‘You’re a business developer…for a hospital? What exactly do you do?’ a business developer from a pharmaceutical company asked. Business development isn't the first thing that comes to mind when one thinks of an academic hospital. Every academic hospital or institute has business developers working within a technology transfer office. Their primary role is to bridge the gap between academia and industry by identifying, protecting, and commercializing the research and intellectual property developed by faculty and students. This article describes how I transitioned from being a Ph.D. Candidate to be a business developer for the largest cardiology center in the Netherlands.
Transitioning from a Ph.D. to a Business Development
I always encounter patients after leaving the lab and walking through the hospital's hallways. A pressing question always weighed on my mind: 'How will my day-to-day research and experiments eventually benefit these patients?'
The typical academic response would be that the research papers one publishes lay the foundation for future research and potential therapies.
Yet, when confronted with a shelf housing over a hundred dissertations, each representing four years of unwavering dedication, it's hard not to ponder, "Aren't there more immediate ways for experimental research to positively impact patient care?"
Adapted from Matt Might, 2012: The Illustrated Guide to the Ph.D.
The Bridge from Knowledge to Real-World Solutions
Transferring knowledge gained by experimental research into practical application, also known as valorization, can be accomplished in various ways. Valorization is the process of creating economic value from research and innovation. This involves taking research findings and intellectual property and converting them into commercial products, services, or business models. The process can take many forms, including licensing, creating spin-off companies, or forming partnerships with industry.
While working on my experimental research, I ventured out to explore the valorization potential of my findings. During this time, I expanded my knowledge, built my network, and received feedback on the commercial potential of my research through various activities. These included:
- Joining the Validation Program of the business incubator UtrechtInc.
- Pitching my idea to investors at the HIHR event.
- Deepening my business acumen through the BioBusiness summer school and modules from the Talent Accelarator Programme for Biobusiness
- Networking and attending events such as Innovation 4 Health and the Global Investor Forum
- Engaging in continuous dialogue with the Technology Transfer Office.
Subsequently, I integrated the external industry and internal scientific feedback to optimize my experiments.
Eventually, it became clear. My passion for valorization surpassed my fascination with pipettes and petri dishes. The next logical step? I joined a Technology Transfer Office, where my research background could blend seamlessly with my newfound interest in business development.
What is a technology transfer office?
A Technology Transfer Office (TTO) acts as a bridge between researchers and industry partners. Its primary role is to facilitate the protection and commercialization of intellectual property. The TTO assesses the market potential of innovations, aids in the patenting and licensing processes, and establishes collaborations with relevant industry stakeholders.
TTOs play a pivotal role in regional economic development. They ensure that academic research translates into tangible real-world benefits. TTOs are central to pushing academic discoveries into the market by fostering the growth of new ventures and attracting investments. In doing so, they drive regional growth and enhance societal well-being.
More info: Technology Transfer Offices in the Netherlands
Working as a Business Developer
"Business development is about people and contracts," said a business developer from J&J during a presentation. Over the past year, as I delved deeper into business development, I recognized this role's complexity and multifaceted nature.
Business development is about creating long-term organizational value through partnerships, markets, and relationships. This role involves extensive networking, relationship-building, and understanding the needs and desires of various stakeholders.
Many don't grasp the vast expanse of knowledge a business developer must have:
- Legal: While a business developer isn't a lawyer, understanding contract nuances, legal obligations, and potential pitfalls is crucial. This ensures that agreements are robust, fair, and beneficial to all involved.
- Intellectual Property: Particularly vital in sectors like pharmaceuticals or tech, a grasp of patents, trademarks, and copyrights is necessary. Safeguarding an organization's IP while navigating that of others is a nuanced task that can mean the difference between a profitable deal and a lost chance.
- Scientific Understanding: In industries such as healthcare, biotech, or energy, profound scientific knowledge can significantly sway business development. It's not solely about crafting deals but ensuring those deals stem from solid science and innovation.
- Building Business Cases: This involves a combination of market research, financial forecasting, and strategic thinking. Business developers formulate persuasive arguments for why a specific partnership or initiative is worth chasing.
- Negotiation: This skill surpasses simple bargaining. Negotiating contracts and budgets necessitate a fine balance of assertiveness, diplomacy, and foresight.
- Setting up Collaborations: Be it research collaborations in academia or joint ventures in the corporate sphere, a business developer is key in ensuring collaborations are productive and resonate with the organization's overarching vision.
- Market Analysis: Discerning industry trends and potential roadblocks is essential.
As industries change and evolve, so does the role of a business developer. The digital age, for instance, has brought a fresh set of challenges and opportunities, from new artificial intelligence partnerships, novel clinical studies to collaborations with tech startups.
Despite the challenges, one thing remains consistent: the need for business developers to be dynamic, adaptable, and always on the lookout for new opportunities.
In closing, it’s evident that business development is far more than just "people and contracts." It’s an intricate blend of strategy, negotiation, and relationship-building. For organizations looking to grow and thrive in an ever-competitive landscape, the role of the business developer is beneficial and indispensable.
© Nazma F. Ilahibaks, 2023
