Entrepreneurship: The process of designing, launching and running new business. The people who create their businesses are called entrepreneurs.
By the very nature of the profession, doctors become “good doctors” by developing strong entrepreneurship qualities. Running an own private practice or being part of a large group practice, each provides for taking on sizable risk and executing resource allocation tasks where one must embody strong communication qualities to see positive outcomes for patients and overall health of the practice.
Science of Business vs. Science of Medicine
Physicians have great ideas, want to help people and understand the overall science of medicine. The science of business, however, is a whole other ballgame and engaging synergies between medicine and business often is a task doctors struggle with. Just because doctors are not by training “wired” in the science of business does not mean they cannot learn and evolve the commercial skills necessary to launch their startup. But, it is key to understand and respect just as there is a science to medicine there is also a science to business.
We often see this being ignored. Doctors may be perceived by some to have issues shedding their ego. We expect this would be the less true the more successful a doctor (or any other entrepreneur in any other field) is – the success being a derivative of teamwork and accepting one’s individual limitations. In innovative ventures for sure, ignoring the essential entrepreneurship quality of accepting advice from others will likely poise for failure. The first rule of the science of business is for the CEO/Founder to realize they are not the smartest person in the room or on the telephone.
The science of medicine and science of business only meet a pinnacle in an environment right “for bees to make honey.” Best practices in biotech entrepreneurship call for structuring corporate organisation systems and processes that enable the enterprise to succeed. Drawing from the multidisciplinary set of expertise spanning medical and business sciences is essential. Launching a biotech startup travels a journey of complex challenges and CEOs are tasked with managing a wide array of topics in parallel where detailed expertise in each is required.
Unique First Hand Experience
The biotech community is composed of extremely smart individuals and your firm will receive employee applications from really smart scientists, highly capable technicians and terrific marketers. As the CEO evaluates the best team members to help lead the firm to success, it is essential that candidates understand the unmet need your product is going to fill in the marketplace.
Your product will not be successful unless it is faster, cheaper, safer and better than what is currently on the market and in competitors’ pipelines. Even more though, your management team and employees need first hand experience understanding how their experience and “tool-kit” will be engaged to the problem your product solves.
Putting the above to work, there is terrific opportunity for doctors who have been in practice for years “knowing what is needed” and have experience in the multidisciplinary art of creating winning teams. Many physicians are seeking alternative revenue streams and can leverage years of practice experience in the quest of innovating and commercializing new products. Doctors who understand biotech entrepreneurship essentials will capture the greatest opportunity rewards.