<p>Foreword xv</p> <p>Preface xvii</p> <p><b>1 We Need An Entrepreneurial Culture in Chemistry: Do You Have What It Takes to be a Chemistry Entrepreneur? </b><b>1<br /> </b><i>Frank L. Jaksch</i></p> <p>1.1 Introduction: Disruptive Innovation in Chemistry is in High Demand 1</p> <p>1.2 Examples of Innovation in Chemistry Catching the Eye of the Mainstream Market 2</p> <p>1.2.1 Food and Nutrition 2</p> <p>1.2.1.1 Just (formerly Hampton Creek) 2</p> <p>1.2.1.2 Impossible Foods 2</p> <p>1.2.1.3 Perfect Day 2</p> <p>1.2.1.4 Endless West (formerly Ava Winery) 3</p> <p>1.2.2 Sustainable/Renewable Chemistry 3</p> <p>1.2.2.1 Ginkgo Bioworks 3</p> <p>1.2.2.2 Modern Meadow 3</p> <p>1.2.2.3 Genomatica 3</p> <p>1.2.2.4 Zymergen 3</p> <p>1.2.3 Biotech/Pharma 3</p> <p>1.2.3.1 Moderna Therapeutics 4</p> <p>1.2.3.2 Unity Biotechnology 4</p> <p>1.2.3.3 CRISPR Therapeutics, Intellia Therapeutics, and Editas Medicine 4</p> <p>1.2.4 Diagnostics 4</p> <p>1.2.4.1 23andme 5</p> <p>1.2.4.2 Grail Diagnostics 5</p> <p>1.2.4.3 Viome 5</p> <p>1.2.5 Cautionary Tales 5</p> <p>1.2.5.1 Theranos 5</p> <p>1.2.5.2 Solazyme (TerraVia) 6</p> <p>1.3 Unique Challenges for Chemistry Entrepreneurs 6</p> <p>1.3.1 The Most Important Trait of Every Chemical Entrepreneur 7</p> <p>1.3.2 Chemistry Accelerators, Incubators, and Academic Spin-offs 9</p> <p>1.3.3 Do Something, do Anything, even if it is Wrong 10</p> <p>1.3.3.1 Penicillin 10</p> <p>1.3.3.2 Post-It 11</p> <p>1.3.3.3 Saccharin 11</p> <p>1.3.3.4 Teflon 11</p> <p>1.3.3.5 Viagra 12</p> <p>1.3.4 You have your Discovery; now you need a Patent 13</p> <p>1.3.4.1 Provisional Patent 13</p> <p>1.3.4.2 Patent Application 13</p> <p>1.3.4.3 Patent Prosecution 13</p> <p>1.3.4.4 Structure of the Patent Claims 13</p> <p>1.3.4.5 Patent Search and Prior Art 13</p> <p>1.3.4.6 Publishing Before Patenting 14</p> <p>1.3.4.7 PCT International Patent 14</p> <p>1.3.4.8 Protectable Patent Value 14</p> <p>1.3.4.9 Selecting the Wrong Lawyer for the Job 14</p> <p>1.4 Invention is Only the Beginning of Creating a Company 15</p> <p>1.4.1 Know your Role: Founding CEO vs. Founder vs. Inventor 16</p> <p>1.4.2 Raising Money: Acquiring the Right Money at the Right Time 17</p> <p>1.4.2.1 Self-funding 18</p> <p>1.4.2.2 Friends and Family 18</p> <p>1.4.2.3 Angel Investors 18</p> <p>1.4.2.4 Accelerators and Incubators 18</p> <p>1.4.2.5 Debt 18</p> <p>1.4.2.6 Strategic Investment 19</p> <p>1.4.2.7 Private Equity 19</p> <p>1.4.2.8 Venture Capital 19</p> <p>1.4.2.9 Investment Banks 20</p> <p>1.4.3 Can you get the idea for Commercialization? 21</p> <p>1.4.4 When you are Ready to Commercialize, which path do you take? 22</p> <p>1.4.4.1 Licensing Deal 22</p> <p>1.4.4.2 Business-to-Business (B2B) 23</p> <p>1.4.4.3 Business-to-Consumer (B2C) 23</p> <p>1.5 Do you have the Traits of an Entrepreneur? 24</p> <p>1.6 Summary: Do You Have What It Takes? 