Having a good enough idea to found a biotech is one thing, but being able to make a success of a company in the long run is something else entirely. Here are five tips to help you on your way to becoming a successful biotech entrepreneur.
Are you working in a biotech but considering becoming an entrepreneur? Do you have an idea, but lack the skills to turn it into a business?
The common factor among entrepreneurs is creative initiative, meaning they go after opportunities that are not obvious to others. But what makes a biotech entrepreneur different from other entrepreneurs?
In a biotechnology company, the decision-maker not only manages the business risks but also the scientific risks. In this case, the ideal biotech founder should have a solid knowledge of both areas – business and science. In his book Biotechnology Entrepreneurship, Craig Shimasaki writes “decisions made in one field immediately impact the other, meaning successful biotech businesses require an effective integration between business and scientific issues.”
Biotech entrepreneurs face unique challenges other entrepreneurs do not experience, including initial high cash burn with no financial returns, long development timelines, strict regulatory requirements, and often the need to manage clinical trials.
Navigating regulatory requirements can be tricky.