From scientist to serial entrepreneur

The unexpected turn in my career trajectory came in 2018 when I seized the opportunity to co-found Formo, a company producing animal-free dairy through precision fermentation. I was intrigued by the idea to translate my scientific expertise into tangible products and served as Formo’s CSO until mid-2022. This remarkable journey and my keen interest in merging innovation with sustainability ignited my entrepreneurial passion and ultimately led to the establishment of my new venture Mycolever, a biotech startup focused on utilising the extensive biodiversity of fungal microorganisms to create sustainable ingredients for the cosmetics, food, and chemical industries.

There are a few things I learned on my journey from scientist to serial entrepreneur.

• Understand your product and your market: As a scientist, your in-depth knowledge of your product at the molecular level is invaluable. However, successfully monetising your idea requires a deep understanding of your customers’ needs and the development of a product that addresses real problems for them. Programmes like ‘Entrepreneur in Residence’ and biotech accelerators designed for scientists can facilitate thorough market research, ensuring the long-term viability of your venture. Access to mentors and exposure to venture capitalists can significantly expedite your progress.
• Craft a solid business plan: While scientific exploration is captivating, a robust business plan is essential. Your business plan and strategy for monetising scientific results are often the first inquiries from potential investors. If you’re unsure where to start, external support can be invaluable. In the early phase of Mycolever, I leveraged the knowledge of experts in my network before joining an ‘Entrepreneur in Residence’ programme offered by a German VC. Together with the VC team, I refined the business plan and strategy through activities such as customer interviews and mapping the competitive landscape.
• Focus: Avoid the distraction of various product and application opportunities. This challenge persists not only in the early days of a science-led start-up but remains a concern at a more mature stage. Aligning scientific curiosity with the need to produce and sell an actual product is an ongoing challenge. R&D and business development must progress hand in hand for a successful product launch.

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  Find lab space: Securing lab space is one of the most challenging aspects of building a biotech start-up. Collaborating with a university or renting space in life science hubs provides quick access to fully equipped labs. With Mycolever, I have been lucky to be part of a collaboration between several partners including start-ups and the local university in Rheinbach, a quaint town near Bonn. Sharing lab space and equipment minimises our upfront capital expenditure and creates an environment conducive to innovation.

• Build a complementary team: Form a team with diverse and complementary skills. Seeking a co-founder with industry expertise or fundraising experience strengthens your start-up’s foundation. Drafting concise job descriptions and maintaining a hiring funnel in an HR tool streamlines the hiring process. Learning to screen candidate profiles, conduct interviews, and pitch your start-up to potential candidates is crucial for effective hiring.
• Learn to delegate: As a founder, I feel very attached to my start-up and it can be challenging to transfer responsibilities to a growing team. Outsourcing routine tasks such as bill payments creates free time for me to focus on the things I enjoy most about being a founder – building a science-led company which combines fungi and sustainability.
• Understand regulatory requirements: Navigate the regulatory landscape early on, as comprehending and adhering to regulatory requirements is crucial for the success and sustainability of your venture. Each industry has its regulatory framework, and seeking guidance from external experts can be highly beneficial.
• Choose investors wisely: Select investors who not only understand your technology but also share your vision. Partners with a long-term perspective and enthusiasm for your approach, willing to support you through lengthy development cycles, are essential. Exploring non-dilutive funding options, such as German and European research grants, can extend your runway and provide valuable opportunities.
• Have fun: Enjoy the ride! Being a founder gives you the freedom to immerse yourself in a project you are passionate about and to shape the environment and team you are working with.

Ready to take the plunge and turn your scientific project into a start-up endeavor? Ensure your product not only captures your interest but holds genuine market potential. Assemble a network of seasoned experts early on; they can support you while you craft a solid business plan and perform thorough market research. Finding a co-founder with skills that complement yours is like having a trusted ally on this challenging path. When it comes to investors, seek those who understand the extended timelines of research and development. And amidst it all, keep that flame of passion for both your science and the product you’re shaping – it’s the driving force.

This article was published in the current Plattform Life Sciences issue „Circular Bioeconomy 4_23“, which you can view as an e-magazine via the following link:
https://www.goingpublic.de/wp-content/uploads/epaper/epaper-Life-Sciences-4-2023/#0