entrepreneurship in biotechnology
Post on 25-Feb-2016
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Columbia University GSAS BIOT 4180
Entrepreneurship in Biotechnology
Columbia UniversityGraduate School of Arts and Sciences
BIOT 4180
Columbia University GSAS BIOT 4180
Week 5
Funding
Columbia University GSAS BIOT 4180
The Funding Cycle
Columbia University GSAS BIOT 4180
Financial Projections(from business plan)
• Addressable market– Market size– Revenue projections
• Product life cycle• Market exclusivity• Terminal value• Discounted cash flow calculations
• The ability to borrow money depends in large part on the accuracy with which you can predict future cash flows
Columbia University GSAS BIOT 4180
Discounted Cash Flow
Columbia University GSAS BIOT 4180
Time horizons for positive cash flow generation
• Service business• Franchises• Software• Light manufacturing• Heavy manufacturing• Exploration• R&D, regulation
Columbia University GSAS BIOT 4180
Funding cycle
• Seed capital• Angel investors• Venture capital– Early stage– Late stage
• Public offerings• Non dilutive funds– Grants– Business development: cash from partnerships
• Product revenues and profit
Columbia University GSAS BIOT 4180
Columbia University GSAS BIOT 4180
Columbia University GSAS BIOT 4180
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