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Home › Topics › Stages of Starting a Biotech Business › Explore Motives & Skills Needed

Jayla Williams, Leslie Bowen, Monique Aster

Motivations for Starting a Business

Topics Stages of Starting a Biotech Business Explore Motives & Skills Needed Motivations for Starting a Business
Explore Motives & Skills Needed

Motivations for Starting a Business

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Life Impact of Starting a Business

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Skills Needed to Start a Business

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Motivations for Starting a Business

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All Monique Aster

Motivations for Starting a Business

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Skills Needed to Start a Business

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Part I: SBIR/STTR & Other Seed Funding Overview and Getting Started

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Part II: Writing and Submitting SBIR/STTR Grant Proposals

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Registrations Required for Government Funding

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All Leslie Bowen

Motivations for Starting a Business

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Skills Needed to Start a Business

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4: Market Research

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5: Financial Analysis and Projections

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8: Product Development and Marketing Plan

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All Jayla Williams

Motivations for Starting a Business

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Skills Needed to Start a Business

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Part I: Business and Management Structure

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Part II: Founding Team

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7: Venture Capital and Other Funding

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Work Options for Life Scientists Include Entrepreneurship

Life scientists have the option of starting a business as an alternative to working in academia or industry. Entrepreneurship offers a wide range of rewarding possibilities that his game will help you explore.

Starting your own biotech business is an alternative worth exploring, whether within an academic environment or independently, and whether immediately following your training or after a period of working in academia or industry. Entrepreneurship offers the opportunity to follow your creative ideas and the potential for higher income eventually. Although it typically involves a lot of hard work, especially at the outset, many scientists find it a rewarding career path. Entrepreneurs describe enjoying an exciting work environment, working closely with a team that feels passionate about their work. They describe career satisfaction from the potential for their discoveries making a difference in people’s lives.

Relatively lower salaries contribute to life sciences graduates seeking jobs in industry rather than academia (Wosen, 2022; Boone et al., 2022). Relatively few university positions are available and only a minority of scientists hired achieve tenure. Drawbacks of some industry jobs include long hours, high quotas, repetitious work, and not being able to follow your own vision. Keep in mind that you have a third option of starting a business where you have the potential for higher income, more autonomy in decision-making, and the satisfaction of turning your science discovery into a product that benefits others.

Sources:

Wosen J. ‘The tipping point is coming’: Unprecedented exodus of young life scientists is shaking up academia. STAT. November 10, 2022.

Boone A, Vander Elst T, Vandenbroeck S, Godderis L. Burnout Profiles Among Young Researchers: A Latent Profile Analysis. Frontiers in Psychology. 2022;13.

Tips:

When considering your career goals, consider what impacts you would like your work to have.

If you decide to start your own business, be sure to investigate and take advantage of the many opportunities available to support women-owned businesses, such as government contract money set aside for businesses owned by women, tax incentives, loan guarantees, and training and mentoring opportunities.

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Reasons to Consider Life Science Entrepreneurship

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Challenge:

  • Answer to yourself. Set your own rules.
  • Explore new ideas without getting permission.
  • No limits on what you can do or how much you make.
  • Help others; make a difference.
  • Create an enjoyable work environment that meets your needs
  • To not be held back by bias toward women.

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Topic Home Expand All
Explore Motives & Skills Needed
3 Articles
Motivations for Starting a Business
Life Impact of Starting a Business
Skills Needed to Start a Business
Develop a Business Plan
12 Articles
1: Executive Summary, Company & Product Descriptions
2: Business and Management Structure
Part I: Business and Management Structure
Part II: Founding Team
3: Seek Professional Assistance
4: Market Research
5: Financial Analysis and Projections
6: SBIR/STTR and Other Seed Funding
Part I: SBIR/STTR & Other Seed Funding Overview and Getting Started
Part II: Writing and Submitting SBIR/STTR Grant Proposals
7: Venture Capital and Other Funding
8: Product Development and Marketing Plan
Set Up Your Business
4 Articles
Establish the Business
Registrations Required for Government Funding
Biotech/Biomed Industry Unique Requirements
Pitching Your Business
Return to Stages of Starting a Biotech Business

This project is funded by National Institute of General Medical Sciences (Grants 1R43 GM131458-01 & 2R GM131458-02)


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Challenge:

  • Answer to yourself. Set your own rules.
  • Explore new ideas without getting permission.
  • No limits on what you can do or how much you make.
  • Help others; make a difference.
  • Create an enjoyable work environment that meets your needs
  • To not be held back by bias toward women.

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