Biotech: The High Stakes Table of Entrepreneurship
April 9, 2012
I recently came across this article on Forbes about the high stakes of investing in biotechnology within the context of entrepreneurship. Frankly, I couldn’t agree more. While the focus is primarily on the treatment side, the same sentiment applies to advancing innovation for cancer early detection. It requires upfront investment and the foresight to jump on the unexpected, but the potential reward is huge – millions of lives saved.
“When it comes to getting million-dollar investments, investors in this area [biotechnology] want to see the whole package — an achievable goal, expertise, and no non-sense. ‘Investors have to see that there’s a real problem. Not just a solution in search of a problem,’ [Dr. Molly Schmid] said.”
It can be difficult to educate the public about how important investment is to the biotechnology field. At Canary Foundation, we believe in directing funding and fostering environments that spur innovation. Innovation leads to new ways of solving problems. We use funding invested by donors to seed research and accelerate progress. From there, research teams are well position to demonstrate the results of their work (made possible by initial investment) and attract government and foundation funding. Our goal is to magnify the impact of each investment.
I’d love to hear other people’s thoughts on investing in biotechnology and research. Please share your comments and we’ll have a great conversation about how we might be able to shape the future – for the better!