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Expect the unexpected – in the life sciences industry, this philosophy stems from its focus on innovating landmark new ways for wiping out diseases and enhancing quality of life. Despite the uncertainty, however, one leading investor is offering invaluable tips for how to have a thriving startup.
Leen Kawas is the managing general partner of Propel Bio Partners, which offers investment backing to entrepreneurial life science companies to help them advance groundbreaking therapies and technologies to improve human health. The company has a growing portfolio, including pioneers in synthetic biology and pathogen detection, backed by Kawas’ extensive experience in the industry. This gives her crucial insight into how to make startups successful.
As one of just twenty-two female founders and CEOs to take their firm to an IPO as of February 2021, Dr. Leen Kawas knows the key issues life sciences startups need to understand in order to highlight both potential barriers and strategies for short and long-term growth.
It’s a lucrative market for emerging companies backed by forward-thinking innovators. The industry is already worth hundreds of billions and, as the world grapples with an increase in infectious diseases and extended life expectancies, it is slated for continued growth.
Kawas says the right startup can reap the benefits of this sector, but highlights several important factors that can help turn a concept into a thriving reality.
- Finding the right experts
Startups with even the most promising ideas may never come to fruition – at least, not without expertise in government regulations, manufacturing, supply chains, finance, and corporate development. Innovators attempting to break into the life sciences industry often lack this knowledge, so bringing in skilled advisors is a must for success. - Riding out economic changes
Inflation has been a major concern for practically every industry over the last year, and it could remain a key issue for 2023. Rising prices increase the cost of everything, including the technology needed to advance life sciences companies and ideas. Startups should be prepared for economic fluctuations and how their business may be affected. - Understand artificial intelligence
Evolving digital technologies like artificial intelligence and other types of advanced machine learning have the potential to assist in the development of new life sciences concepts, and startups should be open to at least considering their involvement. The technologies often produce more efficient results, which can help to reduce a startup’s overall costs.
- Have sufficient funding
Another challenge that many startups face, which can doom once-promising ideas, is running out of money. Kawas urges emerging life sciences companies to identify robust and sustainable sources of funding from the beginning to ensure ongoing growth and guard against any near-term budgetary problems.“Following these tips does not, of course, guarantee that a startup will succeed with its goals, but it will help create a stronger, more viable company with a greater chance of thriving compared to one that enters the market unprepared,” says Dr. Leen Kawas.
