To make it as an entrepreneur, it’s not enough to run at gazelle-like speed.

At an entrepreneur panel prior to the start of CED’s 2013 Life Science Conference on Wednesday, TearScience CEO Tim Willis showed a video of a gazelle trying to outrun a lion. From out of nowhere, a man runs and catches up with the chase. He then picks up the gazelle and in a burst of speed, leaves the perplexed lion in the dust. That, Willis said, is what you have to do to be an entrepreneur. 

Willis was one of the CEOs who gave an audience of life science entrepreneurs tips on how to build a successful life science startup. (His own firm just raised $70 million.)

Here’s some highlights.

  • Sell the sizzle

Willis urges entrepreneurs to not be bashful in talking up the selling points of a company’s technology, to “sell the sizzle.” It’s up to you to inform investors about your technology, how you plan to achieve your goals and why you’re doing the things you’re doing. If you don’t they won’t invest. And if they say “no,” ask for feedback. While an investor who comes on board will give you advice, you can also learn valuable lessons from those who won’t give you money.  

LipoScience CEO Richard Brajer noted that the composition of the Raleigh company’s board has changed as the company evolved. First it was comprised of angel and venture capital investors. Now the company has directors with insurance industry experience who bring important perspective as the company makes a commercialization push. 

“You’re building a rocket,” Brajer said. “Your board is your co-pilot.”

  • Have a solid clinical development plan

A solid clinical development plan is a must for a company planning to raise money and pursue clinical trials, said Jeff Williams, CEO of Morrisville clinical research organization Clinipace Worldwide. That means understanding the therapeutic target, the regulatory precedent for such treatments and knowledge of the kinds of clinical trial site and investigators that would be needed for studies. These days, it’s also never to early to think about commercialization. Having a firm grasp of the claims you want to make with a drug matters not only to you, but also to any pharma company that might want to partner with you on that product. 

  • Get your story straight

Bob Schotzinger’s Durham company, Viamet, has an chemistry platform technology that has potential applications in human health and agriculture. But Schotzinger recalls that raising the company’s series A round was a challenge because at the time, the applications weren’t yet clear. Without a clear vision, investors weren’t sold on the company. Schotzinger says that startups need to find their story, keep it short and stay on point. He adds that at the end of the day, it’s not how much you raise, but how far you can take the money that you do raise. 

Organization is important when it comes time to talk to potential licensing partners, said Ken Moch, CEO of Research Triangle Park company Chimerix. While partnering is about relationships, it’s also about timing. To make it work, your pitch has to be perfect. So be organized. Be ready. And make contacts.

The conference concludes today.