Fruitful collaboration on free sparring for small life science companies
This collaboration began based on a common ambition to contribute to providing small Danish life science compamies qualified business sparring on their challenges and specific areas as for instance business model, funding, go-to-market and strategy.
Biopeople’s focus is to support small life science companies and life science entrepreneurs and has therefore hosted several so-called Springboards, where small Danish life science companies has received qualified sparring by Connect Denmark's expert panels.
More Life Science companies should be offered sparring
Both Biopeople and Connect Denmark has a huge interest in offering more small life science companies sparring. First step to participate in a Springboard may be to participate as an observer, when another company is receiving sparring. Small companies that would like to learn about the Springboard koncept, may contact André Elm, Network Manager in Connect Denmark at tel: +45 29 60 60 96 or at email@example.com. Connect Denmark operates all over Denmark.
"The Springboard is a two hours session, where 6-8 experienced business people provide specific and targeted sparring on the areas and issues, which are chosen by the small company – including potential challenges as well as the company's own plans. The business people are handpicked, so that their experience and competencies match the areas and questions, which the company needs discuss,” says André Elm. ”The provide the sparring based on thourough preparation for certain subjects. For instance this may be targeted fundraising, overall strategy, go-to-market strategy, business model, pricing, marketing & branding, partnerships, internationalisation – or it may be an 'acid test' of the company's own strategy and plans.”
A fly on the wall
The Springboard is hosted by on of Connect Denmark's network members and follows a well planned program where the representatives of the company, first gives a 20 min. presentation, followed by immediate feed back from the experts. Newt step is that the company is a fly on the wall at a "board meeting", where the experts discuss, gives sparring and specific input on the subjects and questions chosen by the company. Everything has the overall purpose to help the company in the best way to develop and grow. Everything is filmed and the company may use the video actively when developing an operational plan with action points.
The Springboard may be the beginning of the further development of the company
Sparring at a Springboard is free for the companies. To qualify for a Springboard the company shall demonstrate ambitions, potential for growth and scalability. The challanges furthermore have to be businesslike or strategically and not technical. ”For many companies the Springboard is the entrance to capital, a new network or competencies,” says André Elm. ”The normally leave the Springboard with business cards and invitations to contact one or more of the present business people or someone else in their network.”
FACTS ABOUT CONNECT DENMARK
CONNECT Denmark is a neutral non-profit network of about 700 experienced and competent business people, serial entrepreneurs and investors, who voluntarily help start-ups with an ambition to grow to progress through sparring, competences, network and capital with the aim of creating development and growth. The network complies managers, experts, key staff and investors from both small and large companies and organisations as for instance DI, Cooper Surgical, EY, Novo Nordisk, DTU, Coop, ATEA, Waterland Private Equity, Eksportrådet, NJORD Law Firm, Vækstfonden, Zacco and Atradius. Over the last 20 years Connect Denmark has provided professional business and strategical sparring, network and access to funding for more than 3500 companies through Springboards®. Examples of companies that have received sparring at Springboard are Endomondo, Trustpilot, Nordic Power Converters, Podio, Soundboks, Lendino, Billetto, The Eye Tribe, Dinero, Bezzerwizzer, 3Shape, SwipBox and Queue-it. A survey among companies that have been on Springboards from 2015 through 2018 shows, that 97% of the respondents still exist. 92% finds that the Springboard has led to changes either in the business model, strategy and/or business plan. 45% of the companies wanted sparring on external financing, and 57% of those has success getting financed. 55% had an increased number of staff after the Springboard. Read more at https://www.connectdenmark.com/