JPM Post-Mortem

The J.P. Morgan Healthcare Conference in San Francisco is the equivalent of the Super Bowl in the healthcare industry, and last week was no exception, with executives from public and private companies descending on the Bay with such vigor and force that Union Square looked like the trading floor of the AMEX circa 1970.

JPMers taking a break in Union Square.

There are good ways to do “JPM” and bad ways to do “JPM.” I walked more than 14 miles during two days of strategic meetings. Fortunately, I wasn’t wearing new shoes. But that doesn’t mean other JPMers weren’t wearing new shoes, and after witnessing dozens upon dozens of executives resting their sore feet on park benches and even curbside, it got me thinking it might be helpful to pass along a few pieces of advice.

1. Try to avoid scheduling meetings in lounges. It may sound tempting to sip martinis in a dimly lit basement with red velvet seats and a DJ spinning dubstep, but lounges are exactly what they portend to be, lounges. It is difficult to stay alert when sitting reclined with an alcoholic beverage in hand. If you’re seeking an off-the-beaten-path venue, try a tea house, such as Samovar.
2. An average hotel room near Union Square will cost north of $500 a night during JPM. Fear not. It’s possible to get a decent room close to the action for $150 a night, which includes a lovely continental breakfast. I’m talking about the Golden Gate Hotel, technically a bed and breakfast, but who cares when you’re saving all that money for your next venture. (Be forewarned, you may have to share a bathroom if your reservation is within a few weeks of the conference.)
3. Schedule meetings with meals. Between back-to-back strategic meetings and the conference itself, proper nourishment is often lacking. To avoid going comatose, try scheduling breakfast, lunch and dinner meetings.   The Daily Grill and Le Colonial are favorites that serve good food and a wee bit of cache for rubbing shoulders with the who’s who at JPM.
4. Do not over extend on meetings. Yes, it is tempting to meet with anyone and everyone who wants to meet with you, particularly if you’re at an inflection point with respect to funding, M&A activity or strategic alliances. However, if you stretch yourself too thin, meetings that deserve more attention will soon take on water as attention spans wane. Bottom line: Make sure your schedule takes into account some downtime.
5. And finally, less is more when it comes to collateral at JPM. Most folks are walking from meeting to meeting every 30 minutes to an hour, which means the less you have to carry, the better. If you are interested in passing along collateral, use it as an opportunity to follow up post-JPM.

— Evan Pondel, epondel@pondel.com