TIP TROVE | Pointers for Would-Be Bioentrepreneurs
Courtesy of Mark Tang
1. Work with experts. Look for help and good advice early on from lawyers (intellectual property and corporate), business advisers, and venture capitalists (VCs).
2. Get FREE money and take as much money as you can get. But keep the number of investors who expect a cut to the minimum. Seek out grants and big pharmaceutical partners. You may need more money than you think.
3. Aim for proprietary technology, platform technology, or a portfolio of technologies to attract VC interest. Remember, a patent alone does not make a company.
4. Work hard on the business model. Your business model will determine your survival. VCs look for a hybrid business model that combines platform technology with therapeutics.
5. Keep the burn rate low and the cash balance high. A blockbuster drug can take 12-16 years to develop.