Foreword |
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xv | |
Preface |
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xvii | |
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1 We Need An Entrepreneurial Culture in Chemistry: Do You Have What It Takes to be a Chemistry Entrepreneur? |
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1 | (15) |
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1.1 Introduction: Disruptive Innovation in Chemistry is in High Demand |
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1 | (1) |
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1.2 Examples of Innovation in Chemistry Catching the Eye of the Mainstream Market |
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2 | (4) |
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2 | (1) |
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1.2.1.1 Just (formerly Hampton Creek) |
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2 | (1) |
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2 | (1) |
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2 | (1) |
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1.2.1.4 Endless West (formerly Ava Winery) |
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3 | (1) |
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1.2.2 Sustainable/Renewable Chemistry |
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3 | (1) |
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3 | (1) |
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3 | (1) |
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3 | (1) |
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3 | (1) |
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3 | (1) |
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1.2.3.1 Moderna Therapeutics |
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4 | (1) |
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1.2.3.2 Unity Biotechnology |
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4 | (1) |
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1.2.3.3 CRISPR Therapeutics, Intellia Therapeutics, and Editas Medicine |
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4 | (1) |
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4 | (1) |
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5 | (1) |
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1.2.4.2 Grail Diagnostics |
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5 | (1) |
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5 | (1) |
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5 | (1) |
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5 | (1) |
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1.2.5.2 Solazyme (TerraVia) |
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6 | (1) |
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1.3 Unique Challenges for Chemistry Entrepreneurs |
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6 | (7) |
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1.3.1 The Most Important Trait of Every Chemical Entrepreneur |
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7 | (2) |
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1.3.2 Chemistry Accelerators, Incubators, and Academic Spin-offs |
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9 | (1) |
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1.3.3 Do Something, do Anything, even if it is Wrong |
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10 | (1) |
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10 | (1) |
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11 | (1) |
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11 | (1) |
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11 | (1) |
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12 | (1) |
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1.3.4 You have your Discovery; now you need a Patent |
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13 | (1) |
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1.3.4.1 Provisional Patent |
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13 | (1) |
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1.3.4.2 Patent Application |
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13 | (1) |
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1.3.4.3 Patent Prosecution |
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13 | (1) |
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1.3.4.4 Structure of the Patent Claims |
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13 | (2) |
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1.3.4.5 Patent Search and Prior Art |
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13 | (1) |
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1.3.4.6 Publishing Before Patenting |
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14 | (1) |
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1.3.4.7 PCT International Patent |
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14 | (1) |
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1.3.4.8 Protectable Patent Value |
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14 | (1) |
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1.3.4.9 Selecting the Wrong Lawyer for the Job |
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14 | (1) |
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1.4 Invention is Only the Beginning of Creating a Company |
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15 | (1) |
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1 A. 1 Know your Role: Foundirtg CEO vs. Founder vs. Inventor |
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16 | (17) |
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1.4.2 Raising Money: Acquiring the Right Money at the Right Time |
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17 | (1) |
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18 | (1) |
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1.4.2.2 Friends and Family |
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18 | (1) |
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18 | (1) |
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1.4.2.4 Accelerators and Incubators |
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18 | (1) |
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18 | (1) |
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1.4.2.6 Strategic Investment |
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19 | (1) |
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19 | (1) |
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19 | (1) |
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20 | (1) |
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1.4.3 Can you get the idea for Commercialization? |
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21 | (1) |
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1.4.4 When you are Ready to Commercialize, which path do you take? |
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22 | (1) |
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22 | (1) |
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1.4.4.2 Business-to-Business (B2B) |
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23 | (1) |
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1.4.4.3 Business-to-Consumer (B2C) |
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23 | (1) |
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1.5 Do you have the Traits of an Entrepreneur? |
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24 | (6) |
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1.6 Summary: Do You Have What It Takes? 28 Recommended Readings and References 30 Author Biography |
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30 | (3) |
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2 Taking Ideas Out of the Lab: Why and When to Start a Company in the Biomedical Field |
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33 | (28) |
