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Team:Aalto-Helsinki/Business
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Revision as of 19:47, 13 October 2014
Business
What it means to be a Synthetic biology startup.
Summer of Startups
What Is Summer of Startups?
We took part in Summer of Startups, a startup incubator by Aalto University. We met a lot of other small startups and people interested in them. We found out how to pitch synthetic biology to people that know nothing about it. It just needed a sympathetic mascot and explaining how a bioreactor is a work place for him.
The program included two different occasions where we pitched our startup idea. There was pitching night, where we competed in pitching with all the other teams. Then there was Demo Day, a massive event with hundreds of people where we presented ourselves and run a booth for the whole evening, getting people excited about us and synthetic biology. We presented ourselves to an audience of hundreds and many of them came by our booth later.
The Life of a Biotech Startup
So what is a startup? and how is it to be one in the biotech business?
There is no specific definition for a startup, but as Eric Ries puts it: " A startup is a human institution designed to deliver a new product or service under conditions of extreme uncertainty. " So that's kinda where we wever. First ever Finnish iGEM team with a vague idea of what to do, but no idea of how to get there. This is how most startups start, only with an idea.The startup "scene"
I think we were around just by the right time. During the early 2010's there has been a big startup bubble in Filand. That means people are really interested in these kinds of teams and lots of "big guys" are swarming around the scene, which in Finland is definitely centered around Espoo, the town where we had our lab, and Starup Sauna, THE place for startups in Espoo. The Startup Sauna is situated roughly 700m from our lab! So why not get involved? When we decided to attend the Summer of Startups programme we actually had no idea what we were signing up for. We thought we would attend some lectures and report back on how we're doing. We were, in a sence, like children in a stock market, naive but full of hope. Being brave is part of a good startup. Summer of startups lasted 9 weeks and consisted of talks, coaching, assignments, workshops, BBQ and networking events. Did you say networking?Networking
So a lot about the startup scene is about believing in what you do and being very talkative. ...Well maybe not really, but it is a way to get to know the right people who can help you, and get you funding. So how do you get 9 labrats and nerds to talk with investors and coaches who are mainly concerned about "finding the next big thing" and know nothing about biology, labwork or iGEM? In the beginning we really took things seriously. We listened to all the coaches and their ideas, but turns out we were kind of the odd ones around there. No one really knew anything about biotech. Software is the thing! And for a particular reason: setting up a software startup requires very little money compared to biotech. "Starting a biotech startup requires tremendous amounts of money" ...but everyone starts off poor. The point of incubator programmes and certains startups is about getting investors interested in your idea or your team. There are many kinds of investors, but the ones very lucrative for startups are angel investors. These are people who will spot "the next big thing" early and fund them in exchange for a certain amount of their (to-be) shares in their (to-be) company. They take big risks. This way the team can keep focusing on their project. Maybe one of ten companies pays itself back, but in those cases they pay back themselves over ten-fold. That is what angel investing is about. Later a startup can seek for venture capital and do "funding rounds". We were really scared about the money involved, but you shouldn't. Most of the angel nivestors just want you to "continue as you were" and will become a coach for the team.Coaches
The Summer of Startups programme coupled us up with some great coaches. It was really interesting to talk with these people. People who have founded big industries and have actual experience. It seems however that most of the people have moved from "technical industry" to "marketing industry", because lots of focus was laid on how we look and are understood. People stated that "invention first, market then" is the old way of doing things. Actually it seemed like the idea and team were enough to start with, and this really holds...for most kinds of companies. Experimenting with different ideas in a quick pace is really effective! Our problem was that our research could not be done fast. So in the end we were actually one of those "old style" startups who do their research first and then think of a market for the product. But we still learned a very important lesson: Being able to convey what is being done is crucial to a startup! Many of our discussions started like this: "So what are you guys working on?" "We are developing a genetic switch that can be controlled with light. We want to be able to control gene expression in bacterias" "What? bacterias, that sounds horrible" We changed bacterias to organisms. But the responses that followed were: "So what are you actually doing?" We tried to formulate ourself in a different manner "We are developing small bio-factories inside organisms. We can produce things like medicine" But even after weeks of refining our responses still were. "I don't understand. Are you making an APP for smartphones?" Honestly, one has to express oneself really clearly with common-language words in order for laymen to understand. So why is it important that everyone understands what you are doing? - People will tell their friends who actually understand. "Youknow i saw this startup who were engineering bacteria to be controlled by light, you work in the biobusiness, right?..." - Investors will get excited even though they have no idea what you are doing. - You will cut down on time in the beginning of talks. People seem to have very limited time, so getting to the point (we need money & advice) fast is crucial. One of the greatest methods of quickly explaining what you do is Pitching.Pitching...so what are we actually doing?
