John Montgomery: Hey Cindy, thanks so much for sitting down with me. It’s hard to believe we’ve been working together for nearly 20 years across so many design and branding projects. It’s been a blast. Can you tell the readers what you do at Foresite Capital?
Cindy Mesaros: I lead both marketing & communications, and the HR function, at Foresite Capital. It’s an odd hybrid of two functional areas, and to further complicate matters, I run both at our sister company, Foresite Labs (an incubator), as well.
JM: Let’s jump in. We’ve found that early-stage biotech companies have a hard time telling their story beyond the science. They have decks that are chock-a-block full of scientific details and data, but are missing a captivating story for what differentiates them. What are your observations on this from your vantage point working across so many portfolio companies?
CM: We get hung up on the ‘how’ and don’t focus on the ‘why’. I think it might be due to all the technically minded people in our business – it can be hard to step back and look through the lens of storytelling and creativity. The “why” is what needs to come out, always coming back to patients and improving lives.
JM: I hear you completely. Our clients have found huge breakthroughs when starting with a deep understanding and articulation of their “why”. That’s where all the best creative work comes from.
CM: I started working with you because I didn’t want a typical biotech brand. I liked that you had consumer chops, where real innovation in branding and marketing happens. In consumer marketing, it’s easy to see the message and end goal. Investors – our LPs – are typically not scientists, so simplifying things for a non-scientific audience is crucial.
JM: Speaking of investors, I’d like to get your thoughts on the current tight capital environment, and, what role do you think having a strong brand and story plays in raising funds in a bearish market?
CM: Well, I’m not on the investor relations team, so this isn’t my area of expertise – but I think the answer is the same: the story is crucial. The team and founders are most important, especially if they have a track record. Brands are being built at the PowerPoint level, which I find problematic. PowerPoint or Google Slides are not good storytelling tools, but it’s the vehicle we have. The story should be told by the entrepreneur. People should focus on writing a storyline first and then assigning visuals. But it’s usually done the other way around, with slides full of information being read off the screen. Nobody invests in a PowerPoint deck; it’s the story and the person telling it that matter.
JM: Let’s pivot to recruitment. The world of biotech looks different now, with more diversity. What are your thoughts on branding, storytelling, and design in recruiting the next generation of talent?
CM: I think employment branding is always a very important initiative, and it’s part of why I happen to have this odd job title where I manage both branding and I manage the people side. People drive culture, and culture drives brand. Disconnecting branding from people is a mistake. Your brand should speak to the people you employ and want to recruit. Diversity in the capital industry is an issue. At Foresite Capital, we address this through a scholarship program, underwriting scholarships to Venture University for those interested in venture capital careers. We’re trying to get upstream, exposing people to jobs they wouldn’t have considered when they’re on a path to become a scientist or a doctor. The role of branding is to think inclusively. You want to stand for your patients, partners, investors, and employees. Having diverse perspectives improves the end result. Early-stage companies often hire from their networks, resulting in a lack of diversity.