Getting money for a biotech startup can be a daunting task. Venture capital is not the only — and not always the best — option to fund a life sciences company.
“A lot of entrepreneurs, particularly young first-time entrepreneurs, think venture capital is the only way to build up a company,” said Andreas Schmidt. Ten years ago, when he founded the proteomics company AYOXXA Biosystems, he was one of those first-time entrepreneurs.
“I started the company right after my PhD. I had no experience in running a company or even being an employee of a company,” Schmidt told me. Despite this, he managed to build a successful company and went on to found a new biotech company called Proteona.
During this time, Schmidt came to the realization that in order to be successful, a biotech company needs to closely look at its business plan to find the type of funding that suits it best. And VCs are not always the answer.
“If you think about it,
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