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<p>A science startup is different from other startups. Running one requires a rare blend of attributes—technical skills, vigor, and an entrepreneurial mindset. It’s difficult to break through without proper planning and a great strategy.</p>
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<p>According to&nbsp;<a href="https://incafrica.com/library/greg-satell-most-science-startups-fail-heres-why">one study</a>, many science startups fail due to poor innovation ecosystems to commercialize science. Still, many overcome the odds and succeed. Here are four rules you can use to build a successful science startup.</p>
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<p><strong>1. Analyze Customer Needs, Don’t Wait for them to Tell You</strong></p>
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<p>A science startup is a little different from other businesses when it comes to product development. Don’t expect to get many opinions on how the product should look or perform during market research. Identify a need and analyze the magnitude of the problem. Once you have this information,&nbsp;<a href="https://www.netsolutions.com/insights/how-to-build-an-mvp-minimum-viable-product-a-step-by-step-guide/">build a minimum viable product (MVP)</a>&nbsp;and present it to the market for testing.</p>
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<p>Solicit public feedback and opinions once the product is in the market. This will help you adjust it without over-engineering or going below the regulatory standards.</p>
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<p><strong>2. Prioritize Your Team Over the Idea</strong></p>
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<p>Scientists have technical mindsets that focus on research, discoveries, inventions, and observations that seek to explain novel hypotheses. On the other hand, business people care more about bringing a complete product to the market to make money. Understand that invention minus commercialization equals zero profits. Likewise, you can’t focus on commercialization and overlook invention.</p>
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<p>The two complement each other. It takes proper communication and understanding to consolidate the two. If the startup is a partnership, both parties must share common goals. They must also share a similar vision and have a&nbsp;<a href="https://www.forbes.com/advisor/business/partnership-agreement/">partnership agreement</a>&nbsp;to safeguard business interests.</p>
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<p><strong>3. Avoid Dead Equity</strong></p>
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<p>Many people turn to friends and relatives for funding when starting a business. PhoneCheck, a company that offers software to&nbsp;<a href="https://www.phonecheck.com/blog/guide-to-apple-refurbished-phones">apple refurbished</a>&nbsp;vendors, is an example of a company that was self-funded and that grew by reinvesting in themselves. They have a lower risk than investor funding.</p>
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<p>Funding a science startup is more expensive. You may need to pool funds from your networks or turn to angel investors for funding. Avoid minority investors because the money they provide may not help you build your business. If you’re running a partnership, set up vesting schedules. Every founder should earn their stock ownership over time by working hard on the business.</p>
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<p><strong>4. Hire Slow, Fire Fast</strong></p>
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<p>Working with the right talent is essential for the success of any business. It’s even more crucial in a company where everyone works independently. Unfortunately, some workers may fail to meet their obligations effectively as the business grows and responsibilities increase.</p>
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<p>Sometimes, a new employee might not have enough experience to take on a new role without guidance. This can slow down operations. Train such people immediately or assign them to other positions. Time dictates the success of your startup; don’t waste it. Know when to hire, fire, train, upskill, and retrain. The people you hire will determine how successful your science startup is.</p>
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