YC
A Conversation with Elizabeth Iorns - Advice for Biotech Founders
@ Y Combinator
10/03/18
Takeaways
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Elizabeth Iorns
10/03/18
@ Y Combinator
I started Science Exchange because I saw how scientific research was evolving and becoming more specialized and multidisciplinary, which made collaborations inefficient.
EI
Elizabeth Iorns
10/03/18
@ Y Combinator
The ownership of scientific results is crucial in research, and figuring out who owns the results and intellectual property can be very challenging.
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Elizabeth Iorns
10/03/18
@ Y Combinator
When I transitioned from academia to starting a tech company, I didn't have many role models, especially in Miami, which wasn't a startup hub at the time.
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Elizabeth Iorns
10/03/18
@ Y Combinator
It's important for scientists to navigate university tech transfer processes carefully, as universities often claim ownership of research results.
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Elizabeth Iorns
10/03/18
@ Y Combinator
I believe the best time for scientists to join Y Combinator is after generating significant R&D from grant-funded work, as it allows them to focus on development rather than just research.
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Elizabeth Iorns
10/03/18
@ Y Combinator
There's a growing trend of scientists moving into startups, as entrepreneurship has become a viable career path, supported by infrastructure like Y Combinator and AWS.
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Elizabeth Iorns
10/03/18
@ Y Combinator
Marketplaces like Science Exchange need to be the platform that companies use for all their projects, not just a one-off shopping experience, to be truly effective.
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Elizabeth Iorns
10/03/18
@ Y Combinator
Our first customers were friends who were scientists, and they provided valuable feedback that helped us refine our service to be more effective and cost-efficient.
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Elizabeth Iorns
10/03/18
@ Y Combinator
We defined product-market fit when our first large pharmaceutical client used our platform for entire sectors of their business, indicating we met a significant need. When a large company shifts from solving a problem internally to using your product, it's a significant validation of your offering.
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Elizabeth Iorns
10/03/18
@ Y Combinator
The main competitor for Science Exchange is the status quo, as many companies still rely on outdated processes like SharePoint to manage external vendors.
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Elizabeth Iorns
10/03/18
@ Y Combinator
The reproducibility initiative aims to ensure that published experiments can be replicated to validate their results, which has been controversial due to questions about its value and efficiency.
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Elizabeth Iorns
10/03/18
@ Y Combinator
Most published scientific results are not reproducible, and we should study the reasons behind this rather than blame individual researchers.
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Elizabeth Iorns
10/03/18
@ Y Combinator
The biggest challenge for Science Exchange when it started was convincing the conservative pharmaceutical industry to use the platform.
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Elizabeth Iorns
10/03/18
@ Y Combinator
Today, the main challenge is scaling the company while managing tight deadlines and ensuring focus on the right opportunities.
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Elizabeth Iorns
10/03/18
@ Y Combinator
The biotech industry is experiencing a surge in startups due to unprecedented access to capital and advancements in therapeutic modalities.
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Elizabeth Iorns
10/03/18
@ Y Combinator
Recent approvals of gene therapies and cell-based therapies have opened new avenues for biotech companies to create marketable products.
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Elizabeth Iorns
10/03/18
@ Y Combinator
Biotech MVPs are challenging to define because commercial revenue typically only comes after product approval, which many biotechs never achieve.
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Elizabeth Iorns
10/03/18
@ Y Combinator
Access to capital and FDA's development strategies for rare diseases have enabled small biotech companies to bring products to market without being acquired.
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Elizabeth Iorns
10/03/18
@ Y Combinator
Biotech founders often make the mistake of not conducting the essential experiments needed to validate their ideas, fearing that failure could jeopardize their startups.
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Elizabeth Iorns
10/03/18
@ Y Combinator
It's crucial for startup founders to focus on the minimal experiments necessary to answer key questions about their product's viability.
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Elizabeth Iorns
10/03/18
@ Y Combinator
Having a business co-founder is not a requirement for success; what matters more is finding someone who is passionate about solving the same problem and with whom you work well.
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Elizabeth Iorns
10/03/18
@ Y Combinator
The future of biotech will likely involve products that patients are willing to pay for, focusing on conditions that significantly impact their quality of life.
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Elizabeth Iorns
10/03/18
@ Y Combinator
The decision to initiate the reproducibility initiative was a game-changer for Science Exchange, enhancing its branding and opening doors to pharmaceutical partnerships.
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Elizabeth Iorns
10/03/18
@ Y Combinator
In a hundred years, Science Exchange will continue to enable scientific breakthroughs by providing infrastructure for collaboration among researchers.
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Elizabeth Iorns
10/03/18
@ Y Combinator
Credentials in biotech are important, but success can also come from being knowledgeable and credible in the field, even without formal qualifications.
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Elizabeth Iorns
10/03/18
@ Y Combinator
You don't necessarily need a PhD to be a co-founder in biotech; personal motivation and understanding of the field can be just as valuable.
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Elizabeth Iorns
10/03/18
@ Y Combinator
Quality control is a core value proposition for Science Exchange, where all suppliers are qualified before being listed on the marketplace, ensuring high standards.
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Elizabeth Iorns
10/03/18
@ Y Combinator
Science Exchange continuously monitors supplier performance, allowing them to confidently recommend providers based on data-driven insights.