Khor From Academia to Entrepreneur

Lessons from the Real World
1. Auflage 2013
ISBN: 978-0-12-416717-9
Verlag: Elsevier Science & Techn.
Format: EPUB
Kopierschutz: 6 - ePub Watermark

E-Book, Englisch, 272 Seiten

From Academia to Entrepreneur: Lessons from the Real World provides practical advice on entrepreneurship, interspersed with insights the author gained from starting up his own business and in associations with other ventures. These same insights can be applied to bringing a technology concept from academia to an enterprise. A few of the questions From Academia to Entrepreneur: Lessons from the Real World answers: - How do I pragmatically appraise business opportunities? - What traits should I look for in an enterprise? - What can and should I do with my concept while in academia, before entering such an endeavor? - How do I overcome risk aversion? - And most importantly, why should I be the one to build this business? - Provides insights into using academic research as a potential business, meeting the challenges and opportunities in today's academic research environment - Offers practical ideas on entrepreneurship - Describes how to take a company to financial profit and maintain it - Emphasizes the pragmatic details to work through, equipping you with the correct set of tools to build your business

Dr. Eugene Khor, Chiticore Enterprises Inc. Victoria, Canada.

Autoren/Hrsg.

Khor, Eugene

Inhaltsverzeichnis

1;Front Cover;1
2;From Academia to Entrepreneur;4
3;Copyright Page;5
4;Contents;6
5;Preface;10
5.1;About Entrepreneurs;10
5.2;About Biomedical Enterprises;11
5.3;About Academia’s Relevance to Biomed and Enterprise;12
5.4;From Academia to Entrepreneur;14
5.5;Why this Book?;15
6;Acknowledgments;18
7;About the Author;20
8;1. Entrepreneuring Academic Biomedical Science;22
8.1;1.1 The Biomedical Buzz and its Economic Potential;23
8.2;1.2 A Piece of the Action;24
8.3;1.3 Singapore’s Biomedical Endeavor;25
8.4;1.4 Advantage Asia?;26
8.5;1.5 The Biomedical Industry in Transition;28
8.6;1.6 Confronting Some Commonly Held Beliefs;30
8.6.1;1.6.1 Biomed Enterprises are Mega Bucks Return Ventures;31
8.6.2;1.6.2 Going Biomed is Sound as it has Potential for Good Profit, can have Fast Growth and is Recession Proof;31
8.6.3;1.6.3 All You Need is the Right Science!;33
8.6.4;1.6.4 All You Have to do is Make the Product!;34
8.6.5;1.6.5 All you Have to do is Sell!;34
8.7;1.7 The Academic Dilemma;35
8.8;1.8 The Regulatory Imperative;35
8.9;1.9 Biomed Businesses;36
8.10;1.10 Enter the Biomed Runway Entrepreneur;38
8.11;References;41
9;2. The Academic–Business Conundrum;42
9.1;2.1 Where the Science is Created;43
9.2;2.2 Life in Academia;45
9.3;2.3 Exacerbations to the Biomed Research-Enterprise Agenda;47
9.3.1;2.3.1 The Scientific Knowledge Explosion;47
9.3.2;2.3.2 A Crowded Environment;48
9.3.3;2.3.3 The Escalation of R&D Costs;49
9.3.4;2.3.4 The Demand for Affordable Healthcare;50
9.3.5;2.3.5 Increasingly Litigious Environment;51
9.4;2.4 The Real World’s View of “Ivory Tower” Tenants;51
9.5;2.5 Business-Nizing Academic Research;52
9.6;2.6 Products from Biomedical Research: Serendipity or Planned Outcome?;53
9.7;2.7 Team Event;55
9.8;2.8 Relevance to the Research Agenda;56
9.8.1;2.8.1 Research Re-Orientation: Establishing a New Culture;57
9.8.2;2.8.2 Harmonizing the Needs of Downstream Processes into Research;58
9.8.3;2.8.3 Laboratory Organization and Operations;59
9.9;2.9 Incentivize to Business-Nize;60
9.10;2.10 Myths and Misconceptions to Note when Traversing from Academia to Business;61
