Unlike information technology enterprises, biotechnology ventures need time to bring merchandise to market.

Different from Facebook or Google, novelty in medical science commonly begins from the results of long analysis and study. If the discovery is deemed propitious and probably remunerative, a patent is filed to safeguard the conception until it crystallizes into a final commercial product. Such patent does not have a high value in the beginning, as there are still unpredictability and doubts in the early stage. As such, it is difficult to attract investment from big corporations.

To help develop the biotech industry here in Singapore, the government has decided to continue its investment into this industry. The development of Biopolis is also another crucial step in developing the industry

Due to the technical difficulties and lack of funds, the initial stage of biotech start-up is usually known as “the translational gap” or “the valley of death”. The patent’s value only increases when the idea is eminently inaugurated. Prior to that, leaders should be mindful of the fact that great technology alone is not sufficient to bring a product from scrutiny to market. Leadership skill is also crucial for opulence.

Needless to say, enthusiasm, confidence and faith are vital for triumph. Scientific knowledge is a must to ensure that the leader has believability when setting forth their concept to the public.

What is also needed is the ability to multitask. Since the number of staffs will be limited at this stage, the leader has to wear multiple hats to advance to the next stage. The leader has to explain technical concepts of the business proposal, has the ability to recruit the right employee, be wise and prudent in partnership, apprehend and grasp the market, protect the patent and grow a businessman mindset. All of these tasks can be daunting and overwhelming for a scientist, but with zeal and vigor, they are not undoable.

Persuading founders might necessitate leaders to call off unprofitable ventures but leaders must be thoughtful in making such decisions. Company environment must be taken into account, as it is unadvisable to implement changes that will influence the employees inclemently. Communication is pivotal at this stage to make sure that the leader does not lose any talented employee.

During the operational stage, the firm has to evince its marketability by strengthening concordats, ententes and deliberate collaboration. The emphasis here is on transaction. The purpose and objective here is to deliver what was promised to business partners, investors and the public in order to maximize investor return.

Although the board of directors is chosen by the leader and the early stages, they play an important adversarial role, especially in determining exit timing and strategies at times when the investors’ intimidation on return on investment is high. It is then the leader’s duty to vocalize the company’s strategy.

In a nutshell, whether a leader aspires to come up with breakthrough solution for HIV test Singapore, DNA manipulation, treating cancer, enzyme development or treating anxiety, leadership skills, communication skills and ability to accept and adapt changes are cardinal to flourish.