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33 | (1) |
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2.2 Company Case Studies: Interviews with the Founding Scientists |
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34 | (9) |
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2.2.1 Advanced Inhalation Research: Interview with David Edwards |
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34 | (1) |
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34 | (1) |
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2.2.1.2 What was the Key Problem and Initial Idea that Sparked the Work? |
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34 | (1) |
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2.2.1.3 Why was it Important to Start Advanced Inhalation Research? |
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35 | (1) |
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2.2.1.4 When was the Technology Ready to Start Advanced Inhalation Research? |
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35 | (1) |
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2.2.1.5 What Lessons Did You Learn Through This Process? |
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35 | (1) |
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35 | (1) |
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2.2.2 Kala Pharmaceuticals: Interview with Justin Hanes |
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36 | (1) |
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36 | (1) |
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2.2.2.2 What was the Key Problem and Initial Idea that Sparked the Work? |
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36 | (1) |
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2.2.2.3 Why was it Important to Start Kala Pharmaceuticals? |
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36 | (1) |
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2.2.2.4 When was the Technology Ready to Start Kala Pharmaceuticals? |
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36 | (1) |
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2.2.2.5 What Lessons Did You Learn Through This Process? |
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37 | (1) |
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37 | (1) |
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2.2.3 Moderna: Interview with Derrick Rossi |
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37 | (1) |
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37 | (1) |
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2.2.3.2 What was the Key Problem and Initial Idea that Sparked the Work? |
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37 | (1) |
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2.2.3.3 Why was it Important to Start Moderna? |
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38 | (1) |
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2.2.3.4 When was the Technology Ready to Start Moderna? |
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38 | (1) |
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2.2.3.5 What Lessons Did You Learn Through This Process? |
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38 | (1) |
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38 | (1) |
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2.2.4 Sigilon Therapeutics: Interview with Arturo Vegas |
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38 | (1) |
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39 | (1) |
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2.2.4.2 What was the Key Problem and Initial Idea that Sparked the Work? |
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39 | (1) |
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2.2.4.3 Why was it Important to Start Sigilon? |
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39 | (1) |
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2.2.4.4 When was the Technology Ready to Start Sigilon? |
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39 | (1) |
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2.2.4.5 What Lessons Did You Learn Through This Process? |
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40 | (1) |
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40 | (1) |
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2.2.5 Suono Bio: Interview with Carl Schoellhammer |
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40 | (1) |
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40 | (1) |
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2.2.5.2 What was the Key Problem and Initial Idea that Sparked the Work? |
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40 | (1) |
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2.2.5.3 Why was it Important to Start Suono Bio? |
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40 | (1) |
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2.2.5.4 When was the Technology Ready to Start Suono Bio? |
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41 | (1) |
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2.2.5.5 What Lessons Did You Learn Through This Process? |
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41 | (1) |
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41 | (1) |
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2.2.6 Vivtex: Interview with Thomas von Erlach |
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41 | (1) |
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41 | (1) |
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2.2.6.2 What was the Key Problem and Initial Idea that Sparked the Work? |
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41 | (1) |
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2.2.6.3 Why was it Important to Start Vivtex? |
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42 | (1) |
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2.2.6 A When was the Technology Ready to Vivtex? |
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42 | (1) |
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2.2.6.5 What Lessons Did You Learn Through This Process? |
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42 | (1) |
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42 | (1) |
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43 | (4) |
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2.3.1 To Have the Largest Impact on Patients |
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43 | (1) |
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2.3.2 To Introduce a New Platform Technology |
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44 | (1) |
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2.3.3 Is Licensing an Alternative? |
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45 | (1) |
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2.3.3.1 Licensing to Existing Companies |
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46 | (1) |
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2.3.3.2 Corporate-sponsored Academic Research |
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46 | (1) |
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2.4 When to Start a Company? |
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47 | (4) |
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2.4.1 Is There Enough In Vivo Validation? |
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47 | (1) |
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2.4.2 Was a Patent Filed? |
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48 | (1) |
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2.4.3 Was a Paper Published? |
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49 | (2) |
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2.5 The Secret Ingredient: Who and What? |
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51 | (3) |
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2.5.1 Who Will Start the Company? |
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51 | (1) |
