September 12, 2007
Bio-Business Boot Camp planned
Augusta, Ga. – In the fast-moving, expensive world of biotechnology, combining science with business can complicate an up-and-coming entrepreneur’s life. Augusta State University and the Medical College of Georgia have teamed up to help simplify things for those in biotechnology and get them moving in the right direction. ASU and MCG will co-host a continuing education program called Bio-Business Boot Camp scheduled for Sept. 28 from 8 a.m. to 4 p.m. at MCG’s Life Sciences Innovation Center.
According to one of the program’s organizers—James M. Hull College of Business Associate Dean Barbara Coleman—a series of conversations between personnel from the two institutions made it clear that people who have the background in the “bio” field also need information they may not be familiar with from the “business” world.
“It’s absolutely critical,” Dr. Coleman says of entrepreneurs’ need to fully merge the two facets. “I talk about how many millions of dollars are lost in venture capital when it comes to the biotechnology business field. If they want to survive and make it, they have to know about the business aspect as well.”
In fact, a statement from Dr. Coleman’s upcoming Boot Camp presentation further explains the gap this program is attempting to fill. She says, “In 2006, investors lost $40 billion in biotech ventures, which means a lot—as high as 97 percent—of biotech companies never turn a profit or get off the ground. Naturally, investors are skittish and skeptical.”
The Boot Camp class consists of information aimed at helping entrepreneurs lower that number. The seminars at the camp are entitled “Managing your company,” “Making the most of marketing,” “Legal matters,” “Important accounting questions,” “Finance,” and “How the Science Businesses Development Center can help you.” The seminars will be led by bio-business professionals and faculty members from the Hull College of Business.
During the classes, entrepreneurs will learn how to compile effective business plans, understand important accounting and financial forms, acquire business savvy to communicate ideas to investors, acquire management skills to successfully run small businesses, and grow ideas into prosperous ventures. Participants will also get a chance to network while enjoying a box lunch with the speakers. According to MCG’s Charles Nawrot, the Boot Camp could eventually be offered once or twice each year, depending on the response to the inaugural seminar.
The cost for the day-long event is $195. Those interested in registering can call Continuing Education at 706-737-1636 or register online at http://www.aug.edu/biobusiness.