You're ready to shift from bioengineering to entrepreneurship. What steps will lead you to success?

-reduce your personal expenses -network every day and go to events -build support in your personal life for this switch -keep some income going for the first 3-6 months

Identify a niche by leveraging your bioengineering expertise to address unmet market needs. This focused approach will guide your product development and help you stand out in the competitive landscape.

One of the most important factors is the answer to the question "Why?" There could be many reasons for starting out - but the best is "passion". If you feel passionate about a particular problem - that's what will get you through all the challenges thrown. In Bioengineering, it's very likely that you will feel passionate about the research you are involved in - just make sure that the problem space is not only understood but is (or going to be) huge!

Un entrepreneur est un problem-solver. Sa mission est de trouver des problèmes, d'y apporter une solution et sortir un Business Model pouvant soutenir la solution trouver.

I went from working in a global biotech organization to co-founding a healthcare startup. My big company skills were very useful: assessing business opportunities, financial and risk analysis, project management, managing people, marketing strategy and communication. My technical background as a biochemical engineer made it easier to learn the new language of healthcare. I had to learn new skills: building the plane while flying, increasing tolerance for uncertainty and increasing speed of iteration. I had to become much more creative to achieve results with limited resources and I became much more resilient. You definitely have to find your niche and make decisions quickly. You won’t have the resources to try a lot of things in parallel.

I’m a huge fan of customer discovery and think many entrepreneurs don’t spend enough time on this. Please read The Lean Startup by Eric Ries and anything by Steve Blank. Get out of the building and talk to customers *before* building your product. You need to make sure you are building something people want and will pay for. You may need > 50 customer interviews to truly understand their pain, what solutions they will love and even their procurement process *before* you start building. Some very successful entrepreneurs I know left a big company specifically to build a solution for that company. They had their first customer in hand and their startup was eventually acquired by that customer. Rinse and repeat. Brilliant.

Conduct in-depth market research to identify gaps where your bioengineering skills give you a competitive advantage. This understanding will refine your offering and align it with your target audience's needs.

Craft a comprehensive business plan outlining your vision, market strategy, and financial projections. This serves as both a roadmap and a persuasive tool for attracting investors, especially when leveraging your bioengineering expertise.

Un Plan d'affaire dans un business est la boussole qui permet de jauger et indiquer la bonne trajectoire à prendre. Surtout c'est un indication clé concernant le plan de commercialisation, le budget, la tresorerie et voir si le business est rentable ou pas via le P&L avant de se lancer.

A solid business plan is a critical step towards attracting potential investors. However, as soon as you finish the document, it is probably out of date. A business plan should be a living-breathing documents of your team’s ability to complete achievable milestones. This is not a doctoral thesis but a clear path to credibility. I recommend a 12-15 page document that tracks your milestones, pitfalls, and alternative strategies. Adopt your plan based on customer, clinical, and strategic partner feedback. Too many clients have a myopic view that their product is perfect and that they will capture 100% of the market share. The honest truth is that they have only part of the solution and will only capture a fraction of revenue.

Develop a funding strategy by exploring grants, venture capital, and other sources that align with your business goals. Clearly pitch your bioengineering innovations to secure the financial backing needed for growth.

Lancer une entreprise ou startup nécessite plusieurs type de financement qu'il faut connaitre : - Fonds propre : permet de lancer les premiere démarche de création d'entreprise - Love money (soutien financier de la famille) : permet de démarrer à petite échelle - Business Angels : Soutien de potentiels investisseurs qui pour certains deviendront des co-fondateurs pour permettre au business d'aller de l'avant en terme d'expertise et de finance. - Venture capitalist : ce sont des fonds consequents de la part de fonds d'investissement qui assure la pérennité ou l'expansion d'une entreprise - Les Dettes: financement provenant de la banque ou des VC, c'est un fonds qui ne nécessite pas de prise de participation mais qui est à rembourser

Revenue & customer adoption is the key to success in any business including bioengineering. Angel and VC investments will be easier once you have key opinion leaders (KOLs) vying for your tech and strategic partners willing to invest in your idea. Like-minded very successful serial entrepreneurs state that, it is all about revenue, adoption, and scalability. Most clients that do very well have significant revenue generation scalability, and multiple SKUs to support cash flow. Getting FDA approval for a product is just one baby step to credibility. The biggest hurdle to overcome is all about pricing, reimbursement, and adoption. Work with a full service CRO like ProDevLabs LLC to help navigate the best path to profitability.

Most savvy accredited Angel and VC Investors will not invest in a single person or just a brilliant idea. All require a complete team and credible and full due diligence package. Risk factors that an investor wants to mitigate include: (1) Technology (2) Intellectual property (3) Team (4) Unmet need (5) Value proposition (6) Competition (7) Competitive advantage (8) Market size (9) Regulatory approval (10) Pricing & reimbursement (12) Execution strategy (13) return on investment (ROI) Entrepreneurs have a very limited view of their market size, unmet need, competitive advantage, go to market strategy, and competition. Thus, it is best to get clinical and partner feedback prior to seeking a major investment opportunity.

Un entrepreneur doit s'entourer d'une équipe qualifié et experte dans le secteur d'activité qu'il souhaite entreprendre. De preference avoir une ressource humaine plus qualifiée que lui même lui permettra d'aller plus vite qu'il ne le pense.

Tous Entrepreneurs qui débute doit adopter la méthode Design Thinking qui lui permet tirer le plus rapidement de feedback des futurs clients afin de proposer un proposer final dont le client veut.