Presentation on theme: "What is Biotech YES?. “an innovative competition developed to raise awareness of the commercialisation of bioscience ideas among postgraduate students/postdoctoral."— Presentation transcript:
“an innovative competition developed to raise awareness of the commercialisation of bioscience ideas among postgraduate students/postdoctoral scientists. The competition is funded by sponsorship and aims to encourage an entrepreneurial culture in the UK bioscience postgraduate and postdoctoral base for the benefit of the UK economy.”sponsorship (Taken from Biotech YES Website)
What does it really mean? –A business planning competition aimed at people who have no prior business background. –Helps you develop a fictional idea for a Dragon’s Den like scenario – pitching your idea to a panel of potential investors. –Gives you the opportunity to develop your commercial awareness – not available in the lab! –Makes you more employable outside of academia – major criticism from industry is lack of commercial awareness of university graduates. –Three days of nice hotels and good food all paid for
Overall aim:- is to prepare an oral business plan presentation for an "imaginary" biotech start-up company. The website claims you can do all the work there – not if you want to win the competition The first part of the competition is regional (north-east of England and Scotland) If you win the regional competition (2 places) you progress to national finals held in London and possibility of winning £1000 and an all-expenses trip to an overseas conference.
A representative from the team has to attend a one day workshop in Nottingham introducing the competition. Newcastle Workshop/Competition is taken over three days –Day 1 talks in morning (by patent attorneys, entrepreneurs, business plan consultants etc.) One-to-one advice with a chosen specialist and time to work on business plan –Day 2 Again, talks in the morning by various specialists in the field One-to-one advice and time for individual work Final preparations of power point presentation –Day Three Presentations by each group to an investment panel (possibly split into two groups with one winner from each group going through to national final)
What’s needed to be done before the regional heat at the end of October?
You should turn up with:- –The idea –Who you intend to sell to –Some sense of production costs –Awareness of competitors –What you intend to sell (product, licence) –Some consideration of Intellectual Property issues
Ideally:- –Know what stage you are going to say your business is at e.g :- have proof of development => need investors to take to manufacturing stage Need to gain proof of concept funding to prove idea works Want to expand existing company – development of initial idea already on market etc.
Ideally:- –Know the IP issues and how to address them e.g:- Who has ownership? – if you have done any of the work in a University for example they have full ownership. –Know the difference between the market and your customers (may not be the same!) and have statistics on these segments. –Have a company logo and vision designed.
If possible:- –Try and have as much prepared before the competition as possible – but be prepared to change everything! Some teams have written their business plans before the workshop and had already practiced their talks!
Don’t Panic ! There is a mountain of support available through the university for both business planning and presentation skills. The Careers service provides a free support to all University members providing all aspects of business advice. They are very friendly and my advice is to use them as much as possible! Medical Sciences Graduate School is also their to help
Remember –It can be fun! –It does not have to take up a lot of time –Most of the data needed can be obtained before the competition –There is support available –It’s hard work but inspirational and valuable.
So why didn’t we win? –There have only been three teams from Newcastle so our experience is limited –Leaving things to the last minute and having three days to do everything! –Weight of numbers last years competition was in Manchester and there was 8 teams from Manchester. –Practicing the final presentation more would have helped
It was not because of lack of prior business knowledge – none needed It is a fast learning curve but not an impossible one! Can lead to further opportunities (Enterprise Competition)
So what ideas have Newcastle teams had –A device that could selectively filter out disease particles transmitted from mother-to- child through breastfeeding e,g HIV, tuberculosis, West Nile Virus etc. –A long lasting treatment for headlice using a novel application method –A device to detect food spoilage using a micro-array based technology
Key points –State what you want from your investors and what return they will get in your opening schpeal. –Remember that a company can not be based on one idea alone – you need to show that the idea is expandable or that you have other ones in the pipeline. –Nothing is ever 100% effective!!! –Need to say what your market is and why they would buy your product – what makes it different, where’s the niche? etc.
What happens after the competition? –University Enterprise Business Planning Competition A written business plan of a real idea The team from two years ago won the science and technology award They were offered advice and possibility of making our idea a reality. –BluePrint competition –It’s great CV fodder
Summary –It’s not easy but doesn’t have to take up much time and you get a great sense of achievement –You learn a lot of valuable skills that you don’t get elsewhere. –It’s completely free –If you’re not sure you want to stay in Academia it helps see what else is out there!