{"id":91234,"date":"2024-12-17T15:49:26","date_gmt":"2024-12-17T20:49:26","guid":{"rendered":"https:\/\/www.rbcroyalbank.com\/en-ca\/?post_type=rbc_my_money_matter&#038;p=91234"},"modified":"2024-12-17T15:51:03","modified_gmt":"2024-12-17T20:51:03","slug":"pegasus-biotech-focuses-on-innovation-expertise-and-relationship-building-to-grow-in-their-field","status":"publish","type":"rbc_my_money_matter","link":"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/business\/get-inspired\/business-success-stories\/pegasus-biotech-focuses-on-innovation-expertise-and-relationship-building-to-grow-in-their-field\/","title":{"rendered":"Pegasus Biotech Focuses on Innovation, Expertise and Relationship-Building to Grow in Their Field"},"content":{"rendered":"\n<section class=\"wp-block-rbc-section-block  pos-rel\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner\" style=\"border-radius:0x\">\n<p>Looking for lifestyle stability and job security, Jonathan Wilts co-founded&nbsp;<a href=\"https:\/\/pegasusbio.com\/\" target=\"_blank\" data-dig-id=\"LP-91234-4b04afea\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"Pegasus Biotech\" rel=\"noreferrer noopener\" class=\"rbc-link-format\">Pegasus Biotech<\/a>&nbsp;with Yimy Mena and Daniel Wilson. Career scientists, each with different complementary skills, the three co-founders built a business based on their unique experience and grew it through a commitment to research, relationships and innovation.<\/p>\n\n\n\n<div class=\"wp-block-rbc-rbc-block drop-shadow pos-rel top-line-blue block-wpr  mar-b-hlf\">\n<div class=\"wp-block-rbc-rbc-block-inner-block block-inner\">\n<h4 class=\"wp-block-heading\" id=\"h-tldr\">TLDR<\/h4>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p>Building and maintaining both internal and external relationships is necessary for long-term growth<\/p>\n<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p>Diversifying your product offering can smooth out cash flow and expand your appeal to different clients<\/p>\n<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p>Regularly updating your business plan can help you stay on track with your vision<\/p>\n<\/li>\n<\/ul>\n<\/div>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\">As business partners, recognize and draw on unique expertise<\/h2>\n\n\n\n<p>Wilts, Mena and Wilson have gained experience many scientists in their position don&#8217;t have \u2014 they have all worked on products from early-stage development through licensing.<br><br>\u201cI\u2019ve been fortunate in that I\u2019ve seen multiple products make it to market, which is fairly uncommon in biotech \u2014 I meet a lot of people who have worked in the sector for 40 years and nothing they have worked on has received approval,\u201d Wilts says. \u201cClients feel confident that when they bring regulators in five years from now, the product will pass muster.\u201d<\/p>\n\n\n\n<p>Each co-founder&#8217;s unique skills contribute to a cohesive business. While Wilts serves as CFO and focuses on business development and marketing, Mena still does a fair bit of science and interacts with clients. Wilson, meanwhile, is more operationally focused and handles Biosafety, IT, HR, and quality management, among other things. \u201cWe have a very good working relationship,\u201d says Wilts.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Diversify your offerings to drive growth<\/h2>\n\n\n\n<p>Pegasus\u2019 bread and butter is building operational frameworks for conventional vaccine development \u2014 60% of their work is for animal health and 40% for human health. A few months after they started their business, COVID hit \u2014 they got consulting work quickly and built the revenue they needed to start the business, setting up labs, buying equipment and hiring staff. \u201cAnd we\u2019ve been continuing to grow from there,\u201d says Wilts.<\/p>\n\n\n\n<p>Beyond vaccine development, as their clients sought additional capabilities, they expanded to address those needs. \u201cAs we become more and more capable and better known, people are willing to give us larger, higher value projects,\u201d says Wilts. \u201cThat\u2019s been a big part of our expansion.\u201d<\/p>\n\n\n\n<p>Another key to growing their business is building their own technology to create vaccines that cost less. \u201cOver the last few years, we have developed a low-cost DNA plasmid technology that enables lower-cost vaccines to come to market,\u201d explains Wilts.<\/p>\n\n\n\n<p>Not only will this technology drive their expansion, but it may also help stabilize cash flow. \u201cWe expect it to drive some royalty rates, which is much more stable than doing a large project and getting paid half now, half later.\u201d Wilts explains that in a high-value, low-volume business like theirs, cash flow stability isn\u2019t always easy to come by. They access funding through grants to bridge gaps and finance projects and have worked with RBC to cover some expansion costs.<\/p>\n\n\n\n<p>\u201cThe future is bright for Pegasus,\u201d says Business Markets Manager Nick Kays. \u201cThey came to us at a critical time when their business was young and needed operating funds to continue growing. With a Royal Business Operating Line, they could cover cash flow gaps and take their business to the next level. We also provided multiple equipment term loans to continue expanding their business capabilities and target market.