Transcript Slide 1

The Business of Science
Starting and Growing Your Career
And
Starting and Growing a Company
© 2011 The Business/Technology Interface, LLC
The Bad Old Days
“ The purpose of this program is to train
scientists for academia, not [prostitutes] for
industry”
A UAB Professor
Sometime in the 70s
© 2011 The Business/Technology Interface, LLC
What We’ll Discuss
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Ph.D.s and the Business of Science
An Effective Entry Strategy
Getting Started on the Business Side
You’ve Got a Job – Now What?
Starting a Company
© 2011 The Business/Technology Interface, LLC
Ph.D.s and the
Business of Science
© 2011 The Business/Technology Interface, LLC
Basic Types of Science Businesses
• Research Tool Companies
– Make products used in labs
• Contract Service Organizations
– Provide services, typically to drug developers
• Biotech / Pharma
– Develop drugs or diagnostics
© 2011 The Business/Technology Interface, LLC
What Can Ph.D.s Do in Industry?
FUNCTION
Research
Development
Manufacturing
MAKES
Discoveries
Product
Sales Stock
Quality / Regulatory
Marketing / Sales
Management
The FDA Happy
Customers
A Business
© 2011 The Business/Technology Interface, LLC
Entry Level Positions
ToolCo
Lab Bench
CSOs
Lab Bench
BioPharma
Lab Bench
Tech Support
Marketing
Sales
Marketing
Sales
Marketing
© 2011 The Business/Technology Interface, LLC
Several Pathways to Business
Academia
Graduate Student
Post-Doc
Industry
Bench Science
Business
© 2011 The Business/Technology Interface, LLC
Why Move to the Business Side?
• Enjoy science, tired of the lab
• More interaction with people
• Skills that you don’t get to use in the lab
• Interested in the “big picture” of how a
company works
© 2011 The Business/Technology Interface, LLC
Reasons Not to Move…
• You’re basically in it for the money
• You think that it will be easier
• You think that it won’t be as competitive
• You think that a Ph.D. can run circles around
those MBA types
© 2011 The Business/Technology Interface, LLC
An Effective Entry Strategy
(That Most of You Have Never Considered)
© 2011 The Business/Technology Interface, LLC
Ph.D. Positions in Business
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Senior Management
Business Development
Technology Licensing
Strategic Planning
Sales
Easiest Way to Start!
Marketing
© 2011 The Business/Technology Interface, LLC
Sales and Marketing?
Classic places to start a career
• Lowest barriers to entry
• Highest visibility
• Best places to learn the business
© 2011 The Business/Technology Interface, LLC
Don’t Take My Word For It
“The fastest route up the corporate ladder is
through the marketing side”
Survey results – Korn/Ferry International
© 2011 The Business/Technology Interface, LLC
Needed For Business Success
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Interpersonal skills
Detailed product knowledge
Knowledge of the customer
Understanding of all sides of the business
Ability to sell yourself and your ideas
This is the same skill set
required for sales success
© 2011 The Business/Technology Interface, LLC
Sales vs. Marketing
Marketing
Sales
• Indirect
• All Customers
• Abstract
• Direct
• One Customer
• Concrete
Marketing and Sales are part of a
continuum aimed at getting goods and
services to the customers
© 2011 The Business/Technology Interface, LLC
Me Selling? – No Way, No How!
• A business must sell its products to exist
• Salespeople make that happen
Being critical to a business’
survival is a good way to be an
important part of the business!
© 2011 The Business/Technology Interface, LLC
Popular (Mis)perceptions
Sales & Marketing are:
• Dishonest
• Sleazy
• Unethical
• Manipulative
Success involves:
• Lying
• Cheating
• Stealing
The Reality – Customers don’t tolerate this
behavior. Successful salespeople in science
have high ethical standards.
© 2011 The Business/Technology Interface, LLC
Getting Started on the
Business Side
© 2011 The Business/Technology Interface, LLC
Getting Started on the Business Side
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LOOK for an opportunity
ASK for a chance
EMPHASIZE your strengths
SHOW what you can do for them
• NETWORK, NETWORK, NETWORK!!!
© 2011 The Business/Technology Interface, LLC
Things That Don’t Work Very Well
• Sending resumes to HR departments
– Generally go straight to recycling bin
• Responding to on-line and print ads
– You and 8,000 others…
– Try to get introduced to the hiring manager
• Pestering recruiters
– Not used for entry-level positions
• Hoping for a miracle
© 2011 The Business/Technology Interface, LLC
Things That Work Well
• Network, network and network some more
• Informational interviewing
– “I’m looking for advice”
– “How did you get where you are?”
– Look for people 2-3 years ahead of you
• Speaking with company representatives
– Trade shows are good venues
• Sending thank-you notes
© 2011 The Business/Technology Interface, LLC
Your Presentation Package
You should have the following:
• Resume
• Cover letter
• Business card
Proof-read carefully – mistakes and
typos are the kiss of death
© 2011 The Business/Technology Interface, LLC
Cover Letter
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Explain your background
Emphasize your strengths
Match your strengths to their needs
Show what you can do for them
Show how you can make the transition
Must complement resume
© 2011 The Business/Technology Interface, LLC
Resume
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NOT an academic CV
Specific to the position
Reasonable objective
Focus on business skills
Highlight achievements
Outside activities can be important
– Most important in early stages of career
• Must complement cover letter
© 2011 The Business/Technology Interface, LLC
Business Card
• Essential networking tool
– Reminds them of who you are
• Does not need to be fancy
– Skip logos, fancy printing
• Get professional printing
– Can go online – free or low cost
• Have a professional e-mail address
© 2011 The Business/Technology Interface, LLC
A Sample Business Card
Janice Smith
Graduate Student in Biochemistry
University of Nebraska Medical Center
Mobile: 123-456-7890
© 2011 The Business/Technology Interface, LLC
[email protected]
You’ve Got an Interview!
