(For reasons of confidentiality, we cannot disclose this client’s name.)
Keystep encountered this technology-development client at a time when the company was spinning out of a major university. The technical team had worked together at the university for a number of years.

The university commercialization office had created a company and transferred the intellectual property assets to the start-up. A business development manager had been hired. And there was only $50 thousand dollars in the bank.

The first challenge facing the business development manager was to create a business plan that would attract financing. Keystep was called in to help develop this plan while the business development manager secured the company’s intellectual property through additional patent applications.
Keystep’s business plan determined that the company required $2.5 million to complete its technology-development phase, and that a further $10 million would be necessary to bring the finished technology to market.

Keystep developed a financing plan that identified key development milestones, financing requirements, financing sources and appropriate share distributions.

Keystep then coached the business development manager on how to present the business plan to the select venture capital companies. Based on the contacts identified, the business manager’s pitch successfully landed early backing of $0.5 million, which in turn brought in a further round of investors for the remaining $2 million.

With the money in hand the company was able to hire a development team and a president, and has now almost completed its technology development.