Traditionally, when startups are evaluated, investors want evidence of dedication to the project. They expect founders to leave their jobs and dedicate 100% of their time to the company, which is only possible if founders have savings to support them or can survive on a very tight budget – it’s not unusual to read stories about companies that start in parents’ garages.
However, science-based companies are typically formed by individuals who have received significant training in academia, with companies formed based on ideas developed during the course of a PhD program or during the postdoctoral training required to apply to academic positions. The founders of science-based companies are, therefore, a decade older than the founders of other companies and are often married with children. In addition, the stipends and salaries earned during academic training are (ridiculously) low, leaving most postdoctoral scientists with little to no savings. Many even go into debt chasing their academic dreams.
Researchers who decide to found companies based on discoveries made during their PhD or postdoctoral training are often not financially able to quit and dedicate 100% of their time to their ventures if they want to be able to support themselves and their families.
This financial limitation can represent a significant roadblock to the formation of nascent science-based companies, as many early investing schemes (for example, the Y combinator or Techstars) require full-time dedication for 2–3 months.
An exciting avenue exists to provide support to researchers aiming to found companies with the potential to change the world for the better. By supporting these innovators during the first year of their transition to entrepreneurship, allowing them to fully invest their time and energy into the project, we can make a huge difference in their abilities to share their ideas.
Be the change.
Nest Catalyst is an educational program geared to support young Israeli scientists worldwide, to commercialize their scientific findings by founding a company. The program includes expert insights and hands-on training on a variety of topics related to early science entrepreneurship while introducing the scientists to the local and global biotech ecosystem. The program is followed by a week-long visit to the Silicon Valley to meet in person the local ecosystem and an exclusive pitch night.
