A Journey from Academia to Enterprise: Highlights from the May Research Pathways Meetup.
The UNSW Founders Research Pathways Meetup is a monthly community gathering designed to provide insights into how academics can take their work from research to application for real-world impact.
These events are designed to provide opportunities for all UNSW researchers to connect, seek advice, and gain new perspectives from professionals who have walked that path before.
The May event saw the insights of three speakers:
Dr Joseph Po, a two-time startup founder holding a PhD in medical science and currently the leading Program manager of Australia's Health 10x Accelerator.
Dr Dorsa Rad, a biomedical researcher with a strong foundation in cellular and molecular biology, specialising in cancer genetics, founder of CellSync Biosciences;
Sarah Moore, an experienced investment analyst in early-stage startups specialising in deep tech and research commercialisation.
Setting the Stage- words of inspiration
Jonathan Morris, the Pro Vice-Chancellor at the Graduate Research School, opened the discussion. His focus was clear: encouraging researchers to consider the impact of their work from the very inception of their PhD journey, mentioning:
"The impact journey is something that starts from the very day that you apply for a PhD".
Jonathan reflected on his own journey as a PhD student and ‘accidental’ entrepreneur. Despite not having a clear goal, his curiosity and willingness to collaborate led him to co-found two startups. "If I'd had what you guys have now, the opportunity and the network you have, things would have gone smoother. You are really fortunate," he remarked, urging attendees to fully utilise the resources available to them at UNSW Founders.
Insights from the Panel
Dorsa Rad’s Journey - get support to make an impact.
Dr Dorsa shared her transition from a biomedical sciences background to founding a medtech startup - CellSync Biosciences. Her PhD focused on developing technology to facilitate the delivery of genetic materials into different cell types. While completing her studies, the question: "How can I make something tangible to contribute positively to society?" sparked her drive to make a significant impact and start a business.
UNSW Founders programs provided her with business skills, mentoring, and tools, helping her learn the essentials of commercialisation.
"I was stepping out of my comfort zone by learning the basics of business, commercialisation, and how to translate my research.”
Joseph Po’s Experience – find a community.
Dr Po highlighted his dual roles as a MedTech founder and program manager at UNSW Health 10x Accelerator program. Describing the genesis of his first startup, -"Once you go down the commercialisation journey, you can see how exciting it can be to turn the research that you've been working on… and really get to where it matters most, and that's the patient or the people." He emphasised the role of a strong support system and the importance of mentorship in navigating the entrepreneurial landscape.
"The reality is, it's not hard to start a company. It's not hard to move things along. The hard work is the next ten years ahead, and mentorship and community is what will help you keep going”.
Sarah Moore’s Perspective – clear communication.
Sarah provided insights from the funding side, stressing the importance of clear communication. "Many people on the VC (venture capital) side are not technical, so they don’t fully understand technicisms. And so, we often get that disparity and the unique value of your research can get lost.” Sarah advised researchers to simplify and clarify their pitches to potential investors.
Having seen many researchers pitch their work, Sarah noted common themes that stand out. Her advice:
"Keep it really simplified, really clean, and as high-level as possible. We want something we can understand in five minutes. That is all it takes for us to take a deeper look. As long as we can see that problem-solution fit clearly."
The Leap into Commercialisation- Expert Advice for Aspiring Entrepreneurs
For both Dorsa and Joseph, the leap from academia to commercialisation was influenced by a blend of inspiring mentors and promising research outcomes. "If someone inspires me to do something, then maybe I can continue… and be that person who inspires the next generation," Dorsa shared.
The advice from the panel can be summarised into three steps:
1. Dive into research
If you're at the very beginning of your entrepreneurial journey, start with thorough research. Understand the landscape of your commercial solution:
• Explore existing solutions: What else is out there?
• Identify the need: Put yourself in your potential customer's shoes. Is this a solution they truly need and want?
• Analyse the market: Determine how your idea fits into the current market and what makes it unique.
2. Engage with potential customers early
Begin conversations with potential customers from the outset. This early interaction is crucial for finding product-market fit:
• Gather feedback: Listen to the feedback you receive and use it to refine your product.
• Build resilience: Develop a resilient mindset to handle constructive criticism and setbacks.
3. Immerse yourself in a supportive ecosystem
Surround yourself with a community rich in entrepreneurship, such as UNSW Founders:
• Leverage community support: Use the network to test your ideas and gain insights.
• Identify key stakeholders: Clearly define who the user, payer, and purchaser are. This understanding is essential, especially in complex markets like healthcare.
As Jonathan Morris aptly put it, "Sometimes, the first idea might work or might go in a different direction to what you expect. But keep an open mind and keep learning. Keep going towards that impacting journey."
If you would like to participate in our upcoming Research Pathways Meetup, mark your calendar for June 12th. Then, head to this link to register and grab your FREE ticket.
About UNSW Founders…
It is Australia's most comprehensive set of programs and services that has dedicated support to anyone within the UNSW community. That means students, staff alumni researchers. And anyone who's working on research to solve our big world problems. Out of all of the universities in Australia we have dedicated programs that are also open to other university researchers who are solving within the space of climate and climate problems, defence and sovereign security, biology and bio-tech and health.