AsianScientist (May 22, 2011) – With your papers published and your patent portfolio lined up, your new technology for green energy, curing cancer or vaccinating against nicotine is finally complete. Now, it is time for the world to recognize your genius and send your technology on the fast-track to market success.
But not so fast, the number of superb technologies at the bottom of the biotech start-up waste basket is huge and many if not most of them, all else being equal, were probably good enough to go commercial.
So why aren’t most academic scientists millionaires?
1. You may not have assembled the right team for this technology.
When asked, VCs will tell you that a technology’s likelihood of success is based on the team backing it up. The worth of a new company is essentially the sum of its capital minus its debt. Capital can be intellectual in the sense of licensed and patented technology, but it is also human capital. In some ways, the ability to draw in resources, generate investment enthusiasm and fix the thousands of problems that will be encountered along the timeline of commercialization is the ability of human, rather than physical or intellectual capital. Having the right level of seniority and accomplishment in the project, wherein the leaders of the new venture are senior and connected enough to convince the field of the internal value, but not having people so senior that they don’t actually do anything productive other than lend their names, is critical. Without it, many good technologies never get out of the gate.
To read the full, original article click on this link: 7 Reasons Why Academic Scientists Fail At Commercialization
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