Life sciences services companies are experiencing an unprecedented boom. Revenues during 2020 were up 15-20% during a pandemic, and more is expected in 2021.
Covid-19 directly contributed to some companies who were directly supplying research, manufacturing, or supply chain needs. But the pandemic had an even greater indirect contribution: it validated the critical importance of the distributed R&D ecosystem that has developed in the last 35-40 years.
If you participate in...
Analyzing the performance of individual business segments can be tough, especially if - like most owners - you're used to thinking of the business as a whole.
A contract R&D lab had a federal and state registration that allowed them to work with Scheduled Drugs in categories 2-5. They worked with clients developing controlled substances in classes like painkillers and stimulants, and these projects contributed about 10-12% of their gross revenues.
Based on the...
David Ricardo (that’s him in the picture) was a member of the British Parliament in 1817 when he developed a concept that is inherently counterintuitive: that countries engage in international trade for goods, even when a country can and does produce all the needed goods more efficiently, at less cost than their trading partners.
Even if you can make everything yourself, it still benefits you economically to sell some goods and buy others. In effect, specializing...
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Running a scientific company is difficult.
Unlike a home business, your overhead is high because you need trained technicians, expensive instruments, and a dedicated place to put them.
As an Expert in your field, you probably knew a few people who became your customers when you started up.
So you had some revenue quickly, and you’ve been able to find some more - otherwise you’d be out of...
In the popular business book “The E-Myth Revisited”, Michael Gerber says that every business owner is really three people: the Technician, the Manager, and the Entrepreneur.
I often use the term “Expert” to define the scientists I work with who have deep technical knowledge, the quintessential Technicians – who founded the business to deliver value to customers that only they can deliver.
Are you buried in the Technician role?
Where is the road map for a scientist to build a profitable business, build a team and scale up without burning out?
Your scientific training is a great foundation for building on your expertise, developing a contract services, supply, or consulting business. You have the valuable skills of analysis, information sourcing, research, problem solving and the mind-set of objectivity and skepticism.
This means instant credibility and the ability to quickly gauge the credibility of others.