28</p> <p>Recommended Readings and References 30</p> <p>Author Biography 30</p> <p><b>2 Taking Ideas Out of the Lab: Why and When to Start a Company in the Biomedical Field </b><b>33<br /> </b><i>Miguel Jimenez, Jason Fuller, Paulina Hill, and Robert Langer</i></p> <p>2.1 Introduction 33</p> <p>2.2 Company Case Studies: Interviews with the Founding Scientists 34</p> <p>2.2.1 Advanced Inhalation Research: Interview with David Edwards 34</p> <p>2.2.1.1 Core Technology 34</p> <p>2.2.1.2 What was the Key Problem and Initial Idea that Sparked the Work? 34</p> <p>2.2.1.3 Why was it Important to Start Advanced Inhalation Research? 35</p> <p>2.2.1.4 When was the Technology Ready to Start Advanced Inhalation Research? 35</p> <p>2.2.1.5 What Lessons Did You Learn Through This Process? 35</p> <p>2.2.1.6 Current Status 35</p> <p>2.2.2 Kala Pharmaceuticals: Interview with Justin Hanes 36</p> <p>2.2.2.1 Core Technology 36</p> <p>2.2.2.2 What was the Key Problem and Initial Idea that Sparked the Work? 36</p> <p>2.2.2.3 Why was it Important to Start Kala Pharmaceuticals? 36</p> <p>2.2.2.4 When was the Technology Ready to Start Kala Pharmaceuticals? 36</p> <p>2.2.2.5 What Lessons Did You Learn Through This Process? 37</p> <p>2.2.2.6 Current Status 37</p> <p>2.2.3 Moderna: Interview with Derrick Rossi 37</p> <p>2.2.3.1 Core Technology 37</p> <p>2.2.3.2 What was the Key Problem and Initial Idea that Sparked the Work? 37</p> <p>2.2.3.3 Why was it Important to Start Moderna? 38</p> <p>2.2.3.4 When was the Technology Ready to Start Moderna? 38</p> <p>2.2.3.5 What Lessons Did You Learn Through This Process? 38</p> <p>2.2.3.6 Current Status 38</p> <p>2.2.4 Sigilon Therapeutics: Interview with Arturo Vegas 38</p> <p>2.2.4.1 Core Technology 39</p> <p>2.2.4.2 What was the Key Problem and Initial Idea that Sparked the Work? 39</p> <p>2.2.4.3 Why was it Important to Start Sigilon? 39</p> <p>2.2.4.4 When was the Technology Ready to Start Sigilon? 39</p> <p>2.2.4.5 What Lessons Did You Learn Through This Process? 40</p> <p>2.2.4.6 Current Status 40</p> <p>2.2.5 Suono Bio: Interview with Carl Schoellhammer 40</p> <p>2.2.5.1 Core Technology 40</p> <p>2.2.5.2 What was the Key Problem and Initial Idea that Sparked the Work? 40</p> <p>2.2.5.3 Why was it Important to Start Suono Bio? 40</p> <p>2.2.5.4 When was the Technology Ready to Start Suono Bio? 41</p> <p>2.2.5.5 What Lessons Did You Learn Through This Process? 41</p> <p>2.2.5.6 Current Status 41</p> <p>2.2.6 Vivtex: Interview with Thomas von Erlach 41</p> <p>2.2.6.1 Core Technology 41</p> <p>2.2.6.2 What was the Key Problem and Initial Idea that Sparked the Work? 41</p> <p>2.2.6.3 Why was it Important to Start Vivtex? 42</p> <p>2.2.6.4 When was the Technology Ready to Vivtex? 42</p> <p>2.2.6.5 What Lessons Did You Learn Through This Process? 42</p> <p>2.2.6.6 Current Status 42</p> <p>2.3 Why Start a Company? 43</p> <p>2.3.1 To Have the Largest Impact on Patients 43</p> <p>2.3.2 To Introduce a New Platform Technology 44</p> <p>2.3.3 Is Licensing an Alternative? 45</p> <p>2.3.3.1 Licensing to Existing Companies 46</p> <p>2.3.3.2 Corporate-sponsored Academic Research 46</p> <p>2.4 When to Start a Company? 47</p> <p>2.4.1 Is There Enough In Vivo Validation? 47</p> <p>2.4.2 Was a Patent Filed? 48</p> <p>2.4.3 Was a Paper Published? 49</p> <p>2.5 The Secret Ingredient: Who and What? 51</p> <p>2.5.1 Who Will Start the Company? 