Getting startup funding from a venture capitalist (VC) might require establishing a list of milestones that not only helps keep the development of company projects on track, but insures that both the VC and company management are on the same page in terms of direction, goals and timelines. The following is a list of milestones that might be set to monitor the progress of a company towards independence, and the VC towards their exit strategy.
1. In vitro experiments demonstrate proof of concept.
2. Data collected using several species of animal models.
3. Patents approved.
4. Clinical trials begun.
5. Phase I, II or III clinical trials completed.
6. ADMET data achieved.
7. Outsourcing contracts signed.
8. Technology transfer to CMO completed.
9. Competent management recruited.
10. FDA approval obtained.
11. Third party financing obtained.
12. Development or marketing agreement with large pharma.