Dear MentorDoctor:
I plan to complete my master's degree in chemical
engineering in the summer of 2007. My adviser and other committee
members have urged me to continue my studies and work toward a
doctorate after I graduate. But I have a few good scientific ideas
that I think I can use to start a small business. I didn't plan on
being an entrepreneur, but my training has opened up a whole new
world for me. Should I take a gamble and work toward being my own
boss or take the safe route of academia?
Cordially,
Ready to Roll the Dice
Mark Castanares:This is a very tough decision, but many
people have to choose which route to take, academia vs. industry.
It is a big gamble to start your own business. You take the chance
of losing your shirt, but you may get lucky and become successful.
If I were you, I would take the safe route and continue in
academia. I believe the experience you gain while pursuing a
doctorate degree will help you refine your ideas and make them
better. Your ideas are not going anywhere, and you may even be able
to pursue one of them while pursuing your degree.
Just think, if you have these great ideas now, who knows how
many ideas you will have after more training and experience? Keep
in mind, however, that after you receive your doctorate, you will
once again have to choose which route to take, but statistically
you've improved your chances of commanding a higher salary in
whatever you decide to do. Good luck.
Isabella Finkelstein:Since you will be finishing your
master’s degree in the summer of 2007, you have a few months to
contemplate your decision. Nevertheless, I must side with your
adviser and committee members. Since they are encouraging you to
continue, you must be a good student with research potential. You
have plenty of time to take a gamble after you have completed the
Ph.D.
Remember that it takes more than a good idea to start a
business, not the least of which is capital. I would suggest that
you investigate Ph.D. programs that combine translational research
and small business incubator components. They do exist. I also know
Ph.D.s that combined an MBA with the Ph.D. Some business background
with advanced research training should enhance your chance of
success. Just think--if you have a few good ideas with your M.S.
degree, pursuing the Ph.D. should give you additional ideas.
We hear about entrepreneurs who get wealthy with a new idea that
is revolutionary, but we rarely hear of those that have good ideas
that are not successful. Remember, at this point, you have the
opportunity to continue your training; do not think of it as a safe
route, but one that will better prepare you to be an entrepreneur.
Good luck.
Thomas Landefeld:This is just the first of many tough
decisions that you will have to make regarding your career, and the
best piece of advice is to make the decision using a combination of
"being well informed" and "feelings from the heart." If you really
believe in yourself and your ideas, then starting a small business
may be the best bet. Certainly, academia is no longer a "safe
route," based on time to tenured position, availability of research
funding, and in general, a lack of security (until tenure). I am
sure that many scientists wish that they had the option of starting
their own business.
Don’t get me wrong; there are still many advantages to an
academic career; however, there is a gamble associated with that
just as there is in starting a business. Once you have looked at
all the relevant information, making a decision based on what your
heart tells you may be your best route. Having good scientific
ideas is the strength that you possess, regardless of which route
that you take. Just be sure to consider the pluses and minuses of
both routes and then go for it! Good luck.
The GrantDoctor:Why choose? Clearly, the business idea
you have in mind is science-related. Presumably, it's also related
to your training. Universities often offer strong support for the
entrepreneurial activities of their faculty and students (if yours
doesn't, find one that does). Business experience and expertise can
be valuable, but in my view, it's not essential. None of that is
rocket science; the main things you need are a good idea, a lot of
determination, the ability to solve problems--lots of them--and
capital. But you're also likely to need some scientific
resources--lab space, reagents, support staff--and in the early
stages of developing a business, an academic environment can be
just the thing. This assumes of course that your advisers are
friendly to the idea.
Keep in mind that there are some intellectual property issues
that need to be addressed. Assuming that you had these ideas while
you were a master's student, your university--and your
adviser--might have a right to some portion of the intellectual
property. You might not have the freedom to go off and form your
own business without the blessings of the institution and your
adviser.
There's a lot here to consider, but I think the best approach
would be for you to stay in graduate school, convince your adviser
that your idea is worth pursuing in the private sector, utilize
your university's supports (tech-transfer office, etc.) and develop
your new company as an academic spinoff. You might be able to
patent the new technology and then license it to an existing
company--a relatively cheap approach. But there are all sorts of
reasons why this plan--or any other plan--may not work. It all
depends on the nature of the idea (and of the business you want to
create), your relationship with your advisers and others in your
scientific orbit, and who owns the intellectual property. It could
be complicated, but that doesn't mean it isn't worth pursuing.