9.10.1;2.10.1 Research Expertise Corresponds to Industrial Expertise;61
9.10.2;2.10.2 Expertise in Science, Engineering and Medicine is Transportable into the Enterprise Stage;61
9.10.3;2.10.3 Running a Business is a Lot Like Running a Research Group;62
9.10.4;2.10.4 All You have to Do is Tell Your Staff and Employees What to Do;62
9.10.5;2.10.5 Plastics Expertise is Not Equivalent to Medical Plastics Expertise;63
9.11;2.11 From Academia to the Real World;64
10;3. Taking Academic Biomedical Research Beyond the Lab Bench;66
10.1;3.1 From the Patient to the Lab Bench;67
10.2;3.2 Medical Intervention: Science and Technology’s Role;68
10.2.1;3.2.1 Interacting with Clinical Staff;70
10.3;3.3 From the Lab Bench Back to the Patient;72
10.3.1;3.3.1 Biomaterials: Building Blocks for Medical Devices;72
10.3.2;3.3.2 Shortlisting a Biomaterial for Applied Research;73
10.3.3;3.3.3 Material Characteristics;74
10.4;3.4 At the Academic Lab Bench;75
10.4.1;3.4.1 Refining the Science;75
10.4.2;3.4.2 Scalability;76
10.4.3;3.4.3 Sterilization;77
10.5;3.5 IP and Licensing;78
10.6;3.6 Proof of Concept;79
10.6.1;3.6.1 Design;80
10.6.2;3.6.2 Articulating the Design into a Prototype;80
10.6.3;3.6.3 Case Study;81
10.6.3.1;3.6.3.1 Bone Cement;81
10.6.3.2;3.6.3.2 Glaucoma Drainage Device (GDD);86
10.7;3.7 Into the Real World;88
10.7.1;3.7.1 Manufacturing;89
10.7.2;3.7.2 Safety and Performance Testing;90
10.7.3;3.7.3 Regulatory Submission;91
10.7.4;3.7.4 Market Introduction;92
10.7.5;3.7.5 Post-Market Surveillance;92
10.8;3.8 Time to Market;92
10.9;3.9 Turning Point;93
10.10;References;94
11;4. To Become a Runway Entrepreneur from Academia;96
11.1;4.1 A Path Few Choose;97
11.2;4.2 The Brass Story: Beginner’s Providence;98
11.2.1;4.2.1 Background and Intellectual Assets of the Founders;99
11.2.2;4.2.2 Pinpointing the Type of Business BRASS Should Be;99
11.2.3;4.2.3 BRASS: From Start-up to Profit;103
11.2.4;4.2.4 Introspection;105
11.3;4.3 Integrated Platform Technologies Inc.: Setbacks Happen;106
11.4;4.4 Anatomic Replacement Materials Private Limited: Refining the Format;107
11.5;4.5 Venturing Forward;109
11.6;4.6 The Ideal Biomedical Participant Prerequisite;110
11.7;4.7 To Know if you Should Start;112
11.7.1;4.7.1 The “Painless” Option;112
11.7.2;4.7.2 The “Soft” Option;113
11.7.3;4.7.3 The “Tough” Option;113
11.8;4.8 “Finals”;114
11.8.1;4.8.1 Purpose;115
11.8.2;4.8.2 Motivation;115
11.9;4.9 Three Steps from Obscurity to Notoriety;116
11.10;4.10 Welcome to your New Job Title: the Supreme Field Commander;117
11.11;References;118
12;5. What is the Business?;120
12.1;5.1 So You’ve Got an Idea for a Business!;121
12.2;5.2 The Opportunity of a Lifetime?;122
12.2.1;5.2.1 Why You?;122
12.2.2;5.2.2 Can You Make a Difference?;123
12.2.3;5.2.3 It’s More Than About You;125
12.3;5.3 Getting to the Starting Line;126
12.4;5.4 Do You Have a Viable Business?;127
12.5;5.5 Revenue Fundamentals;128
12.6;5.6 Pricing;129
12.6.1;5.6.1 Development Costs;130
12.6.2;5.6.2 Operating Costs;130
12.6.3;5.6.3 Cost Per Unit of Product or Service;130
12.6.4;5.6.4 Margin;131
12.6.4.1;5.6.4.1 Premium;131
12.6.4.2;5.6.4.2 Need Versus Pain;131
12.6.5;5.6.5 Affordability;132
12.6.6;5.6.6 Profit;132
12.7;5.7 What Does the Business Cost to Set up?;133
12.8;5.8 What Will the Business be Worth?;133
12.9;5.9 Have you Thought Through Your Exit Plan?;133
12.10;References;135
13;6. Business Plan;136
13.1;6.1 The Perfect Business Plan;137
13.2;6.2 Executive Summary (Execsum);139
13.3;6.3 Vision and Mission;140
13.4;6.4 Introduction and Background;141
13.5;6.5 Business Overview;142
13.5.1;6.5.1 Proposed Share Structure;142