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2.5.1.1 Seasoned Mentors as Co-founders |
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52 | (1) |
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2.5.1.2 Finding a Great CEO |
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52 | (1) |
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2.5.2 What Will the Company Actually Sell? |
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53 | (1) |
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2.6 Summary: Lessons Learned |
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54 | (7) |
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2.6.1 Lesson 1: Work on a High-impact, Platform Technology |
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54 | (1) |
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2.6.2 Lesson 2: Patent Early and Broadly |
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54 | (1) |
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2.6.3 Lesson 3: Keep the Tech in the Lab as Long as Possible |
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55 | (1) |
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2.6.4 Lesson 4: Must have in vivo Efficacy and Safety |
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55 | (1) |
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2.6.5 Lesson 5: Publish in Top Scientific Journals |
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55 | (1) |
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2.6.6 Lesson 6: Partner with Seasoned Entrepreneurs |
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55 | (2) |
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57 | (1) |
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58 | (3) |
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3 In Pursuit of New Product Opportunities: Transferring Technology from Lab to Market |
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61 | (42) |
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61 | (8) |
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3.1.1 Entrepreneurship and Technology Transfer |
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61 | (2) |
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3.1.2 Pursuing Commercial Product/Service Opportunities via Technology Transfer |
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63 | (2) |
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3.1.3 A Model for Entrepreneurship via Technology Transfer |
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65 | (3) |
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3.1.4 Extracting Technologies from Research Institutions |
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68 | (1) |
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3.2 Technology Discovery and Development |
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69 | (7) |
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3.2.1 Origins of Technology |
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69 | (1) |
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3.2.2 Technology Transfer Communication Models |
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70 | (1) |
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3.2.3 Transitioning Technologies into Products |
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70 | (3) |
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3.2.4 Timing Technology with Industry Acceptance |
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73 | (3) |
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3.3 Customer Discovery and Development |
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76 | (13) |
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3.3.1 Origins of Market Demand and Unmet Needs |
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76 | (1) |
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3.3.2 Identifying a Technology's Uses |
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77 | (1) |
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3.3.3 The Value Chain for Target Applications |
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77 | (1) |
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3.3.4 Identifying Stakeholders in the Value Chain |
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78 | (4) |
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3.3.5 Designing Product Experiments |
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82 | (1) |
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3.3.6 Customer Discovery and Validation Model |
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83 | (2) |
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3.3.6.1 Customer Routines Analysis |
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85 | (4) |
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3.4 Case Study: The Naval Research Laboratory's Self-Decontaminating Material |
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89 | (14) |
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90 | (1) |
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90 | (1) |
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90 | (1) |
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90 | (1) |
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3.4.5 The Future of the Technology and Future Applications |
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91 | (1) |
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3.4.6 Technology Background and Advantages |
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91 | (1) |
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92 | (1) |
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92 | (1) |
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93 | (1) |
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93 | (3) |
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3.4.11 Industrial Safety and Hygiene |
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96 | (1) |
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3.4.12 Healthcare and Pharmaceuticals |
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97 | (1) |
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98 | (3) |
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Suggested Reading and Resources |
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101 | (1) |
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101 | (2) |
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4 Financing and Business Development for Hard Tech Startups |
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103 | (26) |
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103 | (1) |
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4.2 Challenges in Financing Hard Tech Startups |
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104 | (4) |
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4.2.1 Balancing Ambition with Reality |
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104 | (1) |
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4.2.2 Hard Tech Sure Is Not Software |
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104 | (1) |
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4.2.3 Hard Tech Investors Are a Skeptical Bunch |
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105 | (1) |
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4.2.4 What Do You Mean I Will Not Exit for $1B? |
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105 | (1) |
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4.2.5 Hard Tech Fundraising Dissonance |
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106 | (2) |
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4.3 Fundraising the Right Way |
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108 | (11) |
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4.3.1 What Kind of Investors Should You Raise from? |
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108 | (1) |
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4.3.1.1 Friends and Family |
