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 About
FreeMind Group, LLC
www.freemindconsultants.com
FreeMind is a
consulting group whose goal is to assist in maximizing potential to receive
funding from non-dilutive sources. Established in 1999, FreeMind is the
largest consulting group of its kind with over 400 active clients, academics
and Industry alike. FreeMind's proven long-term strategic approach has
garnered its clients over 1.5 billion dollars to date.
Our expertise in
applying for grants and contracts extends throughout every government
mechanism open to funding the life sciences including all NIH institutes,
DoD, NSF, FDA, CDC, BARDA, etc., as well as private foundations such as
Michael J Fox, Bill and Melinda Gates and Susan G Komen.
FreeMind's
knowledgeable and experienced team of Analysts and Project Managers are
dedicated to guiding non-dilutive funding efforts from identification of the
most suitable opportunity through to submission and subsequent award. Our
team of experts will assist in making non-dilutive funding a key tool in a
long-term financial strategy.
FreeMind's
professional staff has assisted in attaining funding from all available
sources and mechanisms including:
o LARGE SCALE
FUNDING OPPORTUNITIES Multidisciplinary/multi-PI grants and contracts,
complex budgets, multiple projects and scientific teams which require an
added understanding and effort to consolidate several projects into one
coherent, scientifically sound application. These funding opportunities are
available for clinical stage research with budgets of $10M - $150M+ per
project;
o TARGETED
SOLICITATIONS U01s, BAAs, RFPs implemented science and developmental awards
with budgets of $3 million - $7 million per project;
o BASIC RESEARCH,
PRECLINICAL, AND UNSOLICITED GRANTS such as R21s, and R01s. These grants
focus on early-stage research and can be budgeted $1 million - $3 million
per project;
o SBIR/STTR
GRANTS Small Business Research and Development grants can be budgeted
$150,000 for SBIR/STTR Phase I awards and up to $2,000,000 for SBIR/STTR
Phase II awards.
The FreeMind Group turns non-dilutive funding into a strategic source of
funding for life science organizations.
 Ram
May-Ron
Managing Partner
For the past 10
years Ram May-Ron has been a leading figure within FreeMind. Initially
leading FreeMind’s Professional Services Department and later becoming a
partner and part owner of FreeMind and taking upon himself the full
responsibilities of both FreeMind’s marketing and business development
efforts, as well as the overall management of FreeMind’s professional
services activities.
Mr. May-Ron has
more than 15 years of experience as a leading strategic analyst, both in the
business and political sectors. He has led a strategic consulting firm and
has served as a top strategy advisor to several international organizations
and elected political officials. Mr. May-Ron serves on the board of
directors for several companies and has a wide range of experience in
marketing and business development.
Mr. May-Ron holds
an MEI (Master of Entrepreneurship and Innovation, International Business
Management) from Australia’s Swinburne University of Technology. He also
holds a Masters degree in International Relations, focusing on strategic
decision-making processes from the Hebrew University of Jerusalem, winning
the International Relations Department’s academic excellence scholarship.
“The “aha” moment occurs when you tell them that within the past three
years, each and every year NIH and DoD have invested or awarded more money
to life science companies, compared to the entire VC community.”- Ram
May-Ron |
Healthcare
Funding
FreeMind Group, LLC
423 Brookline Ave. #124
Boston, MA 02215
617-648-0340
www.freemindconsultants.com
FreeMind Group, LLC
Print Version
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Interview conducted by: Lynn Fosse, Senior
Editor, CEOCFO Magazine, Published – October 14, 2013
CEOCFO:
Mr. May-Ron, what is the vision and concept at FreeMind Group?
Mr. May-Ron:
What we are trying to do is just one thing. Within the life science industry
there are three main sources of funding globally as well as the US. One is
private investments, the VC (Venture Capital) community and Angel investors.
Then there is the public market with the IPOs. However, the largest source
of funding available to support research in the life sciences are really the
non-dilutive sources. That would be the government to a great extent, with
about $50 billion awarded every year in the United States from non-dilutive
sources to support Research and Development. The truth is that this world is
a bit misunderstood. Companies, Universities, Researchers and CEOs do not
really know what is available. They do not even know how to approach and
effectively get funding that they could win. It is completely non-dilutive,
they pay nothing for it, no shares and that is exactly what we are trying to
do. We want to help our clients get as much money as possible to support the
research and development in the life sciences from such non-dilutive
sources.
CEOCFO:
What are some of the more simple concepts in how you go about getting
funding and what might be a couple of things that FreeMind Group understands
that others might not?
