Turning a great idea into a viable startup takes patience, persistence, and more than a little luck.
But when an idea originates in a lab whether it’s artificial intelligence, biotechnology, robotics.
Some other deep-tech research project things quickly become more difficult and much more expensive.
So how do you manage the complex transition from a research project to a commercialized business? There’s a lot packed into this one question, which is why we’re excited to have Pae Wu.
General Partner of SOSV and CTO at IndieBio, join us at TechCrunch Early Stage on April 20th in Boston, Massachusetts.
It’s one thing to build a prototype that works in a controlled lab environment.
It’s quite another to go into production and have your creation work consistently in the real world – every time.
How to Turn Research into Business
Technical considerations are just one aspect of commercializing a lab project that Wu can address in a session titled “How to Turn Research into Business.”
Here’s why we believe it’s a great choice to tackle this topic.
At both SOSV and IndieBio, Wu is responsible for portfolio management and technical oversight.
It invested in high-risk solutions to intractable problems (government and corporate).
A sample of SOSV portfolio companies include Apix, New Age Meats, Perfect Day and Re-Nuble.
Wu uses rigorous science and engineering to transform new technologies into solutions for national defense, humanity and the planet.
Prior to joining IndieBio, Wu served as Scientific Director of Alpha, Telefónica’s Barcelona Moonshot manufacturing facility.
Her earlier career includes serving as a science director at the US Naval Research Office (Global) and as a technical consultant at the Defense Advanced Research Projects Agency (DARPA).
All TechCrunch early stages include plenty of Q&A time to get answers directly from the speakers.
You’ll leave with a deeper and more functional understanding of the topics and skills necessary for startup success. Buy your founders ticket early and save $200.
There are many options available to determine the physical location of the launch lab.
These include renting laboratory space in a commercial location or in an incubator.
Traditionally, it is more expensive for a start-up lab to rent commercial space with existing lab equipment than to set up a lab in an incubator.
Many states are making dedicated wet-lab incubation facilities available to help commercialize critical technologies and create jobs to strengthen local economies.
In New Jersey, incubation facilities at the Center for the Commercialization of Innovative Technologies (CCIT) offer plug-in ready wet and dry lab modules with hoods and sinks to life sciences and pharmaceutical start-ups; office space, including offices and apartments; Conference rooms; and shared bathrooms and dining rooms.
There are certain requirements that a start-up lab must meet in order to use the CCIT incubation facility. The start-up laboratory must submit an application to the CCIT Advisory Board, which will assess the business plan and funding sources available for one year.
It is worth noting that one of the characteristics of CCIT is that start-up labs can stay for a maximum of five years.
They then “graduate” and move into commercial laboratory space. Some incubators have no time limit.
After securing laboratory space, whether in an incubator or a commercial facility, the next step is to secure office and laboratory equipment, whether new or used.
New office and laboratory equipment is available on the open market, and used office and laboratory equipment can be purchased at large pharmaceutical auctions or from online surplus asset sales channels such as GoIndustry DoveBid, which cater to the biotech, life sciences and pharmaceutical industries.
Sources: Techcrunch | labmanager