In this episode, Heath Fletcher and Kevin Scanlon delve into the intricacies of entrepreneurship, investment, and the vital role of character and team dynamics in achieving success. They discuss the importance of mentorship, the challenges entrepreneurs face in communicating with investors, and the significance of trust in business relationships. Kevin shares insights from his extensive experience in angel investing and teaching entrepreneurship, highlighting the need for adaptability and the ability to pivot in the face of challenges. The conversation also touches on the differences in investment environments across regions and the importance of a strong team over a perfect product.

00:00 Introduction and Background

01:50 Navigating the Science and Business Divide

05:46 The Role of Angel Investors

09:51 Teaching Entrepreneurship

13:38 Trust and Team Dynamics in Startups

17:38 Investment Strategies and Risk Management

21:14 Regional Differences in Medical Investment

23:02 International Consulting and Global Perspectives

25:32 Cultural Insights from Global Experiences

26:59 The Shark Tank Experience: Reality vs. TV

29:21 The Rigorous Selection Process for Entrepreneurs

31:33 Challenges in Startup Growth and Team Dynamics

33:14 Funding Roadblocks and Cultural Differences

37:11 Success Stories: From Struggles to Triumphs

40:53 The Future of Investment: Incubators and Mentorship

44:13 The Importance of Character in Entrepreneurship

46:25 Investor Perspectives on Entrepreneurial Success

Guest Information:
Guest's Name: Dr. Kevin Scanlon
Guest's Title/Position: Founder & CEO of International BioScience
Guest's Linkedin: https://www.linkedin.com/in/kjscanlon/
Company/Affiliation: Pasadena Angels https://www.linkedin.com/company/pasadena-angels/
Guest's Bio:
Dr. Kevin Scanlon is a seasoned leader in life sciences, with a career spanning academic medicine, executive roles in biotech and pharma, and active angel investing. Recognized by LA Techweek for his impact on the Los Angeles tech and business landscape, he served as Chairman of the Pasadena Angels, where nearly 100 investors funded over 50 companies during his tenure.

Dr. Scanlon has led four biotech companies as CEO, including Melanoma Diagnostics, acquired by Myriad Genetics. At Berlex-Schering AG, he oversaw global genomic and oncology programs across the US, Europe, and Asia.

His academic credentials include being a Leukemia Society Scholar, recipient of the Paul Martini Medical Research Prize (Germany), and co-founding editor of Cancer Gene Therapy (Nature Publishing Group). He has served as President of the International Society of Cell and Gene Therapy and authored 139 peer-reviewed papers, nine medical books, and seven U.S. patents. Dr. Scanlon is also the author of The Hybrid Entrepreneur.

Takeaways

• Character is crucial for entrepreneurial success.
• Investors look for strong team dynamics.
• Mentorship can significantly impact startup growth.
• Understanding investor vocabulary is essential for entrepreneurs.
• Trust issues can hinder investor-entrepreneur relationships.
• A strong team can pivot and adapt to challenges.
• Financial strategy is often a weak point for entrepreneurs.
• Communication of complex ideas is vital for success.
• Cultural differences can create friction in teams.
• Success stories often come from perseverance and adaptability.