Dr Kevin Scanlon - The Hybrid Entrepreneur: A Novel Career in Science and Business

The Hybrid Entrepreneur

The Hybrid Entrepreneur

A Novel Career in Science and Business

Kevin J. Scanlon, PhD

CEO

International BioScience

The Hybrid Entrepreneur: A Novel Career in Science and Business

Copyright Business Expert Press, LLC, 2023.

Cover design by Klassic Designs

Interior design by Exeter Premedia Services Private Ltd., Chennai, India

All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any meanselectronic, mechanical, photocopy, recording, or any other except for brief quotations, not to exceed 400 words, without the prior permission of the publisher.

First published in 2023 by

Business Expert Press, LLC

222 East 46th Street, New York, NY 10017

www.businessexpertpress.com

ISBN-13: 978-1-63742-444-5 (paperback)

ISBN-13: 978-1-63742-445-2 (e-book)

Business Expert Press Entrepreneurship and Small Business Management Collection

First edition: 2023

10 9 8 7 6 5 4 3 2 1

Description

Do you want to start your own company?

This book describes the management expertise, organizational skills, and vocabulary necessary to be a successful entrepreneur based on the authors academic and business career.

This book discusses the following:

What are the successful characteristics of an inventor, an entrepreneur, and a CEO?

Understanding the vocabulary of the entrepreneurs ecosystem.

What are the evaluation criteria for the team, product, business model, and exit plan?

Do consumers need or want your product?

How to create the story that will fit the right investor for funding?

Understanding the investor evaluation and screening process.

Readers will learn how to ask the right questions to build a strong ecosystem with service providers, customers, and investors.

If you want to be an entrepreneur, read this book. It is about the authors personal experiences as a scientist, an inventor, an entrepreneur, a CEO, and an investor.

Keywords

entrepreneur; startups; investors; incubators; funding process; legal issues; service providers; business strategy

Contents

I would highly recommend this book to anyone who is curious about entrepreneurship. The book provides comprehensive knowledge about the venture creation process. Coming from a healthcare background, I had no prior business knowledge. However, I thoroughly enjoyed reading the book and learned so much from it. I believe that everyone can be an entrepreneur if they have the right resource, and this book is the perfect starting point.Thy Nguyen, Doctor of Pharmacy student, School of Pharmacy, Bouve College of Health Sciences, Northeastern University

This is a must-read for budding entrepreneurs. Working in healthcare, I always wanted to address significant unmet needs and inefficiencies in the industry by taking an entrepreneurial approach, but I frankly didnt know where to start. Like most students, I tried learning as much as possible about entrepreneurship through various online resources and talking to mentors. Still, I never truly felt that I was getting it (seeing the whole picture). Then I read The Hybrid Entrepreneur, which gave me a unique birds-eye view of the venture creation/building process and detailed the caveats to consider along the journey in an easily digestible way. So, I highly recommend this book, especially for budding entrepreneurs.Joon Seok Lee, Doctor of Pharmacy student, School of Pharmacy, Bouve College of Health Sciences, Northeastern University

This book is a great help for entrepreneurs and investors.Eyal Geffen, Managing Partner, Sky Ventures Group

Kevin Scanlon has written the requisite book for every scientific entrepreneur with a vision of a product and commercial success. The entrepreneur has the required tenacity for the vision but understanding the business/commercial aspects will either make or break the aspiring entrepreneur. Scanlon repeatedly states a mentor is critical, its true and I concur. The Hybrid Entrepreneur should be required reading in any MBA entrepreneurial program. Scientific entrepreneurship is an interesting breed, brilliant inventions that can become game changers in industry. A step-by-step outline for essential, capitalization, commercialization will absolutely determine if the vision becomes actuality. The business tenets discussed in the book will help the scientist to transition to a businessperson who can discuss ROI one minute and the next molecular genetics diagnostics.Lawrence A. Rheins, PhD, Inventor, Founder and CEO, DermTech International

The Hybrid Entrepreneur is a must read for any scientist seeking to commercialize their innovation. Moving from bench to boardroom is much harder than the other direction. The hybrid scientist/businessperson has difficulty in that there are no specific solutions to each issue that arises until a solution is tried. Dr. Scanlon demonstrates the many methods to reduce the uncertainty surrounding the hybrid entrepreneur and guide them through better decision making.Mark Lieberman, Chief Startup Officer, OSU Advantage Accelerator, Oregon State University

My Family: Alysa, Kara, Lauren, Maeve, Quinn, and Damian

My Students for their interesting questions

My Science Mentors

Dr. J. R. Bertino (Yale Medical School)

Dr. J. Holland (Mt. Sinai Medical School)

Dr. M. Dietal (Charite Hospital, Berlin, Germany)

My Business Mentors

Dr. D. Stringfellow (Schering AG/Berlex)

M. Lieberman (Pasadena Angels Investment Group)

A. Schneider (Pasadena Angels Investment Group)

My Legal Mentors

J. G. Sheldon (Pasadena Angels Investment Group)

D. Thompson (Pasadena Angels Investment Group)

S. M. Honig (Duane Morris)

If it were easy to be an entrepreneur, everybody would do it.

Robert Kiyosaki

In my experience, companies fail for two main reasons: The team dynamics change as the company grows and/or lack of money. This book will address these key business topics and additional issues typically faced by new ventures. First, we will evaluate commercially successful companies that took their concept to market. Next, we learn the vocabulary of the investor, customer, and management team to maximize the successful process of taking a concept to market. The questions we will address are the following: What are the skills and tools required for starting a new venture? What are the characteristics of an inventor, an entrepreneur, and a CEO? Do consumers need your product? How can you create a story that will interest investors? The Hybrid Entrepreneur should help you build you a strong foundation for your company.

This book is divided into five parts. We will review the essential elements needed for your new venture: a team, the product, a business plan, the business model, and the ecosystem to grow your new business. The team will be defined by the type of leader required for the stage of the company. The team requires certain skills and domain experience to run the enterprise. An evaluation of the organizational structure and the appropriate board for the company will be examined. The problem and the solution should be easily explained to either a customer or an investor. The product must address the needs of the customer and market. The product should have acquired legal protections to satisfy the needs of the investors. The legal protections should create a strong picket fence around the product to keep the competitors out of the market. Conversely, the protections should be strong enough to encourage the competitor to buy the product rights. The business plan should validate the target customer needs. The product should be identified in a growing niche market that can produce strong growth of revenues. The business model should demonstrate a value proposition to the customer and have a strong sales cycle with multiple revenue streams of income. The final section will evaluate the contribution to making a successful venture with help from incubators, attorneys, and investors. The success of a company is measured by the return on investment at the exit of the company.