In recent years, there has been a glamorization in startup culture and owning a company backed by investors. A “garage to riches” story is inherently more interesting than a founder talking about whether they should dip into their savings to float their business until they figure out their next funding option.  

The federal government will pay the vaccine maker Novavax $1.6 billion to expedite the development of 100 million doses of a coronavirus vaccine by the beginning of next year, the company said on Tuesday.

The deal is the largest that the Trump administration has made so far with a company as part of Operation Warp Speed, the sprawling federal effort to make coronavirus vaccines and treatments available to the American public as quickly as possible. In doing so, the government has placed a significant bet on Novavax, a company based in Maryland that has never brought a product to market.

In response to medical data highlighting the serious impact of COVID-19 on children’s health, Children's National is partnering with the National Capital Consortium for Pediatric Device Innovation (NCC-PDI) on a special pitch competition focused on COVID-19 related pediatric medical devices. “Make your Medical Device Pitch for Kids! - COVID-19 edition” is seeking devices that support home health monitoring and telehealth and improve sustainability, resiliency, and readiness in diagnosing and treating children during a pandemic.

Image: https://www.todaysmedicaldevelopments.com

Alex Philippidis joins Rich Bendis on BioTalk to discuss the BioHealth Capital Region from a National viewpoint, other Hubs, and how the industry has adapted in the age of COVID-19.

Alex specializes in biopharma business news and industry issues for GEN. He joined GEN in 2011 after four years at GenomeWeb, where he covered research institutes and spent three years following biotech economic development as editor of the weekly newsletter BioRegion News. Alex reports a variety of news stories for GEN and Clinical OMICs and compiles the popular A-Lists series.

Image: http://www.biohealthinnovation.org

The spread of coronavirus is leaving a wide swath of economic damage in its wake. Our initial analysis, conducted at the beginning of April, examined the impact at the state, national, and occupational level. We estimated that in the shutdown phase alone, up to 53 million US jobs were vulnerable—a term we use to encompass permanent layoffs, temporary furloughs, or reductions in hours and pay.

Advocates for immigrant college students cheered the Supreme Court’s recent 5-to-4 decision blocking the Trump administration from immediately ending the Deferred Action for Childhood Arrivals program, which provides protection against deportation and gives work authorization to about 650,000 immigrants who were brought to the U.S. as children with their parents and without legal authorization.

DACA remains vulnerable, however. President Trump and officials in his administration have said they plan to end the program, and the Supreme Court ruling left the door open for them to do so should they follow certain steps.

Image: WIKIMEDIA COMMONS/RHODODENDRITES - Protesters in New York City oppose Trump's attempt to end DACA in September 2017.

Too many entrepreneurs I know still believe that that their great idea will carry the startup, and they may even minimize their own value, especially if they have introvert tendencies. Yet most investors agree that the “idea” is worth nothing alone, and it’s the entrepreneur execution that counts. That means that selling yourself is more important than selling your idea.

https://blog.startupprofessionals.com

“...I want money to do things that have never been done before,” proclaimed Georges Doriot, almost 75 years ago. His was an era where venture capital (VC) had not yet been defined as an asset class, the world was recovering from the war and backing unprofitable companies seemed like an insane idea. Yet the relatively unknown creator of VC and one of the founding fathers of INSEAD took his risks and laid down the tenets of early-stage investing as we know it today by setting up the “American Research and Development Corporation (ARD)” in 1946, technically the first VC firm. How does the world today match up to the principles of the first venture capitalist?

Image: https://knowledge.insead.edu

The relationship between venture capitalists and founders is well discussed and understood. But another side is also critical in venture capital: the VC’s relationship with limited partners, or LPs—the ones providing the money that fund managers invest. 

Both OpenLP and Notation Capital’s Origins podcast have done a good job shedding some light on the money behind the money. But any would-be venture capital fund manager, or entrepreneur looking for venture funding, can benefit from understanding the concept of “edge” in venture capital—the difference that makes a fund deliver above-average returns. 

Look behind the glitz and glamour of the world’s biggest venture capital firms, and you’ll find some of the sharpest minds in business today.

Venture capital companies offer generous salaries, international travel, and the chance to work with some of the world’s most exciting startups. In fact, VC professionals can be the difference between a company making it or not. Facebook, Google, and Twitter were all backed by VC firms.

Image: The world’s best venture capital firms hire MBA students from Tsinghua University in China

Over 48 million Americans have applied for Unemployment Insurance (UI) in the wake of the Covid-19 pandemic. And though ridehail drivers are considered “essential” workers, Uber’s business dipped by 80% in April as shelter-in-place orders kept passengers at home. As demand for rides has plummeted, many ridehail drivers have also become uneasy about continuing to work because of the health risk to themselves, their families, and their passengers.

