5th May 2023
Venture capital biotechnology companies are at the forefront of innovation in the life sciences sector, and building a talented team is crucial to the success of any start-up.
The team at KEMIO have previously worked with VC biotech at all levels from pre-seed to Series C hiring the first employees, building new labs, growing remote teams, introducing advisors and contractors, and helping to shape the culture and diversity of the company. Let’s be honest, it’s chaotic, and you are not just looking for the right skills, but the right mind set too, someone who genuinely believes in your mission and is excited about the journey you are about to embark upon.
It can be a daunting task but, with careful planning and consideration, you can attract and retain top talent. We wanted to outline some of the key steps to help you navigate the hiring process and even though some of them seem obvious, they are often forgotten.
1. Define your company culture and values – Start the process here to help you attract candidates who share your vision and mission. Although you are brand new, you should have an idea of the environment you want to create. This should align with your company’s long-term goals and should be communicated throughout the recruitment process. Always highlight any unique aspects of your company culture such as flexible work hours, remote work options, or a focus on work-life balance. No doubt this person will contribute to building your culture, so be sure to ask for their ideas too. The more open conversation you have around this topic, the more you are learning about one another and if there is a good match.
2. Determine hiring needs and create detailed job descriptions – Many times we have been asked to hire someone without a JD written because the leadership team/CEO has not got round to it. Candidates can be discouraged if it does not appear clear what the leadership expect from them, and what the plans are for other hires. It is impossible to list every responsibility as your people will wear many hats at the start. However, a good overview of the role will ensure candidates understand their contribution and it is a terrific way to promote the work you are expecting people to be involved in. People talk about job descriptions, share them with friends, and go back to it multiple times during the process. An experienced recruitment partner can help with writing JD’s and give honest feedback to make sure you get it right.
3. Utilise professional networks and potential recruitment partners – Professional networks are a good place to start for finding candidates. Post your job openings on relevant job boards, such as BioSpace, NewScientist, Indeed, and LinkedIn, and reach out to your network for referrals. External recruiters with experience in your space are a great option to save crucial time, money, and connect you to people you would not have known before. Your recruitment partner should also manage the entire process for you, to minimise hiccups and bumps along the way. Spend some time researching good recruiters in your space, look for recommendations, and speak to ex colleagues about their experiences. Having a good partner on board for future growth could make things a great deal easier for you.
4. Conduct thorough interviews – A critical part of the hiring process and the start of a new relationship. It is a two-way street and both parties are interviewing each other to see if the relationship is a good match. It is also important to conduct interviews thoroughly and in good time. Before hiring each role, consider about how you expect the interview process to look. Who will this person need to meet in your team, will they be meeting your investor, do you envisage a presentation or coding test, will they come to the site for a tour, virtual meetings…? All these points again ensure your young business is thoughtful of the candidate and show that you have things under control (well, as much as you can anyway!). An external recruiter on board will be able to guide this entire process for you. It is important the candidate has a positive experience regardless of the outcome as they will be talking about the opportunity and process to their peers in the industry. Word spreads quickly.
5. Make a competitive offer – It is tough out there with candidates often considering at least 2-3 options, so agree early on about your limitations with an offer and if you are prepared to go outside of this range. Sometimes it is worth it for the right person, but it must be a business decision. Consider your benefits package, as well as any additional rewards or incentives that may be attractive to the candidate too. Also, long term incentives, loyalty bonuses or share options are great for senior candidates joining. Speak to your recruitment partner for their opinion as they will have managed the candidates expectations from the beginning and will know how best to approach it with the candidate.
In conclusion, hiring the first employees in a biotech VC company requires careful planning and attention to detail. These initial hires will play a crucial role in shaping the culture and direction of your company, so it is important to approach the hiring process thoughtfully and strategically. Contact us anytime for our thoughts and specific experience in this hiring space.
