Manager, Business Development (Health)
Deadline: October 23, 2020
Reports To: Director, Business Development
Ben Franklin Technology Partners of Southeastern Pennsylvania is the Philadelphia region’s Partners with a Purpose. Nationally ranked among the most active seed and early-stage investors, Ben Franklin works to help high-growth innovative enterprises plant and nurture their roots, creating both immediate connections and lasting economic growth.
As a 501(c)(3) nonprofit, Ben Franklin has supported more than 2,000 companies to deliver an impact of more than $5 billion and 32,000 jobs in the Philadelphia region. Whether in tech, life sciences, manufacturing, or industries and breakthroughs still yet discovered, we work each day to raise our community of innovation higher, to benefit present and future generations of Pennsylvanians. We are part of a statewide network of Ben Franklin organizations that work to catalyze growth throughout Pennsylvania by providing resources that foster innovation and success for both startup companies and established businesses.
The Manager, Business Development (Health), will be the principal support position for Health programs and regional initiatives for the Business Development Group (BD). The Manager will be part of the Ben Franklin’s Health team. The Manager will assist in the origination, selection, due diligence, and portfolio management of companies and stakeholders for a full range of Ben Franklin programs and services related to the life science technology industry. Lead all aspects of Ben Franklin’s investments in pre-seed and assist in Investment Group Health activities.
Essential Duties and Responsibilities:
- Represent Ben Franklin in the region to identify and target local companies that may be potential candidates for Ben Franklin’s funding.
- Interact with applicants and potential applicant companies. Assist in connecting companies with most appropriate resources. Provide guidance regarding requirements for Ben’s funding and work with individual companies to determine a path to get there.
- Provide “Ben-in-Residence” on-site services to satellite offices, including ic@3401, PA Biotech Center, 3.0 UP, and other incubators/accelerators as appropriate.
- Represent Ben Franklin and/or serve as an external reviewer for regional initiatives and programs in the Health sector (Coulter, QED, Temple Ventures, Penn Health Tech, etc.).
- Assist with and conduct “Meet Ben” briefings, workshops, and “pitch days” for prospective applicants. Identify local events that would be appropriate venues for Ben Franklin’s representation.
- Follow up with promising companies not approved from prior rounds to determine the changes/improvements necessary to help them become more suitable candidates for Ben Franklin’s funding.
Technology Acceleration Fund (TAF) Portfolio Management
The BD Manager will have responsibility within BD for the investment and commercialization of the earliest Health companies in the portfolio. The BD Manager will provide direct support to the Investment Group (IG) for company investment and management.
Manage Health TAF application/approval process:
- Determine which companies should proceed into the investment process. Work with Health team to determine into which program a company should proceed (TAF or IG).
- Secure review materials submitted by companies, including Executive Summaries, applications, financial projections, market analysis/competitive landscape. Request additional information from applicants as directed.
- Secure due diligence reports required for investment decision making.
- Work with administration to coordinate and manage functional committees.
- Prepare Investment Committee memos for internal review, presentation to Investment Committee of the Board, and full Board presentation as directed.
- Negotiate term sheets, prepare investment documents with Finance for execution.
- Establish and manage post-funding portfolio management process. May serve as Board Observer, portfolio manager, or assist in securing external portfolio manager as appropriate. Communicate with portfolio companies as needed, including, but not limited to, collecting required reports for Finance, compliance with the annual impact survey. Assure companies are cognizant of all Ben services to portfolio companies (e.g., Success Teams, Mentor Connect, FabNet, PRIMA, IPart, etc.).
- Meet with portfolio companies as needed, with a variety of potential action steps, such as making introductions, reviewing company materials, delivering requested documents, preparing site visit reports, etc.
- Work with Finance, Marketing, SIG, etc., as they relate to portfolio companies. Discussions may include but not be limited to quarterly valuations, workouts, presentations, impact surveys, etc.
- Assist in preparation of internal and state-required reports.
- Identify new partnership/funding opportunities, including federal, Commonwealth, and private sources. Assist in the development of grant proposals.
- Help to identify Health sector portfolio trends, by industry, stage, target market, business model, etc. Help to prepare reports and/or presentations of such analyses.
Qualifications Skills and Requirements:
- Excellent written and oral communications.
- Ability to independently draft routine business correspondence.
- Excellent client, management, and corporate relations skills.
- Health industry experience, preferably with startups and/or high-growth companies.
- Strong skills in Microsoft Operating Systems and Office Suites, or similar software.
- Experience with SalesForce, databases, and CRM systems.
- Familiarity with the use of online communication modes, tools, and methods.
- Ability to work independently, with strong organizational skills and attention to detail.
- Capable of managing multiple projects, setting priorities, and meeting deadlines; while adjusting to changing priorities.
- Self-motivated and energetic with excellent analytic skills.
Ideal Candidate Attributes:
- Bachelor’s degree in a technology discipline with at least 6-years’ experience. Advanced degree preferred.
- Strong background in technology, technology development, and business development, including but not limited to project management, technology assessment, due diligence, regulatory issues/agencies, financing, funding agencies, and other product/business development challenges.
- Well networked with industry groups and other EDOs that serve the biotech sector.
Competitive compensation, including full benefits and match to organization’s 403b plan.
Resume and Cover letter required.