🧬 Decision Makers vs. Champions: The Real BD Playbook | Mike Stadnisky Rerelease (Part 2/3)
April 30, 2026
In this episode, Jon Chee continues his conversation with Mike Stadnisky, Managing Director of Thielsen Capital, on his transition from academic scientist to BD leader. Mike unpacks what business development really means in life science, why chasing "the decision maker" is the wrong frame, and how to identify the technical and business champions who actually move deals inside large organizations.
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"Startups don't partner with startups, okay? Let's just get that out of the way right now."
In this episode, Jon Chee continues his conversation with Mike Stadnisky, Managing Director of Thielsen Capital, on his transition from academic scientist to BD leader. Mike unpacks what business development really means in life science, why chasing "the decision maker" is the wrong frame, and how to identify the technical and business champions who actually move deals inside large organizations.
Key Topics Covered:
- Informational Interviews: The career advice Mike once dismissed — and why he now evangelizes it to every scientist he meets.
- What BD Really Means: How scientists break into business development and why technical credibility is the key entry point.
- Startups Don't Partner with Startups: Why small-to-large is the only structure that works — and the asymmetry that drives it.
- Decision Makers vs. Champions: Why the most common BD advice is wrong and how to find the champions who actually move deals.
- Semantic Hacking: How mining earnings calls for a company's own language transforms a pitch into a strategic fit.
- The Human Side of Entrepreneurship: Why your significant other, peer group, and mentors are the overlooked scaffolding behind every founder's success.
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Subscribe to the Podcast:
Find our guest, Mike Stadnisky at these links:
Website: https://www.thielsencapital.com/
Find our host, Jon Chee, at these links:
LinkedIn: https://www.linkedin.com/in/jonchee/
Learn more about Excedr:
LinkedIn: https://www.linkedin.com/company/excedr/
Website: https://www.excedr.com
Intro & Outro Songs Created by OkKyojin, Owned by Excedr:
Website: https://flow.page/kyojin
Resources & Articles:
How to Bootstrap a Biotech Startup: https://www.excedr.com/resources/how-to-bootstrap-biotech-startup
The Ins and Outs of Informational Interviewing: https://www.berkeleysciencereview.com/article/2020/12/15/the-ins-and-outs-of-informational-interviewing
The People Side of Biotech Deals: https://lifescivc.com/2013/07/the-people-side-of-biotech-deal-making/
Champion vs. Decision Maker in B2B: https://www.frederikvosberg.de/blog/champion-vs-decision-maker-whom-to-target-in-b2b-customer-discovery
How to Read Earnings Reports: https://bookmap.com/blog/how-to-read-earnings-reports-a-guide-for-traders
The Lean Startup Principles: https://theleanstartup.com/principles
Companies, Universities, & People mentioned:
FlowJo: https://www.flowjo.com
Timestamps:
00:00 Intro
01:41 Informational Interviews
04:58 Job Search as a Sales Pipeline
09:13 Significant Others & Entrepreneurship
11:56 The Power of Your Peer Group
14:10 Wearing Many Hats at FlowJo
16:58 What Business Development Means
18:22 Startups Don't Partner With Startups
20:22 The Value Proposition Pitch
22:33 Big Game Hunting & Semantic Hacking
25:48 Decision Makers vs. Champions
33:44 Outro
The Biotech Startups Podcast gives you a front-row seat to the business and science of building a biotech. Hosted by Jon Chee, CEO of Excedr, the show features honest conversations with founders, execs, and investors about their work, their companies, and how they got there. From scientific breakthroughs to startup lessons, each episode explores what it really takes to grow a life science company—from pre-seed to IPO.