I was recently awarded the EIT Health Translational Fellowship, which aims to fund DPhil projects with the goal of commercializing the research and addressing the funding gap between research and seed funding. In order to win, I had to deliver a short 5 minute startup pitch in front of a panel of investors and scientific experts to convince them that my DPhil project has impact as well as commercial viability. Besides the £5000 price, the fellowship included a week-long training course on how to improve your pitch, address pain points in your business strategy etc. I found the whole experience to be incredibly rewarding and the skills I picked up very important, even as a researcher. As a summary, this is why I think you should care about the startup world as a researcher.
1 As a researcher, you are one of the main drivers of innovation
Even if you don’t want to be a founder, or even work in industry, your research will ultimately impact current technologies in some shape, leading not only to new discoveries but also commercial applications. The question that every founder has to address is: “Why should people care about your idea?”. This needs-lead innovation principle is just as relevant for you as a researcher. “What problem are you trying to solve with your research” should always be one of the first questions to answer. In many cases, a research need can translate into a commercial need as well. In the end, we all want our research to be useful and in order to reach as many people as possible, the best way is often to commercialize it.
2 Being able to communicate your research to the public is crucial
Most of the time, when you are tasked to write an abstract or summary of your research for “non-experts”, you are still writing for a scientific audience, just not the experts of your field. However, addressing an audience that has no idea about science is a lot more challenging but nonetheless important. When you are pitching your scientific results through the commercial lens, the focus changes. As researchers, we always want to be as precise as possible, every detail is important. A Venture Capitalist that wants to invest in you doesn’t care about the fine details of your technology; but rather asks: What is the problem? What is the solution? What is the outcome? How big is the addressable market?
3 It can be an attractive source of funding
The EU or the UK have committed substantial funding into their industrial strategy programs which often includes grants for researchers that are working on technologies that have the potential to be commercialized. Just like the grant I received from EIT, they often come with no strings attached. You aren’t “forced” to commercialize, publications are still possible and no equity is given away in case you end up incorporating. Go and apply!
In the end, even if you aren’t interested in the investment side or entrepreneurship itself, pitching for funding instead of writing scientific applications will definitely give you more perspective on how things work outside of academia. Also looks great on your next job application!
