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Strategic expertise and operational guidance have become essential differentiators for biotechnology startups navigating the complex path from laboratory discovery to commercial success
The traditional venture capital playbook—evaluate the science, assess the founding team, deploy capital, and monitor quarterly progress—has long defined investment relationships in biotechnology. This transactional model may suffice for software companies that can pivot quickly and scale with minimal infrastructure, but it fundamentally misaligns with the complex realities of drug development. The path from laboratory breakthrough to FDA-approved therapy involves navigating regulatory mazes, recruiting specialized talent, and building relationships across interconnected scientific communities. Capital alone cannot solve these challenges.
Leen Kawas, Managing General Partner at Propel Bio Partners, advocates for a fundamentally different approach. Her firm’s model centers on creating comprehensive support ecosystems where strategic guidance and relationship-building carry equal weight alongside capital deployment. The recent appointment of healthcare technology veteran Laurie Heilmann as Venture Partner at Propel Bio illustrates this philosophy in action, demonstrating how the right operational expertise can accelerate portfolio company development while reducing the obstacles that derail promising innovations.
Beyond the Check: What Modern Biotech Companies Actually Need
Biotechnology startups face a unique constellation of challenges that distinguish them from other venture-backed companies. Clinical development programs can stretch across years. Regulatory submissions require specialized knowledge that few first-time founders possess. Commercial launches demand networks and expertise that take decades to build. These realities create an enormous gap between what capital can purchase and what successful development actually requires.
“One thing about scientists—if a scientist is willing to take the leap and start a company, whether they want to be the CEO or have another role in the company—one big component in a successful business is networking and meeting people,” explains Kawas. This networking imperative extends far beyond traditional fundraising. Entrepreneurs must build relationships that facilitate team recruitment, advisory board development, strategic partnerships, and regulatory guidance.
The challenge becomes particularly acute because most biotech founders come from academic or research backgrounds where networking carries different connotations and serves different purposes. Scientists are trained to focus intensively on technical problems, developing deep expertise in narrow domains. This specialization creates brilliant innovators but often leaves them unprepared for the relationship-intensive work of building a company.
Leen Kawas has observed this pattern repeatedly through her work at Propel Bio Partners and during her previous tenure as CEO, where she led a company through a historic $400 million initial public offering. The most promising science can fail to reach patients not because of technical limitations but because founders lack the networks and strategic guidance to navigate commercial development effectively.
The Venture Partner Model: Strategic Expertise at Scale
The venture partner model addresses this gap by embedding operational expertise directly within the investment firm. Rather than simply providing introductions or occasional advice, venture partners work actively with portfolio companies on specific challenges—bringing years of experience and established relationships to bear on problems that might otherwise consume months of founder time.
Propel Bio’s recent hiring of Laurie Heilmann exemplifies this approach. Heilmann brings more than three decades of global life sciences leadership spanning pre-clinical and clinical drug development, diagnostics, biomarker discovery, medical devices, and healthcare information technology. Her therapeutic expertise encompasses oncology, central nervous system disorders, and cardiovascular metabolic conditions—areas that align closely with Propel Bio’s portfolio focus.
“It’s very rare to find someone with the experience that has both the startup expertise as well as scale-up and launch capabilities,” Kawas noted when announcing the appointment. “You can find people that are really good at starting companies, but they get stuck and they’re not able to scale. And you find people who are not able to see the opportunity in very early ideas and technologies. Laurie brings that complete, comprehensive skillset.”
This combination of early-stage pattern recognition and late-stage operational experience creates particular value for portfolio companies. Founders benefit from guidance that anticipates challenges before they become critical, while also gaining access to networks and expertise that would otherwise require years to develop independently.
Practical Applications: From Strategy to Execution
The venture partner role translates abstract strategic support into concrete operational assistance. Heilmann’s track record includes leading two companies through successful IPOs, establishing the for-profit division of the American College of Radiology, and co-founding a niche oncology contract research organization that grew from five partners to 250 employees before acquisition.
This operational experience becomes directly applicable to portfolio company challenges. Leen Kawas emphasized that Heilmann “will work directly with portfolio companies on commercial strategy, market expansion, and strategic partnerships—particularly leveraging her extensive networks with larger life sciences companies that can facilitate acquisitions or collaborations.”
