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companies is to produce products and services that satisfy
market needs and generate profits. Because a competitive advantage is
central to commercializing biotechnology, this must be secured first.
Without control
of a competitive advantage, it will be difficult to attract talent
and funding.
It is important to validate a competitive advantage. What may seem
at
first to be a patentable invention may have been previously published
or patented by another party. Likewise, an invention developed during
or outside of working hours at a previous employer may still be
property of that employer.
While patents are commonly used to secure a competitive advantage,
there are other possibilities. Trade secrets are an alternative means
to protect
inventions; confidentiality and non-compete clauses in employee
contracts
can prevent leakage of this information. A company can also gain an
exclusive or limited license for an unexploited technology, common in
university and corporate spin-offs.
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With a protected idea, the next objective is to assemble a
management
team. Investors, seeking a return on their investment, will demand
evidence
that a company can succeed. While technological abilities and market
opportunities can gauge how successful a company may be, skilled
management is essential to realizing commercial goals. Therefore,
investors will either demand evidence of capable management or use
their own resources to locate and install necessary talent.
Because of the central importance
of funding, a balance must be maintained between supporting long-term
commercial goals and meeting the relatively shorter-term needs of
investors. The primary causes of biotechnology company
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Figure 14-1 Building a
biotechnology company
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