AUTM on the Air podcast

Bridging the Early-Stage Funding Gap in Innovation with Teri Willey

0:00
29:22
15 Sekunden vorwärts
15 Sekunden vorwärts

There’s a stretch of time in innovation where things feel the most uncertain, when the science is promising but the path forward isn’t clear and the capital hasn’t quite caught up. It’s a space that can quietly stall even the most compelling ideas. In this episode, the conversation zeroes in on that early stage gap and what it really takes to move something forward when the usual funding sources aren’t ready yet.

My guest today is Teri Willey, founding managing director of Pathway to Cures, the venture philanthropy fund of the National Bleeding Disorders Foundation. Teri has worked across nearly every part of the innovation ecosystem, from leading tech transfer offices to building venture funds and advising investors. That range of experience shapes how she thinks about translation, especially the less obvious pieces that influence whether a deal comes together or falls apart.

We talk about how venture philanthropy works in practice and why it’s becoming an important tool for advancing therapies that might otherwise struggle to find early support. Teri also shares why understanding human behavior can matter just as much as understanding the science, how patient input can change the trajectory of a company, and what tech transfer professionals can do to better align with early-stage investors. It’s a grounded look at how progress actually happens and what it takes to keep it moving.


In This Episode:

[02:17] Teri Willey reflects on her career and the common thread of working between for-profit and nonprofit worlds to commercialize early-stage science.

[03:13] Why science, IP, and funding alone aren’t enough, and how human behavior plays a critical role in getting deals done.

[04:27] Practical advice on managing stakeholder dynamics and keeping negotiations focused on shared outcomes.

[05:12] Defining venture philanthropy and how it differs from traditional venture capital and grant funding.

[06:24] How Pathway to Cures reinvests returns to support future innovation rather than distributing profits.

[07:08] Inside the fund: small team, targeted focus, and leveraging expert advisors and volunteers.

[08:19] Reviewing hundreds of opportunities and acting as both investor and resource for companies in the space.

[09:26] The value of deep scientific advisors and staying close to emerging, sometimes stealth-stage innovations.

[10:53] Where therapies most often stall, especially in the seed and Series A funding gap.

[12:07] Why early patient engagement is critical for clinical success and long-term adoption.

[13:34] The structure of Pathway to Cures and how independence within a foundation enables flexibility.

[14:57] How tech transfer offices can think of venture philanthropy funds as partners or potential licensees.

[16:11] What investors look for and why understanding an investment memo can help TTOs evaluate opportunities.

[17:23] The importance of speed and clarity in licensing negotiations to avoid losing momentum.

[18:49] Strategies for anticipating capital needs across different types of technologies.

[20:16] How IP is viewed as the starting point, not the endpoint, of building a company.

[21:38] Defining success beyond returns, focusing on delivering real therapies and patient impact.

[22:52] The growing role of disease-focused foundations in venture investing.

[24:18] Why traditional investors value foundations for their patient access and domain expertise.

[25:27] How TTOs can better collaborate by engaging early and asking what makes a project investable.

[26:33] What keeps Teri optimistic despite challenges across funding, regulation, and commercialization.

[27:41] Closing reflections on progress, persistence, and the growing impact of innovation.


Resources: 

AUTM

Pathway to Cures

Teri Willey - LinkedIn


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