The first quarter of 2020 came out swinging. With $4.9B raised, it was the most-funded quarter on record for health innovation. But then the world changed. On January 11, China reported its first coronavirus death, and two months later the World Health Organization declared that COVID-19 was a global pandemic. These realities rocked the markets — contracts froze and layoffs began. All bets were off as to how the coronavirus would impact health innovation funding going forward. In analyzing the first quarter’s banner funding, MedCityNews wrote that “faced with a global pandemic, the trend is unlikely to continue.”

Image: https://healthtransformer.co

The latest issue of The Life Sciences Report features an interview with Matthew J. Meyer, the firm's chief client corporate development officer, who has broad management experience in the life sciences sector; a piece authored by Paul Grand and Kathryn Zavala of MedTech Innovator outlining 10 reasons why health care start-ups fail; an interview with Ryan Phelan, co-founder and executive director of Revive & Restore, a 501(c)(3) foundation using 21st century biotechnology to address urgent conservation challenges; and an article by Paul P. Campbell of W. L. Gore & Associates on life sciences innovation culture and deconstruction. In addition, the publication includes articles covering life sciences venture financings in which firm clients participated during 2019, the FDA's recent issuance of a MAPP on the conversion of ANDA approval to tentative approval, and a sampling of COVID-19-related client activity in which the firm has been involved, as well as a summary of other select recent life sciences client highlights.

Amidst the pandemic, the biopharma industry continues to surge ahead. Jobs look plentiful. Check out these companies that have made recent job announcement expansions.

AGC Biologics: At the beginning of June, Japanese biopharmaceutical company AGC Biologics announced that the company had acquired an empty AstraZeneca plant in Boulder, Colorado. The company is investing $100 million and plans to employ 280 workers at the facility. The average annual wage is expected to be $96,000.

The year 2020 has had a rough start and I don’t think it’s going to get any better. People are still out and about trying to make ends meet while attempting to follow social distancing requirements. For entrepreneurs who believe word of mouth is the “best” advertisement, the coronavirus pandemic has not been kind. You can’t be around too many people for fear of catching the COVID-19.

Image: Columnist Cassandra Jean is eager to re-launch her online business. Photo by Cassandra Jean

'Chaebol will become even larger' vs. 'growth momentum needed'

By Lee Kyung-min

Corporate venture capital (CVC) will be a double-edged sword that could both galvanize the flagging economy and exacerbate polarization of wealth based on the principle of "economies of scale," experts said.

The issue came to the fore after the government decided to "restrictively allow" holding firms to own CVC, as part of directives for the second half of 2020. The government and both ruling and opposition parties in unison have since sought a swift passage of a revision to facilitate the initiative.

Image: http://www.koreatimes.co.kr

By: Dr. Evans Baiya

While the pandemic has been difficult for all us economically, as business owners, we never run out of opportunities. No matter the business climate, there is always a chance to do something new and something better—you just have to find it.

This has never proven truer than now, with the way business has been forced to change and adapt due to lockdown. Businesses that are looking for opportunities are finding them, and those that aren’t are facing the consequences.

Six weeks into the lockdown and it seems like the new normal is beginning to be accepted as the new reality. Even as we globally breached the 3 million mark in positive Covid-19 cases, there are fresh green shoots of hope and opportunity that is visible.  As we wait for a miracle cure, there are close to 100 Covid-19 Vaccine candidates under various stages of development and trials by Universities and Life science majors. The efforts globally, by federal agents, Social agencies, healthcare & research experts are all indicative of a cardinal truth- every challenge is an opportunity waiting to be explored. 

Earlier this week, GGV Capital’s Jeff Richards and Hans Tung joined TechCrunch for an Extra Crunch Live session. During our hour-long chat, we touched on startup profitability, the global venture capital scene, why GGV doesn’t have an office in Europe, how the venture industry is responding to its stark lack of diversity and other issues.

A smattering of blocky white buildings perch at the cut where San Diego Bay meets the Pacific Ocean: Naval Base Point Loma. The complex houses not only hulking warships but also dozens of dolphins, sea lions, and other sea creatures.

The animals are part of the US Navy Marine Mammal Program, which was established in 1959, after scientists found that dolphins were adept at delivering messages and identifying threats underwater.  During the Vietnam War, Navy dolphins named Garth, John, Slan, Tinker, and Toad were stationed in Cam Ranh Bay, a deep-water bay in the country’s southeast, to discourage enemy swimmers from attacking a key ammunition pier there.

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