Tactically Engaging Your Scientific Advisory Board (SAB)
By: Jonathan Thon - CEO & Founder @ STRM.BIO & Chris Ghadban - Principal @ Alix Ventures
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Introduction
In the rapidly evolving sectors of life sciences and tech-bio, the Scientific Advisory Board (SAB) stands as a cornerstone for startups aiming to make a significant impact. The SAB is not merely a collection of eminent names in the field; it is a dynamic, evolving entity that plays a pivotal role in shaping the trajectory of a startup. This introduction aims to delve into the multifaceted roles that an SAB plays, from being a repository of scientific and technical expertise to serving as a strategic asset and risk mitigator.
The SAB's role is particularly crucial in the early stages of a startup, where the roadmap is often fraught with uncertainties. Here, the SAB acts as a guiding light, illuminating the path with its collective expertise. The board's primary objectives are manifold, encompassing scientific and technical expertise, operational and commercial insights, and risk mitigation. Each of these facets is crucial for the startup's growth, and the SAB's expertise in these areas can often be the difference between success and failure.
The transitional nature of SABs is another aspect that warrants attention. It evolves in response to the startup's changing needs, ensuring that the board remains a relevant and effective contributor at all times. This transitional nature is not just a feature but a necessity, as it allows the startup to adapt to new challenges and opportunities that come its way.
Diversity is another key element in the composition of an effective SAB. A well-rounded board should include members with a diverse range of expertise, from raw technical skills to insights into commercial development. This diversity ensures that the board can offer a holistic view of the challenges and opportunities that the startup faces, thereby enabling better decision-making.
Operational dynamics are the nuts and bolts that hold the SAB together. Effective engagement with the board requires more than just periodic consultations; it requires structured, focused meetings that are well-prepared and well-executed. These meetings serve as a platform for the board to discuss key topics that are crucial for the startup's development, thereby ensuring that the startup remains on the right path.
Scientific Advisory Boards (SAB) are often considered the intellectual powerhouse of an early-stage venture, especially in the fields of life sciences and tech-bio. However, their role is not just to adorn the company's profile with prestigious names; the SAB is a dynamic asset that should evolve in tandem with the company's needs and objectives.
The SAB serves as a complement to the template of the venture, helping the company become aware of pertinent scientific questions and guiding on potential directions. Through its experience and insights, the SAB acts as a risk mitigator by providing the technical expertise and development insights that are essential for both the company's growth and for attracting investors, partners, and customers. In this context, tactical engagement with your SAB becomes a vital part of any strategy for startups aiming for success in a competitive landscape.
“SAB members must fill a knowledge gap that will last for 2-3 years.”
—Jonathan Thon
Key Objectives of an SAB
Scientific & Technical Expertise: The first and perhaps most obvious role of an SAB is to provide scientific and technical expertise. Startups in the life sciences and tech-bio sectors are often pushing the boundaries of what is scientifically possible. To navigate this complex terrain, they require an SAB that can share awareness of pertinent scientific questions, provide guidance on target directions, and offer raw technical expertise and developmental insights. This expertise is not just a luxury but a necessity, as it enables the startup to make informed decisions that are grounded in scientific reality.
Operations & Commercial Expertise: While scientific and technical expertise is crucial, it is not sufficient for a startup's success. The transition from a scientific concept to a market-ready product is fraught with challenges that go beyond the scientific domain. This is where the SAB's operational and commercial expertise comes into play. The board provides specialized knowledge and insights that help optimize business processes and navigate the treacherous waters from development to market launch. This operational expertise can include everything from regulatory guidance to market analysis, providing a holistic view that enables better decision-making.
Risk Mitigation: The third key objective of an SAB is risk mitigation. Startups operate in a high-risk environment, where a single misstep can lead to failure. The SAB serves as a risk mitigator by ensuring that the right expertise is around the table. This involves a multi-disciplinary approach that takes into account not just scientific risks but also operational and commercial risks. By providing a balanced view that considers all potential pitfalls, the SAB helps the startup to minimize risks and make informed decisions.
The Transitional Nature of SABs
One of the most important aspects to understand about SABs is their transitional nature. Members are brought on board to fill specific gaps in knowledge and expertise that are relevant to the company's current stage of development. As the company grows and its needs change, it's natural for the composition of the SAB to evolve. This transitional approach ensures that the SAB remains a relevant and effective contributor to the company's success. Similarly, begin to think about bringing on an SAB member significantly prior to when they might be needed. This time ensures you are able to find the right individual and that you can begin to incorporate their thoughts and feedback into your development plans.
