Thinking about how to engage with start-ups as a (need to be paid) consultant. Recognizing that this is a very challenging time for early state biomedical companies, spending money on a consultant when you’re in survival mode would appear to be a stretch – tough to justify.
The value that FSA brings to these organizations is a significant increase in the likelihood that they’ll hit their milestones whether they’re developmental, clinical, or financial. The combined knowledge base that we offer is 100+ years of doing what these companies are working toward. All of the failures, course corrections, bad deals, bad relationships, good collaborations, diligent planning, and blind luck that led to successful businesses is our handbook for start-ups and early stage businesses.
What % increase is worth bringing on a consultant of this level of experience who’s sole interest is in helping the company become better, faster, stronger and not wasting time or resources getting there?
Still…the money. Lots of people and organizations with their hands out making promises and bills that need to be paid.
What about a Mentoring Model? We mentor now – I’ve been at UCI Merage School of Business as a mentor going on 10 years – All of our associates have similar activities. We give advice for a fair amount of time before most engagements. What about a very reasonable fixed-rate (almost) unlimited use advisory service, cancellable on 30 days notice? Access to the full team, some number of Zoom calls per month, you own (license into perpetuity) whatever advice we give or documents we provide?
Need to ruminate on this some more but since I’ve written it, call me on it!
Mark Logomasini, MBA, PMP
Managing Partner
