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Finance & Business Development to finding other sources of funding. This is why it is important to select the investors carefully, rather than just picking the first ones who show an interest. Get as much information as possible, through desk research and by talking to other entrepreneurs, as well as by asking the right questions of the investment team. After all this, it's worth remembering that however good the idea is, funding isn't guaranteed. As Graham Defries, partner at Dechert LLP, explains, "Great ideas don't necessarily always attract money." MAKING AN EXIT VCs are often focusing on the end, considering how to make a profitable exit for themselves and for their investors. This may be described in terms of a "realistic cash distance to exit," or more simply, how much money there needs to be put into a project before something with a commercial value emerges. "The VCs have to be certain of an exit, and this should be visible within the first 5 years of a 10-year fund," says Johnson. One of the key decisions is how to make the exit. Once upon a time, exits used to be relatively straightforward, involving a simple cash-based trade sale or an IPO. Of late, trade sales are the most likely exit route, and more often include up-front and contingency payments. However, the IPO window is opening up again. Though this is a growing opportunity, going for an IPO is a big decision for a relatively small or inexperienced company, and it takes up a lot of time — planning for the IPO process needs to begin one to two years in advance, and it involves a lot of documentation. But what makes a good IPO? Well, according to Papadopoulos, that depends. For a CEO, it's lots of cash. For a VC, it's a huge valuation. For a fund manager, it allows them to trade up. And for an investment banker, it's where everyone is happy. As well as choosing the exit route, the timing of the exit is all-important. Exiting too early could mean not getting the full value, and exiting too late could mean missing an opportunity. As a start-up entrepreneur, especially early in a career, it's important to get people on board. Miles managed to gain support from his peers, his supervisor, and his lab manager. "Find people who want to change the world with you," he suggests. LET YOUR VALUES GUIDE YOU YOUR VALUES: THE AMRI SMARTSOURCING™ CORE At AMRI, keeping your values at the center of everything we do enhances our shared mission to improve outcomes and the quality of life. The tenets of AMRI SMARTSOURCING™ align with what you, our customer, values most: Quality, Customer Service, Commitment to Purpose, High Performance, Satisfaction, Ethics, Good Citizenship, and Safety. From mastering creativity in discovery and nurturing your drug development programs to engineering your fnal product, choosing AMRI SMARTSOURCING™ means partnering with a pharmaceutical services organization performing at the highest scientifc levels. You can rely on our global facilities, capabilities and culture to bring your programs from discovery biology through API manufacturing and aseptic fll and fnish. Let your values defne your outsourcing goals. Discover, Develop, Manufacture and Deliver drugs with AMRI SMARTSOURCING™. Global Headquarters: 26 Corporate Circle, Albany, New York, USA 12203 1.518.512.2345 james.grabowski@amriglobal.com www.amriglobal.com amrismartsourcing.com linkedin.com/company/amri February 2014 @amriglobal Drug Discovery Drug Development Manufacturing Aseptic Fill & Finish LifeScienceLeader.com 39