51</p> <p>2.5.1.1 Seasoned Mentors as Co-founders 52</p> <p>2.5.1.2 Finding a Great CEO 52</p> <p>2.5.2 What Will the Company Actually Sell? 53</p> <p>2.6 Summary: Lessons Learned 54</p> <p>2.6.1 Lesson 1: Work on a High-impact, Platform Technology 54</p> <p>2.6.2 Lesson 2: Patent Early and Broadly 54</p> <p>2.6.3 Lesson 3: Keep the Tech in the Lab as Long as Possible 55</p> <p>2.6.4 Lesson 4: Must have in vivo Efficacy and Safety 55</p> <p>2.6.5 Lesson 5: Publish in Top Scientific Journals 55</p> <p>2.6.6 Lesson 6: Partner with Seasoned Entrepreneurs 55</p> <p>Further Reading 57</p> <p>Author Biographies 58</p> <p><b>3 In Pursuit of New Product Opportunities: Transferring Technology from Lab to Market </b><b>61<br /> </b><i>Alex Duchak</i></p> <p>3.1 Introduction 61</p> <p>3.1.1 Entrepreneurship and Technology Transfer 61</p> <p>3.1.2 Pursuing Commercial Product/Service Opportunities via Technology Transfer 63</p> <p>3.1.3 A Model for Entrepreneurship via Technology Transfer 65</p> <p>3.1.4 Extracting Technologies from Research Institutions 68</p> <p>3.2 Technology Discovery and Development 69</p> <p>3.2.1 Origins of Technology 69</p> <p>3.2.2 Technology Transfer Communication Models 70</p> <p>3.2.3 Transitioning Technologies into Products 70</p> <p>3.2.4 Timing Technology with Industry Acceptance 73</p> <p>3.3 Customer Discovery and Development 76</p> <p>3.3.1 Origins of Market Demand and Unmet Needs 76</p> <p>3.3.2 Identifying a Technology’s Uses 77</p> <p>3.3.3 The Value Chain for Target Applications 77</p> <p>3.3.4 Identifying Stakeholders in the Value Chain 78</p> <p>3.3.5 Designing Product Experiments 82</p> <p>3.3.6 Customer Discovery and Validation Model 83</p> <p>3.3.6.1 Customer Routines Analysis 85</p> <p>3.4 Case Study: The Naval Research Laboratory’s Self-Decontaminating Material 89</p> <p>3.4.1 The Challenge 90</p> <p>3.4.2 The Scientist 90</p> <p>3.4.3 The Problem 90</p> <p>3.4.4 The Solution 90</p> <p>3.4.5 The Future of the Technology and Future Applications 91</p> <p>3.4.6 Technology Background and Advantages 91</p> <p>3.4.7 Benefits 92</p> <p>3.4.8 Problem 92</p> <p>3.4.9 Technical Approach 93</p> <p>3.4.10 Solution 93</p> <p>3.4.11 Industrial Safety and Hygiene 96</p> <p>3.4.12 Healthcare and Pharmaceuticals 97</p> <p>3.4.13 First Response 98</p> <p>Suggested Reading and Resources 101</p> <p>Author Biography 101</p> <p><b>4 Financing and Business Development for Hard Tech Startups </b><b>103<br /> </b><i>Bernard Lupien and Andrew Dougherty</i></p> <p>4.1 Introduction 103</p> <p>4.2 Challenges in Financing Hard Tech Startups 104</p> <p>4.2.1 Balancing Ambition with Reality 104</p> <p>4.2.2 Hard Tech Sure Is Not Software 104</p> <p>4.2.3 Hard Tech Investors Are a Skeptical Bunch 105</p> <p>4.2.4 What Do You Mean I Will Not Exit for $1B? 105</p> <p>4.2.5 Hard Tech Fundraising Dissonance 106</p> <p>4.3 Fundraising the Right Way 108</p> <p>4.3.1 What Kind of Investors Should You Raise from? 108</p> <p>4.3.1.1 Friends and Family 109</p> <p>4.3.1.2 Angels 109</p> <p>4.3.1.3 Early-Stage Institutional Venture Capitalists 110</p> <p>4.3.1.4 Late-Stage Institutional Venture Capitalists 110</p> <p>4.3.1.5 Corporate Venture Capital 111</p> <p>4.3.2 Venture Capital Uncovered 112</p> <p>4.3.2.1 Fund Life 112</p> <p>4.3.2.2 Return the Fund 112</p> <p>4.3.2.3 The Mythical 10× and Why It Is Important to You 113</p> <p>4.3.3 How to Generate Interest from Investors? 