Life scientists considering career options may want to consider biotechnology entrepreneurship. How would your career be different if you started your own business instead of taking or continuing in a job in industry or academia? A major difference between biotechnology entrepreneurship and biology research is that a product is created and commercialized for a profit. Both the world and the inventor benefit from the invention. Here are some reasons besides the potential for profit that are why life scientists have created biotechnology startup businesses:
- Feeling passionate about solving a particular problem or making the world a better place.
- The immense satisfaction of taking an idea you had or a discorvery you made and turning it into a product that makes a difference in peoples lives.
- Enjoying a dynamic work situation full of interesting challenges.
- Being in charge and answering to yourself rather than others, with the opportunity to design your ideal workplace and schedule.
The information in Pre-Entrepreneur: Exploring Possibilities will challenge life scientists to learn more about whether entrepreneurship might be the right path for them and learn more about themselves in the process. Life scientists considering the possibility of entrepreneurship need to learn what being an entrepreneur is about and what it takes. For example, it helps to have a vision you believe in. It takes determination and hard work.
To explore this possible career path, it helps to understand how prepared you are to be a successful entrepreneur, what mindset tends to work best, and what skills you might need to develop. However, it is also true that different personalities can take different approaches and still succeed in entrepreneurship. It also helps to learn the potential career pathways you can follow to entrepreneurship and to learn from examples of other life scientists who have made this transition.
A successful biotech entrepreneur we interviewed summarized key requirements for founding a successful life sciences startup like this:
Get a great idea for a product with strong scientific merit.
There must be a potential market, interest, and support for it.
Find mentor(s) who have gone through the process, but filter out good advice and bad advice and get second opinions.
Look for multiple sources of funding.
Protect yourself and your product legally and financially.
These and related topics are presented and explained on biostartupadvice.com