Ask Dr. Clemmons is a monthly advice column
for scientists and engineers who are seeking top-notch academic,
career, and personal development advice. Please read the
introductory article and
my most recent article to see what the column is all about, and
then send me a question of your own!
Dear Dr. Clemmons:The topic of alternative
careers in science is one that comes up a lot nowadays, even in
academia, so I was comfortable enough to tell my Ph.D. adviser that
I would like to start a company based on my Ph.D. thesis project.
To my surprise, he was very supportive of the idea but told me in
no uncertain terms that he was not interested in pursuing such an
endeavor. Therefore, I am free to take my research with me in
pursuit of this goal, but at best, all he was ever going to be was
a silent partner in the enterprise.
E-mail your questions for Dr. Clemmons tomsnadvice@aaas.org.
I am writing you now out of desperation because I am
supposed to finish my degree sometime next year, but I realize that
I haven't a clue as to how to get started building my business,
especially in the midst of finishing my thesis. I realize I need to
hit the ground running as soon as possible once my Ph.D. is done,
and I have to prioritize. Dr. Clemmons, can you help me outline the
things I should consider and point me in the right direction for
getting started down this path of entrepreneurship? It has been my
passion for a long time, but now that the opportunity has arisen, I
find myself unprepared.
Sincerely,
Want to Start a Company, But I Don't Know How!
Dear Want to Start a Company:
This is a perfect case of "be careful what you ask for because
you just might get it." However, it is a good situation to find
yourself in! I wish more students had the kind of entrepreneurial
aspirations you have, because ownership is a key component of
prosperity in the long run.
Tapping the Brainpower of Others
Ownership of your ideas is more important than ever for
scientists and engineers, because patents and other forms of
intellectual property may equate to a substantial source of
revenue. The good news is that scientific entrepreneurship is
currently all the rage! Although it may be time-consuming, getting
large numbers of people interested in your idea is the key. Be
patient and consider enlisting the help of other, more
business-savvy individuals to assist you with the commercial end of
things until you can come up to speed.
If your university has a business school, find like-minded
individuals to work with, or tap into the professorial brainpower
that may be available to you at low to no cost. If there is no
business school at your university, determine which community
resources are available to assist biotech or high-tech business
start-ups. Also, seek the advice of successful business people with
science backgrounds. They may or may not be in your geographical
area, but you should reach out to them anyway.
Patents
To get started, closely examine your area of research and your
particular project to determine how to patent the technology.
Without at least afiledpatent application, you can forget
raising any money for the endeavor; do a patent search at the
United States Patent and Trademark
Office Web site and determine whether your idea differs from
others in the database. Patent approval depends on originality.
Also, examine trademark logos of other patents in the field, and
use your creativity to develop your own brand. Your university's
intellectual property or technology-transfer office may be able to
help as well.
Unfortunately, if you have already published data relevant to
your start-up idea without filing a patent, it may be too late to
file. Instead, think of alternatives to build your business. This
may mean coming up with a new scientific idea. Remember, patented
technology is the most important thing a biotech or high-tech
business can own.
Marketing
During the patent application process, write a business plan,
making sure you are honest with yourself in assessing the true
market potential of your idea. In other words, "What is different
about your idea, and what does any product that may result from
your research offer the market?" This exercise will increase the
chances your project will be funded by academe, government, or
industry. You may want to ask an MBA student for assistance or get
some other professional help. Critical milestones exist in the
scientific entrepreneurial process that will dictate your ultimate
success or failure. Developing and following a marketing plan makes
the process of starting your business easier.
Finding the Money
The next step will be to find backers for your commercial
enterprise, unless you happen to be independently wealthy. This may
also be done in conjunction with the first two steps (marketing and
filing a patent) if you have time. If not, don't worry about it. No
one is going to want to throw money at a half-baked idea; investing
the time in careful planning is more important.
Potential funding sources include grants, angel investors
(private individuals or investment clubs that invest smaller sums
of money, usually less than $2 million), and university-related
coffers, for starters. A venture capital firm may want to get
involved at a later stage after your idea has shown some promise,
but be wary of giving away too much of your corporation if you are
desperate for a deal.
Intellectual Freedom and Financial Independence
Your situation is an example of what I consider one of the best
kept secrets in higher education: Our system's ability to support
those who search for innovative ways to further our nation's
technological advances through entrepreneurship. Gone are the days
of simply training scientists and engineers just to work for
someone else. I commend you for seeking intellectual freedom and
financial independence and realizing that an advanced degree alone
does not necessarily help you reach these goals. It also takes hard
work, persistence, a "get-it-done" attitude, and the consultation
of others. I have confidence that you will make your dream
happen.
I am glad that you have indicated your willingness to take a
risk in your career, because building a business is just that:
risky. You may succeed, you may fail, but either way you have to
keep going. Success requires constant shepherding of your good
ideas and status; a failure will require you to get up, dust
yourself off, and try again. Minorities and women may especially
find success in these types of endeavors a daunting task due to
misperceptions about their abilities; however, we are just as
capable. In time, many more Fortune 500 companies will be led by
minorities, and more people from these groups will consider the
risks of striking out on their own to be just as attractive as
working for someone else.
Please tune in to my column next month for a more in-depth
analysis of your options and a roster of resources that you may use
when it comes to starting a technology-based business that builds
on your Ph.D. thesis. They include starting a private or venture
capital-backed company, or becoming a consultant. I will discuss
the pros and cons of each. Please keep me apprised of your
progress. Good luck!
--DR. CLEMMONS