You're a professor with a bright idea or some promising findings from your latest studies. You've decided to start your own biotech business to take your innovation from the lab to the marketplace. When transitioning from academic research to biotech entrepreneurship, there are a few things to consider.
You've already heard that if you want your invention to succeed on the market, you need to protect it, either by patents or through keeping it a closely guarded trade secret. But have you considered that other researchers may have come up with a similar concept that they've already patented? Conducting a ‘Freedom to Operate' quest is just as critical as filing your patent applications. To conduct this FTO scan, you can either employ a patent attorney or simply go online and spend some time reviewing patent registries. A few hours spent scouring patents.google.com should give you a decent idea of what's already out there.
People who use biotech products come from a wide range of industries, so a biotech company's demographic profile is diverse, especially if it produces a wide range of products.
So, if you're thinking about starting a biotech business, make your target demographics as broad as possible. Medicine and pharmaceutical firms, hybrid food processing and development companies, hybrid crop cultivators, hybrid animal breeders, hybrid bird/poultry producers, and non-food industries should all be included.
Even if you plan to start a small scale and conventional biotech venture, it is critical that you employ the services of business consultants and professional hands-on-the-job economists to help you conduct comprehensive economic and cost analyses before investing your capital into the business.
Without the right people on board, even the best ideas can't transform into profitable biotech companies.
Bringing in top advisors is just the first step; in biotechnology entrepreneurship, you must make excellent hires for each of the requisite positions.
A good lawyer will also become a key advocate in the early stages of your biotech business, so getting good legal advice is important.
This will assist you in navigating corporate and business issues at all stages of your biotech company's growth.