Lab Chip 15, 3638–3660 (2015)

High-tech industries — such as nanotechnology, biotechnology and robotics — are driving global knowledge-based economies, and universities around the world are increasingly focused on building an entrepreneurial culture, optimizing licensing strategies, forming academia–industry partnerships and supporting spin-offs. For the scientist entrepreneur interested in bringing their idea from the lab to the market, Ali Yetisen and colleagues now outline the various steps and strategies for navigating this minefield.

The first step in commercialization, according to the researchers — who are from Massachusetts Institute of Technology, Harvard Medical School, University of Birmingham, California Institute of Technology and King Abdulaziz University — is to create a competitive advantage by intellectual property protection. Following this, entrepreneurs must formulate a commercialization strategy that outlines the commitment and time horizon for the business, and develop financing, marketing and exit strategies. In the United States and the European Union, various funding sources exist for different growth stages of a start-up, but in the early stages entrepreneurs are advised to estimate the various costs in detail and conserve money. Because the number one reason for start-up failure is the lack of a market for the product, it is critical to understand the customer base and their perceptions of the benefits of the new technology compared to costs. For a successful exit, the start-up should have a clear vision, a strong leadership team, and the ability to adapt to a backup plan to overcome unexpected challenges.