Transitional Nature of SABs: The transitional nature of SABs is a fundamental aspect that sets them apart from other types of advisory boards. Members are specifically recruited to fill gaps in knowledge and expertise that are pertinent to the startup's current developmental stage. As the startup evolves, scaling from early-stage research to market penetration, its needs and challenges also change. Consequently, the composition of the SAB must evolve to remain aligned with these changing needs. This transitional approach ensures that the SAB continues to be a relevant and effective contributor to the startup's success.
The transitional nature of the SAB is not just a feature; it's a strategic imperative. It allows the startup to be agile, adapting to new scientific discoveries, market conditions, and regulatory landscapes. This adaptability is crucial in today's fast-paced, ever-changing sectors of life sciences and tech-bio, where stagnation can quickly lead to obsolescence.
See Around Corners - The Importance of Timing: Another critical aspect related to the transitional nature of SABs is the timing of member recruitment. Startups should begin the search for new SAB members significantly before their expertise is actually needed. This proactive approach ensures that there is ample time to find the right individuals who not only fill the current knowledge gaps but also align with the startup's culture and vision. Early engagement also allows for the gradual incorporation of the new members' insights into the startup's development plans, making for a smoother transition and more effective utilization of the board's collective expertise.
Composition & Diversity
When it comes to the composition of an SAB, diversity is key. A well-rounded SAB should include members with a range of expertise, from raw technical skills to development insights and even commercial development know-how. Limiting the board to 4-5 members is often advisable to maintain focus and effectiveness. Too few members and you risk not having enough perspectives; too many, and the board becomes unwieldy, making it difficult to draw out value from structured team meetings.
Diverse Expertise - A Multidimensional Approach: Diversity in the SAB's composition is not just about having members from different scientific disciplines; it's about having a well-rounded board that can provide a range of perspectives. This diversity should span from raw technical skills to development insights and even extend to commercial development know-how. For instance, a member with a strong background in molecular biology can provide insights into the scientific validity of a tech-bio product, while another member with experience in market dynamics can offer valuable advice on commercialization strategies
This multidimensional approach enables the SAB to serve as a comprehensive sounding board for the startup, providing a 360-degree view of the challenges and opportunities it faces. It also enriches the startup's strategic vision, as the diverse perspectives can lead to innovative solutions that a more homogenous board might overlook.
Number of Members - Striking the Right Balance: When it comes to the number of members on the SAB, balance is key. Limiting the board to 4-5 members is often advisable to maintain focus and effectiveness. A smaller board runs the risk of not having enough perspectives, potentially leading to blind spots in the startup's strategy. On the other hand, an overly large board can become unwieldy, making it difficult to draw out value from structured team meetings.
A board with 4-5 members strikes a balance between diversity and manageability. It allows for a range of expertise without becoming so large that meetings turn into talking shops rather than focused, strategic discussions. This size also enables more effective communication among members, fostering a collaborative environment where each member's expertise can be fully leveraged.
Operational Dynamics
Tactical engagement with an SAB involves more than just periodic consultations. It requires structured team meetings, ideally 1-2 per year, focused on key topics that are crucial for the company's development. These meetings should be well-prepared, with pre-reads distributed in advance to keep the discussion focused. The person running the SAB meeting should do less talking; instead, they should pose a challenge question and let the board members discuss it, jumping in only to keep the focus and summarize at the end.
Meetings - Structured & Focused: Tactical engagement with an SAB goes beyond mere periodic consultations; it requires structured team meetings that are ideally held 1-2 times per year. These meetings should be laser-focused on key topics that are crucial for the startup's development, such as scientific milestones, market entry strategies, or risk mitigation plans.
Preparation is key to the success of these meetings. Pre-reads should be distributed well in advance to ensure that all board members come to the meeting with a clear understanding of the topics to be discussed. This preparation enables the meeting to be a platform for deep, focused discussions rather than a surface-level overview.
The person running the SAB meeting—often the CEO or Chief Scientific Officer—should act more as a facilitator than a presenter. The goal is to pose challenge questions that stimulate discussion among the board members, allowing their diverse expertise to shine. The facilitator should intervene only to keep the discussion on track and to summarize key points and action items at the end.
Communication - Consistent & Adaptive: In addition to the structured annual or bi-annual meetings, tactical engagement with an SAB also involves consistent communication. A monthly cadence for check-ins is advisable to keep the board updated on the startup's progress and to seek advice on ad-hoc issues. These check-ins can be less formal and can take the form of email updates, virtual meetings, or even quick phone calls.
