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3. Entrepreneurial Pathways for PhDs

Introduction

Research is all about novelty and innovation, but the unfortunate reality is that many of these discoveries do not make it to realms of helping society. They become knowledge for knowledge’s sake.

However, you can take control into your own hands. You can become an entrepreneur and build a company from the ground up, using your expertise to lead the way.

There are dozens of firms looking to take a leap of faith on founders just like you, as long as you understand the process and how your technology can break through.

Here is a list of VC Firms, Incubators, and Accelerators who would be willing to take a chance on a PhD student/graduate who wants to start a company:

🏦Investor List

Exercise: Developing Your Entrepreneurial Pathway

Introduction:

Exercise Components:

  1. Expertise-to-Opportunity Mapping If you aren’t quite sure how to build a company based on your knowledge and skills, we’ll start there and try to map out some white space where you can add value.

    2. Upload your CV and use this prompt with your chosen LLM, making sure to use a web-enabled version if you can for the most up-to-date context:

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    I have a PhD in [your field] with specialized knowledge in [specific research areas/methods]. Help me identify potential entrepreneurial opportunities based on my expertise, after carefully searching for up to date context on my field. Please explore: 1. What specific problems or inefficiencies exist in my field that I might address through: - Software/tools that could improve research or application in my field - Consulting services based on my specialized knowledge

    - Educational products/training for professionals or students - Direct commercialization of research techniques or findings 2. For each opportunity, identify: - The specific pain point it addresses - Who would pay for this solution (specific customer segments) - Initial thoughts on business model (product, service, subscription, etc.) - Whether this would require significant capital or could be bootstrapped 3. Help me evaluate these opportunities based on: - How directly they leverage my specialized knowledge - Initial market size assessment - Complexity of execution - Time to first revenue

  2. University Technology Assessment & Transfer Navigation A specifically useful way for PhD students to start an investable company is to create a startup based on intellectual property from your university, in a process called licensing, which gives you the rights to build a company around a patent that came from a lab. There are many reasons to start here and why you are a good candidate to choose this path, so be sure to talk to your school’s Technology Transfer office to see what programs may be available.

    3. For a broader lens, use this prompt with your chosen LLM:

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    I'm interested in exploring technologies from university research that could be commercialized. I have a background in [your field] and am particularly interested in [specific areas of interest]. Please help me: 1. Create a systematic approach to identifying promising technologies at my or other universities by: - Formulating specific search strategies for university tech transfer websites - Identifying key conferences and journals where commercializable research is presented - Developing criteria for evaluating technologies with commercial potential - Creating templates for reaching out to researchers or tech transfer offices 2. Outline the typical university technology transfer process, including: - Initial disclosure and evaluation - IP protection strategies - Licensing options vs. startup formation - Equity considerations and typical university stakes - Ongoing royalty structures 3. Suggest questions I should ask when evaluating a technology: - Readiness level assessment questions - IP status and freedom to operate - Development timeline and budget considerations - Technical risk evaluation criteria

  3. Business Model Canvas Development The Lean Business Canvas is a prolific way to organize business planning, and is a tremendously helpful place for new entrepreneurs to start. There have been many books written about this subject, companies started using these principles, and the government even uses it in the National I-Corps program.

    4. To begin exploring this concept, use this prompt with your chosen LLM:

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    I'm developing a business concept based on [your concept from previous exercises]. Help me create a Business Model Canvas for this venture. Please guide me through developing each component: 1. Value Propositions: - What specific problem does my solution solve? - How does my PhD expertise create unique value? - How can I articulate this value in non-technical language? 2. Customer Segments: - Who specifically needs this solution most urgently? - How can I narrow my initial target to a focused beachhead market? - What evidence would confirm these are viable customers? 3. Revenue Streams & Cost Structure: - What are potential revenue models for this concept? - What are the major cost categories to launch and operate? - What minimum viable product would allow me to test with minimal investment? 4. Key Activities, Resources, & Partners: - What critical activities must I perform to deliver value? - What resources do I need to secure? - Which partners could accelerate development or market access? 5. Channels & Customer Relationships: - How will customers discover this solution? - What is the sales process to convert interested prospects? - How will ongoing relationships be maintained?

  1. Funding Strategy Development For most ventures, it will require an infusion of capital, likely from one of the investors on the list above, or someone like it. Here, let’s put together a plan of action to convince investors that this is a great bet and plan what to do to get it. Use this prompt with your chosen LLM:
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    I'm developing a venture based on [your concept] in the [industry/sector] space. Help me create a comprehensive funding strategy. Please address: 1. Pre-seed funding options including: - Non-dilutive grants specifically relevant to my field (SBIR, NSF, NIH, etc.) - University entrepreneurship programs and accelerators - Early-stage specialized investors like HAX (for hardware) or IndieBio (for biotech) - Strategic bootstrapping approaches 2. For each funding source, outline: - Typical funding amounts - Application process and timeline - Key evaluation criteria - Equity or other considerations 3. Create a funding roadmap that includes: - What milestones need to be achieved before each funding stage - Timeline for application preparation - Alternative pathways if primary funding isn't secured 4. Help me develop specific pitch content for: - A 1-minute elevator pitch for my concept - Key slides for a pitch deck focused on my scientific background as a competitive advantage - How to address common concerns about PhD founders (market understanding, execution focus, etc.)

  2. Market Discovery & Customer Development Once you’ve gone out and talked to the real customers, hearing their problems first-hand, in their own words, you will have a clear idea of exactly what solution needs to exist and a clear value proposition. A Value Proposition is a clear statement that describes what the problem is, what solution you bring to the table, and what the user gets from that solution. It is the critical communication tool for letting people know how your company functions, and we’ll design one here.

Use this prompt with your chosen LLM:

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I'm developing a venture based on [your concept] and need a systematic plan for customer discovery and market validation. As a PhD, I'm comfortable with research methodology but need to adapt these skills for market research. Please help me create: 1. A customer discovery interview plan including: - 15-20 specific questions to ask potential customers that avoid bias and leading questions - Sampling strategy to identify and reach the right interview subjects - How to structure interviews to gain maximum insight in 30 minutes - System for analyzing patterns across multiple interviews 2. A competitive analysis framework: - Template for systematically analyzing direct and indirect competitors - Sources beyond Google for identifying competitors in my space - Methods for assessing competitor strengths and vulnerabilities - How to identify white space opportunities 3. Minimal Viable Product (MVP) testing approach: - What is the simplest version of my solution I could test? - How to design experiments to validate key assumptions - Metrics to track that would indicate product-market fit - Frameworks for incorporating user feedback iteratively

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