Elena Fernandez-Kleinlein, head of Johnson & Johnson Innovation – JLABS EMEA, on the NLSDays Nordic Stars 2023 Pitch Competition. Interviewed by Afram Yakoub, communications officer, SwedenBIO “Successful entrepreneurs can demonstrate a high degree of resilience and flexibility.” As a Johnson & Johnson Innovation leader in Europe, what types of startups are you generally interested in? Collaboration lies at the core of Johnson & Johnson Innovation. Our aim is to accelerate individual transformational healthcare products, technologies, or services in direct collaboration with academia, biotech, or early-stage funding partners. We are open to innovation from all sources as long as they can address major health challenges such as infectious diseases, cancer, mental health, and neurodegeneration. Essentially, we are looking for startups with the potential to revolutionize the field, similar to BioNTech. Which early-stage disruptive technologies do you consider have the greatest potential to become real solutions for patients? Scientific advancements are happening at a rapid pace, and there are various early-stage technologies that have disruptive potential. These include mRNA vaccines, cell therapies, advanced modified antibodies, gene editing therapies, innovative delivery systems that can increase the efficacy of existing drugs, and innovative diagnostic methods. Moreover, the use of data science and AI will play a vital role in transforming the life sciences industry, enabling us to better understand patients' underlying health conditions and develop more targeted innovations to address complex challenges. The convergence of traditional life science and technology has given rise to the field of deep tech, promising faster diagnostics and lower costs for patients. What’s your view on the deep tech start up scene? Digital Health Tech is a crucial factor in the ongoing progress of healthcare and clinical research. There is a need to quantify novel measures using sensor solutions and continue to increase remote measurements to make healthcare more efficient. However, to ensure that digital measures are accepted for regulatory purposes, a more robust approach is required, and regulatory compliance will be a key factor in securing market access and reimbursement. The area of full genome sequencing will be used more frequently in the future, and therapies that can prevent diseases due to mutations will be highly relevant. In your opinion, is it becoming more, or less difficult for startups in life science to reach commercialization and why so? We are currently observing an increase in life science startups as scientists are interested to embark on entrepreneurial journeys. However, funding has become more challenging to secure, which is forcing companies to focus their efforts on fewer but more promising products. Valuations for life sciences companies have declined and investor funding has slowed in the past with much more pressure generated by VC’s who are demanding more product information and financial data to ensure they are making the right investments. To secure additional funding, life sciences companies will need to demonstrate strong product validation and likelihood of commercial viability. In addition, the development and clinical trial within areas such as cell therapies and therapeutic antibodies is very expensive, which limits the number of start-ups in these important fields. What’s your take on the Nordic life science ecosystem? The Nordic life science ecosystem is a well-developed and comprehensive system. It is driven by high-quality education from universities in Denmark and in the southern region of Sweden and is supported by a skilled workforce with experience from established pharma companies such as Novo Nordisk, Genmab, Lundbeck, and Leo Pharma. The ecosystem benefits from a strong presence of venture capital and incubators that provide support and opportunities for innovators. Part of your job is to provide mentorship and coaching to entrepreneurs, what do you regard as the most important quality in an entrepreneur? I think it is very difficult to narrow it down to only one quality. My observation has been that the most successful entrepreneurs and CEOs are the ones that can demonstrate a high degree of resilience and flexibility. They listen actively to their partners and advisors and are adaptable and perseverant, accepting that their company may have to pivot to other areas in response to demands. During difficult times, they must show empathy and strong leadership to bring their team members together and make difficult decisions. As a jury member in the NLSDays Nordic Star 2023 Pitch Competition, what will you be looking for in the competing companies? Firstly, I am eager to hear compelling founder stories that clearly articulate a problem statement, as well as a unique and effective scientific approach to address the challenges at hand. While it is important for the companies to be aware of the competitive landscape, their focus should remain on highlighting their unique selling proposition and demonstrating why their offering is relevant. A strong emphasis on long-term vision and potential impact on patients can be very powerful. What are you looking forward to at Nordic Life Science Days? Any tips you would like to share with our entrepreneurs? Regarding Nordic Life Science Days, I am eagerly anticipating the opportunity to engage with new innovators and entrepreneurs in the region. At J&J, we strongly believe that great ideas can come from anywhere, and this event presents an excellent platform to meet with some of the most promising innovators in the industry. As a tip to entrepreneurs, I encourage them to be proactive in reaching out to me to discuss their company, as well as the incubation opportunities we have established for early-stage biotech companies at JLABS @ BE. Register for NLSDays 2023 here The largest Nordic partnering conference in life science Nordic Life Science Days is the largest Nordic partnering conference dedicated to the life science industry. Since its inception in 2013, the event has nurtured a community of people from the world of life science, and created a unique place to do business.