My name is Joana Rosario, and I’m an M.D. neurologist and an MPH. I specialize in clinical trials. I am an innovation strategist. I help researchers identify topics and research projects that are appropriate for commercialization.
Find Someone Who’s Been Through the Process
Excellent research is not equivalent to commerciable research. It’s being able to recognize what projects are or are not commerciable early on, but you don’t have the experience to figure that out yet, so what should you do?
The first step is to find someone who have taken the same steps that you are taking and has successfully developed their idea into a medication or treatment. It could be anything as long as they cashed on it. You don’t want to lose money. If you don’t make money, it’s not a business, it’s a loss.
What will be the Return-On-Investment (The ROI) that would like to have as a result of the time and effort that you put in? It’s important to ask somebody who’s already had experience to give you honest feedback. Many people are generous enough to give you 30 minutes or an hour to talk about your work, but don’t abuse their time. For them, time is money. That’s how they make their living, but most people are willing to take that 30 minutes to an hour to give you that honest feedback.
Are You Ready to Disrupt Your Life
After you’ve pitched your idea to other people, you need to pitch it to yourself. At this point, you’ve heard from one or two seasoned entrepreneurs who have told you that your idea is good. That’s a positive step, it gives your business the legs to walk and run. Now however, it’s time to ask yourself if you’re ready to go.
Are you ready for all the nights, evenings, and weekends that you need to put into this? This will interfere with your family life, and even if you don’t have children, it will still strain your social life and give you less time for your friends, family, and significant other. You will become a hermit. You will become distanced from the people in your life except for your team. Are in a stage of your life where you’re willing to do that?