Business & Project Management

Question 1

What would characterize a good project goal?

Answer 1

• One that balances Cost, Time and Deliverables into a well-defined objective or goal.

Question 2

What is a stakeholder?

Answer 2

• Any person or group that can influence or that will be influenced by a project

Question 3

Why are stakeholders important?

Answer 3

• Stakeholders are important as they can influence your activities, milestones and the end goal of your project. Thus having an overview of these is essential.

Question 4

How have you considered your competitors? And how else could you have done it?

Answer 4

• Yes in a 2x2 by maturity and environmental impact. A branding choice to do so.
• Could have made a 2x2 with interest and power (classic way) with 4 groups to either monitor, keep informed, manage closely or keep satisfied.

Question 5

Who are you competitors and how serious are they?

Answer 5

Four major groups:

1) Retail stores - very serious, need a good relation.
2) Other BSG utilizing companies (Regrain, Evergrain) - Serious, but we have a patent.
3) Producer’s of plant-based milks - Oatly, Levevis, Naturli etc.
4) Bovine milk producers - Arla foods.

Question 6

What are activities?

Answer 6

• Activities are tasks that need to be done to reach a milestone. When all activities are done, your project should be finished and your project goal achieved.

Question 7

Give examples of activities/milestones in your project

Answer 7

1) Obtain a clear theoretical understanding of our project’s parts.
2) Overview of raw material composition
3) Stable product

Question 8

What is a risk?

Answer 8

An uncertain event or condition that, if it occurs, has either a negative or a positive effect on the project objectives (deliverables, cost or/and time)

Question 9

How have you evaluated risks in your project?

Answer 9

By following four steps:

1) Identify risks
2) Assess risks
3) Decide on type of risk response
4) Plan risk response

Question 10

What are typical risks in biotech?

Answer 10

• Product/treatment doesn’t work well enough in human trials.
• Compound might not work as imagined.
• Cross-talk
• Development takes longer than anticipated due to a stack of smaller problems (PCR’s not working, problems with gels etc.)

Question 11

How can you identify and assess risks in a project?

Answer 11

Using a probability–impact diagram is used to assess the risks

Question 12

What 4 responses are there to a risk?

Answer 12

1) Mitigation and avoidance (modifying responses built into the project plan if a certain risk happens)
2) Accepting - passive (nothing is done)
3) Acceptance - active
4) Transference - insurances in case it goes wrong.

Question 13

What are overhead costs?

Answer 13

Overhead expense refers to an ongoing expense of operating a business

Example: Accounting fees, labor burden, rent, repairs, supplies, taxes, telephone bills, travel expenditures, utilities ect. Etc.

Universities: typically 44%
Companies: typically 100%

Question 14

How did you estimate the costs of your project?

Answer 14

• Used rough estimates of the needed equipment and personal for running our tests and projects.
• Shot too high to now go over budget as the examples given are high in regards to salaries.

Question 15

How can you fund/finance a R&D project like yours?

Answer 15

1) SOFT FUNDING: Provides loans and grants without demanding ownership. Examples: Vækstfonden, Innobooster, Innofounder, BII, European foundations.
2) COMMERCIAL INVESTORS: Get ownership (Shares, equity) in return for money. Often with option of buying more shares. Examples: Seed, Venture, Private Equity - PreSeed Ventures, Sunstone Capital, Eir Ventures, Business Angels.

Question 16

How can you manage/control/steer your plan?

Answer 16

• By scoping the project accordingly, managing time, costs, risks and communication.
• Use a milestone plan for a clearly scoped project with clearly defined deliverables, activites and milestones.
• Could utilize a Work Breakdown Structure (WBS) that breaks down deliverables into sub-deliverables until you’re at the root.

Question 17

What is a business model?

Answer 17

• A plan for the successful operation of a business, identifying sources of revenue, the intended customer base, products, and details of financing.
• “How to run your business” - A business model canvas is a great starting point

Question 18

How can you make money in biotech?

Answer 18

• Selling a product direct to the customer
• Selling a license
• Selling the company (Exit)
• Targeted Mergers/Acquisition (with smaller or same
size companies where 1 + 1 =3)
• Consultancy: CRO – Contract Research Organization: Selling a service (know-how) while developing your technology

Question 19

What is a partnership?

Answer 19

A collaboration between two companies that works mutually beneficially for both hopefully.

Question 20

How can you fund/finance a R&D project like yours?

Answer 20

• Not a lot of resources needed, so possible the already established cash flow from Agrain. Or a small investor such as business angels. Otherwise there is a European food grant that could be utilized.

Question 21

What is a milestone?

Answer 21

• A distinct, measurable state (to which you can answer achieved/not achieved)
• Describes what must be achieved, but not how
• Must be possible to measure (for a third party)

Question 22

What is a milestone plan?

Answer 22

• An overview of activates and milestones, often in a Gantt chart, that needs to be completed before reaching your project goal and concluding your project.

Question 23

Give examples of goals in your project

Answer 23

1) Obtain a clear theoretical understanding of the project’s parts.
2) Gain an overview of the raw material.
3) A stable product.

Question 24

Do you need a product in Biotech?

Answer 24

• No you can:

1) Sell a license on some IP
2) Work as a CRO (Contract Research Organization): Selling a service

Question 25

What is an exit strategy?

Answer 25

• How to exit your start-up/company. Different ways:

1) Merger
2) Acquisition
3) Selling your stake to a partner or investor.
4) Family succession.
5) hire management team.
6) Initial Public Offering (IPO) - go on the stock exchange.

Always closing down: Liquidation or Bankruptcy.

Question 26

Give examples of sources for private and public funding.

Answer 26

Private: Own resources, FFF, Angel Investors, Seed Capital companies (Preseed ventures), Venture Capital (Eir/Sunstone), Private Equity

Public: Vækstfonden, Startup grants (Innofounder, Innobooster, Mikrolegat), Innovationsfonden, Europæiske fonde.