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

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Tips to Prepare For Entrepreneurial Success

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

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

Question: What advice would you give to a scientist in the life sciences who wishes to prepare to create a biotechnology start-up:

A male biomedical and pharma entrepreneur responded:

  1. “Become a world’s expert as a graduate student in a field in which you have identified a severe, unmet, medical or scientific need.
  2. Work as a postdoc at a biotech start-up 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 in a start-up confirmed, “Working in a start-up is one of the best ways to learn how to launch a start-up of your own.”
  3. Volunteer to help your mentor review and write SBIR/STTR grants and accompany your mentor to meetings with venture companies where he/she makes pitches in front of potential investors.”

An early biotechnology female 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.

An early biomedical technology entrepreneur working on his Phase II SBIR proposal:

  • Have a high tolerance for failure; view it as a learning experience. He had 3 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 from multiple webinars for entrepreneurs:

  • 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 entrepreneurship, in the sciences, or as leaders. Example: WeCanRise, a community with the goal of lifting up and accelerating women in leadership positions.

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Topic Home Expand All
Entrepreneurship: A Potential Career Path
5 Articles
Overview of Life Sciences Entrepreneurial Possibilities
Academic Case Example: Considering Entrepreneurship
Career Paths in Life Sciences
Tips to Prepare For Entrepreneurial Success
Life Sciences Industry
Mentors for Scientists and Entrepreneurs
2 Articles
How Mentors Help Biotech Science Careers and Entrepreneurship
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

This project is funded by National Institute of General Medical Sciences (Grant #1 R43 GM131458-01)


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