The traditional way to spin a company out of academia is.. you do all this hard work, publish a paper, and then you think “oh maybe there’s a company here!”. But the challenge with this approach is that you might do years of work and realise that you’ve solved the wrong problem.

You may think that partners care about scientific ideas. They don’t. VCs will invest in you if they think you can create a billion-dollar company. Pharma will partner with you if you can help them achieve their goals. And they’re not evil, everyone just has their own goals.

In healthcare, it’s not about how you can use your technology to help the patient. It’s about using whatever technology you have to use to help the patient. In this end, you may have to use technologies that you never used in your research career.

Academia and industry are two different worlds. George Church has said, “As an academic, your job is to spend money, which means you can take gigantic leaps… almost artistic leaps! In corporate, you have to make money, which means you can’t take those gigantic leaps”.

So how do you know which leaps to take? Talk to those who’ll be the users: 

“Let’s assume I can solve this. Does that make you excited? Would you pay for it? What else would you need to know before you can use this technology?”

Talk to folks in other companies, Pharma, or investors who’ve invested in this kind of companies to understand the marketplace and the key challenges.

When you’ve derisked the market, then it’s a matter of “can we actually do it?”.

Plus, when you know that there is a market for what you’re building, you’re more confident, focused and motivated.

Now… all this is easier said than done.

Because in every great scientist, often, there are inner forces that work against this new mindset…

You guys are artists taking artistic leaps as George Church said. And as an artist is obsessed with her art, you’re obsessed with your science. That’s wonderful! To me, obsession is a form of love. You’re obsessed with science, I’m obsessed with my leadership tools and theories. I get you.

The artistic part of yourself may not feel like “commercialising” or talking to partners and investors who can’t—and will never—fully appreciate your art. But, there’s a possibility here: to find beauty in making something out of your art and giving it to the patient.

Achieving that won’t be easy. Some people will question your art. Others will say you can’t do it. You’ll hit walls with partners and regulators. You’ll question yourself, “why would I ever want to go through all this?”

But it’s worth it. It’s why you started this company. Because you’re now obsessed with the vision, with the impact, with the patient. 

Dalton Caldwell, a Partner at YCombinator, has said, “Do you know what gives you passion? The damn thing working. Users. Revenue. Numbers. What you didn’t have an idea about and all of a sudden appears to be a business that is working.”

Although he was not talking about biotech, this applies to biotech too. It’s no longer about just cool scientific ideas. It’s about getting faster to the patient and saving lives. That’s the only thing that matters. That’s the absolute passion and reward.