13.5.2;6.5.2 IP Portfolio;143
13.5.3;6.5.3 Products;143
13.5.3.1;6.5.3.1 Lead Product;143
13.5.3.2;6.5.3.2 Follow-on Product;143
13.5.3.3;6.5.3.3 R&D Plans;143
13.5.4;6.5.4 Business Model;144
13.6;6.6 Market Analysis;145
13.7;6.7 SWOT;145
13.8;6.8 Organizational Structure;146
13.8.1;6.8.1 Key Management and Team;146
13.8.2;6.8.2 Board of Directors;146
13.8.3;6.8.3 Scientific Advisory Board (SAB);147
13.9;6.9 Services and Support Plan;147
13.10;6.10 Financial Plan;148
13.11;6.11 Sources and Application of Fund;149
13.12;Reference;149
14;7. Raising Funds;150
14.1;7.1 The Bottom Line is About Money;150
14.2;7.2 How Much Do You Really Need to Get Going?;153
14.3;7.3 Funding Fundamentals;155
14.4;7.4 Recruiting Investors;157
14.4.1;7.4.1 Put Your Money Where Your Mouth Is!;157
14.4.2;7.4.2 Don’t Give it All Away!;158
14.4.3;7.4.3 Other People’s Money;158
14.4.4;7.4.4 Shareholders from Heaven;159
14.4.5;7.4.5 Shareholders from Hell;159
14.4.6;7.4.6 Participative Shareholders;160
14.4.7;7.4.7 Institutional Shareholders;161
14.5;7.5 Beg, Borrow and Pray;161
14.6;7.6 Advocates, Evangelists and Well-Wishers;162
14.7;7.7 About Banks and Government Schemes;163
14.8;7.8 Bootstrapping: a Double-Edged Sword;164
14.9;7.9 It Will Never be Never Enough!;165
14.10;Reference;166
15;8. About Meeting Regulatory Requirements;168
15.1;8.1 Implied, Expected, Delivered;168
15.2;8.2 Getting to Know Regulatory Requirements;170
15.2.1;8.2.1 Regulatory Affairs;174
15.2.2;8.2.2 Industry Feedback;174
15.3;8.3 About Quality Systems;175
15.3.1;8.3.1 Is Management on Board?;176
15.3.2;8.3.2 People Matter;177
15.3.3;8.3.3 Maintaining the System;178
15.3.3.1;8.3.3.1 About Quality Assurance and Internal Audit;179
15.4;8.4 The Use of Science-Based Studies;179
15.5;References;182
16;9. About Consultants;184
16.1;9.1 About Consulting;184
16.2;9.2 They are Out There;185
16.3;9.3 Before You Find a Consultant;188
16.3.1;9.3.1 What Do You Need?;189
16.3.2;9.3.2 What Can You Afford?;190
16.3.2.1;9.3.2.1 What do You Consider as Getting Value for What You Pay?;190
16.3.2.2;9.3.2.2 How Much Can You Really Pay?;190
16.3.3;9.3.3 What Should You Settle for?;191
16.4;9.4 Selecting Your Consultant;192
16.4.1;9.4.1 What is the Consultant’s Relevant Background and Experience?;192
16.4.2;9.4.2 What Can the Consultant Do for You and Agree to Deliver?;194
16.5;9.5 Expectations of Your Consultant;195
16.6;9.6 Managing Your Consultant;196
16.6.1;9.6.1 Protect Thy People;196
16.6.2;9.6.2 Define Your Consultant’s Boundaries;196
16.7;Reference;197
17;10. Action Plan;198
17.1;10.1 Checkpoint #1: Prepare;199
17.2;10.2 Plan to Achieve 100% – Establishing Milestones;200
17.2.1;10.2.1 Sub-contract Manufacturing (Class 2 Medical Device Example);201
17.2.2;10.2.2 Setting Up a Manufacturing Facility;203
17.3;10.3 Execute to Achieve at Least 50% – Financial Plan;203
17.4;10.4 Staffing;205
17.4.1;10.4.1 About Hiring;205
17.4.2;10.4.2 About Interviews;206
17.4.3;10.4.3 Working for a Start-up/SME Phobia;207
17.4.4;10.4.4 About Compensation;208
17.5;10.5 Place of Operations;208
17.5.1;10.5.1 Do you Need an Address?;208
17.5.2;10.5.2 Settling on an Operations Location;209
17.5.3;10.5.3 Facility Layout Requirements and Renovations;210
17.5.4;10.5.4 Telecommunications: Internet, Phone, Fax and Photocopier;212
17.5.5;10.5.5 Equipping your Office;213
17.5.6;10.5.6 Equipment Purchase and Leasing;213
17.6;10.6 Final Instructions;214
18;11. When the Rubber Hits the Road;216
18.1;11.1 Checkpoint #2: Execution;217
18.1.1;11.1.1 Implement Wisely;217
18.1.2;11.1.2 Exercise Financial Prudence;218
