Jorge Valdez had devoted several years of his life to researching ophthalmology, when one day he discovered something that had the potential to: Benefiting hundreds of people awaiting corneal surgery transplant.
He quickly realized that he could not continue with his idea from scratch. He had to make it real.
Mr. Valdes, an ophthalmologist and scientific researcher in the Department of Health Sciences at Tec de Monterrey, discovered a way to culture corneal cells. This could potentially be used during transplantation to improve ocular tissue recovery.
The publication became a startup, where he first needed to: develop technology, Create a minimum viable product or create a prototype and begin clinical trials to achieve a working product.
The researchers will then have to make an important decision: whether to sell the technology or spin it off as a separate company. company How to bring this solution to market? Valdes chose the second path.
Like him, science and technology-based entrepreneurs tend to face decisions full of challenges and possibilities if they want to reach the big leagues with this type of entrepreneurship.
Key aspects of developing a science-based startup include: Resources to fund your company, Identify potential customersand establish a partnershipsimilarly Develop a clear plan to achieve your market goals Management of business processes such as human resources and accounting.
From start-up to business
Jorge Avendaño, associate director of product development at Tec de Monterrey’s Technology Transfer Office (TTO), said scientific entrepreneurs transform their research from scratch into something tangible, such as a product or service, and then turn it into a business. He says he has to face the challenge of starting a business. .
Avendaño and Joel Cano, associate director of business development at TTO, explain that a crucial first step in this process is to assess their level of business readiness.
“We look at how ready the startup is as a business, how ready is the technology? Properly protected and patentedand is interested in creating a startup based on science and technology,” Kano revealed.
success story
Since the beginning of the research, Jorge Valdés has also been the scientific editor of the journal. tech science− He saw the potential of his work to make a difference in people’s lives, which led him to a path of science and research-based entrepreneurship.
“What’s really interesting is after you start a startup. continue to growIt’s either we complete the product, we bring it to market quickly, or we get acquired by a company,” Valdez explains.
When he reached this point, he approached TTO to help him create a startup.. There he received expert advice and access to investment and growth.
The first steps for his new company, called Ocular Bio Design, included developing an idea, assembling a team, and running thorough tests.
Once assembled, a multidisciplinary team of researchers, scientists, and business experts each contributed skills and experience that formed the basis of the research and development phase.
After perfecting his technique and conducting thorough testing to ensure it met the required quality standards, clinical and laboratory testing began.
This is also true of Global Nano Additives, a company founded by Edgar Raygoza while studying for his PhD in engineering science, specializing in nanofluids at Tech University.
His research goal was to improve the thermal and dielectric properties of industrial additives, but he soon realized that this could be applied to the automotive and aerospace industries.
Raygoza and his team seized the opportunity to scale up their product and start a company, and after an incubation and mentoring program, created a business model at TTO.
“We started building a prototype with them and then did some initial testing. We also licensed the technology and applied for funding. Funding is always an important factor, but I I am thinking as follows. The biggest challenge is getting the product to market. Your customers demand a lot from you, and you don’t always have margin for error,” Raigosa said in an interview.
What factors determine the success or failure of science-based companies? What factors should you be aware of to successfully enter the “big leagues” of science and technology-based entrepreneurship? Is not it?
Key aspects of science and technology-based entrepreneurship
The main aspects that Avendaño, Cano and, in my experience, Valdes and Raigoza share are: effective leadership, motivated team A reliable entrepreneur with good communication skills and cross-disciplinary skills.
It is important that the founding team has not only scientific experience but also business skills and the ability to manage a growing business.
Having a strong technology foundation is as essential to business success as obtaining patents and having clear goals to meet market needs.
Another important issue is finding the financial resources to smoothly move the business through the first few years and beyond.
Mr. Avendaño has multiple sources of funding, including his own funds and those of friends, acquaintances, and partners, which allows him to invest significant amounts of capital in the business and provides flexibility in how he uses his funds. It states that finding risk capital investors is essential.
The next step to ensure a company’s sustainability and future growth is to define and attract specific markets with sufficient potential customers and adapt to their demands.
This process also includes space to establish partnerships with strategic partners to access key resources and funding, and find support for manufacturing capabilities and distribution channels.
“As an entrepreneur, if you have the right partnership to manufacture your product, you may not need to open a factory. Or, if someone is already selling a similar product, they can partner with you to create a new product on top of what they already sell. They might do something as simple as add something,” Avendaño explains.
Once you’ve established your company, you need to consider the internal processes that are essential to running it smoothly, such as accounting, human resources, and purchasing. Avendaño recommends having experts in these areas to avoid distractions for both the people running the company and the people improving the technology.
Finally, experts agree that you need to have a clear and achievable plan for market entry and define short, medium, and long-term goals to chart a path to business success. .
“It’s impossible to predict the future. You don’t know what direction your company is going to go or what it will be in the future. But with a business plan and a growth path, you can , and we can continue to seek funding for scientific research and build companies based on science and technology,” concludes Cano.
