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Problem
Entrepreneurs are recognized as idea engineers. They are inventors of innovative change who bring forth a product or technology that has the prospect of making a measurable impact to a particular society. However, the stats have continually indicated that only a small margin of start-ups reap the reward of successful commercialization. Many entrepreneurs fall into the geek-in-the garage paradox, ideas are left behind in university labs and the prospect of success diminishes. Larry Laskey, who is a Ph.D partner at US venture Partners mentioned that scientists often get caught up in their excitement over the science, and they forget that the VC is focused on the business. This complex is prevalent across any industry. Entrepreneurs invest their time, personal savings and wealth on the notion that their product will be a profitable success. In context to synthetic biology, the level of novelty & complexity of the industry also places a challenge for synbio entrepreneurs. For years, there has been a considerable level of focus on the scientific feasibility of a technology versus its viability from a commercialization standpoint. Synthetic biologists have aimed to build and strengthen their knowledge of the tools and techniques required to create these optimal genetic machines and may not have the time or residual money to invest in services that would help to enhance their entrepreneurial mindset. However, there is an interest for synthetic biologists to learn more about entrepreneurship and independently launch a start-up. Given the newness of the field, tailored education and inexpensive consulting offerings in specificity to synthetic biology & biotechnology is limited.
Solution
The University of Waterloo Entrepreneurship Team is dedicated to bringing forth an innovative and novel idea. The idea is a non-profit, hybrid e-learning and virtual networking venture that provides synthetic biology stakeholders and entrepreneurs access to open-sourced tools, content and other opportunities that will assist in the development of successful and sustainable start-ups.
Our two main service offerings include:
Opportunities
Users will have the ability to:
- Access best practice examples contributed by other institutions to enhance their level of entrepreneurial thinking and develop a thorough understanding of the business development process
- Access to content that will assist them in translating their research so that its appealing to other stakeholders, especially VCs.
- Advice on presentation skills, when pitching an idea to other VCs
- Understanding of scaling a business to ensure it solves a specific problem and meets target market needs
- Creating a virtual collaborative space that connects synthetic biology entrepreneurs to other stakeholders that are relevant and important in the business development process.
