Services for Entrepreneurs
Being an entrepreneur is hard. You are focused on your passion and the money, personnel, competition and time required to get your product, service or technology to market. While this is trying enough, it can also be very lonely. At Third Trimester, we know what you are going through. Having founded and launched a startup healthcare services company, we are well aware of the stress associated with managing great potential on limited resources. Because of this, we have worked very hard to tailor our services for entrepreneurs around our own mistakes, challenges and successes. We are hopeful that the resources and links we post will be helpful to you. If you are seeking more active support, please contact us.
Interim Executive Management and Coaching
Early stage biotechnology, life sciences, and healthcare companies often need interim management support as they transition into an operating company. During this transition period, the type of management support needed depends upon the required short-term objectives. Some organizations need an experienced interim CEO to provide an executive presence to assist with investment development. Others may require operational management support as they launch manufacturing and marketing efforts. Still, others may need financial management support via an interim CFO to assist with the development of good financial reporting and disciplines.
To meet these needs, Third Trimester has developed a stable of former corporate executives and entrepreneurs who have the bandwidth of knowledge and experience to provide leadership and guidance to early stage biotech and medical device companies across all functional, creative and operational areas.
Financial Management Oversight and Review
One of the greatest barriers to success for early stage companies is good financial management. Whether currently boot strapping your early stage company, or seeking angel investment or VC funding, demonstrable financial disciplines are critical. Every new venture has cash flow management issues. From developing a controlled burn rate to creating positive cash flow, Third Trimester can provide the resources that you need to generate the most benefit for each dollar being invested to achieve your goals.
Upon being retained, a Third Trimester executive will review your investment spending and reconcile this to your business plan. Financial reports will be created that help insure your financial resources are being deployed to achieve maximum results.
Sales and Marketing Planning and Forecasting
Out-kicking your coverage is another one of the real risk for early stage companies. Often, there is a belief that products ready for market will sell themselves and little strategy, structure or resource allocation is dedicated to the sales and marketing effort. Just as with financial management, a directed sales and marketing effort, with the proper reporting needed to track and measure results, is imperative to success. Third Trimester can assist you with creating the proper organizational structure, strategic approach and resource management reporting to achieve the best rate of return for the dollars invested.
Third Trimester will review your sales and marketing assumptions, provide market validation support and will assist you with identifying the sales processes that will be involved with getting your product or service to market. We will create a forecasting model that incorporates the steps of the sales process to facilitate sales representative management and forecast accuracy. In addition, we can help you develop and execute alternative distribution strategies through strategic alliances or independent representative models. We will work with your management team to create the distribution model that best fits the needs and resource availability of the company.
Organizational Development and Training
As early stage biotechnology, life sciences, and healthcare companies grow, organizational structures will change. This occurs as the need for more focus across functional areas like finance and IT are required, along with the stretching of multi-tasking bandwidths that have become maxed or additional core skills are warranted. For example, most successful entrepreneurs would not be great CFOs.
Third Trimester will help design an organizational structure that meets the needs and demands of a high growth, early stage company. We will work to develop position descriptions and training models for all of a company's employees to maximize productivity and results. In addition, we can provide leadership training and development for the senior team, in conjunction with planning organizationally for the future.
Strategic Consulting
There is no shortage of "strategic consultants" today. Third Trimester takes the view that while the development of strategic goals and objectives is important, it is the execution of the strategy that creates results.
Third Trimester will not only assist in developing a short term and long term strategic plans, but will work with our client companies to execute the strategy. Due to our experience in the biotechnology and life sciences arenas, we are uniquely positioned to provide leverage and support from a wide area of resources that are available. From universities and corporations to state supported development funds and grants, we will help maximize the opportunities that are available to our client companies to achieve strategic success.
As former entrepreneurs and senior corporate executives, the Third Trimester team knows how to balance creativity, inspiration and risks with financial discipline, operational focus and resource leverage to help our clients create and deliver results. Because of our collective experiences, we are able to facilitate the building of corporate relationships and resource linkage.
Early Stage Funding
Third Trimester's approach to the venture market is unique. By using our management interactions as a filter, we identify organizations that have the technology, teams and discipline to be successful. These are the companies that we look to invest in by providing early stage funding and management support. This approach provides a seamless transition for early stage funding and allows for little to no interruption from the business development focus. Our early stage investments range between $100,000 and $500,000.