Business of science: The setbacks that can help your start-up succeed

The road to commercializing research is strewn with challenges, but how can science start-ups prepare for developments that are harder to predict, such as a global pandemic?Daniel Batten, an investor and business coach in Auckland, New Zealand, describes strategies to prepare for unexpected events as well as more common crises, such as failed funding rounds or supplier problems.Barbara Domayne-Hayman, entrepreneur in residence at the Francis Crick Institute in London, says the path to commercialization seldom runs smoothly, which is why it is important to have a ‘plan B’, together with a network of trusted mentors.“Things never go exactly as you expect, even when things are going well. There’s usually some bumps along the road. Resilience is the single most important thing that you need to have,” she says.“You have to be the one that actually continues to keep the faith. You just have to keep picking yourself up and carry on.”This episode is part of Business of science, a six-part podcast series exploring how to commercialize your research and launch a spin-off.The series looks at investor pitches, patents, technology transfer and how to survive the inevitable setbacks along the way. Hosted on Acast. See acast.com/privacy for more information.