Contractual Agreements - Built for Transition: Given the transitional nature of SABs, it's crucial that the contractual agreements with board members are also built to be transitional. These contracts should be flexible enough to allow for changes in the board's composition as the startup evolves. This flexibility ensures that the startup can easily bring in new expertise as needed, without being hindered by rigid contractual obligations.
Challenges & Solutions
Even with the best intentions, not all SAB engagements go smoothly. It's not uncommon for a member to be misaligned with the company's needs. In such cases, it's crucial to address the issue directly and, if necessary, end the engagement. SAB members often have strong personalities, and while this is generally an asset, it can become a problem if it leads to tension in meetings or drains the company's resources. The key is to ensure that all members are constructive and collaborative, contributing to a healthy group dynamic.
Alignment Issues - The Need for Prompt Action: One of the most common challenges in SAB engagements is the misalignment of a member with the company's needs. This misalignment can manifest in various ways, such as a mismatch in expertise, a lack of commitment, or differing visions for the company's future. When such issues arise, it's crucial to address them directly and promptly. Ignoring or downplaying these issues can lead to a deterioration in the board's effectiveness and could even jeopardize the startup's success. The key is to have a clear and direct conversation with the misaligned member to understand the root cause of the issue. If it becomes evident that the misalignment cannot be resolved, it may be necessary to end the engagement. Given the transitional nature of SABs, this is not only acceptable but often expected. The contractual agreements should be designed to allow for such transitions, ensuring that the startup can quickly bring in new members who are better aligned with its needs.
Strong Personalities - A Double-Edged Sword: SAB members are often leaders in their respective fields, and with that leadership often comes strong personalities. While these strong personalities can be an asset, providing the board with decisive and confident guidance, they can also become a liability. Strong personalities can lead to tension in meetings, overshadowing other members and stifling collaborative discussions. In extreme cases, they can even drain the company's resources, demanding an undue amount of time and attention.
The key to managing strong personalities is to ensure that they are constructive and collaborative. The person facilitating the SAB meetings should be skilled in managing group dynamics, ensuring that all voices are heard and that discussions remain focused and constructive. If a member's strong personality becomes disruptive, it may be necessary to address the issue directly, either in a one-on-one conversation or, if needed, by ending the engagement.
“It’s important to address significant mis-matches directly and end the engagement.”
—Jonathan Thon
Aligning SAB with Fundraising
A Scientific Advisory Board (SAB) is often viewed as a repository of scientific & technical expertise, however, its role extends far beyond that, serving as a strategic asset in multiple dimensions of a startup's journey, including fundraising efforts.
SAB as a Comfort Factor for Investors: When investors consider putting capital into a startup, they are not merely investing in a product or a technology; they are investing in a team and its ability to execute a vision. In this context, a well-structured SAB can serve as a significant comfort factor. The presence of esteemed experts on the board assures investors that the startup has access to the requisite knowledge and skills to navigate the myriad complexities that come with building and scaling a company.
This assurance is particularly crucial in the life sciences and tech-bio sectors, where the scientific and technical challenges are often as significant as the commercial ones. A strong SAB signals to investors that the startup is not just scientifically sound but also strategically well-positioned to overcome hurdles and achieve its milestones.
Active Involvement in Fundraising: Beyond serving as a comfort factor, the SAB can also take on a more active role in the fundraising process. This can range from participating in investor meetings to contributing to pitch decks and other materials that will be presented to potential investors. The board's involvement adds an additional layer of validation to the startup's claims and plans, providing a depth of expertise that can be incredibly persuasive.
For instance, an SAB member with a strong background in regulatory affairs can provide invaluable insights into the startup's regulatory strategy, assuaging investor concerns about potential roadblocks. Similarly, a member with commercial development experience can speak to the startup's market potential, adding weight to revenue projections and growth plans.
Tech-Bio vs. Traditional Biotech
Scientific Advisory Boards (SABs) are a cornerstone in the success of startups across various sectors, providing invaluable scientific, operational, and strategic guidance. While the fundamental principles of SAB engagement—such as diversity, transitional nature, and tactical meetings—remain consistent across sectors, the specific needs can vary considerably. This is particularly true for startups operating at the intersection of technology and biology, commonly referred to as TechBio companies.
Technical Expertise - Beyond Life Sciences: In the TechBio sector, the technical expertise required often extends beyond traditional life sciences skills. Given the interdisciplinary nature of TechBio, it's not uncommon for these startups to require SAB members with strong backgrounds in data science, engineering, or even artificial intelligence. These additional skill sets are crucial for navigating the unique challenges that TechBio companies face, such as integrating biological data with computational models or developing engineering solutions for biological problems.
