Planning a new enterprise

The first session of the second year Faculty "Molecules to Market" Module at Sheffield begins tomorrow. The aim is for me and Emma to facilitate a session in which you develop the ideas for setting up your virtual company. Typically, this involves a number of steps.

Think of an area of Science that you wish to exploit commercially. I always think that the word exploit sounds negative and slightly sinister, however by definition, it simply means "to make full use of and derive benefit from something (in this case a piece of knowledge)". You may wish to exploit the recombinant DNA technology surrounding the green fluorescent protein to make plants or fish that glow in the dark? You may consider developing a hand held, solar powered device for diagnosing infectious diseases in sub-Saharan Africa. Or you may want to develop a novel form of Bioenergy based on the unusual metabolic characteristics of halophilic blue-green algae. Whatever you choose to develop as the core of your business, you should construct a concise Mission and Vision statement that captures its essence.

Having decided on an idea, the next stage might be to stratify your team 
and to identify roles within the company. Who will be the CEO? What characteristics do you as a committee value in a leader and what will the

outside world; including potential investors, customers, collaborators and suppliers want to see as the "phenotype" for the CEO of your business. You may choose to develop your company as a not-for-profit organisation, you may require someone who is highly competitive in order to attract venture capital funding, or you may be looking for someone with sophisticated communication skills and a strong grasp of some complex Science. Make sure you identify and prioritize these qualities when you select your CEO. The same goes for your sales team, your chief scientific officer, your PR and HR representatives.

Then there is the matter of your image, your logo, your company name and your website and or social media presence. These are all issues that can make a huge difference to the success, the acceptance and the positioning of a business. We want you to consider this as holistically as possible,  by combining Science and Business with sales and marketing. Finally think about money. Will you require a significant investment of cash? 


Will you build your business organically? Who are likely to be your main competitors? How much money do you want to make in the first year, five years, or ten years and how realistic is this compared with your competitors? How much will you pay each other and how will you recruit your first employee? And where will your head office be? These are a few of the issues we hope you will consider tomorrow. Looking forward to it!