The biotech entrepreneur

Biotech entrepreneurship means building and sustaining a business based on biotechnological innovation, joining science and business. In Meyers' words (2008), it is creating value from life-science innovation, carrying it from the research lab to the market.

Biotech entrepreneurs usually want to solve real problems (a disease, a food shortage, pollution), are often motivated by the wish to help people, and also seek financial reward.

How they differ from other entrepreneurs. In both, the ideas must be competitive, teamwork is essential, and there is risk. But a biotech venture has:

• a longer gestation: years of research before there is a product;
• scientific uncertainty as well as business uncertainty (the science might not work);
• much higher capital needs;
• a very great need for qualified people;
• much heavier regulation.

Six steps in starting a biotech venture:

• Assess the need: is there real demand? And is the intellectual property protected?
• Bring together the founders and key personnel.
• Engage a legal expert.
• Incorporate the business, usually as a private limited company under the Companies Act 2013.
• Prepare a marketing and business strategy to raise money.
• After raising seed capital, develop the technology, with clear product milestones.

Pasteur's saying applies: 'chance only favours the prepared mind'. Every step needs careful thought and a clear reason.