Commercial Experience - The Importance of Business Development Acumen: Another unique consideration for TechBio startups is the need for strong business development acumen, often earlier in the company's life cycle compared to traditional life sciences startups. The step-wise, platform nature of TechBio ventures often involves multiple product lines or applications, each with its own market considerations. Having SAB members with business development experience can provide invaluable insights into market entry strategies, partnership opportunities, and revenue models, thereby giving the startup a competitive edge.
Cross-Cultural Teams - Bridging Tech & Bio: TechBio startups often involve cross-cultural teams that bring together experts from the tech and bio sectors. SAB members with experience in managing or working in such cross-cultural teams can offer unique insights into team dynamics, communication strategies, and collaborative problem-solving. This expertise is particularly valuable for TechBio startups, where the integration of diverse skill sets is often a critical success factor.
Focus on the Development Plan: While sector-specific considerations are important, the primary focus when recruiting SAB members should always be on the startup's development plan. The board's composition should align with the startup's short-term and long-term milestones, ensuring that the right expertise is available at the right time. This approach ensures that the SAB remains a dynamic and relevant asset throughout the startup's journey, adapting to its evolving needs and challenges.
Conclusion
As we navigate through the complexities of startup ecosystems in life sciences and TechBio, the role of the Scientific Advisory Board (SAB) emerges as a critical factor in determining a venture's success. Far from being a static entity, an effective SAB is a dynamic, evolving asset that adapts to a startup's changing needs and objectives. The board serves as a strategic partner, guiding the startup through the labyrinthine paths of scientific research, commercial development, and risk mitigation.
The transitional nature of SABs is particularly noteworthy. As the startup grows and evolves, so does its SAB. This ensures that the board remains a relevant and effective contributor to the startup's success, regardless of the stage it is in. This adaptability is crucial in today's fast-paced, ever-changing landscape, where the ability to pivot and adapt can often be the difference between success and failure.
The importance of diversity in the composition of an SAB cannot be overstated. A diverse board brings a range of perspectives to the table, enabling holistic decision-making that takes into account various facets of the startup's challenges and opportunities. This diversity is not just a 'nice-to-have', but a 'must-have,' as it enriches the startup's strategic vision and enhances its adaptability.
Operational dynamics, though often overlooked, are the glue that holds the SAB together. Effective engagement with the board is not a one-off event but a continuous process that requires structured, focused meetings. These meetings serve as a crucible for ideas, where challenges are dissected, opportunities are identified, and strategies are forged.
In conclusion, the Scientific Advisory Board is not just a board of experts, but a strategic asset that evolves with the startup. By understanding the transitional nature of SABs and by actively integrating their expertise into the decision-making processes, startups can significantly enhance their chances of success in today's competitive landscape. The SAB stands as a testament to the power of collective expertise, serving as a lighthouse that guides startups through the stormy seas of scientific research, commercial development, and beyond.
Quick Highlights
Scientific Advisory Boards (SAB) are often considered the intellectual powerhouse of an early-stage venture, especially in the fields of life sciences and TechBio. However, their role is not just to adorn the company's profile with prestigious names; the SAB is a dynamic asset that should evolve in tandem with the company's needs and objectives.
Below are a few highlights on ways to best tactically consider and engage with your SAB…
Key Objectives
Scientific & Technical Expertise: Share awareness of scientific questions and target directions. Provide raw technical expertise and development insights.
Operations & Commercial Expertise: Present specialized knowledge and insights to optimize business processes and navigate from development to market launch.
Risk Mitigation: Minimizes risk by ensuring the right expertise is around the table.
Composition
Diverse Expertise: Members should have diverse backgrounds to provide a range of perspectives.
Number of Members: Limit to 4-5 members to maintain focus and effectiveness.
Operations
See Around Corners: Begin the search for an SAB member early to ensure time to find the right individual and incorporate their insights.
Meetings: 1-2 structured team meetings per year, focused on key topics.
Communication: Monthly cadence check-in and ad-hoc meetings.
Role
Transitional Nature: Members should be aware that their role is not permanent but fills a transient need.
Contractual Agreements: Contracts should be built to be transitional.
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❤️ Huge shoutout to Jonathan Thon & Chris Ghadban for putting this together!
Alix Ventures, by way of BIOS Community, is providing this content for general information purposes only. Reference to any specific product or entity does not constitute an endorsement nor recommendation by Alix Ventures, BIOS Community, or its affiliates. The views & opinions expressed by guests are their own & their appearance on the program does not imply an endorsement of them nor any entity they represent. Views & opinions expressed by Alix Ventures employees are those of the employees & do not necessarily reflect the view of Alix Ventures, BIOS Community, affiliates, nor its content sponsors.
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