Managing Director of Life Sciences
As the Managing Director of Life Sciences, Larry Miller works with the management teams of early-stage life sciences and medical device companies and other start-ups. Larry helps entrepreneurs address their critical business issues including product and business development, fundraising, sales and marketing, and strategic planning. Some of these high potential enterprises receive grant or investment funds and become members of the Innovation Works investment portfolio. For portfolio companies, Larry provides mentoring and network access, and may serve as an observer on the board of directors.
Larry has more than 20 years experience in leading and managing medical device companies to identify commercializeable IP and accelerate product development, raise venture capital, manage cash flow, identify market opportunities and generate sales, sustain profits, and implement productivity and quality improvement practices. His background includes 16 years of P&L and balance sheet management of divisions as large as $600M in sales to as small as a skunk works product development team designing novel permanent magnet based MRI systems.
Prior to joining Innovation Works, Larry was President and CEO of Biomec, a privately held technology accelerator and investment company which raised over $20M in SBIR grants and provided contract engineering and manufacturing as well as business development consulting for radiology product manufacturers and distributors. Previously, Larry was President of the Healthcare Products group at Picker International and Philips Medical systems, a $600M distributor of radiology supplies. He also managed the Asia/ Pacific region for sales and service of the diagnostic imaging product portfolio, and was president of the Picker Financial Group, a JV, captive leasing company. Other experience included leading the marketing and sales of CT and MRI products for Picker and General Electric Medical systems. Larry is a member of the Coulter Oversight Committee. He is an active volunteer in the Reading is fundamentals program and in Entrepreneuring Youth. Larry serves a s a judge for the Pennsylvania Junior Academy of Science and for the Pennsylvania Regional Engineering and Science Fair, both organizations support STEM programs.
Larry has earned a Bachelor of Science in Mechanical Engineering from the University of Pennsylvania and an MBA from the Wharton School.
I have been able to combine a number of product launch projects with Fortune 500 companies and 10 years of IW start-up experience to offer the winning formula insights and expert networks to our applicants and portfolio companies. Pittsburghers are very generous with their networking time and the life science expertise in the universities is world class. Also, the service community, IW’s partners, in all stages of start- up growth and we can introduce you to resources in the region and across the state. I am proud to be connected with Life Science PA , 3RVF, BlueTree Allied Angels, CMI, CTSI, the Biobreakfast, Women in Bio, TIE, PLSG, IF, etc. , etc. You should know those organizations and what those acronyms stand for!
My favorite activity is being a board observer. There I can understand the strategic issues facing our portfolio companies. Then I can introduce the greatest value that IW offers: the team coaching. My colleagues are experts in all phases of HR, marketing, and fundraising activities. I leverage my access to our team experts to solve clients’ problems quickly and efficiently. Recently, IW life science portfolio companies have had significant exits and large fundraising successes with nationally recognized institutional investors. Success breeds success and IW can be the conduit for choosing the right funding strategy and pathway.
Another favorite activities include finding board members, mentors and advisors. Often the life science new teams have tremendous technical talent and expertise but little commercialization exposure. Finding successful mentors in their domain is often as important as finding funding. Avoiding rookie mistakes is key. Being introduced to successful pathways is optimal.
Last but not least I enjoy working with applicants on their pitch deck. IW communicates by pitch deck because it is the top level outline of the business plan and It is the venue to evaluate the entrepreneur as CEO. Frequently the pitch deck is geared to a scientific audience and not a business audience. Teaching business vocabulary and concepts along with the art ( and theater) of pitching is very rewarding. I cannot count the number of corporate pitches I made over my career, but I learned from every one of them.