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December 1, 2022 @ 9:30 am - 10:30 am PST
FreeBootstrapping Biotech: How to Maintain Company Ownership with Garren Hilow
When Abveris founder Garren Hilow sold his business for $190 million, he still owned more than half of it. In the process of launching Abveris, he focused on bootstrapping rather than raising venture capital.
Through Hilow’s shrewdness and creativity with finances, Abveris grew to become Boston’s premier antibody discovery company. It focuses on developing drugs, vaccines and cell therapies in partnership with biopharma companies all over the world. Using its unique technology, Abveris has produced critical research in fighting the COVID-19 pandemic.
In 2021, synthetic DNA biotech company Twist Bioscience acquired Abveris for $190 million. This year, Abveris was named one of the best places to work by the Business Intelligence Group for the second year in a row.
On Dec. 1, Hilow will host a webinar for Founders Network members where he will discuss how he grew Abveris without sacrificing ownership of the company.
During the event, Hilow will also discuss:
- Why every revenue dollar is worth 6-10x more than every investor dollar
- How to build an overproducing sales team
- Maintain control of your cap table by generating revenue early. Own the majority of your business and be happier.
- Bankruptcy isn’t so scary. America is built to benefit the business owner. Go all-in.
- How to run a business that maybe should have gone bankrupt
About the Speaker:
Garren Hilow is an entrepreneur and biotech enthusiast.
He was the co-creator and majority owner of Abveris, a biotech services company performing contract drug discovery.
The company was funded organically and ran on reinvested profits for the first five years. In 2019 Garren bought out his business partner by putting his family’s house up as collateral to become the sole owner. At that time, the company was 409a valued at $2M, and in rough financial shape.
With fundraising of only $1M following purchasing the company, Abveris grew and was sold to Twist Biosciences in late 2021 for a total value of $190M. At the time of the sale, Garren still owned over 50% of Abveris and 90% of the voting shares.
In addition to Abveris, Garren works with over a dozen other entrepreneurs to help them grow their businesses. He is passionate about working with like-minded business owners to help with sales, marketing, and financial strategy and providing the general support needed to keep grinding to the finish line.
Garren lives in Duxbury, MA, with his wife and two sons. He earned his degree in economics from Bentley University.
About Abrevis:
Abveris is a division of Twist Bioscience that provides in vivo antibody discovery services. Abveris applies advanced immunization methods combined with B cell screening and hybridoma-based antibody discovery technologies to provide comprehensive gene-to-antibody discovery services. Abveris was acquired by Twist in 2021 for $190 million.
Complimentary Ticket:
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About Founders Network:
Founded in 2011, Founders Network offers lifelong peer mentorship to over 600 tech startup founders globally. Our platform, programs and high-touch service facilitate authentic experience sharing, warm introductions and long-term professional relationships. Additional benefits include over $500k in startup discounts and promotion to 2,000 newsletter readers. Members are located in San Francisco, New York City, Los Angeles, Vancouver, Toronto, London and other tech hubs. Each month our Membership Committee admits a new cohort of full-time tech founders who are nominated by an existing member. Learn more about us here
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