How to begin a Bio-Business?

Business Plan and Business Planning

Business planning begins with the mind planning. Quite often Entrepreneurs have some idea about a technology that he or she would like to commercialize. He or she may have the overall view of the user and the market size and some rough idea about the cost and timeline. Some of these information are not thoroughly researched and substantially backed by the logical reasoning. Therefore, a systematic planning and written business plan is necessary to build to reassure the mind-planning of the entrepreneur.

Business Plan

Business plan consist of several key sections and each of the key section contain several sub-sections. A typical bioventure’s business plan will have the following items:

	Executive Summary
	Mission Statement
	Company & Business description
	Technology Description
	Market Analysis
	Competitive Analysis
	Strategy

i. R&D Plan
ii. Human resources
iii. Funding strategy

H. Financial

Executive Summary

Executive summary is a micro-business plan. It gives a reader the complete overview about your company, technology, market potential; team, strategic direction and present financial position and what are you looking for. It is normally two to three pages long and may have figures and data table.

Executive summary items

• Provide Company structure, mission statement and competitive advantage

• Technology and Intellectual Property (IP) position

• Development strategy

• Market need and market potential

• Key team member and theirs’ relevant background

• What are you looking for: investment, partnership or loan

• How the fund will be used

• Why this is a good investment or opportunity for the investors/partners.

It is also important to remember, an “Executive summary is NOT a preface, an introduction or an abstract of your business plan. Even though it is called summary, it is not truly a summary of highlights. It is the precise extract of the business plan.

Mission statement

Company description: Here provide basic information about your company. How it is started. What kinds of corporate structure it has, for example, corporation, partnership etc. Describe company’s physical location and if you are in business, give past history in short.

Technology Description

This is where you could excel. Describe company’s technology platform, target products or fields. If mechanism of action is known explain in brief. Use drawing, images and pathways to explain your technology in a very simple way so that your grandmother can easily understand.

Market Analysis

This part of your business plan is analogous to discussion section of an article that you normally write for your scientific publication. As in the discussion section you put all the relevant current and past scientific data and compare them with your newly produced data and information. You then make some correlation and emphasize potential implication of your research and investigation. You also describe in the discussion section future scope of your work.

Likewise market analysis of your business plan contain detail description of the target market, current market potential for your products and future scope of the technology in different field which are not apparent right-way. Divide your market into segments: (a) primary market and (b) Secondary market.

Competitors and Competitiveness

Two key question you ask in this section: (a) which other companies or organization are working in the same technology, product or disease market. (b) If there are some products in the market, which products are to be replaced by your new product? One can begin working on these questions first by making a list of companies, their products in the market, products in the pipeline, stages of development and strength of the companies.