Building Biotech Businesses - Lesson 1: From Science to Entrepreneurship

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Please make sure you download the workbook for this masterclass before beginning the lessons.
Immerse yourself in the wisdom of accomplished entrepreneurs who have conquered global markets out of Switzerland. The first masterclass, Building Biotech Businesses, is useful for anyone in biotech or life sciences, for students and entrepreneurs already active in these fields, and anyone with an interest in building a successful biotech company. The host of this masterclass is Ulf Grawunder, a highly successful biotech entrepreneur.
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Lesson 1: From Science to Entrepreneurship
“Founding my first company was more or less serendipity.”
Ulf had been a researcher at the Basel Institute for Immunology, when the institute closed its doors on short notice. Having followed biotech companies in the United States, he noticed the jump from academia to entrepreneurship was much smaller than one would think. This insight and the closure of the institute gave him the necessary push to leave his comfort zone and venture into entrepreneurship.
Luckily, Ulf had support from several sides. First, the Gebert-Rüf Foundation offered the program “New Entrepreneurs in Technology and Science,” which Ulf attended. Part of it was a field trip to Boston, where he visited several biotech companies. Their “just do it” mentality motivated him and consolidated his resolve. Second, Ulf’s former department head offered him a soft landing. “I’ll just put your employment contract on hold for a year,” he said. “If your startups works, great, and otherwise, you just come back.” Third, Ulf could use the address and office infrastructure of the Pharma Center of the University of Basel for the startup at the beginning. His first startup 4-Antibody was off to the races, and Ulf learned one more thing:
“If you are an academic researcher and you start your first company, it’s important to have a mentor with a lot of scientific credibility and a larger network than yourself who can open doors for you.”
Many skills from academia proved to translate well into entrepreneurship, such as the attention to detail, the people skills, and skills to organize. On the other hand, a commercial setting offers much less time to experiment. You need to constantly plan the delivery of actionable results without the luxury of the multi-year timeframes that academia affords. Financial planning is much more stringent at a company and closely tied to results.
Still, Ulf needed to learn additional skills to run his company successfully, so he went back to school to learn the basics of business operations and entrepreneurship. The Diploma of Technology Entrepreneurship from the University St. Gallen (HSG) gave him the tools he needed.
Finally, Ulf advises new entrepreneurs to go all in on entrepreneurship, because then, an overwhelming amount of support exists that he would have thought possible.
“If you keep one leg in academia, if you are not committing yourself fully to the new project, there will always be skepticism whether you really are serious about it. And then people will be hesitant to support you.”
Highlights of this lesson:
- An overwhelming amount of support exists if you are open for it and seize the opportunities.
- An experienced mentor lends credibility and opens doors for new founders fresh out of academia.
- Academic skills translate into entrepreneurship, such as determination, attention to detail, and leadership skills with team and organization.
- Learn formal business and management skills, if necessary by going back to school.
- Take the plunge into entrepreneurship whole-heartedly without keeping a safety line to your academic career.
Ask yourself:
- Does your research potentially translate into a commercial product?
- Which resources from your academic environment could you use when starting your company?
- Who could mentor you on the way forward?
- Do you have the necessary business skills to get started? Where could you learn additional skills?
- Are you ready to go all in on entrepreneurship?
This masterclass is made possible with the support of the Gebert-Rüf Stiftung.
Concept and production: 8GR8 Films | Manuel Stagars 2024.