We live in an era where all kinds of technology integrate with one and another. Collaborated innovations have significantly contributed to our lives in many aspects such as health, information, transportation, and industrial manufacture. And from the business perspective, being an entrepreneur in a field that holds a central role in people’s welfare is both economically profitable and socially noble.
Here, we will discuss fundamental information about the life science industry. As written on biospace.com, many biotech companies have come up with products that can improve public’s healthcare. AliveCor created an EKG (Electrocardiogram) device that is compatible with smartphones. OneOme devised a comprehensive test that allows doctors to give accurate medication according to the patient’s medical history and genes. These examples show that the life-science industry is forever growing and profitable.
Getting the Investors
Like all kinds of business, the company’s existence strongly relies on the investors. Without funding, a life-science startup will never get into production and creating revenues. However, although a life-science company can make big money once established, finding the funding source is excruciating.
You must be a capable speaker for your product. And in the case of life-science business, you must be fluent in presenting how relevant and beneficial your product is to the market. But this goal is easier said than done.
First, to look convincing, you must have well-grounded data of the market. You may know everything about your technological invention, but not the industry it can fit in. In that case, you should hire a business advisor as your reinforcement.
Second, you have to be aware of the risks of your company and to know the right way to present them to your investors. Business investors are experienced people. You cannot sugarcoat the risks and hope you can make them trust you. In fact, they may take such a move as an insult because they will think that you have undermined their observational skill.
Protecting Your Intellectual Property
Life-science business is a cutthroat business, especially if your technology can create million dollars of financial gain. Let’s take the smartphone industry as an example. According to the New York Times, two big manufacturers, Apple and Samsung, have just ended their patent war after seven years of multiple lawsuits against each other. If you cannot secure your intellectual property adequately, you are going to lose it quickly in the life-science industry.
Therefore, before you establish your company, you should consider hiring a legal consultant. You should know in detail the ownership of your technology, especially if you invent it during an internship or study at a university. It is possible that the institution holds half of the legal rights of that intellectual property.
Planning for Future Development
You cannot build a life-science startup and hope it will fit only serve the economic purpose. For instance, you want to get into the business of prosthetic arms. If you follow the conventional way of using unrecycled materials, then you do not have unique selling value. Imagine the public relation boost you can get if you combine prosthetic manufacturing with eco-friendly technology. In that case, your success in addressing sustainability issue will make you stand out from the crowd.
Your future development should also include risk management. The real example of this concept is apparent in how the camera and film manufacturers adapted to the takeover by smartphones and digital cameras. Kodak died out while Fujifilm turned their resources into the cosmetic industry. It is a result of dynamic creativity in business. And in the life-science industry, startups are born and die on a daily basis. If you decide to join in the cycle, then you must have plans in case of a crisis.