Community Events
1 Dec 2023
HHP I&E Workshop
BioMedTech Startups: Risky Businesses & How to Build Them
HHP I&E Workshop
BioMedTech Startups: Risky Businesses & How to Build Them
From left to right: Mr Seck Yee Kwang, Dr Jabez Bok, and distinguished panellists Prof Lim Chwee Teck, Dr Sebastian Schäfer, and Prof Ooi Eng Eong.
"The shuttering of a biotech is not a failure for the entrepreneur involved – in fact, that experience is a highly valuable one, that makes the scientist more attractive to the next biotech”
- Prof Ooi Eng Eong, cofounder Tychan and co-director at the Viral Research and Experimental Medicine Centre.
BioMedTech startups aim to address unmet patient care needs and promote better health outcomes. These startups often emerge as spinoffs from the dedicated research efforts of scientists, bringing forth innovative technologies or products to address specific challenges, but are often seen as high-risk endeavours that net no benefit if they fail.
On 1 December 2023, we organised a workshop on effective approaches to building BioMedTech startups and strategies to manage the inherent risks associated with such endeavours for some 75 participants from the HHP I&E community. The event provided valuable insights and guidance for individuals interested in navigating the challenging landscape of BioMedTech entrepreneurship.
A panel of public health experts and academics, who have successfully launched BioMedTech startups, shared their top tips for aspiring individuals and the community looking to foster entrepreneurship:
- Prof Ooi Eng Eong, cofounder Tychan and co-director at the Viral Research and Experimental Medicine Centre.
BioMedTech startups aim to address unmet patient care needs and promote better health outcomes. These startups often emerge as spinoffs from the dedicated research efforts of scientists, bringing forth innovative technologies or products to address specific challenges, but are often seen as high-risk endeavours that net no benefit if they fail.
On 1 December 2023, we organised a workshop on effective approaches to building BioMedTech startups and strategies to manage the inherent risks associated with such endeavours for some 75 participants from the HHP I&E community. The event provided valuable insights and guidance for individuals interested in navigating the challenging landscape of BioMedTech entrepreneurship.
A panel of public health experts and academics, who have successfully launched BioMedTech startups, shared their top tips for aspiring individuals and the community looking to foster entrepreneurship:
-
Recognition and Incentivization from Academic Institutions:
Encourage entrepreneurship by acknowledging and rewarding research outcomes such as licensing deals and spinoff companies, alongside traditional publications in performance and tenure assessments.
- Embracing Agility and Adaptability:
Leverage the agility of small start-ups to pivot effectively to address evolving needs of target audience. Prioritize adaptability over blind growth, ensuring strategic evolution aligned with market demands.
- Cultivating Strategic Partnerships:
Forge collaborations with pharmaceutical companies to harness synergies that tap on their expertise, reach, and resources. Strategic partnerships can streamline product market entry without replicating extensive internal systems within the confines of a small start-up.
- Commemorating Milestones, Both Triumphs and Setbacks:
Celebrate successes and failures alike. Share success stories to inspire others, and view failures as experiences that contribute to the entrepreneur's growth and empowerment, shaping their resilience for future endeavours.
Do you want to find industry or research partners to take your idea to the next level?
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