18.1.3;11.1.3 Focus on Your Product not S&T;218
18.1.4;11.1.4 Make Good Business Decisions Especially Checking Overextension;218
18.1.5;11.1.5 Yet be Flexible;219
18.1.6;11.1.6 Be Alert;220
18.2;11.2 Sand Through the Hourglass;221
18.3;11.3 Operations;222
18.4;11.4 Cash Flow is King;224
18.4.1;11.4.1 Spend Like a Pauper, Hoard as a Miser;225
18.4.2;11.4.2 Debt Collection;225
18.4.3;11.4.3 Paying Your Creditors;226
18.5;11.5 Managing HR Assets;228
18.5.1;11.5.1 The No One is Indispensable Rule;228
18.5.2;11.5.2 Lead;229
18.5.3;11.5.3 About Interns and Student Attachments;229
18.6;11.6 Handling Vendors and Sub-contractors;230
18.7;11.7 Establishing Enterprise Credibility;231
18.8;11.8 Managing Expectations;231
18.8.1;11.8.1 Customers;231
18.8.2;11.8.2 Shareholders;232
18.9;11.9 Board of Directors and Scientific Advisory Board: A Revisit;232
18.10;11.10 Towards Success;234
18.11;Reference;235
19;12. A Few Additional Lessons from the Battle Front;236
19.1;12.1 Situational Assessment;236
19.2;12.2 Character;237
19.3;12.3 BS and Saving Face;239
19.4;12.4 Rose;240
19.5;12.5 The Kiss Principle;241
19.6;12.6 Credentials;242
19.7;12.7 Daylighting;243
19.8;12.8 Balancing Act;244
19.9;12.9 Read, Customize and Apply;245
19.10;12.10 Rock and Roll Inspiration;246
19.11;12.11 Epitaph or Glory?;246
19.12;References;248
20;13. Arrival;250
20.1;13.1 Checkpoint #3: Facing Reality;250
20.2;13.2 From Start-up to Profit and Beyond;253
20.2.1;13.2.1 Revenue Landmarks;253
20.2.2;13.2.2 Growth Milestones;254
20.2.3;13.2.3 From Profit to Exit by IPO or M&A;255
20.2.4;13.2.4 From Runway to Jet-stream;257
20.3;13.3 Rewards and Accolades;258
20.4;13.4 Achievements;259
20.5;13.5 Look After Your Shareholders;259
20.6;13.6 Monuments and Corporate Citizenship;260
20.7;13.7 View from Above: Looking back, Going Forward;261
20.8;13.8 Moving on;262
20.9;13.9 Gone Fishing;263
20.10;References;264
21;Index;266

Leseproben

Chapter 1 Entrepreneuring Academic Biomedical Science
This chapter commences with describing the surge of global interest in biomedical science with emphasis on Asia. The reason behind that interest is explained in terms of the industry’s present circumstance and economic potential with an eye on entrepreneurship. The prevalent attitude towards biomedical research and industry – sensationalizing its research potential and the promise of products as well as riches – is placed in perspective in line with the realities and challenges that will be confronted. The roles of academia and regulatory affairs are introduced. The chapter concludes with a survey of biomedical business opportunities and comments on what it takes to be a biomedical runway entrepreneur. Keywords
biomedical buzz and hype; Asian biomedical business potential; biomedical emphasis transiting from chemistry to biology; dispelling biomedical business promise myths; role of academia; regulatory challenges; biomedical business opportunities; start where you are with what you have Outline 1.1 The Biomedical Buzz and its Economic Potential 1.2 A Piece of the Action 1.3 Singapore’s Biomedical Endeavor 1.4 Advantage Asia? 1.5 The Biomedical Industry in Transition 1.6 Confronting Some Commonly Held Beliefs 1.6.1 Biomed Enterprises are Mega Bucks Return Ventures 1.6.2 Going Biomed is Sound as it has Potential for Good Profit, can have Fast Growth and is Recession Proof 1.6.3 All You Need is the Right Science! 1.6.4 All You Have to do is Make the Product! 1.6.5 All you Have to do is Sell! 1.7 The Academic Dilemma 1.8 The Regulatory Imperative 1.9 Biomed Businesses 1.10 Enter the Biomed Runway Entrepreneur References 1.1 The Biomedical Buzz and its Economic Potential
