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Home › Topics › Starting a Life Science Business › Intro to Starting a Life Science Business

Tips

Finding a Sound Business Idea

Topics Starting a Life Science Business Intro to Starting a Life Science Business Finding a Sound Business Idea

During an informal discussion, several highly successful biotechnology entrepreneurs gave these tips on finding a good startup idea.

Have an idea to do something that no one else is doing, that only you are already prepared to do, and that has enough people that care about it.

Be 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. The right timing is critical.

Notice and learn from unexpected results and mistakes.

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.

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 a problem. Try going back and forth between these two approaches.

Convergent Thinking

Convergent thinking is bringing together everything you know about solving a problem and using that to draw conclusions.

Divergent Thinking

Divergent thinking, also known as brainstorming, allows you to come up with any idea that might contribute to solving the problem, no matter how far-fetched. Then you investigate the best ideas.

(Oberhardt, 2012)

Align your research with US government funding agencies (especially SBIR) and with industry priorities.

References

Oberhardt B. Dragonfly Thinking: Problem Solving for a Successful Future. 2012. BJO Biomedical, LLC.

Five Basics of a Strong Biotech Business Concept

  1. The business must efficiently develop viable products.
  2. The intellectual property must be defensible with no other patents that could block commercialization.
  3. The business plan must include a strategy for generating significant profits that. . .
    • Includes customers already convinced of the need and willing to pay for the product or service.
    • Considers regulatory and reimbursement issues.
  4. The target market should be large enough and/or rapidly growing.
  5. The management team must be able to implement the business plan.

Source: Kolchinsky P. The Entrepreneur’s Guide to a Biotech Startup. 2004.

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Topic Home Expand All
Intro to Starting a Life Science Business
3 Articles
Overview of Starting a Life Sciences Business
Evaluate Your Business Skills
Finding a Sound Business Idea
Early Market Research
3 Articles
Case Example: Leslie Bowen, Early Market Research
Market Research Before Starting a Business
Tips for Biomedical Market Research
Business and Commercialization Plan
9 Articles
Writing a Business Plan
Develop a Reimbursement Strategy
Technical and Business Assistance and Other Commercialization Support
Case Example: Commercialization Advice
Other Post-SBIR Commercialization Support
Planning Your Research Environment
Technology Readiness Level
Design, Prototype, Testing, Manufacturing
Tips on Planning from Successful Biotech Entrepreneurs
Financial Skills, Planning, & Investors
6 Articles
Financial Planning
Tackling Financial Risk
Equity and Shares
Sources of Capital for Small Businesses
Case Example: Learning Investor Basics
Entrepreneur Financial Skills and Resources
Registering Your Business
3 Articles
Business Name, Tax IDs, and Insurance
Registrations for Your Business
Industry-Specific Requirements, Licenses, and Permits
Your Business Governance
4 Articles
Select a Business Structure
Cofounders, Partners, and Founding Team
Board of Directors
Roles You Can Play in the Business
Return to Starting a Life Science Business

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


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