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Having an affinity for science is essential for entrepreneurs to succeed in biotechnology, according to Robert Gonzalez, ‘84, president and CEO of New Neural LLC.
But you need both sidesthe tech side of ‘does it work?' and the business model that gives you a reliable product and profitability, added Gary N. Keller, CEO and founder of ZelleRx, which is developing a new way of fighting cancer based on killer cells.
Gonzalez and Keller were among panelists who described their personal experiences in starting a business to BioPharma, a new GSB student group, at Gleacher Center in downtown Chicago on January 15. Each speaker pointed out that biotech companies are riskynew companies must understand the regulations involved and the difficulty of marketing a product that might never have been imagined before.
Bankrupt companies don’t make a difference in the world, Keller pointed out.
Brian Coe, ’99, CEO of LithoLink, founded his company to disseminate the ideas of his father, a medical researcher, said entrepreneurs must consider the personal costs of entering biotech. Will they need to raise money from their family? Are they good at everything from motivating workers to marketing a productor does someone need to be hired for some tasks? Can they face the fact that the product they are developing simply doesn’t work? Do they have spousal support?
The definition of failure is that you're broke, Coe said. But there’s another kind of failurewhen you don’t like what you're doing. If you don’t like the job, if the costs are too high, you should exit.
Immanuel Thangaraj , AB ’92, MBA ’93, senior managing director at Essex Woodlands Health Ventures, said, There are four stages to starting a company from the perspective of investors. The concept stage, in which you prove the science; the start-up phase, when you prove that the product matters; the third stage, where you collaborate with corporate partners and you have a strategy to commercialize; and the exit stage, where you hopefully sell the company for more than you invested.
Passion for the work is important, according to Mich Hein, president and CEO of Chromatin, Inc.. If it’s not something you truly love, in my experience you can’t do it.
Jennifer Vanasco