For founders who find networking events challenging, a simple tactic is to attend with an extroverted colleague. The extrovert can break the ice, creating a low-pressure opportunity for the introvert to then join in, share their expertise, and make a memorable impression.
The most profound and lasting professional relationships are not built at networking events. They are forged either during high-stakes professional crises, like a difficult negotiation, or through collaborative efforts to give back and nurture others in the ecosystem.
A truly successful negotiation requires both a great outcome and a positive experience for the other side. A key tactic is to strategically concede something you don't have to. This builds goodwill and ensures the relationship survives, which is crucial for long-term partnerships.
Michal Preminger realized academia wasn't for her, not due to the slow pace, but because she lacked the emotional highs of discovery or lows of failure that motivated her peers. This emotional disconnect signaled that she would thrive in an industry setting instead.
Michal Preminger reflects that her former company, located outside a major biotech hub, had to invent solutions in isolation. It lacked the mentorship and deep market and business wisdom that permeates ecosystems like Boston, which would have accelerated its progress.
A university's Tech Transfer Office (TTO) should not be viewed as an opponent. Michal Preminger notes that nearly every spinout eventually returns to the TTO asking for a favor, such as a milestone extension or access to new IP. A positive initial negotiation is crucial for this future relationship.
After her MBA, Michal Preminger spent three years in tech, deliberately taking on diverse roles like sales and product management. This fast-paced environment provided a condensed, real-world business education that she later applied back in the biotech sector.
When reaching out to a potential mentor, go beyond their professional history. Michal Preminger advises doing 'serious research' to find a personal commonality that can create genuine chemistry, making the mentor want to invest their time long-term, not just for a single 30-minute call.
Instead of waiting until you're unmotivated, make a career transition when you're at the top of your game. First, ensure you've left a lasting legacy. Then, leave while you are still fully energized to bring that peak momentum to your next role.
To speed up IP licensing from a university, founders should avoid advisors known for aggression. Instead, hire an experienced, solution-oriented advisor who already has a good relationship with the tech transfer office. They won't waste time creating bad will over impossible demands.
Founders pitching pharma must determine if their solution is being 'pulled' by a stated R&D priority or 'pushed' by an enthusiastic innovation scout. A 'pull' signifies a fast-track deal process, while a 'push' could mean a multi-year educational journey before any deal is possible.