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Home › Topics › Contemplating Entrepreneurship › Entrepreneurship: A Potential Career Path

Tips

Tips to Prepare For Entrepreneurial Success

Topics Contemplating Entrepreneurship Entrepreneurship: A Potential Career Path Tips to Prepare For Entrepreneurial Success

We asked life science entrepreneurs for advice on how to prepare for success as an entrepreneur.

Question: What advice would you give to someone in the life sciences who wishes to prepare to create a biotechnology startup?

A male biomedical and pharma entrepreneur responded

  1. Early in your career ecome a world expert in a field in which you have identified a severe, unmet medical or scientific need.
  2. Work at a biotech startup or an academic lab that has spun out a business or two. This is where you will find mentors. A female life scientist who completed a few years as a researcher at a startup confirmed, “Working in a startup is one of the best ways to learn how to launch a startup of your own.”
  3. Volunteer to help your mentor review and write SBIR/STTR grants.
  4. Accompany your mentor to meetings with venture companies where he or she makes pitches in front of potential investors.

A female biotechnology early entrepreneur working on her Phase II SBIR proposal responded

  • Energy and enthusiasm are key.
  • Form strong partnerships. They will help you move from one technology readiness level to the next.

A male biomedical technology early entrepreneur working on his Phase II SBIR proposal said.

  • Have a high tolerance for failure; view it as a learning experience. He had three submissions not funded before his first SBIR was funded. Continue to apply; be persistent.
  • Have many relationships to maximize opportunities for resources, learning, and collaboration. Engage advice from experienced peers and agency representatives.

Consolidated advice from multiple webinars for biotch entrepreneurs includes.

  • Get a business coach.
  • Write a one-year plan and set goals for each quarter.
  • Having a highly eclectic background helps. Try to learn many aspects of the biotech industry.
  • For women, connect with groups that support women entrepreneurs, in the sciences, or as leaders. Example: WeCanRise, a community with the goal of lifting up and accelerating women in leadership positions.

A female biotech general manager for Takeda UK and Ireland, Şeyda Atadan Memiş, said

Success in the life sciences is driven by “understanding the challenges and needs of patients, having a good relationship with stakeholders, and building a good reputation with people and society” (Pharmaphorum, 2022).

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Topic Home Expand All
Entrepreneurship: A Potential Career Path
5 Articles
Reasons to Consider Life Science Entrepreneurship
Academic Case Example: Considering Entrepreneurship
Life Science Career Paths to Entrepreneurship
Tips to Prepare For Entrepreneurial Success
Life Sciences Industry Resources
Mentors for Scientists and Entrepreneurs
2 Articles
How Mentors Can Help Biotech Entrepreneurs
Finding and Working with a Mentor
Strengths for Success in Biotechnology and Entrepreneurship
2 Articles
Personality Traits of Successful Entrepreneurs
Personality Characteristics of Successful Women in Tech
Case: Self Evaluation for Entrepreneurship
3 Articles
Case Example: Risk-Taking
Case Example: Entrepreneurial Self-Efficacy
Case Example: Entrepreneurial Intent
Return to Contemplating Entrepreneurship
End Resources

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


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