A new business has a lot of things to think about and choices of where to put their resources so it can start making sales and gaining traction.
Lisa Thurston helps companies put some structure around those decisions. In this episode she shared her advice for biotech startups. Of course, market research and a business plan are essential.
But there are also the less sexy things like accounting systems and legal documents. That includes things like terms and conditions, not just safeguards for your intellectual property.
Once everything is set up, tapping into your personal network can make the first sales the easiest. Beyond that, LinkedIn and even the Tech Transfer office if you are at a university, can help you find customers and start generating revenue.
The I-Corps program of the NSF operates through multiple universities and has been very successful getting startups up and running. Side note: You can learn more about the I-Corps in my interview with Stanley Maloy, Associate Vice President for Research and Innovation at San Diego State, on the SDBN Buzz podcast.
Lisa shared her ideas about collaborations, either with customers or larger companies that might generate revenue and provide new opportunities.
Don’t be afraid to ask for help. There are a lot of people who can help review your business plan and give advice.