The goal of a company is to develop and sell products that will generate enough profit to justify the effect and capital that goes into building the company. Science and technology are a means to an end. Therefore, to be entrepreneurs, scientists must learn to put business ahead of science when developing a commercial strategy. Pharmaceutical drug development demands more attention and capital and offers the greatest potential rewards of any products in the biotechnology sector.
While many investors and entrepreneurs still make considerable money in biotech, as far as creating self-sustaining profitable companies, the old biotech models for the most part, have failed.
Biotech companies have inefficiently deployed capital for the last 25 years, learning costly lessons at investors expense. Long development cycles and underestimation of risk have resulted, essentially, in the destruction of capital. Many companies focused on achieving milestones specific to product development, financing, or strategic partnership, losing site of what should be the intended end goal of any solid business venture, namely profits.
Business Planning
The typical Business Plan for a Startup will contain the following elements:
- Executive Summary
- Science/Technology/ Product/Service/Industry
- Description of the underlying science and / or technology and how it builds upon existing science and technologies.
- What problem will be solved by your company’s scientific and technological advancements? In what industry sector will your advance be applied: medical device, diagnostic product, drug delivery system, pharmaceutical, other?
- What is the value proposition (benefit of solving the problem?)
- What are the differences between what currently is on the market and what you will offer?
- Why will your product / service / technology be successful?
- What will be required to capture the opportunity?
Additional services we provide to startups include:
