Will Tompkins: 41 year old biochemistry PhD had quit his job at Eastern Institute of Technology’s Advanced Materials Science Lab and become CEO of NannoGene Technology.
Paige Miller: a 1995 Harvard Business School graduate who had been doing some consulting for NanoGene. She has considerable experience in the life sciences industry as VP of Operations at a successful biotech company. Six year experience in biotech.
Don Rupert: the head of AMSL.
Mark Masterson: scientist-covered most of the key technology
Ravi Rhoota: scientist-covered one key technology
Gary Garfield: scientist
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Nano technology and genomics are all hot topics. They are developing a technology which is very useful. It can change the diagnosis field and make it much more easier and less expensive. There will be a lot of potential customers out there.
Nanotechology and genomics are the future. It would not die down very soon. These two topics will only become hotter and hotter. Especially with the human genome project was completed in 2001, human began to look at disease in a whole different level. Gene basically determined the majority of the characteristics and disease state of our body. Targeting gene is like targeting the foundation of our body.
60% equity for 10 million. I think this is a good deal.
In conclusion: If I am the VC, I would found the fund the team if they are willing to make change of their team. Adding more management team members and decreasing the decision making people number.
If I am the founder of the company, I would definitely recruite Miller if the finance of my company meets the demand. She had a lot of experience in management in biotech company including startup companies. She definitely add more value to the team and company.
I agree with Miller on recruiting process. You should set a standard and find the right person for it. I do not believe only one person could take over the job. There are a lot of talented people there. Also, overnegociatiation creates a lot of problem and unstability in the company.