During an informal discussion, several highly successful biotechnology entrepreneurs gave these tips on finding a good startup idea:
To come up with a business idea that might lead to a successful business, solve a problem that matters to enough people.
Have an idea that is not being done and that only you are already prepared to do it.
The right timing is everything. (stated by several entrepreneurs)
Keep engaged with organizations and institutions that support biotechnology, and build a network of contacts to increase your chances of being in the right place at the right time.
Learn how to approach and solve problems in developing the business or the product effectively, which may require taking a different perspective.
Notice and learn from unexpected results and mistakes. Remember, penicillin was discovered from fungal contamination of a bacterial culture.
Align your research with U.S. government funding agencies (especially SBIR) and with industry priorities.
When trying to solve a research problem, remember that “breakthrough” starts with the word “break.” When you feel stuck, take a break and let your unconscious mind work on solving the problem. Sleep on it or do something else, like take a walk or play a sport. You may find later that your ideas come together in a new, creative way.
Be sure to talk with others in and outside your field about a research problem you are trying to solve to get new ideas and perspectives. Be cautious about not giving away your intellectual property, however.
Once you have identified a research problem to solve, think about the problem from multiple perspectives.
Perspectives list
For example, think about:
- past attempts to solve the problem and what happened.
- how different stakeholders describe the problem.
- the most challenging part of the problem.
- ideas of others both in and not in the field.
- what new technologies are available or in development that might help.
Use both convergent and divergent thinking to solve the problem. Try going back and forth between these two approaches:
Convergent Thinking
Convergent thinking brings thoughts together to solve the problem. Bring everything you know about solving the problem together by drawing conclusions.
Divergent thinking
Divergent thinking allows you to come up with any idea that might contribute to solving the problem, no matter how far-fetched. This is also known as brainstorming.
(Oberhardt, 2012)
FYI
There are several differences between the average business start-up and a biotech startup. Biotech products typically have:
- A longer development timeframe.
- Higher development costs.
- More regulatory requirements.
- A need for diversely skilled staff.
- A more significant impact on public well-being.
Did you know?
- Fewer than 1% of startups are from a university; the vast majority are not (Marcus, 2020).
- Science disciplines vary in the extent of commercialization, with most of it being in biotechnology, mathematics, physics, and chemistry (Lawton Smith, 2015; Polkowska, 2012).
References
Lawton Smith H, Henry C, Etzkowitz H, et al. Female academic entrepreneurship: Reviewing the evidence and identifying the challenges | Request PDF. ResearchGate. May 2015.
Marcus J. Think universities are making lots of money from inventions? Think again. The Hechinger Report. January 17, 2020.
Oberhardt B. Dragonfly Thinking: Problem Solving for a Successful Future. 2012. BJO Biomedical, LLC.
Polkowska D. Women Scientists in the Leaking Pipeline: Barriers to the Commercialisation of Scientific Knowledge by Women. Journal of Technology Management & Innovation. 2013;8(2):156-165 DOI:10.4067/S0718-27242013000200013.
