So how do you change your methods to gain a competitive advantage to market?
You form an out-source collaboration, with the leaders in the product-to-market industry. When you want something to change, something where the stakes are too high to let it ride, you must know where your expertise lies and collaborate with the best. Making this simple choice will accelerate your innovation by one-third of the time to market. Boston Science Startup Co. works as an extension of your team. We submit accurate, high-quality applications to the regulatory agencies ensuring on-time, clear and consistent responses at all stages of product development.
Every day your startup sits in the development pipeline, you lose money, and patients lose the opportunity for treatment. That’s why it’s critical to get your regulatory strategy right the first time, every step of the way. Know where your expertise is best focused and collaborate elsewhere, such as FDA applications, and governmental compliance.
Commerce is a necessarily competitive endeavor. Discovery, on the other hand, is a collective one. The two, however, aren’t necessarily mutually exclusive. If you want to compete at the highest level, you must treat collaboration as a competitive advantage. As IBM’s Welser explains, “The thing that’s nice about that kind of setup is that you get to pool your resources with government, academia and other industry players, which is a good thing at the pre-competitive stage.
There are over 500 bioentrepreneurs in the Boston area alone, and each one is your competition for financial investment. Your scientific findings must not only be publication-worthy but, more important, worth millions of investors’ dollars and years of work. Investors assess the risk of their potential investment in your innovation, and a thorough study is essential to select the best market for technology with several potential applications. As a bioentrepreneur, you are required to de-risk your innovation, subsequently increasing your valuation.
Citing historical examples of leaders who surmounted seemingly impossible odds, if you tend to play it safe, you are doing what Brené Brown, the best-selling author of Dare to Lead, calls “engineering smallness.” When you get into protracted periods of playing it safe by following the scripted protocol for bringing your innovations to market, you create a slow or even a static existence, and your financial opportunities for success dwindle.
Fear and failure may be holding leaders back from the significant changes they need to undertake. Failure is painful and costly at this level of the game. This is especially true among the high achievers of bioentrepreneur’s in the startup world. Stop playing it safe, it’s time to shake it up.