The following tips on how to launch a successful biotechnology startup company are from several highly successful biotechnology entrepreneurs:
On Optimal BioTechnology Business Location:
Biotech startup 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 startups 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, for example, by introducing you to someone else who is helpful.
Invest in a good lawyer(s) who specializes in this field. They will need experience in life science businesses, government funding, intellectual property, and obligations to investors.
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 with investors 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.
While it is important to stay focused, keep in touch with emerging technologies and scientific discoveries to understand their opportunities and challenges.
Build strategic alliances with external partners to try out new technologies, collaborate, share knowledge, and save costs by sharing or renting equipment.
