The following tips on how to launch a successful biotechnology startup are from several highly successful biotechnology entrepreneurs in an informal interview in 2019:
To start a successful business, consider what you are uniquely qualified to solve because of experience, education, passion, or access to data or people.
On Optimal BioTechnology Business Location:
Biotech start-up companies are usually located in relatively few locations, such as Raleigh-Durham, San Diego, San Francisco, Boston, Austin, etc. There needs to be a “critical mass” of scientists and venture capitalists interested in biotech. These locations have organizations that can provide extensive training in the skills you’ll need, such as the Center for Entrepreneurial Development (CED) and NC Biotech Center in Raleigh-Durham. Most states have support for biotech start-ups which are a good place to start.
Ask for help to get started and continue to get help as you progress. Aside from getting advice, you’ll build a network that is useful later.
Invest in a good lawyer who specializes in this field.
Consider having a cofounder who understands commercialization well and can give it the time it needs.
If you will play a major role in your business, go full time as soon as possible. Otherwise, hire someone to handle the business side for you.
Get used to asking for money.
Things can move fast in business startups and you must move fast at times to succeed. You have to act when an opportunity is available rather than being a slow perfectionist.
Biotech startups with excellent ideas in science fields that are hot can start striking deals at a very early stage.
Surround yourself with a team you enjoy. You are going to be spending a lot of time with them.
You may have to make some product adaptations to meet regulatory criteria and market interests. There will be many changes from your original idea to your final product, especially if you have to deal with government regulations. The product also needs to be something people need and want enough to buy.