Mr. May-Ron: There are no magic tricks
or great knowledge that we posses or special relationships. It has to do
with a great deal of work. The one major factor is to understand that this
must be taken seriously. Many turn automatically to the SBIR (Small Business
Innovation Research) Program, which is a good program, but not necessarily
the best one available. It is only 2.5% of the funding available. However,
if they would know about the possibility of getting an awards from the SBIR
program as well as other mechanisms to support some of their research they
could increase relevant sources of funding. Most CEOs take a onetime
approach, try to submit a single application and give it a chance. Usually
they would not win on the first go because it does take time and an effort,
but they must not give up. After fourteen years in business there are things
that we have come to know. For example, taking a systematic,
multi-submission, strategic approach, where you identify on a regular basis
all of the different funding sources. Then make sure to match the strategic
scientific needs of the company to those funding opportunities that are
relevant for you in every direction that are relevant to you, from every
source possible, and you can submit on a regular systematic basis. With that
approach, you can increase significantly your chances of success and create
a real stream of funding for your organization. A long-term systematic
approach will force you to look at the Phase 2 while you write the Phase 1,
because you understand that it is a longer-term process. You could also take
into account other mechanisms such as an RO1 or an Army Award; it really
does not matter. You need to understand every possible funding sources
available and then allocate resources to get those on a systematic basis.
CEOCFO:
When you are matching up people who need money and sources of money, how
much is technology or how much is experience? What is the process?
Mr. May-Ron: There are two processes and
that reflects the way that we are structured here at FreeMind Group. We have
40 full time employees and we are broken into two groups. A smaller group of
Analysts all with PHDs, with great experience writing their own
applications. Then a larger group of writers and managers who do not have
PHDs, but rather Masters degrees in Life Science and MBAs, so they posses
understanding of science and the tools to express and present science in a
specific way. When we start working with any client, whether it is a big
pharma or small start-up, large Ivy League University or independent small
research institution, we start with a strategic assessment, a series of
conference calls or video conferences, aimed at fully understanding our
clients' scientific strategies. We want to find out what exactly do they
plan on doing and what are the milestones that they want to go through in
the next 18 to 24 months. Based on that our analysts will identify every
funding opportunity possible, both through the solicited sources, because
about 20% to 25% of all awards are solicited and from unsolicited sources.
In which case we will approach program officers and ask for their feedback
on specific projects. Based on all of that information we can then present
our clients with two things. Number one, is a long list of opportunities or
a map of different funding sources and opportunities; very specific ones.
That would include deadlines, specific dates, how much money they can get
out of these specific opportunities, what is the scientific scope that we
can do and what is our assessment as to their chances of being successful
and awarded. Then they can choose out of these opportunities that fit their
strategy. The number two thing that we will give them is a long-term
multi-submission strategy. What do our analysts believe should be the path
and which application should we submit first. That is the first process.
Then at that point we will strategize for each specific application, which
mechanism to use, how much money to ask for, what specific aim to focus on,
what should be the research design and collaborators. Then we will generate
a template for the application, which will be the basis for the interaction
between our writing team and our clients. We will write the application
together, in a joint writing process, through a ping-pong of write and
rewrite. Up to the point of submission we will cover every aspect of it:
scientific, clinical, financial, administrative and resources. Every aspect
of the application we will be able to cover and relate both the needs of the
funding institute that we discussed earlier and the strategy of the
application itself and its focus on the company needs. In this way we are
trying to match not only the specific needs but also the presentation of
science to the specific opportunity and institute that may give it the
funding and to the needs of the company.
CEOCFO:
When you are speaking with the CEO of a company; it may be a smaller one
where funds may be tight; what is the “aha” moment when they understand that
they should be spending dollars to get more potential funding?
Mr. May-Ron: The “aha” moment occurs
when you tell them that within the past three years, each and every year NIH
and DoD have invested or awarded more money to life science companies,
compared to the entire VC community. When you understand that NIH and DoD
give more money than the VC community. However, it is just as hard, it is
not easy, but it is a very large sum of money that is available. That is the
point that they realize that this is something should be taken seriously.
CEOCFO:
Why do you think that so many people in the research and development
community have not realized this?
Mr. May-Ron: It is a misperception that
we have been fighting against for many years. It is derived from their
academic backgrounds. Many researchers leave academia not to deal any more
with writing grants and applications. There were more easier ways of getting
funding, but the atmosphere and market has changed. It is not as easy to get
funding from VCs anymore. They do not really present that great opportunity
that they used to present. Individual angel investors do not really get
there. At the same time, NIH and DoD are taking a huge leap towards
industry. Today there is a great deal more money directed towards
translational and clinical programs; not only basic research. Therefore,
there is a gap of understanding of the needs, purpose and interests of these
funding sources and how they may relate to the company’s needs. Many
researchers and CEOs that I speak with, when I tell them that they can apply
for an RO1, they think that it is just for Universities. However, if you go
through the NIH website and look up the numbers you will see that many
companies have won RO1s and R21s.
CEOCFO:
How do you reach perspective clients?
