An Entrepreneurial Perspective on the Life Sciences Industry

Title: An Entrepreneurial Perspective on the Life Sciences Industry
Date: 2007-02-21
Speaker: G. Steven Burrill (Burrill & Co.)
Link: Entrepreneurial Thought Leaders
 
People need an accountant that can think in their language–that thinks in context of the business problems their company has.
Follow your passion.
Understand the industry you’re involved with.
Give it away for free in year one.
You have to free up time to create capacity to do what you want to do.
The customer will decide whether or not you will succeed.
Life sciences is an industry where you have to raise capital that will last a decade before you get your first customer.
Understand the capital markets. Understand the source of capital as an agenda.
A regulatory agency will be between you and a customer.
New products in health care increase the cost to the system. They treat something that was previously untreatable.
You can get science anywhere in the world.
Capital is global.
Differentiate information from insight.
Constantly challenge yourself to generate knowledge.
What are the markets of tomorrow?
Recognize opportunities.
You never know who may be important to you.
20% of GDP is spent on healthcare.
Healthcare market will be $4 trillion in 2015 in the U.S.
Short big pharma and buy biotech.
Understand the marketplace.
You’ll never succeed if you don’t dominate the marketplace.
Financing dictates strategy.
People fail in business because they fail tactically.