Starting a company is but one of many ways to create user defined value through the deployment of innovation. For bioentrepreneurs, particularly those who are intrapreneurs or who work in academic medical centers, the focus is on solutions and product-market mix, not the problem, and how to start a business is a mystery. If you are a bioengineer, scientists or health professional thinking about starting a business, here is a checklist of things you need to do to get you started:
Decide whether, in fact, you have an idea or an invention or discovery that can be converted into a technology, a product or a business
Get education, resources, networks, mentors, experience and build your support system
Talk to your technology transfer office about your rights and obligations if you are a university employee
Create a separate bank account and accounting system and find money to put into the account
Decide whether and how you will need regulatory approval for your solution
Register your business name with your state government.
Learn which tax identification number you’ll need to obtain from the IRS and your state revenue agency.
Register with your state to obtain a tax identification number, workers’ compensation, unemployment and disability insurance.
Get a list of federal, state and local licenses and permits required for your business.
Learn the legal steps you need to take to hire employees.
Build your team
Make a website, a one page executive summary, a 2-3 minute video telling your story and a 10 slide PPT presentation
Once you have done these things, now the fun begins. But, there is no reason to go through all these steps if you 1) don’t have a reason to start a business, 2) don’t have an entrepreneurial mindset , or 3) can’t answer why you would want to do something like this.
Arlen Meyers, MD, MBA is the President and CEO of the Society of Physician Entrepreneurs