BI412 Bioethics & Biobusiness Page l of2 January 2013 Anne is a Professor of Bio
ID: 182254 • Letter: B
Question
BI412 Bioethics & Biobusiness Page l of2 January 2013 Anne is a Professor of Biotechnology in an Irish university. She has developed an exciting new technology in her laboratory which she believes could be used to address a significant global market. She wishes to start a new biotechnology company to address this market, but does not want to relinquish her academic position in the University 4. i) Briefly outline the steps Anne needs to take before seeking funding to start-up this company AND Give a detailed description of the types of funding available to her and comment on the advantages and disadvantages of each. ii) F11 F7 F8 F9 F10 F4 F5 F6Explanation / Answer
i) Steps need to take before seeking funds to start-up company:
a) Present a business, not an idea: Planning a business is not enough to attract an investor. Make sure that you have some experience in operating business.
b) Know what you need and want: Before seeking funding you need to show capital investment for equipment and other infrastructure.
c) Do your research: Make sure that you are doing research, that will help to study your potential to invest more funds.
d) Develop strategy and vision: Formulate your strategic objectives for business, provide blueprint of the company with architecture.
ii) 1) GRANTS: It is the best option than given below.
a) Grant are available for academic collaborations with industries. This will help to facilitate new invention commercialization.
b) National Institutes of Health provide funds through data sharing policies.
c) Universities have organized to help commercialization of discoveries by scientists.
2 PRIVATE INVESTORS: a) A new company rely on funding from private investors those are interested and believe in your product. But if the company folds, you have to lose your relationship with them.
3. BANK LOANS: a) It is easy to get loans from banks for new business, or you can try for a personal loans. But the amount of funding you gain might be less than with investors. If business fails you still have to repay the loan.
4. GOING PUBLIC: Going to public is an option for more newly established companies. But it is not useful to get additional funding to bring the product to the market. It is not the best business strategy.
Related Questions
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.