With sweeping cuts to federal research funding driving academic scientists in the life sciences toward entrepreneurship, Sidley attorneys James Lu and Daniel Wei outline ten practical steps for navigating this transition: adopting an entrepreneurial mindset that embraces risk and redefines success; leveraging university incubators, tech transfer offices, and alumni networks; broadening professional networks through industry events and mentorship; validating ideas through market research and minimum viable products; understanding regulatory pathways and engaging FDA-specialized counsel early; learning intellectual property fundamentals and working with IP attorneys to build a competitive strategy; developing a comprehensive business plan with milestones and financial projections; securing a diverse mix of funding from grants, angel investors, and venture capital; assembling a multidisciplinary team with complementary expertise; and launching pilot projects to demonstrate feasibility and build credibility with investors and partners.
