised his voice. And the project itself is nothing special and not worth it. But the way people present…

Interviewed by Elina Massimov, photo: Elina Massimov, pixabay

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