114</p> <p>4.3.3.1 Team 115</p> <p>4.3.3.2 Differentiated Technology and Customer Value Proposition 115</p> <p>4.3.3.3 Large Target Market 115</p> <p>4.3.3.4 Compelling Plan to Build a Business 116</p> <p>4.4 The Case for Early-Stage Business Development 119</p> <p>4.4.1.1 Playbook for Early-Stage Business Development 121</p> <p>4.4.1.2 Getting Started 121</p> <p>4.4.1.3 Getting to the Finish Line 122</p> <p>4.4.1.4 Avoiding Common Pitfalls 123</p> <p>4.5 Summary 125</p> <p>Suggested Reading 128</p> <p>Author Biographies 128</p> <p><b>5 Battery Entrepreneurship: Gameboard from Lab to Market </b><b>129<br /> </b><i>Elena V. Timofeeva, John P. Katsoudas, Carlo U. Segre, Alex Duchak, and Thomas Day</i></p> <p>5.1 Introduction 129</p> <p>5.2 Finding a Market Fit for Your Technology 131</p> <p>5.3 Energy Storage Markets 133</p> <p>5.3.1 Portable Electronics, Drones, and Medical Devices 134</p> <p>5.3.2 Grid Energy Storage and Renewable Energy 134</p> <p>5.3.3 Industrial Batteries and Back-up Power 136</p> <p>5.3.4 Home Energy Storage 136</p> <p>5.3.5 Electric Vehicles 137</p> <p>5.3.5.1 Passenger Cars 137</p> <p>5.3.5.2 Light Electric Utility Vehicles 137</p> <p>5.3.5.3 Heavy-duty Utility Vehicles, Trucks, and Buses 138</p> <p>5.3.6 Other Nascent Energy Storage Markets 138</p> <p>5.3.7 Airplanes 138</p> <p>5.3.8 Ships and Boats 139</p> <p>5.4 Battery Startup Case Studies 139</p> <p>5.4.1 Boston Power 140</p> <p>5.4.2 A123 Systems 141</p> <p>5.4.3 Aquion Energy 143</p> <p>5.4.4 Tesla 144</p> <p>5.4.5 Fluidic Energy 145</p> <p>5.4.6 Envia Systems 146</p> <p>5.4.7 Alevo 147</p> <p>5.4.8 SiNode/Nanograf 148</p> <p>5.4.9 Sakti3 149</p> <p>5.4.10 Cadenza Innovation 150</p> <p>5.4.11 24M Technologies 151</p> <p>5.5 Lessons Learned from the Case Studies 152</p> <p>5.5.1 Market Challenges 152</p> <p>5.5.2 Technical Challenges 153</p> <p>5.5.3 Financial Challenges 154</p> <p>5.5.4 Team Challenges 154</p> <p>5.6 Strategies for Startups and Academic Inventors 154</p> <p>5.6.1 Funding Strategy 155</p> <p>5.6.2 Strategic Partnerships 158</p> <p>5.6.3 Intellectual Property (IP) Management Strategy 159</p> <p>5.6.4 Technology Licensing 162</p> <p>5.6.5 Press Relations (PR) and Marketing Strategies 162</p> <p>5.7 Summary 163</p> <p>Further Reading 165</p> <p>Author Biographies 165</p> <p><b>6 Growing a Business in the Chemical Industry </b><b>169</b><br /> <i>Michael Lefenfeld</i></p> <p>6.1 Introduction 169</p> <p>6.2 Strategic Market Segmentation 172</p> <p>6.2.1 Do I Have a Solution to an Existing Problem or a Solution Looking for a Problem? 