Highlights and summarizes Key Findings – Highest and Lowest Results
Business Encounters: Life Scientist Simulation Experience to Enhance Entrepreneurial Intent and Self-efficacy
Grant #R43 GM131458, Phase II Summative Study
Spring 2023 (May 12 – May 21)
Table of Contents
Self-Reported Change Summary 2
Simulation Rating, Non-Simulation Content Rating, and Satisfaction Survey Summary 6
Moderate Ratings (low majority) 7
Low ratings
Summative Follow-up Survey 2 Weeks Post-Experience Summary 8
Self-Reported Change Summary
Completing the study resulted in perceived change in’ Self Efficacy, Intention, Interest, Beliefs, and Knowledge regarding life science entrepreneurship and related topics for a majority of participants (n=28 female life scientists) for nearly all areas measured in the evaluation (35/38 areas measured). A majority of participants agreed that they had changed with respect to goals of the program intended to increase their Self Efficacy, Intent, Interest, Beliefs, and Knowledge related to starting a life science business. Generally, participants reported increases in earlier stages of considering entrepreneurship, such as learning more about it, more often than later stages of considering becoming an entrepreneur, such as intending to start a business. See BELS Summative Perceived Change Data for full tables.
High Ratings (higher majority – 70-100%)
The statements with the highest percentage of participants (70% or above) giving a high rating (Likert value 4 or 5 out of 5) were:
Self Efficacy
- Participants reported increased confidence in these abilities:
- 96.4% (27/28) Learning how to start a business.
- 75% (21/28) Obtaining funds to start a business.
- 71.4% (20/28) Making a business plan.
- 82.1% (23/28) expressed agreement that the experience increased their confidence in “Being able to make the right decision for me about starting a business.”
Intent
- A strong majority of participants expressed agreement that:
- 96.4% (27/28) “This experience would be useful if I wanted to start a business.”
- 100% (28/28) “If I wanted to start a business, I would be willing to work hard to help ensure its success.”
- A majority of participants reported increased intention to do the following:
- 85.7% (24/28) Attend industry networking events.
- 92.8% (26/28) Seek mentors to further my career.
- 85.7% (24/28) Learn about opportunities for women-owned businesses.
- 85.7% (24/28) Create a network of support with other women scientists.
Interest
- A majority of participants reported increased interest in:
- 96.4% (27/28) Networking to advance my career.
- 85.7% (24/28) Participating in organizations for women in the life sciences.
- 75% (21/28) Learning better communications skills for being an entrepreneur.
- 75% (21/28) Participating in organizations for women entrepreneurs.
Beliefs
- 82.1% (23/28) expressed agreement that “This experience increased my belief that women in the life sciences can successfully start businesses.”
- A majority of participants reported increased belief that:
- 82.1% (23/28) There is a lot of help available for women life scientists who choose to start a business.
- 82.1% (23/28) Working with mentors is important for life scientists starting a business.
- 78.6% (23/28) Women life scientists can help each other improve their chance of succeeding in business ventures.
- 78.6% (23/28) Women life scientists can help each other improve their chance of succeeding in business ventures.
- 75% (21/28) Starting a life science business is a viable career option.
Knowledge
- A majority of participants expressed agreement that the experience increased their knowledge in all of the following topics:
- 92.8% (26/28) Life science entrepreneurship in general.
- 89.3% (25/28) The skills or professional help needed to successfully start a business.
- 82.1% (23/28) The potential sources of funding for a new business.
- 78.6% (22/28) The basic process of setting up a business.
- 78.6% (22/28) The importance of protecting intellectual property.
- 78.6% (22/28) The topics included in a business plan.
- 78.6% (22/28) The process involved in obtaining grant money from the government to start a business based on innovative research.
- 71.4% (20/28) The impact starting a business often has on one’s life.
Moderate ratings (low majority – 50 to 69%)
A moderate percentage of participants (50% to 69%) gave high ratings (Likert value 4 or 5 out of 5) to the following items:
Self efficacy
- A moderate percentage expressed agreement with the statement:
- 60.7% (17/28) This experience increased by confidence in: Being able to start a business
- 57.1% (16/28) I could be successful if I wanted to start a business.
- A moderate percentage of participants reported increased confidence in the following abilities:
- 67.8% (19/28) Succeeding if you tried to start a business.
- 50% (14/28) Convincing others, such as investors*, to help you start a business.
Intent
- A moderate percentage expressed agreement that
- 53.6% (15/28) “This experience increased my intention to start a life science-related business, lab, or other service someday.”
Interest
- A moderate percentage 64.3% (18/28) expressed agreement that “This experience increased by interest in starting a small business.”
- A moderate percentage of participants reported increased interest in the following:
- 60.7% (17/28) Learning the steps to starting a business
Beliefs and Knowledge
None of the Beliefs or Knowledge changes were rated low majority.
Lowest ratings (minority)
Several topics had a minority of participants agree with them (<50%)
Self efficacy
- A minority expressed agreement with the statement:
- 14.3% (4/28) “I am already confident in these things.” (Note: This result fits the target audience we recruited of female life sciences graduate students.)
- A minority of participants reported increased confidence in the following ability:
- 39.3% (11/28) Managing a business. (Note: This was not a focus of the program; it primarily focused on earlier phases of entrepreneurship.)
Intent
- A minority of participants reported increased intent to:
- 42.8% (12/28) Do what it takes to start a business. (Note: This is a statement from an older validated entrepreneurial intent survey. All participants (100% 28/28) agreed with a related, but slightly modified statement, “If I wanted to start a business, I would be willing to work hard to help ensure its success.”)
