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Home › Topics › Stages of Starting a Biotech Business › Set Up Your Business

Sarah Johnson

Establish the Business

Topics Stages of Starting a Biotech Business Set Up Your Business Establish the Business
Set Up Your Business

Establish the Business

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Registrations Required for Government Funding

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Biotech/Biomed Industry Unique Requirements

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Pitching Your Business

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Establish the Business

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Steps to Establish Your Business

To establish your business as a legal entity with a commercial identity:

  1. Select your business name and register as a business entity at the federal and state level. State requirements vary. When you register the owner, be sure to consider the opportunities available for women-owned businesses (more than half owned and managed by one or more women).
  2. Select a domain name for your website.
  3. To make sure existing patents will not block your business idea, conduct a freedom-to-operate (FTO) search. You may want to hire a patent attorney.
  4. Obtain federal and state tax IDs.
  5. Obtain a trademark through the U.S. Patent and Trademark Office if you want one.

Licensing Your Invention if You Work at a University:

If you developed your intellectual property (IP) while working at a university, the IP belongs to the institution. You must license the IP from them to use it in your business, usually for some financial compensation (Chitale, et al., 2022). You must disclose to the university the value of your company, the role you will play, and the time you will commit to it. Your business’s attorney will negotiate the details of the license with the university’s Technology Transfer Office (TTO), including a conflict management plan and milestones your business must meet to keep their support of your business.

Source:

Chitale S, Lawler C, Klausner A. So you want to start a biotech company. Nat Biotechnol. March 2022;40(3):296-300. doi:10.1038/s41587-022-01239-9.

Tip:

Select your new business domain name for your website (URL) and business name simultaneously because one may affect the other. The availability of your ideal business name or domain name is not guaranteed.

Read More:

Types of IP and Their Protection

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Business Name, Tax IDs, and Insurance

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Challenge:

A (fictional) startup business is being established and needs a name. The business will produce a device that takes a new approach to using robotics to do physical therapy. To learn some of the challenges in finding a name for a business, select the name that you think will work the best from the following list of potential names. Then review what was determined by thorough research about each name.

Robotherapy

The name “Robotherapy” is already in use for a form of psychological counseling. Please choose another name.

AutoWorkOut

In market testing, AutoWorkOut made people think the product is for exercising without any effort or that the service is automobile repair. Please choose another name.

PTRoboticSolutions

This name is not in use, not similar to existing names, not frequently misunderstood, and available as a domain name for the company website. It may be a good choice.

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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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