Are your business development skills getting you the results you want?

September 28, 2016 Erin Righetti

Companies value executives who can think on their feet, and not only conceive of winning strategies, but execute on those strategies, according to a recent Harvard Business Review article.

Business development professionals are busy people. For one, there are all those relationships to keep up. It’s hard to find time to hone essential skills that can close a deal. And while some might say that business development is a function of sales, others would say it is a marketing function. Ultimately, the customer is the endgame for both, and the best BD executives use a blended approach. The Forbes article “What, Exactly, Is Business Development?” defines BD as “the creation of long-term value for an organization from customers, markets, and relationships.” No matter how you define it, it’s the strategy that gets you there.

The BIO Advanced Business Development Course produced by EBD Group in collaboration with Biotechnology Innovation Organization is a three-day intensive session designed for business development professionals interested in bringing their skills to the next level.

What business skills do successful dealmakers have that give them the edge?

According to an article in Entrepreneur, preparation is key to successful negotiation. The article also states that discussing a negotiation tactic with a business development colleague is important, as “many negotiators develop patterns and certain styles that you may be able to use to your advantage.”

Hard skills such as valuation, due diligence, and contracts are critical. Forbes gives a long list of key due diligence activities to consider in M&A transactions, intellectual property negotiations, contracts and more, but there is an important difference between reading tips for success and actually trying them out.

The best way to succeed as a business development executive or junior executive? There is no better predictor of success than hands-on experience. In addition to failure, real experience is one of the most important skills cited by successful people.

How do you get hands-on experience?

The BIO Advanced Business Development Course is an intensive, three-day session thta provides attendees with advanced hands-on training and work in teams to successfully negotiate a term sheet for a clinical stage compound. Topics covered include:

  • Contracts in depth
  • Valuation concepts, tools and techniques
  • Value sharing and deal terms structuring
  • Types of IP and issues in due diligence
  • Negotiation and influence strategies

The faculty is drawn from among the most experienced business development professionals in the biotech drug development industry as well as big pharma, many of whom have been instructors in other programs, and all of whom have extensive experience in the biotech industry. This year’s faculty includes:

  • Dr. Debbie Allen, Senior VP, Business Development, arGEN-X NV
  • Joseph S. Dillon, Ph.D., MBA, CEO, BioPact
  • Patrick Duxbury, Partner and Head, Life Sciences Team, Wragge Lawrence Graham & Co LLP
  • Kenneth Krisko, Partner, Cooley LLP
  • Dr. Lesley Stolz, Senior Director, Transactions, Johnson & Johnson Innovation

The course is highly recommended for ambitious individuals with demanding business development and senior management goals. Gain a competitive advantage, register today.

The course will take place November 4–6, 2016 at the Maritim Hotel Cologne in Cologne, Germany, to precede BIO-Europe®, Europe’s largest partnering conference serving the global biotechnology industry.

 

 

About the Author

Erin Righetti

Editor-in-Chief, Insight

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