Start a Biotech Company
Do you have a discovery in the field of biotechnology that would help other industries perform more productively and efficiently for the service of humanity? You can develop that concept and turn it into a commercial success. How?
Read from our guide useful information about how to start a biotech company.
Biotech Company – Science Aspect
Are you a bioengineer or a group of scientists independently working in a lab with your knowledge in biology to produce organism for industrial waste treatment, for use in the manufacture of food products, antibiotics, hormones, drugs and other useful chemicals? Or you work for a university or medical clinic researching on the use of living organisms, for example pathogens, E. coli, or yeasts to modify processes in agriculture, food production? Do you have a discovery that would help other industries meet the demand of humanity, particularly for increased food production and more effective method of finding cure for diseases? You can turn that discovery into a business venture by starting a biotech company.
Before proceeding to the specifics of starting a business, you would need to hold a strong intellectual property right to that discovery. Have your invention patented to protect others from stealing your idea. Then you would need to find the right business structure for your venture. This would greatly depend on the funding available to develop a technology platform into a product. With a large funding, you can develop a concept and bring it to market or license the right to sell the product to another. If you don’t have enough to go beyond developing a technology platform, you can license it out to a company that does.
Biotech Company – Business Aspect
Yes, funding. Seek out financing from venture capitalists, those people who are the most common investors in these kinds of startups. This marks the shift from science to business. Eventually, running the business would require leadership, managerial and entrepreneurship skills as the organization seeks out funding, and contracts and take care of budgeting, marketing, advertising and personnel supervision. And this will necessitate the formation of relationships outside the laboratory to the business world. Learning the ropes of business management or hiring one to take care of a company’s operation is one of the major decisions you have to make.
While it is logical for you to enter into this venture in order to monetize your invention, you must understand that a major issue with biotech startups is profitability. If you are developing products, you will need continued financing as the company researches and develops a pipeline. You will continue to need additional financing while you seek regulatory approval for the product and eventually, commercial acceptance. Money may be long in coming, but if your business hits it right, the returns to you are also enormous.
To connect online with professionals in the biotech and pharmaceuticals industry, visit www.biospace.com. Also visit The Biotechnology Industry Organization.
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