Pitching is about conveying your idea / enthusiasm / team / knowledge to an audience of 1 or more people. A great example of this is the elevator pitch. Its a short, structured explanation about your thing and it's potential in 30s-2 minutes. The idea is that if you happen to stumble on someone who could benefit your project in an elevator you should be able to get their attention before the ride is over. We Pitched A LOT! We had coaching and ranting and lots of NO, BAD!:sBrian
Our pitch was revolutionized by Brian, the bacterium. We wanted to keep the word bacterium in our pitch, but the big audience seemed to be really scared of such things. So what do you do? You make an absolutely cute bacterium that cannot be feared. Brian was born. And how did we get people to follor our idea? We tell them a story about brian, who is an ordinary guy, until we come around. We turn brian into an superhero. The great thing about pitching is that once you are able to explain your startup in 2 minutes you actualle have a much clearer picture of what your core is. Mental magic! Trough thorough practice and countless hours of refining our script and slides we were finally ready for the big thing.Demoday
6.8.2014 (that's 8/6/2014 for you americans). We held our biggest public set. DemoDay is a expo-like event at Startup Sauna with over a thousand visitors during 7 hours. The event starts with some talks and then all the Summer of Startups teams pitch for the whole audience. We pitched ourselves for over 600 people! During the expo we also held a booth. We had a video showing Mikko sneezing on a agar-plate on loop. We had pictures on a slideshow and. The audience liked our display of bacteria cultures from different everyday objects. The smartphone screen was a hit! We also demonstrated our idea with the on-line simulation. The overall response was really positive. Everyone loved Brian. We nailed our pitch and people seemed to be really interested in "the guys with the lab coats", because we were really different from the other startups. After almost 12 hours of continuous working we were exhauisted but really happy. We have demonstrated synthetic biology for over thousand people!So that lead to what?...
Well the DemoDay was the ONE big chance to get actual funding from investors. But we had realized our mottos were very different. We were and are still very entrepeneurial and many of us want to be part of a startup in the future. Our approach was to continue on public funding until we had some sort of prototype, or Minimum Viable Product (MVP) to demonstrate. This was partially because the companies w met, who were actually in the biotech business, told us to come back with an prototype.Prototype & Patents
So how do you demonstrate your idea works? With a Minimum Viable Product. Something that is the core of your work and demonstrates that your assumptions are not far off. So how do we demonstrate brian? We have no knowledge of bioreactors or any applicable processes. We decided to focus on research results. They would hopefully reveal the true potential in our idea. Simultaneously we started to get advice to keep low profile on our actual inventions. Patents are monsters which every startup will eventually run into. We got advice from visiting lawyers to keep shut and file patents. And for a while this was our thought. But in the end we decided to publish our research for a couple of reasons: - our results are not enough to get the system working. Even though we publish our results the additional steps required to build a working system could be, in theory, patented. - We were running out of time. iGEM was and is our main goal. And having filed a patent would have been a great learning experience. But it would have been very stressful and would'we had us focusing on maybe the worng things. - We wanted to continue the open idea in bio-startups. Opensource rocks and is profitable if you do it correctly. - We wanted to keep our research living, even in the hands of others, because it has future potential.Future Potential!
The results are great. To some extent. Please see the "reseach" section. We are really happy with our work, both in and outside the lab. As it seems now we will not be cointinuing actiely with our startup. We do however want to look at it again in a while. Our run was kind of a expirement for iGEM. We did establish a bio-startup for real! Our heads are filled with ideas for future work and we will work together in the future. Guaranteed. Our biggest aim was to come up with something new. We dislike patens, although we undestand their purpose of heling novel inventions being published. We want to encourage people to start heir own bio-startup. Therefore we present below a business model for bio-startups.
Photos of Our Startup Journey