In July 1897, the discovery of gold in the remote Canadian Yukon was reported in the media, setting off the Klondike gold rush.1 Many were attracted by the “outrageous claims of wealth to be had for all who could get there to stake a claim”. Most could not differentiate real gold from iron pyrite or fool’s gold, let alone had any gold prospecting experience. But once the bandwagon or herd mentality started, nothing could stop a number of otherwise rational people from taking a chance for a roll of the dice to the wealth that lay in the barren ground. Within 6 months, a massive rush of 100,000 “stampeders” to the Yukon took place. Many perished on the way. For the survivors of the treacherous journey to the gold fields of the Yukon, they found that the expectation of instant fortune was nothing more than conjecture. The stampeders were late to the party, as those who were there before word got out had already been granted the deeds to the most promising gold bearing real estate. For the stampeders who persevered, they found that to recover the gold from the land was very hard work, as most of the gold was buried and not on stream surfaces as they were led to believe. Fortune seekers beware; instant riches are never straightforward, and typically end in heartache and disappointment to the un-initiated. Finally it is beguiling to note, there was one other cohort that profited from the gold rush, the “outfitters” and “suppliers” of goods to the stampeders. There will always be those shrewd enough to do well with calculated effort in any circumstance. Fast-forward roughly seven decades. In the shadow of the Silicon Valley electronics boom, biomedical research in a branch of the life sciences called recombinant DNA technology was coupled with entrepreneurship into a start-up called Genentech. Genentech eventually blossomed into a new generation of biomedi companies that spearheaded new ways of treating human diseases and disorders.2 Genentech’s scientific and technological achievements are without question. But it is the financial success of Genentech and its select group of contemporaries, specifically Amgen, that have seized the world’s attention. Welcome to the late twentieth century equivalent of a gold rush that can be termed biomed rush. Seemingly overnight, the rest of the world buzzed with the impression that the life sciences are a tremendous hotbed of activity and opportunity. News reports on television and radio, articles in newspapers and magazines, and the countless websites one can surf through on the Internet heralded a new era of technological revolution permeating across the world at the speed of a mouse click. Include the potential for generating a high financial dividend and a compelling concoction is created that should not be missed. Have all the winners been taken? Will the bonanza of opportunities in the life sciences end up the same way, as was the case for the stampeders of the gold rush? Certainly many politicians and scientists do not think so. Curious? Read on. 1.2 A Piece of the Action
