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Effective Strategies for Venture Capital Evaluations of Organizations' Drug Development Capabilities Roslyn Chand Walden University

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Effective Strategies for Venture Capital Evaluations of Organizations' Drug Development Capabilities Roslyn Chand Walden University Walden University ScholarWorks Walden Dissertations and Doctoral Studies Walden Dissertations and Doctoral Studies Collection 2018 Effective Strategies for Venture Capital Evaluations of Organizations' Drug Development Capabilities Roslyn Chand Walden University Follow this and additional works at: https://scholarworks.waldenu.edu/dissertations Part of the Business Administration, Management, and Operations Commons, Finance and Financial Management Commons, and the Management Sciences and Quantitative Methods Commons This Dissertation is brought to you for free and open access by the Walden Dissertations and Doctoral Studies Collection at ScholarWorks. It has been accepted for inclusion in Walden Dissertations and Doctoral Studies by an authorized administrator of ScholarWorks. For more information, please contact [email protected]. Walden University College of Management and Technology This is to certify that the doctoral study by Roselyn Chand has been found to be complete and satisfactory in all respects, and that any and all revisions required by the review committee have been made. Review Committee Dr. James Glenn, Committee Chairperson, Doctor of Business Administration Faculty Dr. Edward Paluch, Committee Member, Doctor of Business Administration Faculty Dr. Carol-Anne Faint, University Reviewer, Doctor of Business Administration Faculty Chief Academic Officer Eric Riedel, Ph.D. Walden University 2018 Abstract Effective Strategies for Venture Capital Evaluations of Organizations’ Drug Development Capabilities by Roslyn Vinita Chand MSc, London School of Business and Finance, 2013 MBA, Australian Institute of Business Administration, 2010 BSc, University of British Columbia, 2003 Doctoral Study Submitted in Partial Fulfillment of the Requirements for the Degree of Doctor of Business Administration Walden University January 2018 Abstract Undercapitalization is a major impediment for the growth and survival of Canadian life sciences firms. Proficient management teams are the “sine qua non” criteria in the venture capital decision-making processes. The purpose of this multicase study was to explore strategies successful venture capitalists use to improve their evaluation processes of life sciences management teams’ drug development capabilities. The conceptual framework for this study was based on business process management. The purposeful sample consisted of 10 venture capitalists located in the United States and Canada who had expertise evaluating life sciences management teams. The data were triangulated from semistructured interviews, annual reports, company websites, and articles. Collected data were coded to identify underlying themes. Several themes emerged from the analysis process: begin with the exit in mind, collapse learning timelines, conduct systematic due diligence, and cultivate and critique one’s drug development expertise. The findings may provide venture capitalists and other investors such as angel investors with a refined framework for improving investment decisions. Life sciences management teams may also attract more private equity financing by understanding the vicissitudes of investor expectations. Increased investment and venture capital support for life sciences companies may revitalize the development of new therapies and effect social change by improving patient lives and investment outcomes. Effective Strategies for Venture Capital Evaluations of Organizations’ Drug Development Capabilities by Roslyn Vinita Chand MSc, London School of Business and Finance, 2013 MBA, Australian Institute of Business Administration, 2010 BSc, University of British Columbia, 2003 Doctoral Study Submitted in Partial Fulfillment of the Requirements for the Degree of Doctor of Business Administration Walden University January 2018 Acknowledgments First, I wish to thank my chair, Dr. James Glenn. Dr. Glenn's demands for excellence and synthesis led to the fruition of the final draft. Additionally, I thank my committee Dr Edward Paluch, Dr Al Endres, and Dr Carol-Anne Faint for devotedly reviewing this manuscript from its infancy to completion. I incorporated their helpful suggestions throughout. Second, I was fortunate to have interviewed several fine venture capitalists. While I shall respect their confidentiality and privacy by not naming them, their accommodation and wealth of experience in venture capital investing have been instrumental in the completion of this dissertation. I am indebted and grateful to Mahendra Ramsinghani (Author and Managing Director for Secure Octane) for assisting me during the recruiting process. Mahendra, I shall always remember your random acts of kindness and generosity. Third, I fondly acknowledge Stig Brodersen and Preston Pysh for entertaining and educating me with their investing podcast during my self-imposed exile while I wrote this dissertation. Finally, I thank the investors, entrepreneurs, academic scholars, and authors who indulge my curiosity. They delight me with their written word each day. Table of Contents List of Tables .......................................................................................................................v Section 1: Foundation of the Study ......................................................................................1 Background of the Problem ...........................................................................................1 Problem Statement .........................................................................................................2 Purpose Statement ..........................................................................................................2 Nature of the Study ........................................................................................................3 Research Question .........................................................................................................4 Interview Questions .......................................................................................................4 Conceptual Framework ..................................................................................................5 Operational Definitions ..................................................................................................6 Assumptions, Limitations, and Delimitations ................................................................7 Assumptions ............................................................................................................ 7 Limitations .............................................................................................................. 7 Delimitations ........................................................................................................... 7 Significance of the Study ...............................................................................................8 Contribution to Business Practice ........................................................................... 8 i Implications for Social Change ............................................................................... 9 A Review of the Professional and Academic Literature ..............................................10 Business Process Management ............................................................................. 11 Venture Capital ..................................................................................................... 20 Venture Capital Funds .......................................................................................... 22 Venture Capital Exits ............................................................................................ 23 Venture Capital Investment Process ..................................................................... 29 Life Sciences ......................................................................................................... 42 Drug Development ................................................................................................ 43 Venture Capital Value Proposition ....................................................................... 49 Transition .....................................................................................................................53 Section 2: The Project ........................................................................................................54 Purpose Statement ........................................................................................................54 Role of the Researcher .................................................................................................54 Participants ...................................................................................................................57 Research Method and Design ......................................................................................60 Research Method .................................................................................................. 60 ii Research Design.................................................................................................... 61 Population and Sampling .............................................................................................64 Ethical Research...........................................................................................................66 Data Collection Instruments ........................................................................................68 Data Collection Technique ..........................................................................................69
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