Moving from an academic career, to being founder of a start-up is an exciting and a challenging journey. An innovative idea is necessary, but not every good technology is a good product, and not every good product can result in an investible and growing business. I'll give a short overview of my own experience building a digital biomarker company, and then talk through some of the choices you will have, and the questions you might ask yourself in deciding if you want to become and entrepreneur.
Core questions to ask yourself include:
- Complete the sentence “we can be the best in the world at ……”
- How much can your research institution help you, and what external input do you need?
- What intellectual property do you have (including know-how) and how can you protect it?
- Do you need a start-up, or can you license to an existing company?
- Have you talked to people who will use your invention, and to people who have sold this kind of product or service?
- What existing companies serve the same need? (even if the do it with an inferior technology)
- Do you need venture capital investment for R&D, or can you grow organically?
Disclosure statement: Brian Murphy is a founder, employee and shareholder at Cumulus Neuroscience
This session was recorded during the 35th ECNP Congress Vienna 2022.
