The Future
What’s your next step?
We now have to grow the Company to its projected complement with excellent people, and then direct their work to ensure that we deliver on our strategy. The hard work is only just beginning!
What else would help chemical science SMEs in the UK?
Having a technology transfer company (like Isis Innovation) support the start-up of the Company has been vital for us. Beyond start up, having a very clear view of our target markets and what the Company has to offer to those markets has helped us tremendously in selling our strategy to institutional investors.
What are your top 5 tips that you would give to someone who’s thinking about starting their own chemical science company?
- Get help from people who have done it before, and test your thinking with others in addition, at every step of the way
- Be able to describe your offering and its benefits to your chosen markets in very simple terms
- Be excited about your technology – if you are not, it is unlikely anybody else will be
- Develop a good concise Business Plan and financials to go with it: in your budget allow for hiring good people – compromises in this area are likely to lead to failure
- Talk to a number of investors, and try to pick a variety with different approaches – you will find many are interested at first, but will drop away, or fall short of your value expectations before you reach the goal: at this stage investors who you will be able to work well with in the future are better than those that give the highest valuation.
