Episode 225
š§¬ The Science of Persistence: Why Biotech Founders Canāt Quit | Richard Yu (Part 2/4)
In this episode of The Biotech Startups Podcast, we continue our conversation with Richard Yu, CEO and co-founder of Abalone Bio, as he traces his path from academic scientist to entrepreneurāstarting with the 2008 alternative energy boom that led him to co-found algae biofuel startup Green Pacific Biologicals and deliver a two-slide, science-only VC pitch that sparked a new sense of purpose. He reflects on shutting the company down in 2013 and realizing that scientific feasibility alone doesnāt build a business, then describes how joining QB3ās incubator immersed him in hundreds of therapeutics startups, taught him the business side of company building, and ultimately set the stage for founding Abalone Bio and entering Y Combinatorās March 2020 batch just as COVID-19 began disrupting the world.
The Biotech Startups Podcast Ā· Excedr
March 19, 202629m 38s
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Show Notes
š§¬ The Biotech Startups Podcast is powered by Excedrāhelping life science startups accelerate R&D and commercialization with founder-friendly equipment leasing. Skip the upfront costs, stay lean, and focus on breakthrough science.
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"Sometimes it feels like a miracle anything works at all, but you keep goingābecause when it does work, it's worth every step it took to get there."
In this episode of The Biotech Startups Podcast, we continue our conversation with Richard Yu, CEO and co-founder of Abalone Bio, as he traces his path from academic scientist to entrepreneurāstarting with the 2008 alternative energy boom that led him to co-found algae biofuel startup Green Pacific Biologicals and deliver a two-slide, science-only VC pitch that sparked a new sense of purpose. He reflects on shutting the company down in 2013 and realizing that scientific feasibility alone doesnāt build a business, then describes how joining QB3ās incubator immersed him in hundreds of therapeutics startups, taught him the business side of company building, and ultimately set the stage for founding Abalone Bio and entering Y Combinatorās March 2020 batch just as COVID-19 began disrupting the world.
Key Topics Covered:
- First Pitch Energy: A two-slide VC pitch on Sand Hill Road that revealed Richard's true calling outside of academia
- Algae Biofuel Lessons: Why raising NSF SBIR funding and proving the science still wasn't enough to build a company
- QB3 Incubator Experience: Running QB3's first Dogpatch incubator, learning the business side, and sitting in on hundreds of pitches at Mission Bay Capital
- Revenue-Driven Startup Model: Bootstrapping Abalone Bio through service contracts before landing their first investor round
- Y Combinator During COVID: Getting into YC's March 2020 batch and raising a seed round as the world locked down
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Subscribe to the Podcast:
Find our guest, Richard Yu at these links:
Website: https://www.abalonebio.com/
Find our host, Jon Chee, at these links:
LinkedIn: https://www.linkedin.com/in/jonchee
Learn more about Excedr:
LinkedIn: https://www.linkedin.com/company/excedr/
Website: https://www.excedr.com
Intro & Outro Songs Created by OkKyojin, Owned by Excedr:
Website: https://flow.page/kyojin
Resources & Articles:
SBIR Grants https://www.excedr.com/blog/sbir-grants-guide
Y Combinator Biotech & Life Science Companies https://www.ycombinator.com/biotech/
The Number of Biology-Based Startups Funded by Y Combinator Has Grown Significantly
ARPA-E: Advanced Research Projects Agency ā Energy https://arpa-e.energy.gov/
Venture Capital Funding for Biotech Startups https://www.investopedia.com/terms/v/venturecapital.asp
Companies, Universities, & People mentioned:
QB3 https://qb3.org
MBC BioLabs (referred to as QB3@953 in the episode) https://mbcbiolabs.com
Mission Bay Capital https://www.missionbaycapital.com
NSF SBIR (America's Seed Fund) https://seedfund.nsf.gov
Y Combinator https://www.ycombinator.com
ā
Doug Crawford https://www.linkedin.com/in/douglas-crawford-3826b21
Bernie Suter https://www.linkedin.com/in/bernhardpaulsuter
Timestamps:
00:00 Intro
02:05 Co-founding Green Pacific Biologicals and the Algae Biofuel Idea
03:36 First VC Pitch on Sand Hill Road
04:46 Why the First Pitch Felt Better Than Any Academic Talk
05:56 NSF SBIR Funding and Proof of Concept
06:43 Lessons Learned: Science Is Necessary but Not Sufficient
08:39 Shutting Down the Algae Company and Joining QB3
10:05 Running QB3's First Incubator in Dogpatch
14:17 Building Pro Formas and Sitting in on Pitches at Mission Bay Capital
15:31 Co-founding Abalone Bio and the GPCR Antibody Platform
17:53 Revenue-Driven Model at Next Interactions Funding Early R&D
20:19 Getting into Y Combinator and Demo Day During COVID-19
26:58 Moving into the Old Pixar Sound Studio in Emeryville
28:24 Outro
The Biotech Startups Podcast gives you a front-row seat to the business and science of building a biotech. Hosted by Jon Chee, CEO of Excedr, the show features honest conversations with founders, execs, and investors about their work, their companies, and how they got there. From scientific breakthroughs to startup lessons, each episode explores what it really takes to grow a life science companyāfrom pre-seed to IPO.