Scientific Entrepreneurs

Scientific entrepreneurs usually start out doing university-based research. Realising that their product might have commercial potential, they set up companies to develop their science in this way.

In our study the scientists who set up spinout companies almost always had phds and started life as academic scientists, as postdoctoral researchers, lecturers and even professors.

They almost all talked about themselves as having an entrepreneurial spirit. They liked being their own boss and were often frustrated when they weren’t in charge.

The spinout scientists loved doing science, not just discovering things, but also they liked seeing their science applied – being used by people in real ways. They were also quick to spot the commercial potential in their science. Although money wasn’t always their prime motivator, many thought that university scientists were underpaid and saw developing their own company as a way of making a lot more money.

A key aspect of these people’s  is that they were prepared to take risks – financial and career-wise. The most successful spinout scientists were good at  communicating their ideas to lots of different kinds of people (like venture capitatlists) and also keen on developing business skills, like marketing, finance, contracts and other legal issues.

Some scientists left academia to set up spinouts, whilst others kept their university jobs and did their spinouts on the side. Either way, particularly in the early days, these scientists worked very hard, often 6 or 7 days a week, with little immediate financial or career return. This meant that other aspects of life often had to take a back seat.