How Scientists Become Entrepreneurs www.drthon.com - - PowerPoint PPT Presentation

HackMyPhD | Brandeis University drjthon@gmail.com www.drthon.com

MAKING PLATELETS:

How Scientists Become Entrepreneurs

2000 2008 2004 2012 2016 2020 Editorials/Lectures: University Affairs Journal http://www.universityaffairs.ca/opinion/the-black-hole/ Postdoctoral Fellow Lecturer Instructor Assistant Professor Harvard Medical School / Brigham and Women’s Hospital Ph.D.

• Biochem. & Mol. Bio.

UBC (Hons.) B.Sc.

• Biotech. & Genetic Eng.

McMaster University Career

Who Am I?

Jonathan N. Thon, Ph.D.

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CEO/CSO Co-Founder, Cons. Platelet BioGenesis

2000 2008 2004 2012 2016 2020 Editorials/Lectures: University Affairs Journal http://www.universityaffairs.ca/opinion/the-black-hole/ Postdoctoral Fellow Lecturer Instructor Assistant Professor Harvard Medical School / Brigham and Women’s Hospital CEO/CSO Co-Founder, Cons. Platelet BioGenesis Ph.D.

• Biochem. & Mol. Bio.

UBC (Hons.) B.Sc.

• Biotech. & Genetic Eng.

McMaster University Career

Who am I?

Jonathan N. Thon, Ph.D.

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2015 2015 2016 2016 2017 2017

2000 2008 2004 2012 2016 2020 Editorials/Lectures: University Affairs Journal http://www.universityaffairs.ca/opinion/the-black-hole/ Postdoctoral Fellow Lecturer Instructor Assistant Professor Harvard Medical School / Brigham and Women’s Hospital CEO/CSO Co-Founder, Cons. Platelet BioGenesis Ph.D.

• Biochem. & Mol. Bio.

UBC (Hons.) B.Sc.

• Biotech. & Genetic Eng.

McMaster University Career

Who am I?

Jonathan N. Thon, Ph.D.

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2018 2018

▪ Why do Scientists Engage in Entrepreneurship? ▪ What does a Startup Look Like?

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Translational Research is Scientist Driven and Institutionally Supported

Nothing to lose: why early career scientists make ideal entrepreneurs. Thon JN et al. Trends Biochem Sci. (2014) How scientists can become entrepreneurs. Thon JN, Karlsson S. Trends Biochem Sci. 2017

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Desire to improve human health and wellbeing

Risk to staying at University: Opportunity Cost?

Academic freedom? ▪ Misalignment in grant priorities ▪ High risk projects rarely funded ▪ Translational research requires validation and process optimization

Solution: Seek independent financing

Financial incentives skewed in favor of institutions not investigators ▪ % ownership of IP minimal and split amongst all inventors ▪ Recovered from royalty rate (low single-digit % of net sales) after costs ▪ Do not benefit from license fees, milestone costs, or equity ownership

Solution: Found/join startup

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Desire to improve human health and wellbeing

Risk to staying at University: Opportunity Cost?

What Does A Startup Look Like?

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First understand your market…

▪ Identify problem ▪ Define solution ▪ Resolve supply chain

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…then plan your approach…

▪ Find weaknesses ▪ Establish timeline/budget ▪ Recruit team ▪ De-risk technology

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…before executing on your strategy

▪ Raise seed money ▪ Negotiate intellectual property ▪ Find private (incubator) space

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… Enjoy the process! (otherwise, what’s the point?) …but most of all.

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For Discovery to yield Economic Value Scientists must Drive Companies

drjthon@gmail.com

Pros and Cons of Entrepreneurship

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▪ Translate discovery into application ▪ Success unique / reputation ▪ Huge financial upside ▪ Expand network ▪ New/useful skillsets ▪ Want to disrupt existing systems ▪ Exciting! ▪ Compound low margins of success / reputation ▪ No job security ▪ Requires complete commitment / sacrifice ▪ Huge time requirement ▪ Don’t like to rock the boat

Pros Cons