• Research the company
– Know all about them
• Prepare answers for obvious questions
• Have questions to ask
– Duties
– Opportunity for growth
– Don’t get hung up on salary
• PREPARE, PREPARE, PREPARE
© 2011 The Business/Technology Interface, LLC
Face To Face
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Dress professionally – a suit is best
Don’t slouch
Look people in the eye
Be yourself – and be confident
Remember your preparation
Get cards from everyone you speak with
– Thank-you notes are always in order
© 2011 The Business/Technology Interface, LLC
You’ve Got a Job – Now What?
© 2011 The Business/Technology Interface, LLC
The Business Environment
• Collective decisions
– Work to be part of the process
• Teamwork is important
– More interdependency than academia
• Deadlines are critical
– Always be early
© 2011 The Business/Technology Interface, LLC
Getting the Next Position
• Do your job as well as you can
– Nothing else matters if you don’t do this
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Accept/adopt constructive criticism
Develop a reputation for integrity
Don’t be afraid to volunteer
Don’t be afraid to express opinions - nicely
Always be on time
Be friendly – but not a pest
© 2011 The Business/Technology Interface, LLC
Internal Networking
• Get to know people in other departments
– Helps you to learn of opportunities
• Opportunities to meet people
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Company events
Company teams
Volunteer work
Come in early – stay late
• Be genuine – people can see ulterior motives
© 2011 The Business/Technology Interface, LLC
Continually Improve Your Skills
• Read the business press
– The Wall Street Journal
– Forbes, Business Week
• Improve your presentation skills
• Coursework
– Accounting
– Other business courses
© 2011 The Business/Technology Interface, LLC
Starting a Company
(A Few Things to Remember)
© 2011 The Business/Technology Interface, LLC
Check Your Ego at the Door
• The Reality
– Entrepreneurs have egos and boundless confidence
• The Other Reality
– You aren’t superhuman
– There are things that you can’t do (really!)
– There are things that you shouldn’t do
A degree of humility is good –
egotists impress only themselves
© 2011 The Business/Technology Interface, LLC
Get “Calibration” on Technology
• Is there a real need for it?
– Outside confirmation is best
• Will VCs invest in your good idea?
• Talk to people – and listen
– VCs and other advisors
• Have trusted advisors probe their contacts
Just because it sounds good
doesn’t mean it’s fundable!
© 2011 The Business/Technology Interface, LLC
Listen to Your Advisors
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Get the best advisors that you can
Ask their advice – often
Listen closely to the answers – and act on them!
If you don’t agree, discuss it some more
Make sure that you know why you’re acting
You don’t have all of the answers –
come to terms with it and move on!
© 2011 The Business/Technology Interface, LLC
Before You Meet “The Money”
• “Elevator Pitch”
– Short introduction to your business
• Technical Summary
– Non-confidential introduction to the technology
• Business Plan
– Full description of your business
– Includes well-rehearsed presentation
© 2011 The Business/Technology Interface, LLC
Business Plans, Etc.
• Business plan appropriate to level of funding
– Don’t need IPO prospectus for angel funding
• Have it read and reviewed by many people
– Trusted advisors, friendly VCs
• Don’t be afraid of professional writing
• Get help with PowerPoint® presentations
– Good design, then practice, practice, practice
© 2011 The Business/Technology Interface, LLC
Patent Lawyers are Expensive
• Don’t patent just because you can
• Use provisional patents
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Fairly inexpensive
Review the idea in 10 months
You still have 2 months to file if it’s still relevant
Don’t wait until the last minute!
• “We’ve spent all our money on lawyers, but
we have great IP” = “We’re vulture bait”
© 2011 The Business/Technology Interface, LLC
Don’t Hire Unnecessary FTEs
• Not all management needs to be full-time
– CFO, COO – maybe needed a few days per month
– Business Development, Human Resources?
• These people are expensive
– $150,000/yr person costs about $170,000/yr
– $1500/day, 1 week/month costs $90,000/yr
– Savings of $80,000/year
© 2011 The Business/Technology Interface, LLC
Be Careful with Early Money
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Don’t have big events
Don’t hire unneeded advisors
Don’t get fancy offices
Only buy equipment that you need
– Do you really need it?
– Can you get access somewhere else?
– Consider used / refurbished
Show good judgment to investors!
© 2011 The Business/Technology Interface, LLC
Above All, Have Fun!
Starting a company is hard work – don’t
do it if you don’t enjoy it!
© 2011 The Business/Technology Interface, LLC
Contact Information
by mail:
21 Tenby Chase
Voorhees, NJ 08043
by telephone:
856-753-7650 (office)
by facsimile:
856-753-4634
by e-mail:
[email protected]
© 2011 The Business/Technology Interface, LLC