\u201d<\/p>\n\n\n\n<div class=\"wp-block-group mar-b-hlf has-cool-white-background-color has-background is-layout-constrained wp-block-group-is-layout-constrained\">\n<h4 class=\"wp-block-heading\">3 Grant Writing Tips for Small Business Owners from Pegasus Biotech<\/h4>\n\n\n\n<p>Does your business rely on grants to fund your projects? Pegasus co-founder Jonathan Wilts offers these tips:<\/p>\n\n\n\n<h5 class=\"wp-block-heading\">1. Build relationships with funding agencies<\/h5>\n\n\n\n<p>\u201cLike with other things, a successful grant comes down to relationship management.&nbsp;We spend a lot of time talking to the funding agencies and getting to know the people there.\u201d<\/p>\n\n\n\n<h5 class=\"wp-block-heading\">2. Be thorough in your plan or application<\/h5>\n\n\n\n<p>\u201cWe have always been very diligent in the plan we put together for the funders \u2013 it might be 50 pages long, including the market research, the R&amp;D plan and a comprehensive budget.\u201d<\/p>\n\n\n\n<h5 class=\"wp-block-heading\">3. Do what you say you\u2019ll do<\/h5>\n\n\n\n<p>\u201cIf you want to be successful with grant funding, a lot of it is about credibility \u2013 doing what you say you\u2019re going to and moving meaningful projects forward.\u201d<\/p>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\">Develop international relationships to expand globally<\/h2>\n\n\n\n<p>Pegasus has been intentional about growing internationally. \u201cWe have intentionally invested in global expansion, spending money on branding, on our website, Google ads and Linked In,\u201d explains Wilts. \u201cWe put a lot of time and effort into reaching out to clients and building relationships.\u201d While there might not be a project initially, the Pegasus team makes a point of meeting potential clients in person, shaking their hands and getting to know them. \u201cSo, when they do have a need, they know who we are and will reach out,\u201d he says, adding that their online presence adds to their profile and credibility.&nbsp; Currently, Pegasus has roughly 25 regular clients in eight different countries.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Lean into your business plan<\/h2>\n\n\n\n<p>With an expanding business, varying revenue streams and different sources of funding, the company\u2019s business plan helps them stay focused and organized. \u201cOur business plan is very comprehensive. It gets a major update once a year, as well as minor updates along the way.\u201d Wilts explains that they have separate plans for their plasmid technology and their vaccine product development goals \u2013 an area they hope to expand into in the future.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Keep up your internal relationships<\/h2>\n\n\n\n<p>While building relationships with funders, prospects and clients is crucial for the success of their business, it\u2019s equally important to maintain cohesion internally. With three partners, aligning on vision is vital. So is getting along. \u201cEveryone listens. Everybody feels free to speak bluntly \u2013 and it works. But we are intentional about maintaining relationships \u2013 we make sure to take the time to go out for lunch on a regular basis or travel together to a scientific conference to make sure the relationship stays strong.\u201d<\/p>\n\n\n\n<div class=\"wp-block-group has-light-grey-background-color has-background is-layout-constrained wp-block-group-is-layout-constrained\">\n<p>Wilts and his co-founders consistently innovate and build relationships to grow their business. Read how other businesses have leveraged their expertise for long-term growth.<\/p>\n\n\n\n<p><a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/business\/business-stages\/grow-your-business\/from-small-to-scalable-real-life-owners-share-essential-steps-for-business-growth\/\" data-dig-id=\"LP-91234-493067a3\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"Turning Point: Growing and Scaling\" class=\"rbc-link-format goto-link\" data-icon-class=\"goto-link\">Turning Point: Growing and Scaling<\/a><\/p>\n<\/div>\n<\/div>\n<\/section>\n","protected":false},"excerpt":{"rendered":"<p>Looking for lifestyle stability and job security, Jonathan Wilts co-founded Pegasus Biotech with Yimy Mena and Daniel Wilson. Career scientists, each with different complementary skills, the three co-founders built a business based on their unique experience and grew it through a commitment to research, relationships and innovation.<\/p>\n","protected":false},"author":80,"featured_media":91239,"parent":57335,"menu_order":0,"template":"wp-custom-template-optimizely-mmm","meta":{"_acf_changed":false,"advgb_blocks_editor_width":"","advgb_blocks_columns_visual_guide":"","footnotes":""},"tags":[157],"rbc_content_type":[31],"rbc_audience":[110],"rbc_lob_group":[35],"rbc_difficulty_level":[70],"rbc_mmm_category":[305,385,323,388,325,382,324],"class_list":["post-91234","rbc_my_money_matter","type-rbc_my_money_matter","status-publish","has-post-thumbnail","hentry","tag-entrepreneur","rbc_content_type-article","rbc_audience-business-owners","rbc_lob_group-business","rbc_difficulty_level-intermediate","rbc_mmm_category-business","rbc_mmm_category-business-financing-and-funding","rbc_mmm_category-business-stages","rbc_mmm_category-business-success-stories","rbc_mmm_category-get-inspired","rbc_mmm_category-grow-your-business","rbc_mmm_category-managing-your-business"],"acf":{"contently_publication_id":"","custom_author":"Diane Amato","rbc_video_header":"","rbc_media_duration":"","rbc_toc_for_mmm_tag":"h2","rbc_toc_for_mmm_limit":6,"rbc_toc_for_mmm":null,"rbc_toc_for_mmm_action":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.2 (Yoast SEO v27.2) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<meta name=\"description\" content=\"Looking for lifestyle stability and job security, Jonathan Wilts co-founded Pegasus Biotech with Yimy Mena and Daniel Wilson. 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