Mike Cremeans has been in the game of advising life sciences startups for a long time. Twenty-five years and 450 clients later, he still enjoys helping clients face threats they didn’t even know existed. Some are real land mines that could blow up a company when least expected. Others, at a very minimum, can siphon off a lot of money.
War stories? The guy’s got them by the bushel. Here’s one:
“Startup companies are so busy chasing funding, the last thing on their mind is things that could blow up the company. That is until they go to a close a deal and they’re told they have to have a very specific type of coverage. That’s when the scramble begins and costly mistakes happen.”
Don’t use the term insurance when referring to Mike. He’s a risk strategist who specializes in working with life sciences companies to identify complicated risks and address them with practical solutions. He’s recognized as a subject matter expert in numerous areas of life sciences risk management, including FDA regulated companies, life sciences, medical devices, medical technology, and combinations of the above.
He’s extremely knowledgeable about product liability, professional liability, contractual liability issues and coverages.
Believe it or not, it’s very likely Mike won’t even mention insurance when you first meet him. He will; however, tell you how to avoid buying it, focusing on risk mitigation so startups can preserve as much capital as possible before and after commercialization. Mike will also make the case for adding a third person to one’s professional advisors; in addition to an attorney and CPA, smart entrepreneurs need a risk manager.
“When it comes to insurance, many startups are happy to search the web until they find someone. It’s convenient, not strategic. The right risk advisor has deep experience in your industry and can level the playing field by helping you negotiate insurance requirements, share the risk and ultimately save money. Too many people wait until the last minute and get screwed.”
On Wednesday, January 16, Mike – the Life Sciences Industry Practice Leader for the Hylant Group – will join VisionTech Partners I VisionTech Angels for a special event at Leaf Software during which he will reveal the minefields life sciences startups can avoid and share war stories on what can happen. Suffice it to say, Mike’s approach is how not to be a “risky business,” but rather a smart and ultimately well-protected, successful startup.
The event is ideal for entrepreneurs, C-suite and board members, investors in highly innovative life sciences companies. After the formal presentation, the floor will be opened to questions.
“Know where the landmines are. Just because you have a risk, it doesn’t mean you have to buy insurance. There are multiple ways to manage it.”
This VisionTech event is open to all VisionTech Angels, sponsors and special guests and to members of AngelBOM and the Indiana chapter of the Society of Physician Entrepreneurs. RSVP for VisionTech’s War Stories from a Seasoned Life Sciences Risk Strategist event here.