Tuesday, July 9, 2019
Interview with Chris Bostick, OCV Partners
For our interview today, we spoke with Chris Bostick, a Senior Associate at OCV Partners (www.ocvpartners.com). Dr. Bostick obtained his Ph.D. in Pharmaceutical and Pharmacological Sciences from West Virginia University, and told us a bit about the fund, its investments, and his advice to entrepreneurs looking for investment from the company.
What is OCV Partners?
Chris Bostick: We're a mid-Wilshire venture firm, with a $260M fund. We invest in life sciences, medical devices, but we're also a generalist investing in SaaS technologies and real estate, as well.
What are you looking for in a company and entrepreneur?
Chris Bostick: In terms of companies, we generally look for later stages, Series B and after. Our initial checks are between $3M and $20M. What we are looking for is platformable, scalable technologies. On the therapeutic side, we're looking for something with a product engine, where you can generate a lot of different mechanisms of action for targets with different indications. On the medical device side, we're looking to be growth equity, like a company on a 510K pathway.
With a lot of the technical and scientific companies you fund, where do they need to be for you to make an investment?
Chris Bostick: We want to see really validated proof-of-concept work. We generally aren't the first institutional investors in, so these are companies that have gone out and pitched and raised capital from investors that know the space. Now, they're looking to add to that investor base, and are generally looking for investors with diverse viewpoints that can help them operationally. We feel like we add a lot of value on the operational side, both from the technical standpoint, both science wise, and also operational experience from all of our principals.
How long have you been at OCV Partners?
Chris Bostick: I've been here for a year and a half. I'm a scientist by training, and after leaving the bench I'm now looking at life sciences companies and medical device companies.
What were you doing as a scientist?
Chris Bostick: I've done everything from materials science and bioelectronics, to mouse models and neuropharmacology. I try to use that broad breadth to find and source companies, and I'm always interested in making investments both in LA as well as North America and outside of the U.S. as well.
How did you get into venture capital, and how did you make that leap from scientist to venture capital?
Chris Bostick: That's always a great question. It was serendipity. It's always getting and opportunity, and in my case knowing the right person at the right time during my postdoc, and also having the interest and drive to do it.
Where did you do your postdoc?
Chris Bostick: Before joining OCV, I was at a postdoc at Columbia, studying genetic epilepsies and invitro and in-vivo models for translational medicine.
Where do companies that come to you need to be?
Chris Bostick: When companies come to us, at Series B and later stage, they really have to have a good understanding of their business model, they have to have an established regulatory pathway. At the earlier stages, it's okay to still be trying to figure out things such as the FDA and their path to market, but for us, they need to really understand the clinical pathway and what that need to be substantiated to the FDA, and they have to know their market and competitive landscape, and be able to really delineate what their differences and advantages are. We're not interested in investing in a me-too or very small incremental change. We are really looking for something that adds a lot of value and is a novel approach.
What's your biggest advice to an entrepreneur?
Chris Bostick: Be very hungry, because you're going to have to work really hard. It's not always easy to win over investors. We get a lot of deals, so make sure to take the opportunity to stand out, be clear and concise, and be able to explain your company. Just keep at it. Use any opportunity you have for warm intros, for networking, and to get your idea in front of an investor and be able to really explain when you get that opportunity.
Thanks!