Biotech start-ups are never easy. It is easy, however, to find plenty of generic advice on how to get it right, from “managing burn-rate” to “build the right team.”
The only problem is that this advice isn’t very useful, because it isn’t specific. I have yet to meet the biotech entrepreneur who set out to build the wrong team, forgot to ask for money, or who didn’t focus on their pitch-deck.
“What are some practical methods that can accelerate your biotech start-up?”
So, let’s assume your new biotech venture has a steady-hand at the leadership helm, a good nucleus of a team, and a worthy product/service. What are some practical methods that can accelerate your biotech start-up? Most of these tips center on conserving cash at the early stage (seed rounds) by avoiding unnecessary outlays. After all, if your business can’t survive the seed rounds, what is the point?
Here are 10 Practical Tips That Will Accelerate Your Biotech Start-Up:
- Don’t spend money designing, building, or promoting your brand. It is going to change soon anyway. And, this is coming from a marketer.
- Do copyright your company name. If you don’t, evildoers may, and will prevent you from using your company name. That would be a very bad day.
- Don’t build an expensive website using custom code. WordPress works just fine and, in most cases, has more than enough functionality.
- Do use a graphic artist and web-designer though. Make the website cohesive and functional. The website is the primary portal for both funding and customers.
- Don’t hire manufacturing, legal, finance, or marketing staff. Outsource this until later to save on headcount costs, not to mention the headache and time it takes to recruit.
- Do have a good R&D leader and commercial leader. Both must have recent, practical experience and will need to roll-up their sleeves. People who primarily know only how to manage other people are better off at later stages.
- Don’t spend your money on Google, LinkedIn, or other ads unless you really know what you are doing. Click farms are real and that sucking sound you hear is your cash.
- Do write compelling content for your website. Use a ghostwriter, if needed, but get material that engages your customers up on the website pronto.
- Don’t target practice new products on high-value, potential customers.The industry simply isn’t that big, and failure is a fast messenger.
- Do refine your messaging with forgiving customers who want you to succeed. Honest but friendly feedback is what a start-up needs.
Each biotech start-up is unique and will have different needs, but the commonality all have early on is stretching out cash. Contract manufacturing companies (CMO’s) like Argonaut Manufacturing Services can be especially useful in reducing capital and headcount outlays for manufacturing- not to mention reducing the square footage of space required for your facility and tooling. Similarly, developing and prototyping hardware can be exceptionally difficult. Teams like ToolBox can be worthy of your time to investigate.
“Each biotech start-up is unique and will have different needs”
At BrainSpores, we specialize in marketing and sales for biotech ventures, essentially becoming your on-demand commercialization team. If you want to rapidly accelerate your biotech start-up, contact us at firstname.lastname@example.org
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