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Home › Topics › Starting a Life Science Business › Making a Business Plan

Tips

Tips on Succeeding from Biotech Entrepreneurs

Topics Starting a Life Science Business Making a Business Plan Tips on Succeeding from Biotech Entrepreneurs

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.

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Intro to Starting a Life Science Business
2 Articles
Steps to Starting a Life Sciences Business
Evaluate Your Business Skills
Finding a Business Idea
2 Articles
Tips from Biotech Entrepreneurs on Finding a Business Idea
Five Basics of a Strong Biotech Business Concept
Early Market Research
3 Articles
Case Example: Leslie Bowen, Early Market Research
Topics to Research Before Starting a Business
Tips for Biomedical Market Research
Making a Business Plan
7 Articles
Writing a Business Plan
Tips on Succeeding from Biotech Entrepreneurs
Develop a Reimbursement Strategy
Technical and Business Assistance and Commercialization Support
Case Example: Commercialization Advice
Technology Readiness Level
Design, Prototype, Testing, Manufacturing
Financial Skills, Planning, & Funding
7 Articles
Tackling Financial Risk
Entrepreneur Financial Skills and Resources
Case Example: Learning Investors Basics
Financial Planning
Sources of Capital for Small Businesses
Equity and Shares
NIH Post SBIR Commercialization Supports
Your Business Governance
4 Articles
Select a Business Structure
Partners and CoFounders
Board of Directors
Roles You Can Play in the Business
Registering Your Business
4 Articles
Your Business Name
Registrations and Tax IDs
Licenses, Permits, Other Requirements
Planning Your Research Environment
Return to Starting a Life Science Business

This project is funded by National Institute of General Medical Sciences (Grant #1 R43 GM131458-01)


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