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DURHAM, N.C. - Hardly a day goes by when I don’t have a rookie entrepreneur ask for advice on raising money from VCs.
They usually have a fancy-looking business plan with detailed spreadsheets showing how their company will be worth billions by capturing just 1 percent of a market. All they need is some financing, and they’ll take the world by storm.
My advice is always the same: ditch the business plan, and buy a lottery ticket. Your odds are better, and you’ll suffer less stress.
From behind home plate, Jason Klein and Casey White look proudly at the Reading Phillies' flamethrower Phillippe Aumont. It's not his high-priced arm they're admiring, It's what he's wearing. "They're the only team with pink on their uniforms," White says.
Two years ago I had an idea for a website. I decided to leave a well paying job, invest all of the money I made post college, and began to start the terrifying journey of building a company. Today, I want to share the ten most powerful things I learned about turning that idea into a business at a time when the economy was at its worst, and capital was scarce. Many of the tips I'm sharing with you were passed down from others who were kind enough to share their experiences and insight with me.
Life science startups looking for funding should keep foundations in mind as a potential source. Read more for tips on getting funding from foundations.
If you guessed that the top life sciences markets are on the east and west coasts, you'd be right. However, several parts of the Midwest are now considered emerging markets. Read more to learn the locations of the top 10 life sciences markets.
Medical device startups will be way ahead of their competitors if they know what to expect from the FDA approval process. Read more for tips on how to be prepared.
Federal regulations and overseas competition are just two of the barriers holding back medical device innovation, says one medical device industry executive. Read more about the other roadblocks to innovation.
It’s all part of the evolution of pharmaceutical marketing. The old way of pharmaceutical reps stopping by doctors’ offices during the business day won’t cut it in modern marketing. Read about how one pharmaceutical business is planning to change the way their salesforce operates. “(Doctors,) frankly, don’t have time and they particularly don’t have time during the day, which is exactly when reps are showing up,” says Pozen's Liz Cermak.
Former U.S. Senator Tom Daschle gives his viewpoint on healthcare reform legislation and the obstacles ahead. Read more to learn about the legal, administrative and regulatory challenges ahead as a result of this major legislation.
A new biomedical endowment at Duke University will support a program that has already launched new healthcare businesses. Read more to find out about Duke’s successes in commercializing medical technology.
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