Archive for May, 2015

A Tale of a Scientist turned into Entrepreneur

Thursday, May 14th, 2015

I once read that entrepreneurship is a combination of science and art. In some ways this is true. The main principle to be a Scientist is to create a hypothesis (or several) based on what is already described and somehow change the “status quo” and/or “invent” something new that will become a Thesis. In science, the final product, in general, is the scientific publication. In fact, that could become an Intellectual Property (IP) if the discovery has an application in the market (sometimes even not having a direct application, researchers patent specific methods and discoveries just to be “protected”; academia is highly competitive). Starting a company has some parallels to a Scientific Project: 1) you need lots of energy, creativity and knowledge; 2) Using this knowledge you need to ask questions; 3) You have to “create” something new that needs to be impactful (a new hypothesis, for example); 4) Based on the “creation” you need to test that hypothesis; 5) The hypothesis needs to be experimented (a new product in the market for example) and 6) a review of the data collected and a conclusion needs to be “drawn”. The same rules and principles could be applied in both science and to start a company (for more information check “The Scientific Method for Entrepreneurs: 6 Steps to Long-Term Success”). In some cases, you even need to pivot when the scientific project and your hypothesis proves to be wrong. Well, in some ways, this is my story – a scientist turned into entrepreneur. Not an easy task and I am still on it. I started my career with dreams of becoming famous and even winning a Nobel Prize (so naive at that time…). I did a Bachelor’s in Biology with a Major in Biochemistry, then a Ph.D. or Doctorate in Genetics (specifically in cancer epigenetics) and then moved to the United States to do a Post-Doctoral training (if you did not read my Intro in this Blog I am from Brazil and lived in the United States for 10 years). In summary, my academic professional life was: Bachelor’s Degree, check; Ph.D. in one of the best places in Brazil, check; Post-Doctoral training in Boston at Harvard University, check. After that, I’ve moved to Chicago and did a second Post-Doctoral training. That is when things started to change and the fairy tale became more like a nightmare. Unfortunately, when doing my second Post-Doctoral training at Northwester University the economic crisis hit the United States (around 2008-2009) and funds for research got slim. In parallel, to help cope with my deep frustration with the scientific system and how it became broken (for more information on how the scientific system is broken check my blog post “Science is Broken: How, Why and When?”), I co-founded a company and got involved in several company Incubators, Accelerators, Mentoring, etc, entering a new world that was totally different from the Academic System I was used to. What have I learned transitioning from academia to starting a company? I’ve learned that Innovation is the key connection between Science and Entrepreneurship, BUT this is applied differently in both fields. Why is that? Can we try to innovate academically and privately with similar outcomes? It depends. Academia expects that the ideas you generate and test with hypothesis to get public with scientific publications of articles (sometimes with patents) and startups (and the private sector in general) expect that the ideas that become “products” have legal protection before getting out to the public (companies are for profit in a world of capitalism). In my case, I continue to navigate both worlds since they have parallels. The bottom line is that it is possible to develop something impactful in Academia and transform that in a successful company. In doing that you can disrupt a market or create a new market. For example, Elizabeth Holmes, the founder of Theranos, envisioned a way to reinvent old-fashioned phlebotomy and, in the process, usher in an era of comprehensive superfast diagnosis and preventive medicine. That was a decade ago, when Holmes dropped out of Stanford University and founded Theranos with her tuition money (check the article about this history here “This Woman Invented a Way to Run 30 Lab Tests on Only One Drop of Blood”). Her company now is worth U$ 9 Billion Dollars and she innovated creating new and cheaper ways of doing blood tests. This is an example of success. I am still trying to find the key to success applying the academic knowledge into entrepreneurship. Maybe one day I will find my way. Who knows?