A young biotech company does not have many opportunities to get things right. Therefore, solutions must be workable, strategic and based upon practical experience and knowledge of the business or product development issues.
Start-up and young companies need unique business and technical advice targeted to their particular development stage. Our staff has personally experienced and worked through these challenges at all stages of company and product development. As a result, we are able to provide strategic guidance and assistance tailored to your specific growth and development needs.
BioSource Consulting has over 30 years of biotechnology industry experience spanning the scientific to the operational, marketing and strategic business functions. The principal consultant has led several organizations in various capacities including CEO. He has been a co-founder of three start-up companies and was trained at one of the largest and most successful biotechnology firms in the industry. He brings practical insight in the breadth of issues faced by the client-partners he serves.
Biotechnology start-ups and development-stage companies encounter a combination of business, scientific and market development issues. A biotechnology company is a merging of science and business and therefore produces a business of uncertainty. We have experience in the many different facets of the biotechnology industry such as biologics, vaccines, therapeutics, medical devices, molecular diagnostics, point-of-care tests and laboratory-developed testing services. The clients we serve have benefited from our expertise in these industries along with our practical experience at different stages of company development. BioSource Consulting brings this diverse background expertise to each client-partner we serve.
Start-up biotechnology company assistance:
- Initial business concept and product idea strategy development
- Start-up assessment and suitability for early-stage investment
- Options to increase likelihood of funding
- Business Plan and PowerPoint Presentation assistance for fundraising activities
- Technical and scientific problem-solving
- Technical and strategic grant writing
- Due diligence for venture and angel investors
- Evaluation and recommendations in 5 major business and scientific risk categories
- Options for shortening product development, identification of hidden risk factors
- Product market evaluation and marketing assessment
- Corporate gap analysis for business, market and scientific risks
- Clinical trial management and strategy implementation
- Regulatory consultation and guidance (510(k), PMA, IND)
- Management consultation with an action plan for staffing and changes to improve productivity, efficiency and organization design
- Business model strategy development assistance
- Independent Board Director participation
- Scientific Advisory Board Member participation
Biomedical Cluster Development Assistance:
Biotechnology growth and expansion is concentrated in geographic “hubs” or “clusters” each possessing a similar mix of certain elements. There are Five Essential Elements universal to all biotechnology clusters, and these are vital to the successful establishment of new biotechnology hubs in any region. In chapter 5: “Five Essential Elements for Growing Biotechnology Clusters” of the book “Biotechnology Entrepreneurship: Starting, Growing and Managing Biotech Companies” I describe these essential elements and discuss the enhancers of growth and expansion for biotechnology clusters.
Many local governments and municipalities have implemented incentive programs to encourage biotechnology cluster development within their region—but all have not been successful. Biotechnology industry expansion is disproportionate to geography, having little correlation to the number of incentives these regions offer.
BioSource Consulting Group will work with local officials, university leadership and industry in the assessment of the five essential elements, ranking its individual strengths, provide a gap analysis to determine the key focuses, and provide a road map for accomplishing these strategic objectives. Through concerted efforts from both public and private entities, and careful monitoring to ensure these Five Essential Elements are present, a thriving biotechnology cluster can emerge in any geography. Biotechnology clusters are a tremendous source of benefit to any locale, their greater region and, through its products, to the world.