As a long-term leader in the financial sector of the life science world, former CFO David Johnston recognizes just how close the life science industry is to every human being on Earth. The life sciences involve studying plants and animals and using the knowledge gained to create a better future. It requires substantial amounts of money to do so, though, which is why proper fundraising is such an important step for every emerging biotech company.
5 Qualities of a Successful Life Science Fundraiser
As the former CFO of several life science companies, David Johnston agrees that private fundraising events and methods are essential to gaining necessary funds. However, you must fundraise well to gain all the funding you need. Here are five top fundraising aspects you should keep in mind to best propel your emerging enterprise forward.
1. First
Your fundraiser and the funding it supplies need to happen before anything else can. As David Johnston recognizes well, you can have as many great people and as much sound science as you want, but without money, your work will never get off the ground. You also need to make money the main focus of every fundraiser, so as not to confuse or dilute your need for funding.
2. Visible
You should also make your fundraisers visible. Present the exact amount of money you need openly and honestly. Explain exactly what the money is for and how each dollar will be spent. Invite the media and make it a noticeable event. Even if the fundraiser is simply a general request for funds, rather than a specific event, you should post it on social media, print up fliers, and tell everyone about it.
3. Connective
The life sciences often directly connect with people on a deeper, more personal level. Use that aspect to elevate your fundraising. As David Johnston recognizes, humans who feel connected to someone or something are more likely to want to help. Also, use your fundraising efforts to develop long-term, repeat investors, as well as one-time donors.
4. Enjoyable
If you can make the fundraiser fun in any way, do so. Requesting money can be uncomfortable, having creative, amusing, or pleasing ways to ask for it can help. Dinner parties, fun runs, and competitions are great ways to make your fundraiser more enjoyable.
5. Prospective
The life sciences are one of the more forward-thinking sciences, so good life science fundraisers should be, too. Show people exactly what their contributions will mean for their and their descendents’ futures.
David Johnston knows that gaining large quantities of money through fruitful fundraising is crucial to the success of every emerging biotech business. Use these fundraising tips to help make your life science fundraisers as prosperous as possible.
David Johnston Bio
David Johnston has been serving as a life science industry financial expert and leader for more than 30 years. He graduated with a bachelor’s degree from Washington and Lee University in Lexington, VA, and later received his MBA from the University of Michigan in Ann Arbor, MI. He has served as the CFO and financial guide for many non-profit and life science organizations and now lends his expertise as the principal of dbj Consulting LLC to help numerous emerging life science organizations.