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109 | (1) |
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109 | (1) |
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4.3.1.3 Early-Stage Institutional Venture Capitalists |
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110 | (1) |
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4.3.1.4 Late-Stage Institutional Venture Capitalists |
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110 | (1) |
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4.3.1.5 Corporate Venture Capital |
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111 | (1) |
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4.3.2 Venture Capital Uncovered |
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112 | (1) |
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112 | (1) |
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112 | (1) |
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4.3.2.3 The Mythical lOx and Why It Is Important to You |
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113 | (1) |
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4.3.3 How to Generate Interest from Investors? |
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114 | (1) |
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115 | (1) |
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4.3.3.2 Differentiated Technology and Customer Value Proposition |
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115 | (1) |
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4.3.3.3 Large Target Market |
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115 | (1) |
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4.3.3.4 Compelling Plan to Build a Business |
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116 | (3) |
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4.4 The Case for Early-Stage Business Development |
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119 | (6) |
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4.4.1.1 Playbook for Early-Stage Business Development |
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121 | (1) |
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121 | (1) |
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4.4.1.3 Getting to the Finish Line |
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122 | (1) |
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4.4.1.4 Avoiding Common Pitfalls |
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123 | (2) |
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125 | (4) |
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128 | (1) |
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128 | (1) |
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5 Battery Entrepreneurship: Gameboard from Lab to Market |
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129 | (40) |
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129 | (2) |
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5.2 Finding a Market Fit for Your Technology |
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131 | (2) |
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5.3 Energy Storage Markets |
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133 | (6) |
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5.3.1 Portable Electronics, Drones, and Medical Devices |
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134 | (1) |
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5.3.2 Grid Energy Storage and Renewable Energy |
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134 | (2) |
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5.3.3 Industrial Batteries and Back-up Power |
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136 | (1) |
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5.3.4 Home Energy Storage |
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136 | (1) |
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137 | (1) |
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137 | (1) |
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5.3.5.2 Light Electric Utility Vehicles |
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137 | (1) |
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5.3.5.3 Heavy-duty Utility Vehicles, Trucks, and Buses |
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138 | (1) |
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5.3.6 Other Nascent Energy Storage Markets |
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138 | (1) |
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138 | (1) |
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139 | (1) |
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5.4 Battery Startup Case Studies |
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139 | (13) |
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140 | (1) |
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141 | (2) |
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143 | (1) |
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144 | (1) |
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145 | (1) |
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146 | (1) |
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147 | (1) |
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148 | (1) |
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149 | (1) |
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5.4.10 Cadenza Innovation |
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150 | (1) |
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151 | (1) |
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5.5 Lessons Learned from the Case Studies |
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152 | (2) |
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152 | (1) |
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5.5.2 Technical Challenges |
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153 | (1) |
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5.5.3 Financial Challenges |
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154 | (1) |
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154 | (1) |
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5.6 Strategies for Startups and Academic Inventors |
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154 | (9) |
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155 | (3) |
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5.6.2 Strategic Partnerships |
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158 | (1) |
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5.6.3 Intellectual Property (IP) Management Strategy |
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159 | (3) |
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5.6.4 Technology Licensing |
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162 | (1) |
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5.6.5 Press Relations (PR) and Marketing Strategies |
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162 | (1) |
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163 | (6) |
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165 | (1) |
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165 | (4) |
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6 Growing a Business in the Chemical Industry |
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169 | (44) |
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169 | (3) |
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6.2 Strategic Market Segmentation |
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172 | (17) |
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6.2.1 Do I Have a Solution to an Existing Problem or a Solution Looking for a Problem? |
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173 | (1) |
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6.2.2 A Solution Looking for a Problem |
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174 | (1) |
