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

MAKING PLATELETS: How Scientists Become Entrepreneurs www.drthon.com drjthon@gmail.com HackMyPhD | Brandeis University

2 Who Am I? Jonathan N. Thon, Ph.D. McMaster University UBC Harvard Medical School / Brigham and Women’s Hospital (Hons.) B.Sc. Ph.D. Postdoctoral Fellow Instructor Assistant Lecturer Biotech. & Genetic Eng. Biochem. & Mol. Bio. Professor Editorials/Lectures: University Affairs Journal Career http://www.universityaffairs.ca/opinion/the-black-hole/ Platelet BioGenesis Co-Founder, Cons. CEO/CSO 2000 2004 2008 2012 2016 2020

3 Who am I? Jonathan N. Thon, Ph.D. McMaster University UBC Harvard Medical School / Brigham and Women’s Hospital (Hons.) B.Sc. Ph.D. Postdoctoral Fellow Instructor Assistant Lecturer Biotech. & Genetic Eng. Biochem. & Mol. Bio. Professor Editorials/Lectures: University Affairs Journal Career http://www.universityaffairs.ca/opinion/the-black-hole/ Platelet BioGenesis Co-Founder, Cons. CEO/CSO 2000 2004 2008 2012 2016 2020 2015 2015 2016 2016 2017 2017

4 Who am I? Jonathan N. Thon, Ph.D. McMaster University UBC Harvard Medical School / Brigham and Women’s Hospital (Hons.) B.Sc. Ph.D. Postdoctoral Fellow Instructor Assistant Lecturer Biotech. & Genetic Eng. Biochem. & Mol. Bio. Professor Editorials/Lectures: University Affairs Journal Career http://www.universityaffairs.ca/opinion/the-black-hole/ Platelet BioGenesis Co-Founder, Cons. CEO/CSO 2000 2004 2008 2012 2016 2020 2018 2018

5 Translational Research is Scientist Driven and Institutionally Supported ▪ Why do Scientists Engage in Entrepreneurship? ▪ What does a Startup Look Like? 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

6 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

7 Desire to improve human health and wellbeing Risk to staying at University: Opportunity Cost? 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

8 What Does A Startup Look Like?

9 First understand your market… ▪ Identify problem ▪ Define solution ▪ Resolve supply chain

10 …then plan your approach… ▪ Find weaknesses ▪ Establish timeline/budget ▪ Recruit team ▪ De-risk technology

11 … before executing on your strategy ▪ Raise seed money ▪ Negotiate intellectual property ▪ Find private (incubator) space

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

13 For Discovery to yield Economic Value Scientists must Drive Companies drjthon@gmail.com

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