It’s difficult to imagine anyone launching a biotech company in anticipation of it stalling and becoming a turnaround three or five years later. Still, many companies find themselves just a few years after launch in a position where growth (if there was any) has stagnated and raising capital is increasingly difficult. In our experience there are three reasons why biotech turnarounds are so hard.
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?
Marketing clutter accumulates the same as the detritus in a teenager’s room. Worn tactics are tossed about the floor, taking up valuable space. The laundry basket is overflowing with campaigns that have outlived their usefulness but nobody really wants to take the initiative to clean them up. Out dated materials for sales reps are littered about, like old homework assignments. It's time to declutter!
Are you a haggler or a negotiator? I was talking with a research colleague, and she was certain that she was a negotiator- but the more we discussed her actions and intents as she tried to purchase a PCR machine, the less certain we both became. While we may want to think we are good negotiators the truth is that we might actually be hagglers. To find out if you are a haggler or negotiator, answer two quick questions.
A golden age of biology may be returning. The DIY Biology Movement, more focused on exploration of molecular biology questions than complaints about funding.
Here are some common reasons why companies offer lab freebies like test samples, and ways you can take greater advantage of them. Find out how to get more freebies from your biotech sales rep.
Get lower lab equipment prices from biotech sales representatives with these scenarios, tactics, and negotiation techniques.
Use practical strategies and tactics to lower reagent prices when dealing with biotchech sales representatives.
The key points to remember when dealing with biotech sales representatives are that they only have two currencies: Their reputation and their time.
Biotechnology innovation in tool companies face five roadblocks: risk aversion, forecasting, core competency, killing too early, and snuffing curiosity