173</p> <p>6.2.2 A Solution Looking for a Problem 174</p> <p>6.2.3 A Problem Looking for a Solution 175</p> <p>6.2.4 The Opportunity Matrix: A Roadmap for Scaling a Chemical Business 177</p> <p>6.2.5 Find the Right Niche 180</p> <p>6.2.6 Sometimes a Pivot Strategy Can Work 182</p> <p>6.2.7 Select the Best Path to Market 183</p> <p>6.2.8 Licensing vs. Manufacturing 184</p> <p>6.2.9 Strategic Market Assessment 186</p> <p>6.3 Building Economies of Scale 189</p> <p>6.3.1 Gaining Customer Traction 190</p> <p>6.3.2 Customer Testimonials 191</p> <p>6.3.3 Pricing Models 191</p> <p>6.3.4 Market Entry and Initial Sales 192</p> <p>6.3.5 Focus on Measured Growth 193</p> <p>6.3.6 Direct Sales vs. Distributors 193</p> <p>6.3.7 Testing and Pivoting 194</p> <p>6.4 Growing to Commercial Scale 196</p> <p>6.4.1 Best Practices 196</p> <p>6.4.2 Financing 197</p> <p>6.4.3 Growth Constraints 199</p> <p>6.4.4 Primary and Secondary Markets 199</p> <p>6.4.5 Insource vs. Outsource 200</p> <p>6.4.6 Growing Too Fast 201</p> <p>6.4.7 Hidden Landmines 203</p> <p>6.4.8 Overcoming Competitive Threats 203</p> <p>6.4.9 Case Study 205</p> <p>6.4.9.1 ActiveEOR for the CHOPS Oil Sector 205</p> <p>6.4.9.2 New Market Strategy 206</p> <p>6.4.9.3 Introducing a New Chemical to the Oil Market 206</p> <p>6.4.9.4 Proof of Concept 207</p> <p>6.5 Summary 208</p> <p>Suggested Reading 211</p> <p>Author Biography 211</p> <p><b>7 New Models to Foster Big Pharma and Chemistry Entrepreneurship </b><b>213<br /> </b><i>Antonio Gómez</i></p> <p>7.1 Introduction 213</p> <p>7.2 Setting the Stage 214</p> <p>7.3 Big Pharma and the Open Innovation Model 216</p> <p>7.3.1 Universities/Research Institutions 218</p> <p>7.3.2 Biotech Companies 219</p> <p>7.3.3 Venture Capital 219</p> <p>7.3.4 Patient Associations and Charities 220</p> <p>7.3.5 Public Administrations 221</p> <p>7.3.6 Contract Research Organizations (CROs) 221</p> <p>7.4 Considerations for Would-Be Entrepreneurs 222</p> <p>7.4.1 General Reflections on Collaborations with Big Pharma (the How) 222</p> <p>7.4.2 Areas of Collaboration Between Chemical Companies and Big Pharma (the What) 225</p> <p>7.4.2.1 Compound Providers: Custom Synthesis 225</p> <p>7.4.2.2 Medicinal Chemistry-Based Biotechs 228</p> <p>7.4.2.3 Cheminformatics-Based Startups 228</p> <p>7.4.2.4 Getting Information from X-ray Diffraction Studies 229</p> <p>7.4.2.5 Other Areas 230</p> <p>7.4.3 Getting in Touch (the Where) 231</p> <p>7.5 Novel Business Models 232</p> <p>7.6 Case Study: JJI and the I2D2 Initiative 235</p> <p>7.7 Summary 237</p> <p>Author Biography 240</p> <p><b>8 The Economic Need for Chemically Based Start-Up Companies </b><b>241<br /> </b><i>Daniel Daly</i></p> <p>8.1 Introduction 241</p> <p>8.2 Promising Programs 244</p> <p>8.2.1 NSF’s I-Corps (Innovation Corps) Program 244</p> <p>8.2.2 I-Corps Teams or National Cohorts 246</p> <p>8.2.3 I-Corps Sites 249</p> <p>8.2.4 I-Corps Nodes 249</p> <p>8.2.5 Case Study 249</p> <p>8.2.6 Non-dilutive Funding Opportunities 250</p> <p>8.2.7 Angel Funding: Dilutive Funding 252</p> <p>8.2.8 Accelerators 252</p> <p>8.3 Other Potential Programs 253</p> <p>8.3.1 Case Studies 256</p> <p>8.3.1.1 Evotec 256</p> <p>8.3.1.2 CatSci 256</p> <p>8.3.2 Agile Innovation Teams 257</p> <p>8.3.3 Case Studies 257</p> <p>8.3.3.1 525 Solutions, Inc. 257</p> <p>8.3.3.2 ThruPore Technologies 259</p> <p>8.4 Summary 260</p> <p>Recommended Reading 262</p> <p>Author Biography 262</p> <p>Index 263</p>