Connecticut is increasingly “the” place to start your biotech company. Yale and UConn are both licensing their research, you have an awful lot of well-educated people around to help, the state backs the industry, and there’s even an industry group.
Many times, these startups fail because they can’t secure FDA approval, or the science just doesn’t pan out. That always happens with a startup. But what about those that fail because they spent cash too fast? Or those that fail because the founders were distracted from the core work of the company?
The Hard Way
As exciting as a startup can be, it still faces the same prosaic issues as other businesses. Before the founder makes their first hire, he or she needs:
- A tax ID number
- An accounting system
- A payroll provider
- An unemployment tax account
- A commercial bank
- Employee policies and procedures
- Job applications
- General Liability and Worker’s Compensation insurance
- A system to post jobs and receive resumes
- Medical Insurance
And here, you thought you’d be curing diseases!
First time business owners can get “sucked in” to this world easily. There are plenty of mistakes to be made — poorly worded employee contracts, agreeing to salaries that you can’t afford, or putting someone untrained in a supervisory role. Any of these can take your new business — no matter how good the actual concept is.
The Easy Way
Your R&D operation is doing innovative, exciting, new things — things that have never been done before! The “administrative” side of your company, though, is doing things that lots and lots of businesses have done before. There’s no benefit to you learning to get good at it too.
OEM’s clients don’t need to reinvent the employment “wheel”. They get a customized suite of services that offers them the pricing and skill set of a Fortune 500 company, without the labor cost of an additional body.
You should be doing amazing things — save the mundane details for us, and you’ll save yourself time and money. Find out how!