Going it Alone?

Often, biotech startups grow out of a government or academic research program, and are started by researchers who "discovered" a marketable product or technology. Often these individuals don't have the business savvy to make the business survive. However, in recent years increasing numbers of academic institutions are assisting in the process by providing technology development initiatives and support via experts in business development and management (for example Emtech Bio and GeoVax).

Studies have shown that most successful biotech companies are formed by teams of two or three individuals, each with diverse backgrounds of training and experience. Important factors that make the formula work are some biotech industry experience, knowledge of the target market and product/ business focus, as outlined in a solid business plan.

The term “technopreneur” has been applied to individuals with a science background that are stretching their skills base in an entrepreneurial direction. The technopreneur has product knowledge and research experience but not necessarily the business background to build a strong business. The winning combination appears to be a team consisting of a technopreneur and a “market perceiver”, someone with a sales or business background, investment experience, or an executive from large pharma, who can successfully market a product and give sound financial direction to the new business.