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When should startups collab?

Starting your own biotech firm and wondering if and when to collaborate with private healthcare companies?

Collaboration of startups with traditional firms should be done strategically. Generally, it works best at the later scaling stages of a company and is not as effective early on, when the firm is innovating rapidly. This is because when you collaborate you dilute your decision making capabilities and efficiencies, and the greater the number of people involved in key decision making early on, the more limited the creative execution becomes. Creative execution is tremendously important if you are building a new product or system from scratch as it allows you to take risks when needed and crucially to iterate on the design more often and much faster. It’s the continual iteration of your design to execute your bold vision and to take on board feedback from early customers that will determine if your company will develop to a stage where it can be scaled up. 

Really, it’s at this stage that collaboration becomes useful. Now the startup is ready to take on the more practical considerations of their biotech innovation and working with experts from established healthcare films offers an avenue for criticisms. A good entrepreneur will take these feedback into account early on without losing sight of their radical innovation, especially in the biotech industry, where established healthcare companies tend to be on the conservative side.