The commercial focus addresses a critical gap in many biotech development programs. Scientific founders often excel at discovery and early development but struggle with the commercial considerations that determine whether approved products achieve market success. Having experienced operators available to guide commercial strategy from early stages helps companies make better decisions about market positioning, pricing, and partnership opportunities.
Geographic expertise adds another dimension of value. Heilmann’s global business experience spans Asia, Europe, and North America—capabilities that Kawas described as “particularly valuable for portfolio companies seeking international expansion.” Many innovative therapies achieve approval first in the United States but require global launches to maximize patient impact and commercial returns. Understanding different regulatory environments and market dynamics across regions can significantly accelerate expansion timelines.
The Networking Imperative for Scientist-Entrepreneurs
Effective venture partner relationships extend beyond individual company support to creating broader ecosystem connections. Kawas has consistently emphasized that biotech entrepreneurs benefit enormously from exposure to investors and advisors even when immediate funding isn’t available.
“If you’re talking to investors and you’re hoping to get a check at the end of the day, but you are not successful in convincing them to invest in your company, make sure that you ask them for advice,” she recommends. “I would even go and talk to investors with the mindset of asking for advice first, with the ultimate potential of convincing them to invest in your business.”
This advice-first strategy serves multiple purposes. It helps entrepreneurs refine their approaches based on experienced perspectives. It builds relationships that may prove valuable in future funding rounds. And it creates accountability mechanisms where investors who have provided guidance become invested in seeing their recommendations succeed.
The approach requires a fundamental mindset shift for many scientist-entrepreneurs. Academic training emphasizes independent problem-solving and peer review within narrow disciplinary boundaries. Building a biotech company demands collaborative relationships across diverse professional communities—investors, regulators, commercial partners, manufacturing experts, and clinical investigators.
Venture partners can model effective networking behaviors while providing warm introductions that accelerate relationship-building. Their established credibility within industry networks creates opportunities that would be difficult or impossible for first-time founders to access independently.
Creating Self-Reinforcing Innovation Ecosystems
The ultimate goal of comprehensive venture support extends beyond individual company success to building sustainable innovation ecosystems. This philosophy recognizes that biotechnology development is inherently collaborative, requiring partnerships across scientific disciplines, regulatory expertise, and commercial capabilities.
At Propel Bio Partners, this translates into intentional efforts to connect portfolio companies with each other and with broader industry networks. Companies facing similar regulatory challenges can share insights, while those with complementary expertise explore strategic partnerships that might not emerge through traditional investor relationships.
The firm’s portfolio reflects this ecosystem approach. Inherent Biosciences is pioneering epigenetic diagnostics for male reproductive health, addressing an historically overlooked area where up to half of infertility cases are due to male factors. Persephone Biosciences is developing microbiome-based therapeutics through the largest-ever infant gut health study. Each company benefits not only from capital and direct support but from connections to Propel Bio’s broader network of expertise and relationships.
Leen Kawas has been vocal about extending this ecosystem thinking to include support for diverse founders and leaders. Her firm emphasizes backing “diversely led companies” and supporting entrepreneurs from underrepresented groups—recognizing that different perspectives and experiences contribute to more innovative solutions. This commitment extends beyond portfolio selection to active mentorship and advocacy within the broader biotechnology community.
Implications for the Broader Industry
The venture partner model represents a significant departure from traditional investment approaches, but its adoption is accelerating as firms recognize the limitations of capital-only relationships. The biotechnology industry’s complexity and extended development timelines create particular demand for hands-on operational expertise.
For entrepreneurs evaluating potential investors, the presence and quality of venture partners has become an increasingly important consideration. Beyond capital terms, founders should assess what operational support investors can provide—and whether that support aligns with their specific development challenges.
The trend also carries implications for experienced operators considering career transitions. The venture partner role offers opportunities to work across multiple companies while leveraging accumulated expertise and networks. This model creates value for all participants: investors gain differentiated capabilities, portfolio companies access critical expertise, and venture partners maintain engagement with cutting-edge science without the intensity of full-time operating roles.
As Kawas’s approach at Propel Bio demonstrates, integrating strategic guidance and relationship-building with capital deployment creates advantages that benefit entrepreneurs, investors, and ultimately patients who stand to gain from therapies that successfully navigate the complex path from laboratory to market.