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6.2.3 A Problem Looking for a Solution |
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175 | (2) |
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6.2.4 The Opportunity Matrix: A Roadmap for Scaling a Chemical Business |
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177 | (3) |
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6.2.5 Find the Right Niche |
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180 | (2) |
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6.2.6 Sometimes a Pivot Strategy Can Work |
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182 | (1) |
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6.2.7 Select the Best Path to Market |
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183 | (1) |
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6.2.8 Licensing vs. Manufacturing |
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184 | (2) |
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6.2.9 Strategic Market Assessment |
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186 | (3) |
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6.3 Building Economies of Scale |
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189 | (7) |
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6.3.1 Gaining Customer Traction |
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190 | (1) |
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6.3.2 Customer Testimonials |
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191 | (1) |
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191 | (1) |
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6.3.4 Market Entry and Initial Sales |
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192 | (1) |
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6.3.5 Focus on Measured Growth |
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193 | (1) |
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6.3.6 Direct Sales vs. Distributors |
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193 | (1) |
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6.3.7 Testing and Pivoting |
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194 | (2) |
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6.4 Growing to Commercial Scale |
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196 | (12) |
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196 | (1) |
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197 | (2) |
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199 | (1) |
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6.4.4 Primary and Secondary Markets |
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199 | (1) |
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6.4.5 Insource vs. Outsource |
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200 | (1) |
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201 | (2) |
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203 | (1) |
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6.4.8 Overcoming Competitive Threats |
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203 | (2) |
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205 | (1) |
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6.4.9.1 ActiveEOR for the CHOPS Oil Sector |
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205 | (1) |
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6.4.9.2 New Market Strategy |
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206 | (1) |
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6.4.9.3 Introducing a New Chemical to the Oil Market |
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206 | (1) |
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207 | (1) |
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208 | (5) |
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211 | (1) |
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211 | (2) |
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7 New Models to Foster Big Pharma and Chemistry Entrepreneurship |
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213 | (28) |
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213 | (1) |
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214 | (2) |
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7.3 Big Pharma and the Open Innovation Model |
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216 | (6) |
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7.3.1 Universities/Research Institutions |
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218 | (1) |
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219 | (1) |
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219 | (1) |
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7.3.4 Patient Associations and Charities |
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220 | (1) |
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7.3.5 Public Administrations |
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221 | (1) |
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7.3.6 Contract Research Organizations (CROs) |
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221 | (1) |
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7.4 Considerations for Would-Be Entrepreneurs |
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222 | (10) |
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7.4.1 General Reflections on Collaborations with Big Pharma (the How) |
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222 | (3) |
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7.4.2 Areas of Collaboration Between Chemical Companies and Big Pharma (the What) |
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225 | (1) |
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7.4.2.1 Compound Providers: Custom Synthesis |
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225 | (3) |
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7.4.2.2 Medicinal Chemistry-Based Biotechs |
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228 | (1) |
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7.4.2.3 Cheminformatics-Based Startups |
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228 | (1) |
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7.4.2.4 Getting Information from X-ray Diffraction Studies |
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229 | (1) |
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230 | (1) |
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7.4.3 Getting in Touch (the Where) |
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231 | (1) |
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7.5 Novel Business Models |
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232 | (3) |
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7.6 Case Study: JJI and the I2D2 Initiative |
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235 | (2) |
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237 | (4) |
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240 | (1) |
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8 The Economic Need for Chemically Based Start-Up Companies |
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241 | (22) |
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241 | (3) |
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244 | (9) |
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8.2.1 NSF's I-Corps (Innovation Corps) Program |
|
|
244 | (2) |
|
8.2.2 I-Corps Teams or National Cohorts |
|
|
246 | (3) |
|
|
249 | (1) |
|
|
249 | (1) |
|
|
249 | (1) |
|
8.2.6 Non-dilutive Funding Opportunities |
|
|
250 | (2) |
|
8.2.7 Angel Funding: Dilutive Funding |
|
|
252 | (1) |
|
|
252 | (1) |
|
8.3 Other Potential Programs |
|
|
253 | (7) |
|
|
256 | (1) |
|
|
256 | (1) |
|
|
256 | (1) |
|
8.3.2 Agile Innovation Teams |
|
|
257 | (1) |
|
|
257 | (1) |
|
8.3.3.1 525 Solutions, Inc. |
|
|
257 | (2) |
|
8.3.3.2 ThruPore Technologies |
|
|
259 | (1) |
|
|
260 | (3) |
|
|
262 | (1) |
|
|
262 | (1) |
Index |
|
263 | |