How Biotech Startup Lactiga Uses DocSend to Show Traction
Check out #VCTwitter and you might assume that startups are all about young teams of software engineers cranking out innovative solutions every month, cold-calling Fortune 500 CEOs every week, and landing customers every day. It seems like a grueling but thrilling pace, assuming you can find some time to sleep. Or eat.
But this post is about a very different ecosystem: biotechnology. Sales cycles in the biopharma world look nothing like software sales; it might be years before you have any kind of asset worth selling or licensing. And there are multiple legal and regulatory requirements a medical product has to clear before it hits the market. You can’t simply cut corners with hype and marketing — it’s not hard to find examples of those who tried.
At Lactiga we are repurposing the global supply of unused breastmilk into a novel therapeutic to protect immunocompromised patients from infections including COVID-19 . And we’ve won awards, secured 3 patents, and even received major press coverage in The Globe and Mail and Toronto Star — but we’ve never created typical startup spreadsheets for LTV, CAC, or MRR. So how do you summarize our forms of traction into a compelling investment narrative? Let’s get into it.