Just as in the Klondike gold rush, there are those like Genentech and Amgen who arrived ahead of the pack. More conspicuously in this instance, there are and will continue to be a steady stream of stampeders, outfitters and suppliers as the saga unfolds. Why? The gold rushes of eras long-gone were about finding a precious metal that was physically deposited in the ground eons ago according to the geological timescale and whose abundance has ultimately been predetermined. The now twenty-first century parallel is unique in that the gold field, i.e. the scientific expertise and knowledge, are found in the gray matter between the ears of mobile individuals. Therefore, unlike gold, scientific knowledge is not confined by physical boundaries. The know-how and imagination of trained clinicians,ii dentists, engineers and scientists can be acquired, nurtured and transformed into biomed products generating sought-after fortunes anywhere in the world. As long as there continue to be individuals who come forward to be trained and subsequently generate new science or improve on existing understanding, the gold assets appear limitless. Consequently, the profile of the prospectors and the goldmines are different. The goldmine in this instance is the infrastructure that goes to support the on-going R&D that can be designed and built almost instantaneously, and the subsequent enterprises to be set-up. Considering the costs, governments, reputable global enterprises and wealthy entrepreneurs are obvious prospector candidates who can establish goldmines advantageously in their own backyard. Relocating the gold fields from their places of origin to the goldmines is the tricky part. Fortunately, in this age of globalization, highly talented individuals can be enticed with an open check for research incentive for example, to move to these potential goldmines. Governments, corporations and wealthy individuals, who collectively are the modern day equivalent of stampeders, can potentially do very well financially translating scientific discoveries into technology and successful businesses, provided the right lode is found and mined. Finally, today’s scientific research and associated businesses are technology intensive and require sophisticated instruments, equipment and assorted high-end lab-wares, reagents and chemicals. This has provided the opportunity for a broad spectrum of present day outfitters and suppliers to sprout up to meet the demand for new generation scientific tools and equipment, and related services and supplies. What’s the catch? For all intents and purposes, life sciences, while broad in scope, in reality is only defined as biomed in most interested parties’ eyes. Doubtless, biomed is a huge pie scientifically and financially. But it is a pie that contains only a small number of cherries on top, i.e. only a limited number of findings will turn into spectacular blockbusters, the billion dollar winners. With many national, regional and even local governments from the first to third world countries placing a bet in the biomed economic potential, the field appears very crowded. The premise that when sufficient funding is provided to do the necessary research, the next moneymaking marvel is almost certain is not reassuring. Often the road to these riches is a complex maze speckled with intricacies so that getting there is nowhere near as easy as said and done. A key impediment is the longer length of time that has to be spent on R&D. The other obvious roadblock is that much of the useful science will be under some form of intellectual property (IP) protection, and maneuvering the legal quagmire to end up with the rights to develop and produce will not be straightforward. Sanguinely, patience will prevail and less scrupulous players, pursuing questionable shortcuts to get to market quickly, do not surface. Are there better bets? Awareness of global warming, an increasing detrimental eco-system and a (perceived) move from oil dependence suggests environment and energy can be equally...