🧬 Jeff Kim | Slingshot Biosciences | Part 3

Episode Overview

• This episode discusses the founding story of Slingshot Biosciences, which was initially conceived as a rapid M&A opportunity that evolved into a long-term venture.
• Jeff Kim shares his experience raising venture capital during the peak of the COVID-19 pandemic, highlighting the unique challenges of virtual due diligence and pitching.
• The conversation covers Slingshot's strategy for global expansion, including the process of vetting and partnering with international distributors.
• Key themes include the importance of company culture, radical transparency with employees, and a founder's self-awareness in knowing when to delegate or step aside for the good of the business.

Key Concepts

• Founding Team Dynamics: The founding team of Slingshot Biosciences initially included co-founders from Radiant, but the team composition changed over time as the company's long-term vision solidified.
• Venture Fundraising During COVID-19: Fundraising during the pandemic was an "odd" and "surreal" experience, conducted entirely virtually, which made the due diligence process and building investor relationships more challenging.
• Global Expansion Strategy: Slingshot's go-to-market strategy involved a hybrid model of selling direct in North America and partnering with distributors for international markets like Europe and the APAC region.
• Company Culture and Transparency: The company prioritizes a "roll up your sleeves" culture and maintains a high level of transparency with employees, sharing detailed financial information to foster alignment and trust.
• Pivoting and Market Opportunity: The initial narrow focus on a single instrument manufacturer's problem expanded significantly upon realizing the broader market need for synthetic cell controls in biopharma, clinical trials, and cell and gene therapy manufacturing.

Quotes

• At 01:50 - "For most of the founders, the thought was it was a quick win. We'll sell the business and move on." - Jeff Kim explaining the initial, short-term expectation for Slingshot Biosciences, which contrasted with its eventual long-term growth.
• At 03:55 - "It was almost a tongue-in-cheek joke when they threw the problem out there... 'Oh, if you could make a synthetic cell, you would solve this huge problem of ours.'" - Jeff Kim recounting the casual dinner conversation that sparked the core idea for Slingshot's technology.
• At 07:03 - "That was odd. It was peak COVID... Not having, not being able to meet your business partner on the other side of the table was very strange, especially if you didn't know them already." - Jeff Kim describing the unique challenges of raising venture capital entirely through virtual meetings during the pandemic.
• At 23:25 - "You always have to think about what is best for the business, even for myself. If we reach a stage where I think there's an operator profile that would grow the business better and faster, it's absolutely my job to identify that person and bring him or her in." - Jeff Kim on the importance of founder self-awareness and prioritizing the company's success over personal control.
• At 23:33 - "We are very transparent with what is going on about all of our financials. We share with the entire team, which is very unusual—runway, finances, deals, etc.—just to give people an idea and also education about what this stuff means." - Jeff Kim detailing Slingshot's commitment to radical transparency to empower and align the team.

Takeaways

• Be objective and selfless as a founder; your primary responsibility is to do what's best for the business, even if it means stepping back from your own role.
• When expanding globally through distributors, implement a "dating period" to assess their performance and commitment before locking into long-term, exclusive agreements.
• Foster a culture of extreme transparency by openly sharing company financials and strategic decisions with the entire team to build trust, alignment, and an ownership mentality.