BIO 2004: Better believe it -- credibility rules

Building your credibility and getting past the introductory meeting are the two goals biotech companies going to BIO should keep in mind, according to US-based biotech communications specialist Doug MacDougall.

MacDougall was in Australia this week to run Austrade's BIO Bootcamp for companies planning to attend BIO 2004, in San Francisco this June.

"In the life sciences, credibility is the most important asset. And the main objective in the introductory meeting with an investor or potential partner is to get to the next meeting," he told bootcamp participants. "If you walk into BIO with those two things in mind, you'll do very well and meet your own expectations."

MacDougall said Australian companies needed to pack a toolkit of essentials before they got on the plane to BIO: "Companies need three tools for BIO -- a concise positioning statement with a clear vision so that people can find you, an 'elevator pitch' that leads to a second meeting, and a short presentation for the second meeting."

He said many companies spent too much time talking about their history and features, and not enough on the benefits they offered and their capabilities. The all-important elevator pitch -- that is, the spiel you would have at the ready in case you had the opportunity to ride a few floors in a lift with a would-be investor or business partner -- should focus on the benefits offered by the company and the future.

"You should be able to do it two sentences," MacDougall said. "You don't know the other person's level of sophistication, so stay at the top."

Similarly, companies should keep their BIO presentations short and simple. No more than about 10 minutes in a 30-minute meeting should be devoted to the presentation, leaving plenty of time for questions. And third-party validation -- publications, presentations, partnerships and collaborations, patents and investors -- should be highlighted.

It all comes down to establishing credibility, MacDougall said, and that should be the cornerstone of a biotechnology company's communications strategy, whether presenting to a potential partner or communicating to shareholders.

"[Companies] need to make every announcement 'part of the plan'," he said. "Credibility and managing expectations are the two most important things in the biotechnology industry."

That means setting and meeting appropriate milestones, as well as using announcements to drive the value of the company up, he said: "You should be looking ahead rather than accounting for history. People will invest in vision."