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. . .
- Become a world’s expert as a graduate student in a field in which you have identified a severe, unmet, medical or scientific need.
- Work as a postdoc 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.”
- Volunteer to help your mentor review and write SBIR/STTR grants and accompany your mentor to meetings with venture companies where he or 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 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 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 our people and society” (Pharmaphorum, 2022).
