The first thing you need is a story.
The story has many chapters – about technology, about your team, about clinical utility, about intellectual property, about risks – but it has to have a certain ending. That ending is one in which investors make a 10X return on their investment. At least.
Few early-stage investors are capable of adequately assessing your technology and its potential. In order to invest, they need third-party validation. You want to recruit team members who have built companies with a successful exit. A science advisory board composed of recognized thought leaders is also very helpful.
Keep in mind that nobody cares how cool your technology is. Nobody cares how many lives you will save. If you can’t make a compelling case for how $100M turns into $1B, no one will be interested.
Once you’ve figured out that story – in great detail, as any serious investor will ask you, literally, hundreds of questions about it – you are ready to begin pitching.
Find a local bioscience association, like the CBSA here in Colorado. One of their key functions is to connect investors with inventors. They typically hold showcases in which you will get 5 or 15 minutes to make your pitch.
Also, no one is going to write you a check for $100M. That only happens for useless social media app startups, or if you are really good at cultivating an aura of mystery and genius. Investors typically fund operations for no more than 18–24 months. Don’t start shopping for cars with doors that open upwards just yet.