Starting a company is not for the faint of heart. It is an incredibly difficult process that can inflict a lot of stress on family and work life, especially with unrealistic expectations about quick pay days and Google-like wealth. Biomedical companies take years to move a product to market.
The reality is that biomedical companies face staggering odds. Some estimates say that as many as 9 out of 10 companies will fail. All of them will start with promising technology. Some key factors that can differentiate the winners: - Early involvement of seasoned professional management and advisors and willingness to heed advice
- Appropriate funding
- An evolving business plan that takes into account the aspects of commercialization discussed elsewhere on this site
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