Mr. May-Ron: We reach perspective
clients mainly through the many activities that we do, such as educational
work. We just held a weekly summer school. A series webinars during July and
August, where we had about 100 to 200 attendees every week dealing with
different aspects of approaching identifying and writing applications. It is
all free. We have our annual event that we conduct adjacent to the JP Morgan
event in January in San Francisco. This coming January will be the 9th
annual event that we hold. Every year we have great speakers and workshops
that we conduct free of charge. Beyond that we attend conferences and we
meet people. These are standard ways of getting in front of people.
CEOCFO:
Is there much competition or any companies that specialize the way that you
do?
Mr. May-Ron: There are two different
levels. When you talk about academia the main competition is internal,
because every university has a grants office. They do not necessarily do
what we do, and very few do that, but we work with many universities as well
as many academic research institutes. We work together with these grants
offices, but in theory they do present a competition. When you go into the
industry mainly one can find many individual consultants focusing mainly on
the SBIR Program; nothing beyond that and definitely no one our size.
Therefore, there is a little bit of competition, but not very significant.
CEOCFO:
You have an office in Israel; is the international arena a growing area for
you?
Mr. May-Ron: About 15% to 20% of our
work today is with non-American clients, such as in Germany, Austria, Spain,
France, the UK. All over Europe. In fact, I will be in Vienna in November.
We also have clients in Canada and Israel as well as Australia and
Singapore. Therefore, we have many international clients and the key issue
is the fact that most of the American non-dilutive sources programs are not
discriminating against non-Americans winning. Hence, it is just as hard and
very competitive. It is difficult to get the funding. Being a non-American
company such as a Canadian company is not going to prevent you from winning.
The question is going to be scientific. For those companies and universities
around the world, this is a great achievement. Not only financially to get
funding from the NIH, but also the recognition, approved and awarded by the
top researchers and institutes in the world. That is of great significance
for the money, but not only the money. With exception to the SBIR Program,
these are only for Americans. Most of the other mechanisms will allow
non-Americans.
CEOCFO:
Are there concerns over funding with the US government crisis looming?
Mr. May-Ron: It is a concern, but it is
not a major one. I do not think anything is dramatically different from what
we experienced October 2012. There were government shut downs under previous
administrations, so there is nothing amazingly new. If we look at the budget
itself, it is quite evident that there has not been any major increases in
NIH and DoD in life science research budget on the one hand. But on the
other hand there has not been any major cutoffs either. For the individual
company asking for example a $2 million award for whatever specific research
you need to conduct, whether the NIH will have a budget of $30.9 billion or
$29.7 billion will not make that much of a difference for the particular
application. Therefore, there should not be a direct impact. However, CEOs
should not just look into one source of funding; dilutive and non-dilutive
funding to complement each other and get as much funding for the
organization as they could.
CEOCFO:
The VC community tends to be cyclical not just the amounts of money; certain
conditions or areas are in favor and other times are not. Do you find the
same situation in the grant area?
Mr. May-Ron:
They are definitely broader. You have funding going to support anything that
is remotely life sciences oriented from healthcare IT to nursing or
behavioral research, development new technologies and medical devices to a
new treatment for cancer or flu vaccine. Basic research all the way to Phase
III. The fact that NIH supports cancer research in over $6 billion every
year is true, but within that great field of cancer research there are
specifics and if they have funded seven such projects of a particular focus
last year, they may not fund very many in that area this year. Therefore,
you have to be aware of all of these facts. It is harder because while the
VCs will shift altogether towards one end, here you would have specific
institutes and specific mechanisms that will make those shifts. Sometimes it
may go in opposite directions. Therefore, you need to approach these
organizations and fully understand their interests and their focus, so that
you can address those issues. It is just like any other selling proposition.
Without knowing the audience, it is difficult to make a sale.
CEOCFO:
What should investors and people in the business community pay attention to
FreeMind Group?
Mr. May-Ron: People should not
necessarily pay attention to FreeMind Group. They should pay attention to
non-dilutive sources of funding within the life sciences. We submit about
300 applications per year. Yes, we are large, successful and strategic and I
definitely believe that we can help every client that we work with, but I am
bias. If companies would accept the sources of funding that are crucial to
the industry and that are the largest available part of this money, it will
help the industry at large. Some will fail and some will succeed, but that
is ok. But mainly people need to recognize this amazing and huge source of
funding and treat it seriously.
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NIH institutes, DoD, NSF, FDA, CDC, BARDA, etc., as well as private
foundations such as Michael J Fox, Bill and Melinda Gates and Susan G Komen,
Large Scale Funding Opportunities, Multidisciplinary Multi-PI grants and
contracts, grants for $10M to $150 M per project, Targeted Solicitations
U01s, BAAs, RFPs implemented science, development awards, Basic Research,
Preclinical and Unsolicited Grants, R21s, R01s, grants for early-stage
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