Myositis and Patient Safety

Healthcare and Pharmaceutical Enterpreneur Meet

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Many biotech companies are founded by scientists. But there is certainly a path, somewhat less trodden but nonetheless viable, for the inspired entrepreneur who may not be a brilliant researcher.

Each year, over a million companies are started in the US with about 5–10% (57,793 in 1998) of them classified as high technology companies1. Many nascent entrepreneurs exist around us, and thinking about starting a new venture is not an uncommon activity—in fact at any given point in time, over 4% of the working age population might be thinking of an idea for a new venture2. Not surprisingly, turning ideas into business ventures is tricky: only about 10% of budding entrepreneurs have a new firm in place within 12–18 months3; the other 90% either fail to define a sound business model that can drive their business idea forward to a new venture or realize their idea was flawed.

A key ingredient in successful entrepreneurship is self-knowledge. If entrepreneurs know their limitations and strengths, they may be able to avoid some common pitfalls in starting up a biotech company.