Norwich Research Park welcomed world renowned biotech leader, and entrepreneur, Dr Tom Adams, to the campus, this month to receive the first Roger Friedman Prize, led by The Sainsbury Laboratory. This prestigious award lecture highlights both discovery science and real-world impact in plant research. Whilst visiting the campus Tom was able to meet with the AIP Entrepreneur Network to talk about his successes and lessons learnt along the way.
Dr Tom Adams is CEO and co-founder of the successful scaling biotech company Pairwise, he is also a successful academic and has also enjoyed a career working in industry. This wide range of experiences gives him a unique perspective on commercialising science. Tom’s experience is particularly relevant to researchers and founders at Norwich Research Park who are trying to work out how promising science moves from the lab to real-world application.
Tom shared insights with the Norwich Research Park Entrepreneur Network as part of a ‘fire side chat’ hosted by Bernie Williams AIP’s Enterprise Network Manager. The advice was well received by the entrepreneurs:
Building a company does not work the same way as building the science
Tom said, “For researchers, the natural focus is often on whether the science works. Building a company requires a much broader set of questions such as who needs it, what problem does it solve, how important is that problem and does solving it create enough value for someone to pay for it?
“The shift is from thinking primarily about what the technology can do to understanding where it can create meaningful commercial value.”
Distinguish between an exciting technology and the beginnings of a viable business
“A technically sophisticated platform doesn’t automatically translate into a commercial opportunity. Customers and industry partners are interested in outcomes. In agriculture, that might be something that improves performance, reduces costs, lowers risk, provides greater productivity or a better product. The challenge is connecting what the science makes possible with a problem that matters enough to the customer.”
Test assumptions before making an announcement
One of the key issues that start-ups face is when to announce what they are doing to the market. Tom emphasised that founders should test their assumptions with the people who understand the problem, including customers, growers, industry partners and others working in the market.
He explained, “Those conversations aren’t simply about selling. They’re an opportunity to learn things like is this really a problem, how is it being solved today, what evidence would someone need before adopting something new and who actually makes the buying decision? The answers you receive might well challenge your original assumptions, and that is very valuable!”
He continued, “Early engagement can help founders understand what evidence will matter later and avoid spending valuable time and money generating data that doesn’t move the commercial conversation forward. Rather than the question “Are we ready to partner?” founders should be establishing evidence that would make the opportunity interesting.”
Addressing the barriers start-ups encounter when their original plan appears not to be working
“Very few businesses develop exactly as their founders imagined at the beginning. Products change, customers change, routes to market evolve and new evidence challenges assumptions.
“Changing direction isn’t necessarily a sign that something has gone wrong. It can be evidence that the company is learning. The bigger risk is becoming so attached to the original idea that you stop listening to what the market is telling you.”
Often founders of a business are literally just one or two individuals and there is a danger that they assume that they have to do absolutely everything. Tom has good experience in this area and recognised that science-based businesses can require an enormous range of capabilities, from R&D and trials to regulatory expertise, manufacturing, distribution and market access.
He explained, “Trying to recreate all of those capabilities internally can consume both time and capital. The right strategic partner can provide expertise, validation, credibility and access that would take a young company years to build independently.
What differentiates the business?
“One of the most important questions founders have to ask themselves is what genuinely differentiates their business and where could a partner help them move faster?”
Most start-ups will require some form of funding to progress, and many will be unfamiliar with the approach they need to take.
Tom talked about the importance for founders of to explore building value and de-risking their business before expecting significant revenues, as well as thinking about capital allocation and priorities in a tougher funding environment.
He commented, “Rather than starting with “How much can we raise?”, a more useful question is “What do we need to prove next?”. That might be technical validation, field data, customer evidence, regulatory progress or a commercial partnership. Then work backwards to the resources and capital needed to reach that milestone. As a business grows founders may need to recruit employees to join them. Building that team can be challenging.
What founders should prioritise as the business takes off
He said, “As a company develops, founders need to recognise the gaps around them and bring in people with complementary scientific, commercial, operational and leadership experience. Building a business isn’t simply about developing the technology. It’s also about building the right team around the opportunity.”
Tom concluded with three important tips for founders commercialising their science
1. Stay curious about the science but become equally as curious about the market.
2. Talk to potential customers and partners. Understand the economics and test your assumptions.
3. Ask what evidence people need and find people who know things you don’t. Ultimately, be prepared to adapt as you discover where your science can create the greatest value.”
Bernie Williams, Enterprise Network Manager, commented “I would like to thank Tom for being so generous with his time, and experience, during our entrepreneurs’ meeting. This wasn’t simply a story about building Pairwise, Tom shared practical experience of the decisions, changes of direction and challenges involved in taking science out of the lab and building a business around it.”
Norwich Research Park’s Incubation Programme empowers entrepreneurs with expert support and specialist guidance, turning innovation ideas into thriving ventures.
