Three Essential Tips to Help Your Start-Up Biotech Succeed
In 2016, established biotechnology centres across the world generated $139 billion US dollars – a phenomenal amount of money. So, it’s unsurprising that start-up biotechs want to tap into that by becoming successful companies turning over substantial profits. But, what does it take to do it? Or more specifically, what can help a start-up to succeed? If you’re launching a biotech start-up, here are three essential tips you should consider implementing.
1.Figure out your funding
First, identify your business model. Hopefully this is something you’ll have already done, but confirm that you’re comfortable with the model you’ve chosen (as opposed to having a vertical model focused on a single market, or a proof of concept firm with a virtual model, for example) before continuing. Once you’re confident with the model you’ve chosen, you’ll need to figure out where your money is going to come from. As well as paying yourself a salary so that you can work on your start-up round the clock, you’re going to need capital for research, product development, licensing and a number of other things. So, consider approaching private investors, venture capitalists or see if you qualify for an academic grant. The article on The Balance discusses approaches to funding your biotech start-up in more detail.
2. Consider working with a consultant
You could also consider hiring a consultant. Doubtless this will feel a little intimidating if you’re just starting out, as it can be hard to justify spending money when you don’t feel you’re bringing enough of it in to begin with. However, it’s often an investment that’s well worth making. From knowing the life sciences industry inside out, to being familiar with stringent regulatory processes, there’s a great deal a consultant can offer that your business is likely to need in the early days. They’ll help you overcome a multitude of hurdles, provide you with connections and extensive networks, and offer expert counsel earned from years from within the industry you’re trying to break into.
However, the biggest obstacle you’ll face in this regard is choosing a consultant to work with. Take your time to research consultants, be very clear about what it is you need assistance with (FDA regulations? Utilising new technologies?) and ensure whoever you choose has a good reputation. You could approach a consultancy firm such as Alacrita as they’ll be able to draw from a large pool of seasoned experts, suggesting someone who’s the perfect fit for your start-up’s needs right now. Or, you could go it alone and see who you can find.
3. Find your team
It’s highly unlikely that you’re going to be able to make a start-up biotech firm successful on your own, even with the help of a consultant. Instead, you’re going to need to join forces with like-minded individuals with complementary skill sets, as articles on Forbes explains. For example, you’ll need someone with a strong understanding of the science at the heart of your start-up, as well as someone who’s a specialist in what you’re trying to sell or develop (this is where your consultant might come in handy). But as well as those two individuals, you’ll also need someone who’s a bit of a ‘visionary’ with a mind for business, pitching and ‘talking the talk’. Together, you’ll form a solid team to take a start-up into a fully-fledged biotech company.
Use these tips to ensure your biotech start-up has a higher chance of succeeding.
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