One of the most exciting parts of starting up a business is the opportunity to build business independence. Just as any start-up business initiative, senior management needs to invest extra time and resources to make the right decisions at the right time within the best possible alternatives on the market. A smart way to initiate this process is by creating a strategy regarding managing your start-up needs and prioritizing them. Finding lab space, research equipment and supplies can be made effective and effortless, when expert help is recognized and perceived as added value.
Starting up with BaneBio early in the process, would ensure your startup business is on the right and fast track towards laboratory effectiveness and efficiency. Not only can we fulfill your equipment category needs but also we can advise you on laboratory supplies and other recurring laboratory expenses. We add extra expert knowledge, attention, attitude and reliability to your business, which can save you time and additional investment in the future. BaneBio would research to find out how your future laboratory requirements could be served that would influence positively your business model. By all means, we would explore options and provide you with existing creative ways for your startup business to get by with less where you consider price as a priority.
We pay close attention to lead times on major planned laboratory purchases and the time it would take to set up the lab equipment for the start-up lab. From a strategic perspective, a start-up lab would have a list of items that need to be ordered ahead of time before needed in the lab. By allowing us to recognize and understand the specifics of our clients’ start-up laboratory needs, we can plan the delivering of start-up major equipment and supplies. We assist start-ups to improve their planning throughout the equipment process and we help start-ups grow their businesses long-term.
The Start-up Lab
Smart Start with a Start-up Lab
When selecting a lab space for a start-up lab, there are two main approaches to consider. A less expensive approach is to establish physical location in an incubator facility. In many states, there are dedicated incubator facilities with wet labs to assist with commercializing critical technologies. Many of such incubator facilities offer life sciences and pharma biotech start-ups plug-in-ready wet and dry laboratory modules with hoods and sinks, office space, including offices and suites, conference rooms, and shared bathroom and eating areas.
A more expensive approach is for a start-up lab to lease commercial space with existing lab facilities than it is to establish a lab in an incubator facility. Often, the start-up lab would need to fill out an application, containing the business plan and the sources of funding that would be available for a period of one year. Incubator facilities can host start-up labs for a limited number of years, most commonly for a maximum of five years until the start-up lab would move into a commercial lab space successfully. However, certain incubators have no term limits in their policies.
Whether new or used lab equipment, lab equipment can be purchased at BaneBio’s website channels, which cater to the cannabis, academia, breweries/wineries/distilleries, and biotech, life sciences, and pharmaceutical industries. Our practices and expertise have helped us built loyal relationships with start-up labs, scientists, entrepreneurs, and interested investors in those industries. Start-up labs receive the Ultimate One-Stop shopping experience, tailored to their specific needs.
Schedule an appointment with a BaneBio qualified lab equipment sales associate to see how we can help outfit your entire lab effectively and efficiently.
Management and operating the lab
Once a start-up lab is set up, operating and managing the lab becomes crucial in ensuring continued growth and success. Certain entrepreneurial requirements will influence the operational and management stages of the start-up lab. In the initial stages, labs can look for effective ways to outsource business competences and expertise by hiring outside contractors or consultants before they can afford to hire dedicated full-time staff.
Start-up labs that are physically located in incubator facilities may obtain certain shared business management services to help support their day-to-day activities. Management support can be obtaining from experts in business development, product development, customer validation, marketing, corporate structure, strategy, and funding. Certain networking programs are targeting life science executives in transition to serve as advisors to the tenants of the incubator. Minority-owned start-up labs can access the Small Business Administration (SBA) business development program to get help with developing and growing their businesses through one-to-one counseling, training workshops, and management and technical guidance. The SBA program provides access to government contracting opportunities, allowing start-up labs to become strong competitors in the federal marketplace as well.
As the start-up lab grows and expands, find funding becomes more and more of a strategic matter. Many incubator facilities have own funding programs and they can provide opportunities for resident start-up labs to expose their technology to funding sources. Usually, such funding sources come from angel investors or a venture capital fund. Certain venture capital funds can be available for various industries, while others can seek to invest in pharmaceuticals, biotech, medical technologies, or healthcare services only.
The SBA offers government research grants for small businesses engaged in R&D under the Small Business Innovation Research (SBIR) and the Small Business Technology Transfer (STTR) programs. SBIR and STTR programs encourage start-up labs and small businesses to undertake R&D projects, with specific federal R&D objectives and with high potential for commercialization. The SBA loan programs are open to small businesses and include guaranteed loan programs, surety bonds, and equity financing.
SBA-guaranteed loans may not be available to a small business, if the borrower has access to other financing on reasonable terms. Surety bonds target small-business contractors that cannot obtain surety bonds through regular commercial channels. Equity financing is available through the SBA’s Small Business Investment Company (SBIC) program. The SBA licenses qualified private investment funds as SBICs and supplements the capital companies raise from private investors with access to low-cost, government-guaranteed debt.
Depending on the business model a start-up lab chooses to adopt, the lab can remain virtual or semi-virtual, or a fully diversified company. A virtual business model would have a few key employees, who would use contract services to accomplish their tasks. If choosing to adopt a semi-virtual business model, the start-up lab would its management and research teams only, while contracting out more complex functions such as clinical trials and manufacturing. A fully diversified business model of the start-up lab would provide the company with substantial expertise in many disciplines; however, it would require a significant amount of time and resources.
In many cases, start-up labs adopt either a virtual or a semi-virtual business model, which offers an efficient use of available resources while accomplishing key research and business goals.