Interest
- A minority of participants reported increased interest in the following:
- 32.1% (9/28) Submitting an SBIR/STTR proposal someday. A majority were neutral on the subject.
- The reasons given most often for their interest being neutral (64.3%, 18/28) or even decreased (1/28) were:
- n=10 “I already have a different career/life plan I feel strongly about”
- n=9 “I don’t have an SBIR/STTR style business idea”
- The reasons given most often for their interest being neutral (64.3%, 18/28) or even decreased (1/28) were:
- 32.1% (9/28) Submitting an SBIR/STTR proposal someday. A majority were neutral on the subject.
Program Rating Summary: Simulation Rating, Non-Simulation Content Rating, and Satisfaction Rating
Participants (n=28 female life scientists) ranked some aspects of the website Biostartupadvice.com higher than others. Usability of the site, usefulness for women scientists interested in business, and non-simulation content were all rated highly. While participants gave a high rating to what they experienced being interesting, their ratings of the simulations and stories for being captivating or engaging were fairly low..
High Program Ratings
The statements with the highest percentage of participants (70% and above) agreeing or giving a high rating (Likert value 4 or 5 out of 5) were:
Simulation Rating
- A strong majority of participants expressed agreement that:
- 92.8% (26/28) “It was easy to learn how to play the simulations and stories.”
- 92.8% (26/28) “The simulations and stories were easy to navigate.”
Non-simulation Content Rating
- A majority of participants expressed agreement with these statements about non-simulation content:
- 96.4% (27/28) “The Key Points and Tips in Steps to a Startup were interesting or useful.”
- 89.3% (25/28) “The Challenges in Steps to a Startup supported my learning more about entrepreneurship.”
- Of the 82% of participants who reviewed a supplemental reading (“Read More” article):
- 87% (20/23) expressed agreement that “The supplemental readings (e.g. “Read More”) were interesting or useful.”
- Of the 89.3% (25/28) participants who took a self-check survey:
- 84% (21/25) expressed agreement that “The Self-Check surveys were helpful in understanding myself better regarding entrepreneurship.”
Satisfaction
A majority of participants expressed a high level of agreement (4 or 5 out of 5) for half of the satisfaction questions:
The statements with highest rate of agreement were:
- 92.8% (26/28) “What I experienced was interesting.”
- 92.8% (26/28) “I would refer BioStartupAdvice.com to women life scientists who are interested in business.”
Other satisfaction statements endorsed by a majority of participants were:
- 82.1% (23/28) “BioStartup.Advice.com succeeded in inspiring women scientists to consider starting a business.”
- 89.3% (25/23) “Overall, this was a useful experience.”
Moderate Program Ratings (50% to 70%)
A lower percentage of participants (69.9% or lower) gave high ratings (Likert value 4 or 5 out of 5) to the following items:
Simulation Rating
- A low percentage of participants gave a high rating (4 or 5 on a 5 point Likert scale) following statements regarding the simulations:
- 57% (16/28) “How captivating were the simulations and stories from the beginning?”
- 57% (16/28) “How engaging were the simulations and stories overall?”
Non-simulation Content Rating
No low ratings.
Satisfaction
A low percentage of participants expressed agreement with one positive satisfaction statement:
- 67.8% (19/28) “What I experienced will affect my career positively.”
Low Program Rating (Positive Result)
A low percentage of participants expressed agreement with one negative satisfaction statement:
- 7% (2/28) “Working through BiostartupAdvice.com was stressful.”
Follow-up Survey 2 Weeks Post-Experience Summary
Participants were invited to answer a 5-minute online questionnaire 2 weeks after completing the Biostartup.com experience and were compensated with a $15 gift card. A majority (22, 78.6%) of the 28 group 2 participants completed the follow-up survey. Questions covered what they learned, how much the experience changed them, the status of their entrepreneurial confidence after completing the experience, and usefulness of the website for someone starting a business.
Results at 2 weeks post-intervention showed that a majority of the women continued to experience a strong impact on their knowledge and confidence with respect to skills and actions that would help them succeed in entrepreneurship.
High Follow-up Ratings
For example over 80% of participants agreed 2 weeks after the experience that:
- They learned something useful about networking (95.5%, 21/22), life science business-related resources (95.5%, 21/22), and writing a Small Business Innovative Research (SBIR) grant proposal (81.8%, 18/22).
- They felt confident about being able to find the information (90.9%, 20/22), support (86.3%, 19/22), and resources (90.9%, 20/22) they would need to start a business.
- A majority of participants agreed they would use Biostartup Advice’s readings (86.3%, 19/22) and recommended resources lists (81.8%, 18/22) if they were to start a business.
Moderate Follow-up ratings (low majority):
A lower majority of participants agreed that the experience changed their thinking about their options for entrepreneurship or feeling they would succeed in business.
- This changed how I think about entrepreneurship options for women in life sciences. 68.2% (15/22)
- I am more confident I could succeed if I wanted to start a business 63.6% (14/22)
Lowest Follow-up ratings:
A smaller percentage of participants agreed they were more likely to work in a small business or start a business someday after using Biostartup Advice.
- I am more likely to start a business, on my own or with others, someday. 18.2% (4/22)
- I am more likely to consider working in a small business in the life sciences. 27.3% (6/22)
Qualitative follow-up data:
Only 2 (9.1%) follow-up survey participants left a comment, showing impact in one case and interest in the product in another.
- “I am much clearer now about how to start business related to biomedical research.”
- Would BioStartupAdvice be free forever? If so, I would absolutely return for the resources.
See also the draft publication on this research
