Mark Ahn Explains BioTech Startups
When Mark Ahn worked his own biotech startup, he knew that there were a few things he should do before his business could be successful. Dr. Ahn knows how startups should work, and he has done his own research to make sure he is clear on these pointers.
The Startup Needs A Board
The board of directors of the startup must be made up of industry veterans who are going to provide leadership and expertise to the business side of the company. The people who have the vision for the company have all the training and education, but they need people who understand how to make the business last. The only way for this to happen is to avoid putting friends and family on the board in favor or experienced business professionals.
Management Needs To Communicate
The board and management need to communicate regularly. If these two sides of the business get into a war over how the business is supposed to be run, nothing will ever get done at the company of any real substance.
Get As Much Funding As You Can
When this was reported by PR Newswire, many people did not realize how long the product cycle is for these companies.