While her daily schedule varies, Ester Sklarsky is charged with searching for new life science companies in which to invest, especially in the Nordics. She meets with companies at conferences, investigates their work, helps manage the portfolio of startups in which Sound Bioventures invests, consults with independent experts, and raises funds to fuel more investments. And Sklarsky thrives on her work.

“I love being right up to date, having that interaction with a wide pool of individuals, doctors, scientists, academics, and entrepreneurs,” she says. “No one day is the same as the next. Nothing ever stands still.”

The pace of innovation is remarkable, and the potential impact on human health is unlike anything we’ve seen before.

At the same time Sklarsky is aware of the pressure startups are under. “I’m very humbled by the work I get to do, funding for biotech companies is like oxygen,” she says. “There are so many companies and innovators. I understand what the companies are going through. There are more companies than funds.”

The industry is also evolving rapidly, bringing with it new concepts, opportunities, and promise. “The pace of innovation is remarkable, and the potential impact on human health is unlike anything we’ve seen before,” Sklarsky says.

Criteria to invest

Companies nearing the clinical phase of their new products are most interesting to Sound Bioventures. Before committing to funding a company, Sklarsky and her colleagues assess a range of technical and strategic factors, including whether the venture fits with their investment criteria, including size of funding round, valuation and whether the product is approaching or in early clinical development.

Strong protection of intellectual property is also important as IP is critical for long-term value and defensibility, and another crucial factor is whether the product addresses an unmet medical need and offers different treatment to other products on the market or in development. Additionally, the science behind the asset must stand up to scrutiny, according to Sklarsky. “Softer” criteria include the presence of a reliable team in the growing company, she adds. 

“We need to believe in the management team’s ability to execute on the development strategy, and whether they are receptive to collaboration and outside perspectives,” notes Sklarsky. “Evidence of marketing and partnership dynamics is important too.”

Ester Sklarsky. Photo: Ola Torkelsson

Business and Science

Certainly, there’s a lot to process, but Sklarsky mastered the art of juggling during her college years.

“I was very determined, I knew what I wanted to do, which was medicine,” she says. “I was always interested in the human body, and somewhat naïvely, believed I could cure cancer. But I was also impatient. I realized that while I might not be the very scientist discovering the cure, I could still play a vital role by supporting the science.”

I realized that while I might not be the very scientist discovering the cure, I could still play a vital role by supporting the science.

Rather than choose between her two passions, she earned a B.S. in Biomedicine and an M.S. in Bioentrepreneurship, both from Karolinska Institute, and set out to apply them both. Realizing the importance of funding to scientific success, Sklarsky decided to stay close to the science aspects as she increased her touch points. “I didn’t want to commit to one side of the table, when it came to business and science,” she says.

Making her way in a male-dominated industry had its challenges, but Sklarsky says she benefited from gaining work experience while she was still studying.

“I had my foot in the door early, I worked as a student. The more experience you have the better decisions you can make, although sometimes I had to be pushy to get people to listen to me,” she says.

Don’t just pick your job, pick your supervisor.

While initially lacking female role models, Sklarsky sought out mentors and found supervisors who believed in her and gave her confidence even if she was the only woman. “I tell students ‘Don’t just pick your job, pick your supervisor.’ Make sure it is someone willing to mentor you, willing to teach you, so you can be a role model.”

Biotech 2.0

Since her work is so demanding, Sklarsky savors the time she spends with her family – her husband and two children, who are aged 4 and 2.

“They are my greatest joy, I love seeing them become little human beings,” she says.

They are growing up at a time when the Nordic countries have all the ingredients for a vibrant life science sector, including a wealth of innovation and successful biotechnology companies, Sklarsky says. Still, the industry faces significant challenges, including a limited number of entrepreneurs with commercial experience, partly because of the lack of funding. There are also few financial incentives for universities to start businesses, so researchers tend to hold on to their ideas rather than take the commercial leap.

“I do see things changing, we’re seeing more Nordic life science funds emerging, so hopefully we’ll soon be seeing the next biotech wave,” she says.

Now we’re seeing more companies choosing to stay private longer, increasing their reliance on private sector funding. Over time, this could lead to a stronger, more resilient business.

She also notes that in the past, it’s not been uncommon for companies in Sweden to go public early, only to then face hard times. “Now we’re seeing more companies choosing to stay private longer, increasing their reliance on private sector funding. Over time, this could lead to a stronger, more resilient business.”

Exciting new concepts are emerging constantly, including what Sklarsky calls “Biotech 2.0,” a new era defined by powerful modalities that go far beyond traditional small molecules and biologics. “Many of these approaches offer the potential not just to treat, but to cure conditions that were previously untreatable,” she describes.

These rising fields of study include targeted protein degradation, which can enable researchers to eliminate disease-driving proteins that were once considered “undruggable.” RNA therapeutics are also evolving rapidly, gene editing is becoming more precise, and the use of RNA to deliver these editors is making in vivo therapies more efficient and safer.

There are nonetheless obstacles to overcome to bring these ideas to fruition, especially around delivery, manufacturing scalability, regulatory clarity, and long-term safety, she notes. And more than that, breakthrough science is just the beginning. “You need the right people who know how to move concept to clinic,” Sklarsky continues. “This industry is more than just molecules and mechanisms. It’s a people business, and nothing moves forward without the right people.”

To stay relevant, you’ll need to think creatively and be willing to do things differently.

Recent graduates entering the field now have a lot to look forward to, she adds. “Life sciences are, in my view, one of the most exciting areas to work in today. I would say surround yourself with experienced people and absorb as much as you can from them – there’s incredible value in their knowledge. At the same time, recognize that the world is evolving fast. To stay relevant, you’ll need to think creatively and be willing to do things differently. Adaptability and originality are as important as expertise.”